# EDGAR Filing Document

**Accession Number:** 0000908695
**File Stem:** 0000908695-26-000012
**Filing Date:** 2026-5
**Character Count:** 1801725
**Document Hash:** 184c38d34964a892fd519c070613a6e6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000908695-26-000012.hdr.sgml**: 20260507

**ACCESSION NUMBER**: 0000908695-26-000012

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 94

**CONFORMED PERIOD OF REPORT**: 20260228

**FILED AS OF DATE**: 20260507

**DATE AS OF CHANGE**: 20260507

**EFFECTIVENESS DATE**: 20260507

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07852
- **FILM NUMBER:** 26952042

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

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

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

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

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

## Series and Classes Contracts Data

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

### UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

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

**MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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; (Zip code)

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

(Name and address of agent for service)

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

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

Date of reporting period: <u>February 28, 2026</u>

**Item 1. Reports to Stockholders.**

(a) #### Victory California Bond Fund
![Image](i724fe99097fa0e7486185d4b.jpg)

Class A

Ticker: UXABX

Annual Shareholder Report — February 28, 2026

The annual shareholder report contains important information about Victory California Bond Fund (the "Fund") for the period of March 1, 2025 to February 28, 2026. 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. **This report describes changes to the Fund that occurred during the period.**

# What were the Fund's costs for the last year?
(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** |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;$77 | &nbsp;&nbsp;&nbsp;0.76% |

---

# What affected the Fund's performance during the last year?
Tax-exempt bonds delivered positive returns for the 12-month period ended February 28, 2026, as measured by the Bloomberg Municipal Bond Index. In keeping with our investment approach, we continued to focus on income generation. The Fund's long-term income distribution, not its price appreciation, accounts for most of its total return.

Our commitment to independent credit research continued to help us identify attractive opportunities for the Fund. We employ fundamental analysis that emphasizes an issuer's ability and willingness to repay its debt. Through our credit research, we strive both to recognize relative value and to avoid potential pitfalls, which is especially important in volatile times like the present. As always, we worked with our in-house team of analysts to select investments for the Fund on a bond-by-bond basis. Our team continuously monitors all the holdings in the Fund's portfolio.

The Fund continues to hold a diversified portfolio of longer-term, primarily investment-grade municipal bonds.

Top contributors to performance:

* Security selection within the hospital sector.

* Overweight allocation to the BBB rating category.

Top detractors from performance:

* Security selection within the A and BBB rating categories. 

* Security selection within state and local city municipality sector.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i6921f3fdae3bf596471ef880.jpg)

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

# Growth of $10,000 Investment
![Growth of 10K Chart](i8d22a91f4779ee84620fad25.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Victory California Bond Fund Class A @ NAV - $12,194** | **Victory California Bond Fund Class A @ MOP - $11,918** | **Bloomberg Municipal Bond Index (regulatory broad based index) - $12,713** | **Lipper California Municipal Debt Funds Index - $12,486** |
| **2/16** | $10000 | $9774 | $10000 | $10000 |
| **2/17** | $10004 | $9778 | $10025 | $10016 |
| **2/18** | $10300 | $10067 | $10276 | $10327 |
| **2/19** | $10626 | $10386 | $10701 | $10680 |
| **2/20** | $11634 | $11371 | $11713 | $11807 |
| **2/21** | $11635 | $11372 | $11837 | $11782 |
| **2/22** | $11657 | $11394 | $11759 | $11743 |
| **2/23** | $10858 | $10612 | $11159 | $10951 |
| **2/24** | $11472 | $11213 | $11764 | $11593 |
| **2/25** | $11781 | $11515 | $12112 | $12016 |
| **2/26** | $12194 | $11918 | $12713 | $12486 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of February 28, 2026)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Class A @ NAV | 3.50% | 0.94% | 2.00% |
| Class A @ MOP | 1.16% | 0.49% | 1.77% |
| Bloomberg Municipal Bond Index | 4.96% | 1.44% | 2.43% |
| Lipper California Municipal Debt Funds Index | 3.91% | 1.17% | 2.25% |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of February 28, 2026)

---

| | |
|:---|:---|
| Net Assets | $407207 |
| Number of Holdings | 153 |
| Investment Advisory Fees | $1232 |
| Portfolio Turnover | 11% |

---

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

# Top Industries\* (% of Net Assets)

# (as of February 28, 2026)
![Group By Industry Chart](if0180c11dcf0e2a81f20bb7d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Special Tax | 2.9% |
| Water | 3.3% |
| Higher Education | 4.4% |
| Nursing Homes | 5.5% |
| Transportation | 8.6% |
| Airport | 10.3% |
| Education | 11.3% |
| School District | 12.3% |
| General Obligation | 15.8% |
| Medical | 16.6% |

---

---

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

---

# Material Fund Changes
Effective July 1, 2025, the principal investment strategy was changed from having a dollar-weighted average portfolio maturity of ten years or more to an effective duration that is not restricted but generally is expected to be within three years of the Fund's benchmark.

For more complete information, you may review the Fund's prospectus, issued July 1, 2025.

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i6921f3fdae3bf596471ef880.jpg)

UXABX — AR (2/26)

#### Victory California Bond Fund
![Image](i724fe99097fa0e7486185d4b.jpg)

Fund Shares

Ticker: USCBX

Annual Shareholder Report — February 28, 2026

The annual shareholder report contains important information about Victory California Bond Fund (the "Fund") for the period of March 1, 2025 to February 28, 2026. 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. **This report describes changes to the Fund that occurred during the period.**

# What were the Fund's costs for the last year?
(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** |
| &nbsp;&nbsp;&nbsp;Fund Shares | &nbsp;&nbsp;&nbsp;$51 | &nbsp;&nbsp;&nbsp;0.50% |

---

# What affected the Fund's performance during the last year?
Tax-exempt bonds delivered positive returns for the 12-month period ended February 28, 2026, as measured by the Bloomberg Municipal Bond Index. In keeping with our investment approach, we continued to focus on income generation. The Fund's long-term income distribution, not its price appreciation, accounts for most of its total return.

Our commitment to independent credit research continued to help us identify attractive opportunities for the Fund. We employ fundamental analysis that emphasizes an issuer's ability and willingness to repay its debt. Through our credit research, we strive both to recognize relative value and to avoid potential pitfalls, which is especially important in volatile times like the present. As always, we worked with our in-house team of analysts to select investments for the Fund on a bond-by-bond basis. Our team continuously monitors all the holdings in the Fund's portfolio.

The Fund continues to hold a diversified portfolio of longer-term, primarily investment-grade municipal bonds.

Top contributors to performance:

* Security selection within the hospital sector.

* Overweight allocation to the BBB rating category.

Top detractors from performance:

* Security selection within the A and BBB rating categories. 

* Security selection within state and local city municipality sector.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i6921f3fdae3bf596471ef880.jpg)

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

# Growth of $10,000 Investment
![Growth of 10K Chart](ic912becf8d3296985dff58b5.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Victory California Bond Fund, Fund Shares - $12,493** | **Bloomberg Municipal Bond Index (regulatory broad based index) - $12,713** | **Lipper California Municipal Debt Funds Index - $12,486** |
| **2/16** | $10000 | $10000 | $10000 |
| **2/17** | $10038 | $10025 | $10016 |
| **2/18** | $10350 | $10276 | $10327 |
| **2/19** | $10712 | $10701 | $10680 |
| **2/20** | $11746 | $11713 | $11807 |
| **2/21** | $11787 | $11837 | $11782 |
| **2/22** | $11838 | $11759 | $11743 |
| **2/23** | $11049 | $11159 | $10951 |
| **2/24** | $11698 | $11764 | $11593 |
| **2/25** | $12039 | $12112 | $12016 |
| **2/26** | $12493 | $12713 | $12486 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of February 28, 2026)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Fund Shares | 3.67% | 1.17% | 2.25% |
| Bloomberg Municipal Bond Index | 4.96% | 1.44% | 2.43% |
| Lipper California Municipal Debt Funds Index | 3.91% | 1.17% | 2.25% |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of February 28, 2026)

---

| | |
|:---|:---|
| Net Assets | $407207 |
| Number of Holdings | 153 |
| Investment Advisory Fees | $1232 |
| Portfolio Turnover | 11% |

---

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

# Top Industries\* (% of Net Assets)

# (as of February 28, 2026)
![Group By Industry Chart](if0180c11dcf0e2a81f20bb7d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Special Tax | 2.9% |
| Water | 3.3% |
| Higher Education | 4.4% |
| Nursing Homes | 5.5% |
| Transportation | 8.6% |
| Airport | 10.3% |
| Education | 11.3% |
| School District | 12.3% |
| General Obligation | 15.8% |
| Medical | 16.6% |

---

---

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

---

# Material Fund Changes
Effective July 1, 2025, the principal investment strategy was changed from having a dollar-weighted average portfolio maturity of ten years or more to an effective duration that is not restricted but generally is expected to be within three years of the Fund's benchmark.

For more complete information, you may review the Fund's prospectus, issued July 1, 2025.

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i6921f3fdae3bf596471ef880.jpg)

USCBX — AR (2/26)

#### Victory California Bond Fund
![Image](i724fe99097fa0e7486185d4b.jpg)

Institutional Shares

Ticker: UCBIX

Annual Shareholder Report — February 28, 2026

The annual shareholder report contains important information about Victory California Bond Fund (the "Fund") for the period of March 1, 2025 to February 28, 2026. 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. **This report describes changes to the Fund that occurred during the period.**

# What were the Fund's costs for the last year?
(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** |
| &nbsp;&nbsp;&nbsp;Institutional Shares | &nbsp;&nbsp;&nbsp;$49 | &nbsp;&nbsp;&nbsp;0.48% |

---

# What affected the Fund's performance during the last year?
Tax-exempt bonds delivered positive returns for the 12-month period ended February 28, 2026, as measured by the Bloomberg Municipal Bond Index. In keeping with our investment approach, we continued to focus on income generation. The Fund's long-term income distribution, not its price appreciation, accounts for most of its total return.

Our commitment to independent credit research continued to help us identify attractive opportunities for the Fund. We employ fundamental analysis that emphasizes an issuer's ability and willingness to repay its debt. Through our credit research, we strive both to recognize relative value and to avoid potential pitfalls, which is especially important in volatile times like the present. As always, we worked with our in-house team of analysts to select investments for the Fund on a bond-by-bond basis. Our team continuously monitors all the holdings in the Fund's portfolio.

The Fund continues to hold a diversified portfolio of longer-term, primarily investment-grade municipal bonds.

Top contributors to performance:

* Security selection within the hospital sector.

* Overweight allocation to the BBB rating category.

Top detractors from performance:

* Security selection within the A and BBB rating categories. 

* Security selection within state and local city municipality sector.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i6921f3fdae3bf596471ef880.jpg)

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

# Growth of $1,000,000 Investment
![Growth of 10K Chart](icfd81c781f498d1ffaac4f51.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Victory California Bond Fund Institutional Shares - $1,087,448** | **Bloomberg Municipal Bond Index (regulatory broad based index) - $1,096,557** | **Lipper California Municipal Debt Funds Index - $1,090,805** |
| **6/20<sup>Footnote Reference\*</sup>** | $1000000 | $1000000 | $1000000 |
| **2/21** | $1022628 | $1020951 | $1029271 |
| **2/22** | $1027557 | $1014217 | $1025850 |
| **2/23** | $960635 | $962513 | $956717 |
| **2/24** | $1017551 | $1014664 | $1012791 |
| **2/25** | $1047754 | $1044707 | $1049733 |
| **2/26** | $1087448 | $1096557 | $1090805 |

---

---

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

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of February 28, 2026)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | Since Inception |
| Institutional Shares | 3.79% | 1.24% | 1.49% |
| Bloomberg Municipal Bond Index | 4.96% | 1.44% | 1.64% |
| Lipper California Municipal Debt Funds Index | 3.91% | 1.17% | 1.55% |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of February 28, 2026)

---

| | |
|:---|:---|
| Net Assets | $407207 |
| Number of Holdings | 153 |
| Investment Advisory Fees | $1232 |
| Portfolio Turnover | 11% |

---

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

# Top Industries\* (% of Net Assets)

# (as of February 28, 2026)
![Group By Industry Chart](if0180c11dcf0e2a81f20bb7d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Special Tax | 2.9% |
| Water | 3.3% |
| Higher Education | 4.4% |
| Nursing Homes | 5.5% |
| Transportation | 8.6% |
| Airport | 10.3% |
| Education | 11.3% |
| School District | 12.3% |
| General Obligation | 15.8% |
| Medical | 16.6% |

---

---

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

---

# Material Fund Changes
Effective July 1, 2025, the principal investment strategy was changed from having a dollar-weighted average portfolio maturity of ten years or more to an effective duration that is not restricted but generally is expected to be within three years of the Fund's benchmark.

For more complete information, you may review the Fund's prospectus, issued July 1, 2025.

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i6921f3fdae3bf596471ef880.jpg)

UCBIX — AR (2/26)

#### Victory Cornerstone Aggressive Fund
![Image](i724fe99097fa0e7486185d4b.jpg)

Fund Shares

Ticker: UCAGX

Annual Shareholder Report — February 28, 2026

The annual shareholder report contains important information about Victory Cornerstone Aggressive Fund (the "Fund") for the period of March 1, 2025 to February 28, 2026. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-235-8396 or visiting vcm.com/contact-us.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment** |
| &nbsp;&nbsp;&nbsp;Fund Shares | &nbsp;&nbsp;&nbsp;$105 | &nbsp;&nbsp;&nbsp;0.95% |

---

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

* The Fund's tactical overweight to equities and exposure to gold and gold mining equities contributed positively to performance. 

* The Fund's overweight to developed international equities was a positive contributor. 

* Security selection within U.S. large cap and developed international equities helped performance.

Top detractors to performance:

* The Fund's shorter duration investment grade fixed income detracted from performance.

* Security selection within emerging markets equities negatively impacted performance. 

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i6921f3fdae3bf596471ef880.jpg)

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

# Growth of $10,000 Investment
![Growth of 10K Chart](i9cb8a4e023e2a2ac05997d73.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Victory Cornerstone Aggressive Fund, Fund Shares - $24,835** | **MSCI All Country World Index (regulatory broad based index) - $33,863** | **Cornerstone Aggressive Composite Index - $28,502** |
| **2/16** | $10000 | $10000 | $10000 |
| **2/17** | $11636 | $12208 | $11903 |
| **2/18** | $13136 | $14502 | $13531 |
| **2/19** | $12976 | $14380 | $13722 |
| **2/20** | $13162 | $14939 | $14433 |
| **2/21** | $15980 | $19458 | $18038 |
| **2/22** | $17228 | $20977 | $19190 |
| **2/23** | $16128 | $19244 | $17733 |
| **2/24** | $18600 | $23698 | $20837 |
| **2/25** | $20352 | $27268 | $23485 |
| **2/26** | $24835 | $33863 | $28502 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of February 28, 2026)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Fund Shares | 22.02%<sup>Footnote Reference</sup> | 9.22% | 9.52% |
| MSCI All Country World Index | 24.19% | 11.72% | 12.97% |
| Cornerstone Aggressive Composite Index | 21.37% | 9.58% | 11.04% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote | &nbsp;&nbsp;&nbsp;High double-digit returns are attributable, in part, to unusually favorable market conditions and may not be repeated or consistently achieved in the future. |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of February 28, 2026)

---

| | |
|:---|:---|
| Net Assets | $459796 |
| Number of Holdings | 387 |
| Investment Advisory Fees | $2499 |
| Portfolio Turnover | 79% |

---

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

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

#### (as of February 28, 2026)

---

| | |
|:---|:---|
| Vanguard FTSE Developed Markets ETF | 5.8% |
| Schwab Fundamental International Equity ETF | 5.7% |
| VictoryShares Core Intermediate Bond ETF | 5.7% |
| iShares Core S&P 500 ETF | 5.2% |
| VictoryShares Core Plus Bond ETF | 4.9% |
| VictoryShares Free Cash Flow Growth ETF | 4.6% |
| Vanguard FTSE Emerging Markets ETF | 2.8% |
| VictoryShares International Free Cash Flow ETF | 2.6% |
| Vanguard Total Stock Market ETF | 2.6% |
| NVIDIA Corp. | 2.5% |

---

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

# (as of February 28, 2026)
![Group By Industry Chart](ib4bdd6fd6d2cfbd4c96dee44.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 43.5% |
| Common Stocks | 33.9% |
| Affiliated Fixed-Income Exchange-Traded Funds | 11.8% |
| Affiliated Equity Exchange-Traded Funds | 10.5% |

---

---

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

---

# 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](i6921f3fdae3bf596471ef880.jpg)

UCAGX — AR (2/26)

#### Victory Cornerstone Conservative Fund
![Image](i724fe99097fa0e7486185d4b.jpg)

Fund Shares

Ticker: USCCX

Annual Shareholder Report — February 28, 2026

The annual shareholder report contains important information about Victory Cornerstone Conservative Fund (the "Fund") for the period of March 1, 2025 to February 28, 2026. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-235-8396 or visiting vcm.com/contact-us.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment** |
| &nbsp;&nbsp;&nbsp;Fund Shares | &nbsp;&nbsp;&nbsp;$10 | &nbsp;&nbsp;&nbsp;0.09% |

---

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

* The Fund's allocation to market neutral alternative investments and gold mining stocks added to performance. 

* The Fund's exposure to asset backed fixed income securities outperformed. 

* Security selection within developed international equities helped performance.

Top detractors to performance:

* The Fund's tactical overweight to developed international equities hurt performance. 

* The Fund's shorter duration holdings in investment grade fixed income detracted from performance.

* Security selection within emerging markets equities negatively impacted performance.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i6921f3fdae3bf596471ef880.jpg)

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

# Growth of $10,000 Investment
![Growth of 10K Chart](iec33ccdc3f05daca67d12488.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Victory Cornerstone Conservative Fund, Fund Shares - $16,967** | **Bloomberg U.S. Universal Index (regulatory broad based index) - $12,703** | **Cornerstone Conservative Composite Index - $15,664** |
| **2/16** | $10000 | $10000 | $10000 |
| **2/17** | $11068 | $10320 | $10693 |
| **2/18** | $11555 | $10420 | $11128 |
| **2/19** | $11725 | $10753 | $11439 |
| **2/20** | $12755 | $11964 | $12546 |
| **2/21** | $13824 | $12219 | $13507 |
| **2/22** | $13928 | $11885 | $13442 |
| **2/23** | $13045 | $10780 | $12289 |
| **2/24** | $14120 | $11217 | $13185 |
| **2/25** | $15269 | $11924 | $14218 |
| **2/26** | $16967 | $12703 | $15664 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of February 28, 2026)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Fund Shares | 11.12% | 4.18% | 5.43% |
| Bloomberg U.S. Universal Index | 6.53% | 0.78% | 2.42% |
| Cornerstone Conservative Composite Index | 10.17% | 3.01% | 4.59% |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of February 28, 2026)

---

| | |
|:---|:---|
| Net Assets | $251034 |
| Number of Holdings | 26 |
| Investment Advisory Fees | $- |
| Portfolio Turnover | 5% |

---

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

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

#### (as of February 28, 2026)

---

| | |
|:---|:---|
| Victory Core Plus Bond Fund, Institutional Shares | 22.8% |
| VictoryShares Short-Term Bond ETF | 13.2% |
| Victory Government Securities Fund, Institutional Shares | 11.5% |
| VictoryShares Core Intermediate Bond ETF | 10.8% |
| Victory Income Fund, Institutional Shares | 7.3% |
| Victory Market Neutral Income Fund, Class I | 5.6% |
| Victory 500 Index Fund, Reward Shares | 4.6% |
| Victory High Income Fund, Institutional Shares | 4.2% |
| Victory International Fund, Institutional Shares | 3.4% |
| VictoryShares International Value Momentum ETF | 2.8% |

---

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

# (as of February 28, 2026)
![Group By Industry Chart](i0d13d23d957bd1232e94659c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Affiliated Fixed-Income Mutual Funds | 45.8% |
| Affiliated Equity Mutual Funds | 16.9% |
| Affiliated Fixed-Income Exchange-Traded Funds | 24.0% |
| Affiliated Equity Exchange-Traded Funds | 12.5% |

---

---

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

---

# 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](i6921f3fdae3bf596471ef880.jpg)

USCCX — AR (2/26)

#### Victory Cornerstone Equity Fund
![Image](i724fe99097fa0e7486185d4b.jpg)

Fund Shares

Ticker: UCEQX

Annual Shareholder Report — February 28, 2026

The annual shareholder report contains important information about Victory Cornerstone Equity Fund (the "Fund") for the period of March 1, 2025 to February 28, 2026. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-235-8396 or visiting vcm.com/contact-us.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment** |
| &nbsp;&nbsp;&nbsp;Fund Shares | &nbsp;&nbsp;&nbsp;$8 | &nbsp;&nbsp;&nbsp;0.07% |

---

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

* The Fund's tactical overweight to gold mining stocks added to performance.

* Security selection within developed international equities contributed positively to performance.

Top detractors to performance:

* The Fund's slight underweight to emerging market equities hurt performance.

* Security selection within emerging markets equities and U.S. large cap equities dragged on performance.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i6921f3fdae3bf596471ef880.jpg)

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

# Growth of $10,000 Investment
![Growth of 10K Chart](i61d5bed155b9d63985399c5e.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Victory Cornerstone Equity Fund, Fund Shares - $30,768** | **MSCI All Country World Index (regulatory broad based index) - $33,863** | **Cornerstone Equity Composite Index - $33,641** |
| **2/16** | $10000 | $10000 | $10000 |
| **2/17** | $12289 | $12208 | $12282 |
| **2/18** | $14390 | $14502 | $14329 |
| **2/19** | $13977 | $14380 | $14445 |
| **2/20** | $13963 | $14939 | $14972 |
| **2/21** | $17672 | $19458 | $19494 |
| **2/22** | $19118 | $20977 | $21136 |
| **2/23** | $17670 | $19244 | $19560 |
| **2/24** | $21367 | $23698 | $23584 |
| **2/25** | $24245 | $27268 | $26920 |
| **2/26** | $30768 | $33863 | $33641 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of February 28, 2026)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Fund Shares | 26.90%<sup>Footnote Reference</sup> | 11.73% | 11.89% |
| MSCI All Country World Index | 24.19% | 11.72% | 12.97% |
| Cornerstone Equity Composite Index | 24.96% | 11.53% | 12.90% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote | &nbsp;&nbsp;&nbsp;High double-digit returns are attributable, in part, to unusually favorable market conditions and may not be repeated or consistently achieved in the future. |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of February 28, 2026)

---

| | |
|:---|:---|
| Net Assets | $330491 |
| Number of Holdings | 19 |
| Investment Advisory Fees | $- |
| Portfolio Turnover | 17% |

---

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

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

#### (as of February 28, 2026)

---

| | |
|:---|:---|
| Victory 500 Index Fund, Reward Shares | 18.3% |
| Victory International Fund, Institutional Shares | 10.6% |
| VictoryShares WestEnd U.S. Sector ETF | 8.8% |
| Victory Pioneer International Equity Fund, Class Y | 8.2% |
| VictoryShares International Value Momentum ETF | 8.0% |
| Victory Nasdaq-100 Index Fund, Class R6 | 7.8% |
| VictoryShares Free Cash Flow ETF | 6.4% |
| VictoryShares Free Cash Flow Growth ETF | 6.3% |
| VictoryShares Emerging Markets Value Momentum ETF | 5.9% |
| VictoryShares US Value Momentum ETF | 5.0% |

---

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

# (as of February 28, 2026)
![Group By Industry Chart](i2efa0181054d20f9cbaf8d5f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Affiliated Equity Mutual Funds | 53.6% |
| Affiliated Equity Exchange-Traded Funds | 45.9% |

---

---

| | |
|:---|:---|
| \* | 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](i6921f3fdae3bf596471ef880.jpg)

UCEQX — AR (2/26)

#### Victory Cornerstone Moderate Fund
![Image](i724fe99097fa0e7486185d4b.jpg)

Fund Shares

Ticker: USBSX

Annual Shareholder Report — February 28, 2026

The annual shareholder report contains important information about Victory Cornerstone Moderate Fund (the "Fund") for the period of March 1, 2025 to February 28, 2026. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-235-8396 or visiting vcm.com/contact-us.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment** |
| &nbsp;&nbsp;&nbsp;Fund Shares | &nbsp;&nbsp;&nbsp;$86 | &nbsp;&nbsp;&nbsp;0.79% |

---

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

* The Fund's tactical overweight to equities and exposure to gold and gold mining equities contributed positively to performance. 

* The Fund's overweight to developed international equities was a positive contributor. 

* Security selection within U.S. large cap and developed international equities helped performance.

Top detractors to performance:

* The Fund's shorter duration investment grade fixed income detracted from performance.

* Security selection within emerging markets equities negatively impacted performance. 

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i6921f3fdae3bf596471ef880.jpg)

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

# Growth of $10,000 Investment
![Growth of 10K Chart](i1d006a9abdad29a010602b2c.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Victory Cornerstone Moderate Fund, Fund Shares - $19,391** | **MSCI All Country World Index (regulatory broad based index) - $33,863** | **Cornerstone Moderate Composite Index - $21,358** |
| **2/16** | $10000 | $10000 | $10000 |
| **2/17** | $11204 | $12208 | $11290 |
| **2/18** | $12174 | $14502 | $12296 |
| **2/19** | $12161 | $14380 | $12564 |
| **2/20** | $12721 | $14939 | $13516 |
| **2/21** | $14488 | $19458 | $15728 |
| **2/22** | $15033 | $20977 | $16178 |
| **2/23** | $13892 | $19244 | $14887 |
| **2/24** | $15356 | $23698 | $16743 |
| **2/25** | $16592 | $27268 | $18464 |
| **2/26** | $19391 | $33863 | $21358 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of February 28, 2026)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Fund Shares | 16.79%<sup>Footnote Reference</sup> | 6.00% | 6.85% |
| MSCI All Country World Index | 24.19% | 11.72% | 12.97% |
| Cornerstone Moderate Composite Index | 15.68% | 6.31% | 7.88% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote | &nbsp;&nbsp;&nbsp;High double-digit returns are attributable, in part, to unusually favorable market conditions and may not be repeated or consistently achieved in the future. |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of February 28, 2026)

---

| | |
|:---|:---|
| Net Assets | $1240373 |
| Number of Holdings | 163 |
| Investment Advisory Fees | $6875 |
| Portfolio Turnover | 74% |

---

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

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

#### (as of February 28, 2026)

---

| | |
|:---|:---|
| VictoryShares Core Intermediate Bond ETF | 17.6% |
| VictoryShares Core Plus Bond ETF | 11.5% |
| iShares Core U.S. Aggregate Bond ETF | 4.3% |
| Vanguard Total Bond Market ETF | 3.2% |
| VictoryShares Free Cash Flow Growth ETF | 3.1% |
| iShares Core S&P Small-Cap ETF | 3.1% |
| Schwab Fundamental International Equity ETF | 2.9% |
| Vanguard Total Stock Market ETF | 2.8% |
| Vanguard FTSE Developed Markets ETF | 2.8% |
| VictoryShares International Free Cash Flow ETF | 2.5% |

---

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

# (as of February 28, 2026)
![Group By Industry Chart](ic2cb449a879bc7dcb09c6e30.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 40.2% |
| Affiliated Fixed-Income Exchange-Traded Funds | 31.5% |
| Affiliated Equity Exchange-Traded Funds | 8.1% |
| Common Stocks | 19.9% |

---

---

| | |
|:---|:---|
| \* | 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](i6921f3fdae3bf596471ef880.jpg)

USBSX — AR (2/26)

#### Victory Cornerstone Moderately Aggressive Fund
![Image](i724fe99097fa0e7486185d4b.jpg)

Fund Shares

Ticker: USCRX

Annual Shareholder Report — February 28, 2026

The annual shareholder report contains important information about Victory Cornerstone Moderately Aggressive Fund (the "Fund") for the period of March 1, 2025 to February 28, 2026. You can find additional information about the Fund at advisor.vcm.com/literature/ mutual-fund-prospectuses. You may also request more information by calling 800-235-8396 or visiting vcm.com/contact-us.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment** |
| &nbsp;&nbsp;&nbsp;Fund Shares | &nbsp;&nbsp;&nbsp;$89 | &nbsp;&nbsp;&nbsp;0.81% |

---

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

* The Fund's tactical overweight to equities and exposure to gold and gold mining equities contributed positively to performance. 

* The Fund's overweight to developed international equities was a positive contributor. 

* Security selection within U.S. large cap and developed international equities helped performance.

Top detractors to performance:

* The Fund's shorter duration investment grade fixed income detracted from performance.

* Security selection within emerging markets equities negatively impacted performance. 

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i6921f3fdae3bf596471ef880.jpg)

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

# Growth of $10,000 Investment
![Growth of 10K Chart](i2153bdf4072d43055acaee37.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Victory Cornerstone Moderately Aggressive Fund, Fund Shares - $20,917** | **MSCI All Country World Index (regulatory broad based index) - $33,863** | **Cornerstone Moderately Aggressive Composite Index - $23,466** |
| **2/16** | $10000 | $10000 | $10000 |
| **2/17** | $11325 | $12208 | $11487 |
| **2/18** | $12465 | $14502 | $12684 |
| **2/19** | $12386 | $14380 | $12927 |
| **2/20** | $12791 | $14939 | $13797 |
| **2/21** | $14891 | $19458 | $16435 |
| **2/22** | $15591 | $20977 | $17100 |
| **2/23** | $14470 | $19244 | $15761 |
| **2/24** | $16217 | $23698 | $17966 |
| **2/25** | $17612 | $27268 | $19951 |
| **2/26** | $20917 | $33863 | $23466 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of February 28, 2026)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Fund Shares | 18.81%<sup>Footnote Reference</sup> | 7.03% | 7.66% |
| MSCI All Country World Index | 24.19% | 11.72% | 12.97% |
| Cornerstone Moderately Aggressive Composite Index | 17.62% | 7.38% | 8.90% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote | &nbsp;&nbsp;&nbsp;High double-digit returns are attributable, in part, to unusually favorable market conditions and may not be repeated or consistently achieved in the future. |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of February 28, 2026)

---

| | |
|:---|:---|
| Net Assets | $3004398 |
| Number of Holdings | 406 |
| Investment Advisory Fees | $16517 |
| Portfolio Turnover | 79% |

---

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

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

#### (as of February 28, 2026)

---

| | |
|:---|:---|
| VictoryShares Core Intermediate Bond ETF | 13.4% |
| VictoryShares Core Plus Bond ETF | 10.3% |
| Vanguard FTSE Developed Markets ETF | 4.2% |
| Schwab Fundamental International Equity ETF | 3.5% |
| VictoryShares Free Cash Flow Growth ETF | 3.4% |
| VictoryShares International Free Cash Flow Growth ETF | 3.1% |
| iShares Core U.S. Aggregate Bond ETF | 3.0% |
| Vanguard Total Stock Market ETF | 3.0% |
| VictoryShares International Free Cash Flow ETF | 2.5% |
| iShares Core Universal USD Bond ETF | 2.3% |

---

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

# (as of February 28, 2026)
![Group By Industry Chart](ieb8c7457910ec309b3c082bb.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 37.8% |
| Affiliated Fixed-Income Exchange-Traded Funds | 25.4% |
| Affiliated Equity Exchange-Traded Funds | 9.9% |
| Common Stocks | 26.6% |

---

---

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

---

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i6921f3fdae3bf596471ef880.jpg)

USCRX — AR (2/26)

#### Victory Cornerstone Moderately Conservative Fund
![Image](i724fe99097fa0e7486185d4b.jpg)

Fund Shares

Ticker: UCMCX

Annual Shareholder Report — February 28, 2026

The annual shareholder report contains important information about Victory Cornerstone Moderately Conservative Fund (the "Fund") for the period of March 1, 2025 to February 28, 2026. You can find additional information about the Fund at advisor.vcm.com/ literature/mutual-fund-prospectuses. You may also request more information by calling 800-235-8396 or visiting vcm.com/contact-us.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment** |
| &nbsp;&nbsp;&nbsp;Fund Shares | &nbsp;&nbsp;&nbsp;$90 | &nbsp;&nbsp;&nbsp;0.84% |

---

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

* The Fund's tactical overweight to equities and exposure to gold and gold mining equities contributed positively to performance. 

* The Fund's overweight to developed international equities was a positive contributor. 

* Security selection within U.S. large cap and developed international equities helped performance.

Top detractors to performance:

* The Fund's shorter duration investment grade fixed income detracted from performance.

* Security selection within emerging markets equities negatively impacted performance. 

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i6921f3fdae3bf596471ef880.jpg)

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

# Growth of $10,000 Investment
![Growth of 10K Chart](icf6402625fa6199256e6ccb7.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Victory Cornerstone Moderately Conservative Fund, Fund Shares - $17,440** | **Bloomberg U.S. Universal Index (regulatory broad based index) - $12,703** | **Cornerstone Moderately Conservative Composite Index - $19,277** |
| **2/16** | $10000 | $10000 | $10000 |
| **2/17** | $11031 | $10320 | $11088 |
| **2/18** | $11803 | $10420 | $11885 |
| **2/19** | $11805 | $10753 | $12177 |
| **2/20** | $12453 | $11964 | $13186 |
| **2/21** | $13887 | $12219 | $14952 |
| **2/22** | $14236 | $11885 | $15227 |
| **2/23** | $13133 | $10780 | $13985 |
| **2/24** | $14127 | $11217 | $15479 |
| **2/25** | $15106 | $11924 | $16947 |
| **2/26** | $17440 | $12703 | $19277 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of February 28, 2026)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Fund Shares | 15.45%<sup>Footnote Reference</sup> | 4.66% | 5.72% |
| Bloomberg U.S. Universal Index | 6.53% | 0.78% | 2.42% |
| Cornerstone Moderately Conservative Composite Index | 13.75% | 5.21% | 6.78% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote | &nbsp;&nbsp;&nbsp;High double-digit returns are attributable, in part, to unusually favorable market conditions and may not be repeated or consistently achieved in the future. |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of February 28, 2026)

---

| | |
|:---|:---|
| Net Assets | $195552 |
| Number of Holdings | 111 |
| Investment Advisory Fees | $913 |
| Portfolio Turnover | 72% |

---

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

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

#### (as of February 28, 2026)

---

| | |
|:---|:---|
| VictoryShares Core Intermediate Bond ETF | 19.8% |
| VictoryShares Core Plus Bond ETF | 18.5% |
| iShares Core U.S. Aggregate Bond ETF | 6.1% |
| iShares Core Universal USD Bond ETF | 4.0% |
| iShares Core S&P 500 ETF | 3.9% |
| VictoryShares Short-Term Bond ETF | 3.2% |
| VictoryShares Free Cash Flow Growth ETF | 3.0% |
| Schwab Fundamental International Equity ETF | 2.4% |
| Vanguard Total Stock Market ETF | 2.4% |
| iShares Core S&P Small-Cap ETF | 1.9% |

---

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

# (as of February 28, 2026)
![Group By Industry Chart](i4a97067440284156696b1a05.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Affiliated Fixed-Income Exchange-Traded Funds | 41.5% |
| Affiliated Equity Exchange-Traded Funds | 4.8% |
| Exchange-Traded Funds | 38.3% |
| Common Stocks | 15.0% |

---

---

| | |
|:---|:---|
| \* | Does not include futures contracts, money market instruments, short-term investments purchased with cash collateral from securities loaned, or other assets in excess of liabilities. |
| ^ | 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](i6921f3fdae3bf596471ef880.jpg)

UCMCX — AR (2/26)

#### Victory Emerging Markets Fund
![Image](i724fe99097fa0e7486185d4b.jpg)

Fund Shares

Ticker: USEMX

Annual Shareholder Report — February 28, 2026

The annual shareholder report contains important information about Victory Emerging Markets Fund (the "Fund") for the period of March 1, 2025 to February 28, 2026. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-235-8396 or visiting vcm.com/contact-us.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment** |
| &nbsp;&nbsp;&nbsp;Fund Shares | &nbsp;&nbsp;&nbsp;$191 | &nbsp;&nbsp;&nbsp;1.50% |

---

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

* An overweight to information technology was a contributor to relative performance as compared to the MSCI Emerging Markets Index (the "Index").

* Stock selection in financials and information technology was a contributor to performance relative to the Index.

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

Top detractors from performance:

* Slight overweight in materials hurt relative performance as compared to the Index. 

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

* Country level detractor was stock selection in South Africa.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i6921f3fdae3bf596471ef880.jpg)

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

# Growth of $10,000 Investment
![Growth of 10K Chart](i6f81c57ecec1cf30481e941c.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Victory Emerging Markets Fund, Fund Shares - $27,808** | **MSCI All Country World Index (regulatory broad based index) - $33,863** | **MSCI Emerging Markets Index - $27,599** | **Lipper Emerging Market Funds Index - $28,036** |
| **2/16** | $10000 | $10000 | $10000 | $10000 |
| **2/17** | $12902 | $12208 | $12946 | $12990 |
| **2/18** | $16284 | $14502 | $16895 | $16617 |
| **2/19** | $14283 | $14380 | $15225 | $14963 |
| **2/20** | $14322 | $14939 | $14938 | $14978 |
| **2/21** | $19249 | $19458 | $20323 | $20806 |
| **2/22** | $17417 | $20977 | $18151 | $18219 |
| **2/23** | $14865 | $19244 | $15377 | $15696 |
| **2/24** | $17121 | $23698 | $16720 | $17376 |
| **2/25** | $18046 | $27268 | $18404 | $18618 |
| **2/26** | $27808 | $33863 | $27599 | $28036 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of February 28, 2026)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Fund Shares | 54.10%<sup>Footnote Reference</sup> | 7.63% | 10.77% |
| MSCI All Country World Index | 24.19% | 11.72% | 12.97% |
| MSCI Emerging Markets Index | 49.96% | 6.31% | 10.68% |
| Lipper Emerging Market Funds Index | 50.58% | 6.15% | 10.86% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote | &nbsp;&nbsp;High double-digit returns are attributable, in part, to unusually favorable market conditions and may not be repeated or consistently achieved in the future. |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of February 28, 2026)

---

| | |
|:---|:---|
| Net Assets | $743283 |
| Number of Holdings | 262 |
| Investment Advisory Fees | $6131 |
| Portfolio Turnover | 84% |

---

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

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

# (as of February 28, 2026)

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

# (as of February 28, 2026)
![Group By Sector Chart](if7f79503541d31f197a7e77c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Utilities | 2.1% |
| Health Care | 2.7% |
| Energy | 3.8% |
| Consumer Staples | 3.9% |
| Materials | 6.3% |
| Communication Services | 6.4% |
| Industrials | 6.8% |
| Consumer Discretionary | 10.0% |
| Financials | 20.3% |
| Information Technology | 33.9% |

---

![Group By Industry Chart](i6704580f74795c9a0ece9a4f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Taiwan | 22.9% |
| South Korea | 18.6% |
| China | 15.6% |
| India | 12.1% |
| Brazil | 5.6% |
| Other<sup>Footnote Reference\*\*</sup> | 23.6% |

---

---

| | |
|:---|:---|
| \* | 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. |
| \*\* | Includes countries comprising less than 3.0% of portfolio. |
| ^ | Percentages are of the net assets of the Fund and may not equal 100%. |
|  | Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities. |

---

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i6921f3fdae3bf596471ef880.jpg)

USEMX — AR (2/26)

#### Victory Emerging Markets Fund
![Image](i724fe99097fa0e7486185d4b.jpg)

Institutional Shares

Ticker: UIEMX

Annual Shareholder Report — February 28, 2026

The annual shareholder report contains important information about Victory Emerging Markets Fund (the "Fund") for the period of March 1, 2025 to February 28, 2026. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-235-8396 or visiting vcm.com/contact-us.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment** |
| &nbsp;&nbsp;&nbsp;Institutional Shares | &nbsp;&nbsp;&nbsp;$168 | &nbsp;&nbsp;&nbsp;1.32% |

---

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

* An overweight to information technology was a contributor to relative performance as compared to the MSCI Emerging Markets Index (the "Index").

* Stock selection in financials and information technology was a contributor to performance relative to the Index.

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

Top detractors from performance:

* Slight overweight in materials hurt relative performance as compared to the Index. 

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

* Country level detractor was stock selection in South Africa.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i6921f3fdae3bf596471ef880.jpg)

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

# Growth of $1,000,000 Investment
![Growth of 10K Chart](i230ad5f092ba5ad8c5cd3a4a.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Victory Emerging Markets Fund Institutional Shares - $2,835,209** | **MSCI All Country World Index (regulatory broad based index) - $3,386,321** | **MSCI Emerging Markets Index - $2,759,861** | **Lipper Emerging Market Funds Index - $2,803,613** |
| **2/16** | $1000000 | $1000000 | $1000000 | $1000000 |
| **2/17** | $1292658 | $1220780 | $1294570 | $1298961 |
| **2/18** | $1634655 | $1450175 | $1689534 | $1661735 |
| **2/19** | $1437077 | $1438009 | $1522481 | $1496346 |
| **2/20** | $1443758 | $1493888 | $1493823 | $1497799 |
| **2/21** | $1944835 | $1945751 | $2032294 | $2080561 |
| **2/22** | $1762913 | $2097672 | $1815138 | $1821858 |
| **2/23** | $1506884 | $1924389 | $1537687 | $1569555 |
| **2/24** | $1738715 | $2369849 | $1671976 | $1737575 |
| **2/25** | $1836337 | $2726775 | $1840378 | $1861844 |
| **2/26** | $2835209 | $3386321 | $2759861 | $2803613 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of February 28, 2026)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Institutional Shares | 54.39%<sup>Footnote Reference</sup> | 7.83% | 10.98% |
| MSCI All Country World Index | 24.19% | 11.72% | 12.97% |
| MSCI Emerging Markets Index | 49.96% | 6.31% | 10.68% |
| Lipper Emerging Market Funds Index | 50.58% | 6.15% | 10.86% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote | &nbsp;&nbsp;High double-digit returns are attributable, in part, to unusually favorable market conditions and may not be repeated or consistently achieved in the future. |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of February 28, 2026)

---

| | |
|:---|:---|
| Net Assets | $743283 |
| Number of Holdings | 262 |
| Investment Advisory Fees | $6131 |
| Portfolio Turnover | 84% |

---

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

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

# (as of February 28, 2026)

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

# (as of February 28, 2026)
![Group By Sector Chart](if7f79503541d31f197a7e77c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Utilities | 2.1% |
| Health Care | 2.7% |
| Energy | 3.8% |
| Consumer Staples | 3.9% |
| Materials | 6.3% |
| Communication Services | 6.4% |
| Industrials | 6.8% |
| Consumer Discretionary | 10.0% |
| Financials | 20.3% |
| Information Technology | 33.9% |

---

![Group By Industry Chart](i6704580f74795c9a0ece9a4f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Taiwan | 22.9% |
| South Korea | 18.6% |
| China | 15.6% |
| India | 12.1% |
| Brazil | 5.6% |
| Other<sup>Footnote Reference\*\*</sup> | 23.6% |

---

---

| | |
|:---|:---|
| \* | 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. |
| \*\* | Includes countries comprising less than 3.0% of portfolio. |
| ^ | Percentages are of the net assets of the Fund and may not equal 100%. |
|  | Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities. |

---

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i6921f3fdae3bf596471ef880.jpg)

UIEMX — AR (2/26)

#### Victory Global Equity Income Fund
![Image](i724fe99097fa0e7486185d4b.jpg)

Fund Shares

Ticker: UGEIX

Annual Shareholder Report — February 28, 2026

The annual shareholder report contains important information about Victory Global Equity Income Fund (the "Fund") for the period of March 1, 2025 to February 28, 2026. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-235-8396 or visiting vcm.com/contact-us.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment** |
| &nbsp;&nbsp;&nbsp;Fund Shares | &nbsp;&nbsp;&nbsp;$119 | &nbsp;&nbsp;&nbsp;1.02% |

---

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

* An overweight to materials was a contributor to relative performance as compared to the MSCI World High Dividend Yield Index (the "Index").

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

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

Top detractors from performance:

* Overweight to information technology hurt relative performance.

* Underweight in health care was a detractor to performance relative to the Index.

* At the country level, an underweight position in Switzerland was a detractor to relative performance.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i6921f3fdae3bf596471ef880.jpg)

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

# Growth of $10,000 Investment
![Growth of 10K Chart](i27569e13cb5c846d048bbca4.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Victory Global Equity Income Fund, Fund Shares - $31,872** | **MSCI All Country World Index (regulatory broad based index) - $33,863** | **MSCI World High Dividend Yield Index - $25,827** | **Lipper Global Equity Income Funds Index - $26,774** |
| **2/16** | $10000 | $10000 | $10000 | $10000 |
| **2/17** | $11821 | $12208 | $11742 | $11593 |
| **2/18** | $13118 | $14502 | $13094 | $12986 |
| **2/19** | $13254 | $14380 | $13377 | $12999 |
| **2/20** | $13355 | $14939 | $13363 | $13170 |
| **2/21** | $15822 | $19458 | $15112 | $15245 |
| **2/22** | $18339 | $20977 | $17159 | $16896 |
| **2/23** | $17455 | $19244 | $16579 | $16252 |
| **2/24** | $20792 | $23698 | $18455 | $18463 |
| **2/25** | $23834 | $27268 | $20995 | $21153 |
| **2/26** | $31872 | $33863 | $25827 | $26774 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of February 28, 2026)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Fund Shares | 33.73%<sup>Footnote Reference</sup> | 15.03%<sup>Footnote Reference</sup> | 12.29% |
| MSCI All Country World Index | 24.19% | 11.72% | 12.97% |
| MSCI World High Dividend Yield Index | 23.02% | 11.31% | 9.95% |
| Lipper Global Equity Income Funds Index | 26.57% | 11.92% | 10.35% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote | &nbsp;&nbsp;High double-digit returns are attributable, in part, to unusually favorable market conditions and may not be repeated or consistently achieved in the future. |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of February 28, 2026)

---

| | |
|:---|:---|
| Net Assets | $79760 |
| Number of Holdings | 128 |
| Investment Advisory Fees | $356 |
| Portfolio Turnover | 16% |

---

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

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

# (as of February 28, 2026)
![Group By Sector Chart](ic63a03b26f969f052ee271cf.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Communication Services | 2.6% |
| Consumer Discretionary | 3.2% |
| Utilities | 6.3% |
| Energy | 8.0% |
| Materials | 9.7% |
| Consumer Staples | 10.1% |
| Health Care | 11.5% |
| Industrials | 13.8% |
| Information Technology | 13.9% |
| Financials | 20.4% |

---

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

# (as of February 28, 2026)

---

| | |
|:---|:---|
| Fujikura Ltd. | 2.4% |
| Apple, Inc. | 1.9% |
| Banco Bilbao Vizcaya Argentaria SA | 1.9% |
| Cisco Systems, Inc. | 1.8% |
| Engie SA | 1.7% |
| HSBC Holdings PLC | 1.7% |
| Novartis AG, Registered Shares | 1.6% |
| Applied Materials, Inc. | 1.6% |
| Kinross Gold Corp. | 1.6% |
| Canadian Imperial Bank of Commerce | 1.6% |

---

---

| | |
|:---|:---|
| \* | Does not include futures contracts, money market instruments, short-term investments purchased with cash collateral from securities loaned, or other assets in excess of liabilities. |
|  | 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](i6921f3fdae3bf596471ef880.jpg)

UGEIX — AR (2/26)

#### Victory Government Securities Fund
![Image](i724fe99097fa0e7486185d4b.jpg)

Class R6

Ticker: URGSX

Annual Shareholder Report — February 28, 2026

The annual shareholder report contains important information about Victory Government Securities Fund (the "Fund") for the period of March 1, 2025 to February 28, 2026. You can find additional information about the Fund at advisor.vcm.com/literature /mutual-fund-prospectuses. You may also request more information by calling 800-235-8396 or visiting vcm.com/contact-us.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment** |
| &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;$29 | &nbsp;&nbsp;&nbsp;0.28% |

---

# What affected the Fund's performance during the last year?
Interest rates on the short and intermediate part of the curve fell during the time period, while interest rates from 20 years and beyond rose slightly.

Top contributors to performance:

* An overweight allocation to agency mortgage-backed securities ("MBS") benefited performance relative to the Bloomberg U.S. Aggregate Government Intermediate & MBS Index (the "Index").

* Within MBS, 20-year and 30-year mortgage pools contributed the most to performance relative to the Index.

* An underweight allocation to treasury securities also benefited performance relative to the Index.

Top detractors from performance:

* Curve positioning of the Fund's treasury securities relative to the Index detracted from performance.

* Within MBS, 15-year mortgage pools detracted from performance relative to the Index. 

* Holdings of cash equivalents including overnight treasury repurchase agreements detracted from performance relative to the Index.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i6921f3fdae3bf596471ef880.jpg)

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

# Growth of $10,000 Investment
![Growth of 10K Chart](i1c447eb04af8c899e951b2de.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Victory Government Securities Fund Class R6 - $12,217** | **Bloomberg U.S. Aggregate Bond Index (regulatory broad based index) - $12,156** | **Bloomberg U.S. Aggregate Government Intermediate & Mortgage-Backed Securities Index - $11,864** | **Lipper Intermediate U.S. Government Funds Index - $11,580** |
| **12/16<sup>Footnote Reference\*</sup>** | $10000 | $10000 | $10000 | $10000 |
| **2/17** | $10044 | $10140 | $10074 | $10072 |
| **2/18** | $10017 | $10191 | $10049 | $10012 |
| **2/19** | $10342 | $10514 | $10381 | $10303 |
| **2/20** | $11170 | $11743 | $11189 | $11268 |
| **2/21** | $11385 | $11905 | $11358 | $11403 |
| **2/22** | $11193 | $11590 | $11064 | $11137 |
| **2/23** | $10500 | $10464 | $10227 | $10111 |
| **2/24** | $10829 | $10812 | $10535 | $10357 |
| **2/25** | $11471 | $11440 | $11148 | $10917 |
| **2/26** | $12217 | $12156 | $11864 | $11580 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Inception date for the Victory Government Securities Fund, Class R6 is 12/1/2016. |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of February 28, 2026)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | Since Inception |
| Class R6 | 6.50% | 1.42% | 2.19% |
| Bloomberg U.S. Aggregate Bond Index | 6.26% | 0.42% | 2.13% |
| Bloomberg U.S. Aggregate Government Intermediate & Mortgage-Backed Securities Index | 6.42% | 0.88% | 1.87% |
| Lipper Intermediate U.S. Government Funds Index | 6.07% | 0.31% | 1.60% |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of February 28, 2026)

---

| | |
|:---|:---|
| Net Assets | $1210869 |
| Number of Holdings | 470 |
| Investment Advisory Fees | $1894 |
| Portfolio Turnover | 20% |

---

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

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

# (as of February 28, 2026)
![Group By Asset Type Chart](ice3616bcdc2d22a38370c3bd.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. Government Agency Mortgages | 48.8% |
| U.S. Treasury Obligations | 31.2% |
| Collateralized Mortgage Obligations | 15.5% |
| Other<sup>Footnote Reference\*\*</sup> | 4.6% |

---

---

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

---

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i6921f3fdae3bf596471ef880.jpg)

URGSX — AR (2/26)

#### Victory Government Securities Fund
![Image](i724fe99097fa0e7486185d4b.jpg)

Fund Shares

Ticker: USGNX

Annual Shareholder Report — February 28, 2026

The annual shareholder report contains important information about Victory Government Securities Fund (the "Fund") for the period of March 1, 2025 to February 28, 2026. You can find additional information about the Fund at advisor.vcm.com/literature /mutual-fund-prospectuses. You may also request more information by calling 800-235-8396 or visiting vcm.com/contact-us.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment** |
| &nbsp;&nbsp;&nbsp;Fund Shares | &nbsp;&nbsp;&nbsp;$50 | &nbsp;&nbsp;&nbsp;0.48% |

---

# What affected the Fund's performance during the last year?
Interest rates on the short and intermediate part of the curve fell during the time period, while interest rates from 20 years and beyond rose slightly.

Top contributors to performance:

* An overweight allocation to agency mortgage-backed securities ("MBS") benefited performance relative to the Bloomberg U.S. Aggregate Government Intermediate & MBS Index (the "Index").

* Within MBS, 20-year and 30-year mortgage pools contributed the most to performance relative to the Index.

* An underweight allocation to treasury securities also benefited performance relative to the Index.

Top detractors from performance:

* Curve positioning of the Fund's treasury securities relative to the Index detracted from performance.

* Within MBS, 15-year mortgage pools detracted from performance relative to the Index. 

* Holdings of cash equivalents including overnight treasury repurchase agreements detracted from performance relative to the Index.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i6921f3fdae3bf596471ef880.jpg)

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

# Growth of $10,000 Investment
![Growth of 10K Chart](i62dd0991fec43533adc8012a.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Victory Government Securities Fund, Fund Shares - $11,962** | **Bloomberg U.S. Aggregate Bond Index (regulatory broad based index) - $12,158** | **Bloomberg U.S. Aggregate Government Intermediate & Mortgage-Backed Securities Index - $11,767** | **Lipper Intermediate U.S. Government Funds Index - $11,445** |
| **2/16** | $10000 | $10000 | $10000 | $10000 |
| **2/17** | $9991 | $10142 | $9992 | $9955 |
| **2/18** | $9940 | $10193 | $9966 | $9895 |
| **2/19** | $10261 | $10516 | $10296 | $10183 |
| **2/20** | $11072 | $11744 | $11097 | $11137 |
| **2/21** | $11276 | $11907 | $11265 | $11270 |
| **2/22** | $11036 | $11592 | $10973 | $11007 |
| **2/23** | $10334 | $10465 | $10143 | $9993 |
| **2/24** | $10640 | $10813 | $10448 | $10237 |
| **2/25** | $11241 | $11441 | $11056 | $10790 |
| **2/26** | $11962 | $12158 | $11767 | $11445 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of February 28, 2026)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Fund Shares | 6.42% | 1.19% | 1.81% |
| Bloomberg U.S. Aggregate Bond Index | 6.26% | 0.42% | 1.97% |
| Bloomberg U.S. Aggregate Government Intermediate & Mortgage-Backed Securities Index | 6.42% | 0.88% | 1.64% |
| Lipper Intermediate U.S. Government Funds Index | 6.07% | 0.31% | 1.36% |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of February 28, 2026)

---

| | |
|:---|:---|
| Net Assets | $1210869 |
| Number of Holdings | 470 |
| Investment Advisory Fees | $1894 |
| Portfolio Turnover | 20% |

---

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

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

# (as of February 28, 2026)
![Group By Asset Type Chart](ice3616bcdc2d22a38370c3bd.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. Government Agency Mortgages | 48.8% |
| U.S. Treasury Obligations | 31.2% |
| Collateralized Mortgage Obligations | 15.5% |
| Other<sup>Footnote Reference\*\*</sup> | 4.6% |

---

---

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

---

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i6921f3fdae3bf596471ef880.jpg)

USGNX — AR (2/26)

#### Victory Government Securities Fund
![Image](i724fe99097fa0e7486185d4b.jpg)

Institutional Shares

Ticker: UIGSX

Annual Shareholder Report — February 28, 2026

The annual shareholder report contains important information about Victory Government Securities Fund (the "Fund") for the period of March 1, 2025 to February 28, 2026. You can find additional information about the Fund at advisor.vcm.com/literature /mutual-fund-prospectuses. You may also request more information by calling 800-235-8396 or visiting vcm.com/contact-us.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment** |
| &nbsp;&nbsp;&nbsp;Institutional Shares | &nbsp;&nbsp;&nbsp;$41 | &nbsp;&nbsp;&nbsp;0.40% |

---

# What affected the Fund's performance during the last year?
Interest rates on the short and intermediate part of the curve fell during the time period, while interest rates from 20 years and beyond rose slightly.

Top contributors to performance:

* An overweight allocation to agency mortgage-backed securities ("MBS") benefited performance relative to the Bloomberg U.S. Aggregate Government Intermediate & MBS Index (the "Index").

* Within MBS, 20-year and 30-year mortgage pools contributed the most to performance relative to the Index.

* An underweight allocation to treasury securities also benefited performance relative to the Index.

Top detractors from performance:

* Curve positioning of the Fund's treasury securities relative to the Index detracted from performance.

* Within MBS, 15-year mortgage pools detracted from performance relative to the Index. 

* Holdings of cash equivalents including overnight treasury repurchase agreements detracted from performance relative to the Index.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i6921f3fdae3bf596471ef880.jpg)

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

# Growth of $1,000,000 Investment
![Growth of 10K Chart](i0f9e1a4804b9405e00642b48.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Victory Government Securities Fund Institutional Shares - $1,206,820** | **Bloomberg U.S. Aggregate Bond Index (regulatory broad based index) - $1,215,756** | **Bloomberg U.S. Aggregate Government Intermediate & Mortgage-Backed Securities Index - $1,176,650** | **Lipper Intermediate U.S. Government Funds Index - $1,144,522** |
| **2/16** | $1000000 | $1000000 | $1000000 | $1000000 |
| **2/17** | $999833 | $1014152 | $999162 | $995489 |
| **2/18** | $996772 | $1019275 | $996646 | $989491 |
| **2/19** | $1028795 | $1051584 | $1029581 | $1018288 |
| **2/20** | $1110859 | $1174438 | $1109740 | $1113701 |
| **2/21** | $1132211 | $1190686 | $1126476 | $1127039 |
| **2/22** | $1108792 | $1159202 | $1097263 | $1100705 |
| **2/23** | $1039306 | $1046507 | $1014254 | $999293 |
| **2/24** | $1071337 | $1081323 | $1044808 | $1023677 |
| **2/25** | $1133038 | $1144129 | $1105614 | $1079003 |
| **2/26** | $1206820 | $1215756 | $1176650 | $1144522 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of February 28, 2026)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Institutional Shares | 6.51% | 1.28% | 1.90% |
| Bloomberg U.S. Aggregate Bond Index | 6.26% | 0.42% | 1.97% |
| Bloomberg U.S. Aggregate Government Intermediate & Mortgage-Backed Securities Index | 6.42% | 0.88% | 1.64% |
| Lipper Intermediate U.S. Government Funds Index | 6.07% | 0.31% | 1.36% |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of February 28, 2026)

---

| | |
|:---|:---|
| Net Assets | $1210869 |
| Number of Holdings | 470 |
| Investment Advisory Fees | $1894 |
| Portfolio Turnover | 20% |

---

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

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

# (as of February 28, 2026)
![Group By Asset Type Chart](ice3616bcdc2d22a38370c3bd.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. Government Agency Mortgages | 48.8% |
| U.S. Treasury Obligations | 31.2% |
| Collateralized Mortgage Obligations | 15.5% |
| Other<sup>Footnote Reference\*\*</sup> | 4.6% |

---

---

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

---

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i6921f3fdae3bf596471ef880.jpg)

UIGSX — AR (2/26)

#### Victory Growth and Tax Strategy Fund
![Image](i724fe99097fa0e7486185d4b.jpg)

Class A

Ticker: UGTAX

Annual Shareholder Report — February 28, 2026

The annual shareholder report contains important information about Victory Growth and Tax Strategy Fund (the "Fund") for the period of March 1, 2025 to February 28, 2026. You can find additional information about the Fund at advisor.vcm.com/literature /mutual-fund-prospectuses. You may also request more information by calling 800-235-8396 or visiting vcm.com/contact-us.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment** |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;$87 | &nbsp;&nbsp;&nbsp;0.83% |

---

# What affected the Fund's performance during the last year?
All eleven sectors within the equity strategy produced positive absolute returns during the period. The information technology sector represented the largest individual contributor to total return for the equity strategy portion of the Fund.

Top contributors to performance for the fixed income municipal sleeve of the strategy:

* Overweight allocation to the housing sector.

* Overweight allocation to the A rated category.

* Security selection in the AAA rated category.

Top detractors from performance for the fixed income municipal sleeve of the strategy:

* Interest rate effect, as the Fund has slightly longer duration than the Fund's benchmark (Composite Index) and longer-term yields rose during the year.

* Security selection within the A and AA rated categories. 

* Security selection in the education and hospital sectors.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i6921f3fdae3bf596471ef880.jpg)

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

# Growth of $10,000 Investment
![Growth of 10K Chart](i3a7162fa23c932a5e0f30560.jpg)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Victory Growth and Tax Strategy Fund Class A @ NAV - $15,865** | **Victory Growth and Tax Strategy Fund Class A @ MOP - $15,511** | **S&P 500<sup>®</sup> Index (regulatory broad based index) - $24,499** | **Bloomberg Municipal Bond Index - $10,966** | **Composite Index - $16,457** | **Lipper Composite Index - $16,107** |
| **6/20<sup>Footnote Reference\*</sup>** | $10000 | $9777 | $10000 | $10000 | $10000 | $10000 |
| **2/21** | $11403 | $11148 | $12619 | $10210 | $11291 | $11370 |
| **2/22** | $12278 | $12004 | $14687 | $10142 | $12164 | $12097 |
| **2/23** | $11113 | $10865 | $13557 | $9625 | $11433 | $11281 |
| **2/24** | $13035 | $12744 | $17686 | $10147 | $13423 | $13293 |
| **2/25** | $14442 | $14120 | $20941 | $10447 | $14835 | $14617 |
| **2/26** | $15865 | $15511 | $24499 | $10966 | $16457 | $16107 |

---

---

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

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of February 28, 2026)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | Since Inception |
| Class A @ NAV | 9.85% | 6.83% | 8.48% |
| Class A @ MOP | 7.37% | 6.34% | 8.05% |
| S&P 500<sup>®</sup> Index | 16.99% | 14.19% | 17.13% |
| Bloomberg Municipal Bond Index | 4.96% | 1.44% | 1.64% |
| Composite Index | 10.93% | 7.83% | 9.19% |
| Lipper Composite Index | 10.19% | 7.21% | 8.77% |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of February 28, 2026)

---

| | |
|:---|:---|
| Net Assets | $894486 |
| Number of Holdings | 781 |
| Investment Advisory Fees | $2494 |
| Portfolio Turnover | 16% |

---

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

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

# (as of February 28, 2026)
![Group By Sector Chart](iabec0ec3824e2973c9370f89.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Health Care | 4.5% |
| Single Family Housing | 4.6% |
| Consumer Discretionary | 4.6% |
| Communication Services | 4.7% |
| Higher Education | 5.0% |
| Education | 5.2% |
| Financials | 5.9% |
| Medical | 8.6% |
| General Obligation | 11.6% |
| Information Technology | 15.1% |

---

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

# (as of February 28, 2026)

---

| | |
|:---|:---|
| NVIDIA Corp. | 3.4% |
| Apple, Inc. | 3.1% |
| Microsoft Corp. | 2.3% |
| Amazon.com, Inc. | 1.7% |
| Alphabet, Inc. Class A | 1.5% |

---

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

# (as of February 28, 2026)

---

| | |
|:---|:---|
| New York City Municipal Water Finance Authority Revenue, Series DD, 1.10%, 6/15/33 | 1.7% |
| The Development Authority of Burke County Revenue, Series GA, 1.05%, 11/1/52 | 0.8% |
| City of New York, GO, Series B-3, 1.10%, 10/1/46 | 0.8% |
| Port of Port Arthur Navigation District Revenue, Series B, 1.10%, 4/1/40 | 0.8% |
| Development Authority of Appling County Revenue, Series GA, 1.05%, 9/1/41 | 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](i6921f3fdae3bf596471ef880.jpg)

UGTAX — AR (2/26)

#### Victory Growth and Tax Strategy Fund
![Image](i724fe99097fa0e7486185d4b.jpg)

Class C

Ticker: UGTCX

Annual Shareholder Report — February 28, 2026

The annual shareholder report contains important information about Victory Growth and Tax Strategy Fund (the "Fund") for the period of March 1, 2025 to February 28, 2026. You can find additional information about the Fund at advisor.vcm.com/literature /mutual-fund-prospectuses. You may also request more information by calling 800-235-8396 or visiting vcm.com/contact-us.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment** |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;$164 | &nbsp;&nbsp;&nbsp;1.57% |

---

# What affected the Fund's performance during the last year?
All eleven sectors within the equity strategy produced positive absolute returns during the period. The information technology sector represented the largest individual contributor to total return for the equity strategy portion of the Fund.

Top contributors to performance for the fixed income municipal sleeve of the strategy:

* Overweight allocation to the housing sector.

* Overweight allocation to the A rated category.

* Security selection in the AAA rated category.

Top detractors from performance for the fixed income municipal sleeve of the strategy:

* Interest rate effect, as the Fund has slightly longer duration than the Fund's benchmark (Composite Index) and longer-term yields rose during the year.

* Security selection within the A and AA rated categories. 

* Security selection in the education and hospital sectors.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i6921f3fdae3bf596471ef880.jpg)

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

# Growth of $10,000 Investment
![Growth of 10K Chart](idc5c0787bf72f4c4678c6c10.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Victory Growth and Tax Strategy Fund Class C @ NAV - $15,203** | **S&P 500<sup>®</sup> Index (regulatory broad based index) - $24,499** | **Bloomberg Municipal Bond Index - $10,966** | **Composite Index - $16,457** | **Lipper Composite Index - $16,107** |
| **6/20<sup>Footnote Reference\*</sup>** | $10000 | $10000 | $10000 | $10000 | $10000 |
| **2/21** | $11342 | $12619 | $10210 | $11291 | $11370 |
| **2/22** | $12123 | $14687 | $10142 | $12164 | $12097 |
| **2/23** | $10898 | $13557 | $9625 | $11433 | $11281 |
| **2/24** | $12681 | $17686 | $10147 | $13423 | $13293 |
| **2/25** | $13949 | $20941 | $10447 | $14835 | $14617 |
| **2/26** | $15203 | $24499 | $10966 | $16457 | $16107 |

---

---

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

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of February 28, 2026)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | Since Inception |
| Class C @ NAV | 9.00% | 6.03% | 7.67% |
| Class C @ CDSC | 8.00% | 6.03% | 7.67% |
| S&P 500<sup>®</sup> Index | 16.99% | 14.19% | 17.13% |
| Bloomberg Municipal Bond Index | 4.96% | 1.44% | 1.64% |
| Composite Index | 10.93% | 7.83% | 9.19% |
| Lipper Composite Index | 10.19% | 7.21% | 8.77% |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of February 28, 2026)

---

| | |
|:---|:---|
| Net Assets | $894486 |
| Number of Holdings | 781 |
| Investment Advisory Fees | $2494 |
| Portfolio Turnover | 16% |

---

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

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

# (as of February 28, 2026)
![Group By Sector Chart](iabec0ec3824e2973c9370f89.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Health Care | 4.5% |
| Single Family Housing | 4.6% |
| Consumer Discretionary | 4.6% |
| Communication Services | 4.7% |
| Higher Education | 5.0% |
| Education | 5.2% |
| Financials | 5.9% |
| Medical | 8.6% |
| General Obligation | 11.6% |
| Information Technology | 15.1% |

---

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

# (as of February 28, 2026)

---

| | |
|:---|:---|
| NVIDIA Corp. | 3.4% |
| Apple, Inc. | 3.1% |
| Microsoft Corp. | 2.3% |
| Amazon.com, Inc. | 1.7% |
| Alphabet, Inc. Class A | 1.5% |

---

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

# (as of February 28, 2026)

---

| | |
|:---|:---|
| New York City Municipal Water Finance Authority Revenue, Series DD, 1.10%, 6/15/33 | 1.7% |
| The Development Authority of Burke County Revenue, Series GA, 1.05%, 11/1/52 | 0.8% |
| City of New York, GO, Series B-3, 1.10%, 10/1/46 | 0.8% |
| Port of Port Arthur Navigation District Revenue, Series B, 1.10%, 4/1/40 | 0.8% |
| Development Authority of Appling County Revenue, Series GA, 1.05%, 9/1/41 | 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](i6921f3fdae3bf596471ef880.jpg)

UGTCX — AR (2/26)

#### Victory Growth and Tax Strategy Fund
![Image](i724fe99097fa0e7486185d4b.jpg)

Fund Shares

Ticker: USBLX

Annual Shareholder Report — February 28, 2026

The annual shareholder report contains important information about Victory Growth and Tax Strategy Fund (the "Fund") for the period of March 1, 2025 to February 28, 2026. You can find additional information about the Fund at advisor.vcm.com/literature /mutual-fund-prospectuses. You may also request more information by calling 800-235-8396 or visiting vcm.com/contact-us.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment** |
| &nbsp;&nbsp;&nbsp;Fund Shares | &nbsp;&nbsp;&nbsp;$55 | &nbsp;&nbsp;&nbsp;0.52% |

---

# What affected the Fund's performance during the last year?
All eleven sectors within the equity strategy produced positive absolute returns during the period. The information technology sector represented the largest individual contributor to total return for the equity strategy portion of the Fund.

Top contributors to performance for the fixed income municipal sleeve of the strategy:

* Overweight allocation to the housing sector.

* Overweight allocation to the A rated category.

* Security selection in the AAA rated category.

Top detractors from performance for the fixed income municipal sleeve of the strategy:

* Interest rate effect, as the Fund has slightly longer duration than the Fund's benchmark (Composite Index) and longer-term yields rose during the year.

* Security selection within the A and AA rated categories. 

* Security selection in the education and hospital sectors.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i6921f3fdae3bf596471ef880.jpg)

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

# Growth of $10,000 Investment
![Growth of 10K Chart](i306f862c96e4f598912f4e89.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Victory Growth and Tax Strategy Fund, Fund Shares - $22,241** | **S&P 500<sup>®</sup> Index (regulatory broad based index) - $42,249** | **Bloomberg Municipal Bond Index - $12,713** | **Composite Index - $23,741** | **Lipper Composite Index - $22,596** |
| **2/16** | $10000 | $10000 | $10000 | $10000 | $10000 |
| **2/17** | $11077 | $12498 | $10025 | $11211 | $11213 |
| **2/18** | $12154 | $14635 | $10276 | $12296 | $12284 |
| **2/19** | $12606 | $15320 | $10701 | $12876 | $12782 |
| **2/20** | $13809 | $16575 | $11713 | $14057 | $13877 |
| **2/21** | $15733 | $21761 | $11837 | $16288 | $15951 |
| **2/22** | $16991 | $25327 | $11759 | $17547 | $16971 |
| **2/23** | $15435 | $23379 | $11159 | $16493 | $15826 |
| **2/24** | $18163 | $30499 | $11764 | $19363 | $18649 |
| **2/25** | $20188 | $36112 | $12112 | $21401 | $20506 |
| **2/26** | $22241 | $42249 | $12713 | $23741 | $22596 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of February 28, 2026)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Fund Shares | 10.17% | 7.17% | 8.32% |
| S&P 500<sup>®</sup> Index | 16.99% | 14.19% | 15.50% |
| Bloomberg Municipal Bond Index | 4.96% | 1.44% | 2.43% |
| Composite Index | 10.93% | 7.83% | 9.03% |
| Lipper Composite Index | 10.19% | 7.21% | 8.49% |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of February 28, 2026)

---

| | |
|:---|:---|
| Net Assets | $894486 |
| Number of Holdings | 781 |
| Investment Advisory Fees | $2494 |
| Portfolio Turnover | 16% |

---

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

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

# (as of February 28, 2026)
![Group By Sector Chart](iabec0ec3824e2973c9370f89.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Health Care | 4.5% |
| Single Family Housing | 4.6% |
| Consumer Discretionary | 4.6% |
| Communication Services | 4.7% |
| Higher Education | 5.0% |
| Education | 5.2% |
| Financials | 5.9% |
| Medical | 8.6% |
| General Obligation | 11.6% |
| Information Technology | 15.1% |

---

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

# (as of February 28, 2026)

---

| | |
|:---|:---|
| NVIDIA Corp. | 3.4% |
| Apple, Inc. | 3.1% |
| Microsoft Corp. | 2.3% |
| Amazon.com, Inc. | 1.7% |
| Alphabet, Inc. Class A | 1.5% |

---

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

# (as of February 28, 2026)

---

| | |
|:---|:---|
| New York City Municipal Water Finance Authority Revenue, Series DD, 1.10%, 6/15/33 | 1.7% |
| The Development Authority of Burke County Revenue, Series GA, 1.05%, 11/1/52 | 0.8% |
| City of New York, GO, Series B-3, 1.10%, 10/1/46 | 0.8% |
| Port of Port Arthur Navigation District Revenue, Series B, 1.10%, 4/1/40 | 0.8% |
| Development Authority of Appling County Revenue, Series GA, 1.05%, 9/1/41 | 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](i6921f3fdae3bf596471ef880.jpg)

USBLX — AR (2/26)

#### Victory Growth and Tax Strategy Fund
![Image](i724fe99097fa0e7486185d4b.jpg)

Institutional Shares

Ticker: UGTIX

Annual Shareholder Report — February 28, 2026

The annual shareholder report contains important information about Victory Growth and Tax Strategy Fund (the "Fund") for the period of March 1, 2025 to February 28, 2026. You can find additional information about the Fund at advisor.vcm.com/literature /mutual-fund-prospectuses. You may also request more information by calling 800-235-8396 or visiting vcm.com/contact-us.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment** |
| &nbsp;&nbsp;&nbsp;Institutional Shares | &nbsp;&nbsp;&nbsp;$59 | &nbsp;&nbsp;&nbsp;0.56% |

---

# What affected the Fund's performance during the last year?
All eleven sectors within the equity strategy produced positive absolute returns during the period. The information technology sector represented the largest individual contributor to total return for the equity strategy portion of the Fund.

Top contributors to performance for the fixed income municipal sleeve of the strategy:

* Overweight allocation to the housing sector.

* Overweight allocation to the A rated category.

* Security selection in the AAA rated category.

Top detractors from performance for the fixed income municipal sleeve of the strategy:

* Interest rate effect, as the Fund has slightly longer duration than the Fund's benchmark (Composite Index) and longer-term yields rose during the year.

* Security selection within the A and AA rated categories. 

* Security selection in the education and hospital sectors.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i6921f3fdae3bf596471ef880.jpg)

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

# Growth of $1,000,000 Investment
![Growth of 10K Chart](i290d26e18a235f637528b8d4.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Victory Growth and Tax Strategy Fund Institutional Shares - $1,612,348** | **S&P 500<sup>®</sup> Index (regulatory broad based index) - $2,449,934** | **Bloomberg Municipal Bond Index - $1,096,557** | **Composite Index - $1,645,734** | **Lipper Composite Index - $1,610,721** |
| **6/20<sup>Footnote Reference\*</sup>** | $1000000 | $1000000 | $1000000 | $1000000 | $1000000 |
| **2/21** | $1141867 | $1261885 | $1020951 | $1129113 | $1137029 |
| **2/22** | $1233474 | $1468696 | $1014217 | $1216361 | $1209708 |
| **2/23** | $1119916 | $1355731 | $962513 | $1143306 | $1128118 |
| **2/24** | $1317355 | $1768585 | $1014664 | $1342251 | $1329318 |
| **2/25** | $1463871 | $2094114 | $1044707 | $1483547 | $1461735 |
| **2/26** | $1612348 | $2449934 | $1096557 | $1645734 | $1610721 |

---

---

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

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of February 28, 2026)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | Since Inception |
| Institutional Shares | 10.14% | 7.14% | 8.79% |
| S&P 500<sup>®</sup> Index | 16.99% | 14.19% | 17.13% |
| Bloomberg Municipal Bond Index | 4.96% | 1.44% | 1.64% |
| Composite Index | 10.93% | 7.83% | 9.19% |
| Lipper Composite Index | 10.19% | 7.21% | 8.77% |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of February 28, 2026)

---

| | |
|:---|:---|
| Net Assets | $894486 |
| Number of Holdings | 781 |
| Investment Advisory Fees | $2494 |
| Portfolio Turnover | 16% |

---

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

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

# (as of February 28, 2026)
![Group By Sector Chart](iabec0ec3824e2973c9370f89.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Health Care | 4.5% |
| Single Family Housing | 4.6% |
| Consumer Discretionary | 4.6% |
| Communication Services | 4.7% |
| Higher Education | 5.0% |
| Education | 5.2% |
| Financials | 5.9% |
| Medical | 8.6% |
| General Obligation | 11.6% |
| Information Technology | 15.1% |

---

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

# (as of February 28, 2026)

---

| | |
|:---|:---|
| NVIDIA Corp. | 3.4% |
| Apple, Inc. | 3.1% |
| Microsoft Corp. | 2.3% |
| Amazon.com, Inc. | 1.7% |
| Alphabet, Inc. Class A | 1.5% |

---

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

# (as of February 28, 2026)

---

| | |
|:---|:---|
| New York City Municipal Water Finance Authority Revenue, Series DD, 1.10%, 6/15/33 | 1.7% |
| The Development Authority of Burke County Revenue, Series GA, 1.05%, 11/1/52 | 0.8% |
| City of New York, GO, Series B-3, 1.10%, 10/1/46 | 0.8% |
| Port of Port Arthur Navigation District Revenue, Series B, 1.10%, 4/1/40 | 0.8% |
| Development Authority of Appling County Revenue, Series GA, 1.05%, 9/1/41 | 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](i6921f3fdae3bf596471ef880.jpg)

UGTIX — AR (2/26)

#### Victory International Fund
![Image](i724fe99097fa0e7486185d4b.jpg)

Class R6

Ticker: URITX

Annual Shareholder Report — February 28, 2026

The annual shareholder report contains important information about Victory International Fund (the "Fund") for the period of March 1, 2025 to February 28, 2026. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-235-8396 or visiting vcm.com/contact-us.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment** |
| &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;$103 | &nbsp;&nbsp;&nbsp;0.86% |

---

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

* An underweight to health care was a contributor to relative performance as compared to the MSCI EAFE Index (the "Index").

* Stock selection in information technology contributed to performance relative to the Index.

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

Top detractors from performance:

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

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

* Country level detractor was stock selection in Germany.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i6921f3fdae3bf596471ef880.jpg)

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

# Growth of $10,000 Investment
![Growth of 10K Chart](i247d8c9d9857820c0f44c607.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Victory International Fund Class R6 - $20,699** | **MSCI EAFE Index (regulatory broad based index) - $19,951** | **Lipper International Funds Index - $20,040** |
| **8/18<sup>Footnote Reference\*</sup>** | $10000 | $10000 | $10000 |
| **2/19** | $9782 | $9819 | $9733 |
| **2/20** | $9729 | $9764 | $9878 |
| **2/21** | $11657 | $11956 | $12516 |
| **2/22** | $12342 | $12294 | $12636 |
| **2/23** | $11798 | $11908 | $11977 |
| **2/24** | $13495 | $13624 | $13694 |
| **2/25** | $14769 | $14818 | $15102 |
| **2/26** | $20699 | $19951 | $20040 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Inception date for the Victory International Fund, Class R6 is 8/17/2018. |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of February 28, 2026)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | Since Inception |
| Class R6 | 40.15%<sup>Footnote Reference</sup> | 12.17% | 10.14% |
| MSCI EAFE Index | 34.63% | 10.78% | 9.60% |
| Lipper International Funds Index | 32.69% | 9.87% | 9.67% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote | &nbsp;&nbsp;High double-digit returns are attributable, in part, to unusually favorable market conditions and may not be repeated or consistently achieved in the future. |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of February 28, 2026)

---

| | |
|:---|:---|
| Net Assets | $2661886 |
| Number of Holdings | 407 |
| Investment Advisory Fees | $19094 |
| Portfolio Turnover | 42% |

---

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

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

# (as of February 28, 2026)

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

# (as of February 28, 2026)
![Group By Sector Chart](ie296d02b42751244d02de1e1.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 3.4% |
| Communication Services | 3.6% |
| Energy | 4.4% |
| Consumer Staples | 6.7% |
| Materials | 7.4% |
| Consumer Discretionary | 9.6% |
| Health Care | 9.9% |
| Information Technology | 10.2% |
| Industrials | 16.7% |
| Financials | 23.2% |

---

![Group By Industry Chart](i1224b38ef583e87ba25d65b2.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Japan | 20.0% |
| United Kingdom | 12.5% |
| France | 8.7% |
| Switzerland | 8.3% |
| Germany | 6.7% |
| Netherlands | 6.0% |
| Other<sup>Footnote Reference\*\*</sup> | 36.2% |

---

---

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

---

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i6921f3fdae3bf596471ef880.jpg)

URITX — AR (2/26)

#### Victory International Fund
![Image](i724fe99097fa0e7486185d4b.jpg)

Fund Shares

Ticker: USIFX

Annual Shareholder Report — February 28, 2026

The annual shareholder report contains important information about Victory International Fund (the "Fund") for the period of March 1, 2025 to February 28, 2026. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-235-8396 or visiting vcm.com/contact-us.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment** |
| &nbsp;&nbsp;&nbsp;Fund Shares | &nbsp;&nbsp;&nbsp;$128 | &nbsp;&nbsp;&nbsp;1.07% |

---

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

* An underweight to health care was a contributor to relative performance as compared to the MSCI EAFE Index (the "Index").

* Stock selection in information technology contributed to performance relative to the Index.

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

Top detractors from performance:

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

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

* Country level detractor was stock selection in Germany.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i6921f3fdae3bf596471ef880.jpg)

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

# Growth of $10,000 Investment
![Growth of 10K Chart](iad05b393b4f8ded5bed3c97b.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Victory International Fund, Fund Shares - $27,558** | **MSCI EAFE Index (regulatory broad based index) - $26,545** | **Lipper International Funds Index - $26,899** |
| **2/16** | $10000 | $10000 | $10000 |
| **2/17** | $11710 | $11575 | $11551 |
| **2/18** | $14322 | $13905 | $14007 |
| **2/19** | $13439 | $13065 | $13065 |
| **2/20** | $13332 | $12991 | $13259 |
| **2/21** | $15945 | $15908 | $16800 |
| **2/22** | $16605 | $16358 | $16961 |
| **2/23** | $15806 | $15844 | $16077 |
| **2/24** | $18041 | $18127 | $18381 |
| **2/25** | $19699 | $19717 | $20272 |
| **2/26** | $27558 | $26545 | $26899 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of February 28, 2026)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Fund Shares | 39.90%<sup>Footnote Reference</sup> | 11.56% | 10.67% |
| MSCI EAFE Index | 34.63% | 10.78% | 10.26% |
| Lipper International Funds Index | 32.69% | 9.87% | 10.40% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote | &nbsp;&nbsp;High double-digit returns are attributable, in part, to unusually favorable market conditions and may not be repeated or consistently achieved in the future. |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of February 28, 2026)

---

| | |
|:---|:---|
| Net Assets | $2661886 |
| Number of Holdings | 407 |
| Investment Advisory Fees | $19094 |
| Portfolio Turnover | 42% |

---

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

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

# (as of February 28, 2026)

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

# (as of February 28, 2026)
![Group By Sector Chart](ie296d02b42751244d02de1e1.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 3.4% |
| Communication Services | 3.6% |
| Energy | 4.4% |
| Consumer Staples | 6.7% |
| Materials | 7.4% |
| Consumer Discretionary | 9.6% |
| Health Care | 9.9% |
| Information Technology | 10.2% |
| Industrials | 16.7% |
| Financials | 23.2% |

---

![Group By Industry Chart](i1224b38ef583e87ba25d65b2.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Japan | 20.0% |
| United Kingdom | 12.5% |
| France | 8.7% |
| Switzerland | 8.3% |
| Germany | 6.7% |
| Netherlands | 6.0% |
| Other<sup>Footnote Reference\*\*</sup> | 36.2% |

---

---

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

---

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i6921f3fdae3bf596471ef880.jpg)

USIFX — AR (2/26)

#### Victory International Fund
![Image](i724fe99097fa0e7486185d4b.jpg)

Institutional Shares

Ticker: UIIFX

Annual Shareholder Report — February 28, 2026

The annual shareholder report contains important information about Victory International Fund (the "Fund") for the period of March 1, 2025 to February 28, 2026. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-235-8396 or visiting vcm.com/contact-us.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment** |
| &nbsp;&nbsp;&nbsp;Institutional Shares | &nbsp;&nbsp;&nbsp;$120 | &nbsp;&nbsp;&nbsp;1.00% |

---

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

* An underweight to health care was a contributor to relative performance as compared to the MSCI EAFE Index (the "Index").

* Stock selection in information technology contributed to performance relative to the Index.

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

Top detractors from performance:

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

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

* Country level detractor was stock selection in Germany.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i6921f3fdae3bf596471ef880.jpg)

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

# Growth of $1,000,000 Investment
![Growth of 10K Chart](i88f524caee15bf1566913cb4.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Victory International Fund Institutional Shares - $2,777,585** | **MSCI EAFE Index (regulatory broad based index) - $2,654,505** | **Lipper International Funds Index - $2,689,875** |
| **2/16** | $1000000 | $1000000 | $1000000 |
| **2/17** | $1172797 | $1157541 | $1155147 |
| **2/18** | $1434961 | $1390520 | $1400714 |
| **2/19** | $1348008 | $1306507 | $1306461 |
| **2/20** | $1337991 | $1299069 | $1325929 |
| **2/21** | $1601667 | $1590787 | $1679998 |
| **2/22** | $1669053 | $1635778 | $1696065 |
| **2/23** | $1589909 | $1584355 | $1607695 |
| **2/24** | $1815524 | $1812678 | $1838138 |
| **2/25** | $1983773 | $1971653 | $2027155 |
| **2/26** | $2777585 | $2654505 | $2689875 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of February 28, 2026)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Institutional Shares | 40.01%<sup>Footnote Reference</sup> | 11.64% | 10.76% |
| MSCI EAFE Index | 34.63% | 10.78% | 10.26% |
| Lipper International Funds Index | 32.69% | 9.87% | 10.40% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote | &nbsp;&nbsp;High double-digit returns are attributable, in part, to unusually favorable market conditions and may not be repeated or consistently achieved in the future. |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of February 28, 2026)

---

| | |
|:---|:---|
| Net Assets | $2661886 |
| Number of Holdings | 407 |
| Investment Advisory Fees | $19094 |
| Portfolio Turnover | 42% |

---

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

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

# (as of February 28, 2026)

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

# (as of February 28, 2026)
![Group By Sector Chart](ie296d02b42751244d02de1e1.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 3.4% |
| Communication Services | 3.6% |
| Energy | 4.4% |
| Consumer Staples | 6.7% |
| Materials | 7.4% |
| Consumer Discretionary | 9.6% |
| Health Care | 9.9% |
| Information Technology | 10.2% |
| Industrials | 16.7% |
| Financials | 23.2% |

---

![Group By Industry Chart](i1224b38ef583e87ba25d65b2.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Japan | 20.0% |
| United Kingdom | 12.5% |
| France | 8.7% |
| Switzerland | 8.3% |
| Germany | 6.7% |
| Netherlands | 6.0% |
| Other<sup>Footnote Reference\*\*</sup> | 36.2% |

---

---

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

---

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i6921f3fdae3bf596471ef880.jpg)

UIIFX — AR (2/26)

#### Victory New York Bond Fund
![Image](i724fe99097fa0e7486185d4b.jpg)

Fund Shares

Ticker: USNYX

Annual Shareholder Report — February 28, 2026

The annual shareholder report contains important information about Victory New York Bond Fund (the "Fund") for the period of March 1, 2025 to February 28, 2026. You can find additional information about the Fund at advisor.vcm.com/literature /mutual-fund-prospectuses. You may also request more information by calling 800-235-8396 or visiting vcm.com/contact-us.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment** |
| &nbsp;&nbsp;&nbsp;Fund Shares | &nbsp;&nbsp;&nbsp;$66 | &nbsp;&nbsp;&nbsp;0.65% |

---

# What affected the Fund's performance during the last year?
Tax-exempt bonds delivered positive returns for the 12-month period ended February 28, 2026, as measured by the Bloomberg Municipal Bond Index. In keeping with our investment approach, we continued to focus on income generation. The Fund's long-term income distribution, not its price appreciation, accounts for most of its total return.

Our commitment to independent credit research continued to help us identify attractive opportunities for the Fund. We employ fundamental analysis that emphasizes an issuer's ability and willingness to repay its debt. Through our credit research, we strive both to recognize relative value and to avoid potential pitfalls, which is especially important in volatile times like the present. As always, we worked with our in-house team of analysts to select investments for the Fund on a bond-by-bond basis. Our team continuously monitors all the holdings in the Fund's portfolio.

The Fund continues to hold a diversified portfolio of longer-term, primarily investment- grade municipal bonds.

Top contributors to performance:

* Security selection in the lease and special tax sectors.

* Underweight allocation to the special tax sector.

Top detractors from performance:

* Security selection in the education and housing sectors.

* Security selection in the AA and BBB rating categories.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i6921f3fdae3bf596471ef880.jpg)

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

# Growth of $10,000 Investment
![Growth of 10K Chart](i0782a93ec127864595be01f7.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Victory New York Bond Fund, Fund Shares - $12,309** | **Bloomberg Municipal Bond Index (regulatory broad based index) - $12,713** | **Lipper New York Municipal Debt Funds Index - $12,543** |
| **2/16** | $10000 | $10000 | $10000 |
| **2/17** | $10026 | $10025 | $10117 |
| **2/18** | $10263 | $10276 | $10319 |
| **2/19** | $10592 | $10701 | $10796 |
| **2/20** | $11592 | $11713 | $11916 |
| **2/21** | $11550 | $11837 | $11835 |
| **2/22** | $11665 | $11759 | $11874 |
| **2/23** | $10764 | $11159 | $11029 |
| **2/24** | $11448 | $11764 | $11741 |
| **2/25** | $11915 | $12112 | $12096 |
| **2/26** | $12309 | $12713 | $12543 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of February 28, 2026)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Fund Shares | 3.31% | 1.28% | 2.10% |
| Bloomberg Municipal Bond Index | 4.96% | 1.44% | 2.43% |
| Lipper New York Municipal Debt Funds Index | 3.69% | 1.17% | 2.29% |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of February 28, 2026)

---

| | |
|:---|:---|
| Net Assets | $106348 |
| Number of Holdings | 100 |
| Investment Advisory Fees | $466 |
| Portfolio Turnover | 8% |

---

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

# Top Industries\* (% of Net Assets)

# (as of February 28, 2026)
![Group By Industry Chart](i02341a21cf6b545f0c5285e3.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Housing | 4.0% |
| Water | 4.4% |
| Airport | 4.8% |
| Nursing Homes | 6.5% |
| Multifamily Housing | 6.6% |
| Transportation | 8.1% |
| Education | 12.7% |
| Medical | 13.2% |
| Higher Education | 15.7% |
| General Obligation | 17.1% |

---

---

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

---

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i6921f3fdae3bf596471ef880.jpg)

USNYX — AR (2/26)

#### Victory New York Bond Fund
![Image](i724fe99097fa0e7486185d4b.jpg)

Institutional Shares

Ticker: UNYIX

Annual Shareholder Report — February 28, 2026

The annual shareholder report contains important information about Victory New York Bond Fund (the "Fund") for the period of March 1, 2025 to February 28, 2026. You can find additional information about the Fund at advisor.vcm.com/literature /mutual-fund-prospectuses. You may also request more information by calling 800-235-8396 or visiting vcm.com/contact-us.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment** |
| &nbsp;&nbsp;&nbsp;Institutional Shares | &nbsp;&nbsp;&nbsp;$61 | &nbsp;&nbsp;&nbsp;0.60% |

---

# What affected the Fund's performance during the last year?
Tax-exempt bonds delivered positive returns for the 12-month period ended February 28, 2026, as measured by the Bloomberg Municipal Bond Index. In keeping with our investment approach, we continued to focus on income generation. The Fund's long-term income distribution, not its price appreciation, accounts for most of its total return.

Our commitment to independent credit research continued to help us identify attractive opportunities for the Fund. We employ fundamental analysis that emphasizes an issuer's ability and willingness to repay its debt. Through our credit research, we strive both to recognize relative value and to avoid potential pitfalls, which is especially important in volatile times like the present. As always, we worked with our in-house team of analysts to select investments for the Fund on a bond-by-bond basis. Our team continuously monitors all the holdings in the Fund's portfolio.

The Fund continues to hold a diversified portfolio of longer-term, primarily investment- grade municipal bonds.

Top contributors to performance:

* Security selection in the lease and special tax sectors.

* Underweight allocation to the special tax sector.

Top detractors from performance:

* Security selection in the education and housing sectors.

* Security selection in the AA and BBB rating categories.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i6921f3fdae3bf596471ef880.jpg)

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

# Growth of $1,000,000 Investment
![Growth of 10K Chart](if66c072c4b95ec9fa312196a.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Victory New York Bond Fund Institutional Shares - $1,093,959** | **Bloomberg Municipal Bond Index (regulatory broad based index) - $1,096,557** | **Lipper New York Municipal Debt Funds Index - $1,094,154** |
| **6/20<sup>Footnote Reference\*</sup>** | $1000000 | $1000000 | $1000000 |
| **2/21** | $1026147 | $1020951 | $1032396 |
| **2/22** | $1036496 | $1014217 | $1035786 |
| **2/23** | $957007 | $962513 | $962081 |
| **2/24** | $1016511 | $1014664 | $1024171 |
| **2/25** | $1058369 | $1044707 | $1055189 |
| **2/26** | $1093959 | $1096557 | $1094154 |

---

---

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

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of February 28, 2026)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | Since Inception |
| Institutional Shares | 3.36% | 1.29% | 1.60% |
| Bloomberg Municipal Bond Index | 4.96% | 1.44% | 1.64% |
| Lipper New York Municipal Debt Funds Index | 3.69% | 1.17% | 1.60% |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of February 28, 2026)

---

| | |
|:---|:---|
| Net Assets | $106348 |
| Number of Holdings | 100 |
| Investment Advisory Fees | $466 |
| Portfolio Turnover | 8% |

---

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

# Top Industries\* (% of Net Assets)

# (as of February 28, 2026)
![Group By Industry Chart](i02341a21cf6b545f0c5285e3.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Housing | 4.0% |
| Water | 4.4% |
| Airport | 4.8% |
| Nursing Homes | 6.5% |
| Multifamily Housing | 6.6% |
| Transportation | 8.1% |
| Education | 12.7% |
| Medical | 13.2% |
| Higher Education | 15.7% |
| General Obligation | 17.1% |

---

---

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

---

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i6921f3fdae3bf596471ef880.jpg)

UNYIX — AR (2/26)

#### Victory Precious Metals and Minerals Fund
![Image](i724fe99097fa0e7486185d4b.jpg)

Class A

Ticker: UPMMX

Annual Shareholder Report — February 28, 2026

The annual shareholder report contains important information about Victory Precious Metals and Minerals Fund (the "Fund") for the period of March 1, 2025 to February 28, 2026. You can find additional information about the Fund at advisor.vcm.com/literature/ mutual-fund-prospectuses. You may also request more information by calling 800-235-8396 or visiting vcm.com/contact-us.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment** |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;$262 | &nbsp;&nbsp;&nbsp;1.35% |

---

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

* Owning Agnico Eagle Mines Ltd. was a top contributor to absolute performance.

* Slight underweight to gold miners in China was a contributor to relative performance.

* Stock selection in China was also a contributor. 

Top detractors from performance:

* Owning Royal Gold, Inc. was a detractor to relative performance.

* Selection of gold miners in the United States was a detractor to relative performance.

* Country level detractor to relative performance was stock selection of gold miners in Australia.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i6921f3fdae3bf596471ef880.jpg)

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

# Growth of $10,000 Investment
![Growth of 10K Chart](i5d8496c6a4130954b2b065fa.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Victory Precious Metals and Minerals Fund Class A @ NAV - $60,840** | **Victory Precious Metals and Minerals Fund Class A @ MOP - $57,341** | **MSCI All Country World Index (regulatory broad based index) - $33,863** | **MSCI ACWI Select Gold Miners Investable Market Index - $69,174** | **Lipper Precious Metals Equity Funds Index - $62,029** |
| **2/16** | $10000 | $9425 | $10000 | $10000 | $10000 |
| **2/17** | $12237 | $11533 | $12208 | $11764 | $12594 |
| **2/18** | $11228 | $10582 | $14502 | $10742 | $11462 |
| **2/19** | $11617 | $10949 | $14380 | $11031 | $11621 |
| **2/20** | $13810 | $13016 | $14939 | $14021 | $13730 |
| **2/21** | $16522 | $15572 | $19458 | $16754 | $16846 |
| **2/22** | $18020 | $16984 | $20977 | $18628 | $18515 |
| **2/23** | $14512 | $13677 | $19244 | $14446 | $14809 |
| **2/24** | $13757 | $12966 | $23698 | $14374 | $13936 |
| **2/25** | $21063 | $19851 | $27268 | $22772 | $21303 |
| **2/26** | $60840 | $57341 | $33863 | $69174 | $62029 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of February 28, 2026)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Class A @ NAV | 188.85%<sup>Footnote Reference</sup> | 29.78%<sup>Footnote Reference</sup> | 19.79%<sup>Footnote Reference</sup> |
| Class A @ MOP | 172.21% | 28.25% | 19.08% |
| MSCI All Country World Index | 24.19% | 11.72% | 12.97% |
| MSCI ACWI Select Gold Miners Investable Market Index | 203.77% | 32.79% | 21.34% |
| Lipper Precious Metals Equity Funds Index | 191.17% | 29.78% | 20.02% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote | &nbsp;&nbsp;&nbsp;High double-digit returns are attributable, in part, to unusually favorable market conditions and may not be repeated or consistently achieved in the future. |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of February 28, 2026)

---

| | |
|:---|:---|
| Net Assets | $1546820 |
| Number of Holdings | 38 |
| Investment Advisory Fees | $7136 |
| Portfolio Turnover | 15% |

---

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

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

#### (as of February 28, 2026)

---

| | |
|:---|:---|
| Agnico Eagle Mines Ltd. | 12.7% |
| Gold Fields Ltd., ADR | 8.1% |
| Kinross Gold Corp. | 7.4% |
| Anglogold Ashanti PLC (Johannesburg Stock Exchange) | 7.1% |
| Newmont Corp. | 7.0% |
| Barrick Mining Corp. | 5.3% |
| DPM Metals, Inc. | 4.8% |
| Torex Gold Resources, Inc. | 4.0% |
| Royal Gold, Inc. | 3.7% |
| Wheaton Precious Metals Corp. | 3.6% |

---

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

# (as of February 28, 2026)
![Group By Industry Chart](i7a892e251331fefecfaac98d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Canada | 53.4% |
| United States | 11.8% |
| South Africa | 11.5% |
| Australia | 9.9% |
| United Kingdom | 9.9% |
| Other<sup>Footnote Reference\*\*</sup> | 3.4% |

---

---

| | |
|:---|:---|
| \* | 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. |
| \*\* | Includes countries comprising less than 3.0% of portfolio. |
| ^ | Percentages are of the net assets of the Fund and may not equal 100%. |
|  | Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities. |

---

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i6921f3fdae3bf596471ef880.jpg)

UPMMX — AR (2/26)

#### Victory Precious Metals and Minerals Fund
![Image](i724fe99097fa0e7486185d4b.jpg)

Fund Shares

Ticker: USAGX

Annual Shareholder Report — February 28, 2026

The annual shareholder report contains important information about Victory Precious Metals and Minerals Fund (the "Fund") for the period of March 1, 2025 to February 28, 2026. You can find additional information about the Fund at advisor.vcm.com/literature/ mutual-fund-prospectuses. You may also request more information by calling 800-235-8396 or visiting vcm.com/contact-us.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment** |
| &nbsp;&nbsp;&nbsp;Fund Shares | &nbsp;&nbsp;&nbsp;$203 | &nbsp;&nbsp;&nbsp;1.04% |

---

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

* Owning Agnico Eagle Mines Ltd. was a top contributor to absolute performance.

* Slight underweight to gold miners in China was a contributor to relative performance.

* Stock selection in China was also a contributor. 

Top detractors from performance:

* Owning Royal Gold, Inc. was a detractor to relative performance.

* Selection of gold miners in the United States was a detractor to relative performance.

* Country level detractor to relative performance was stock selection of gold miners in Australia.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i6921f3fdae3bf596471ef880.jpg)

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

# Growth of $10,000 Investment
![Growth of 10K Chart](i973294b8e25972a427739943.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Victory Precious Metals and Minerals Fund, Fund Shares - $61,690** | **MSCI All Country World Index (regulatory broad based index) - $33,863** | **MSCI ACWI Select Gold Miners Investable Market Index - $69,174** | **Lipper Precious Metals Equity Funds Index - $62,029** |
| **2/16** | $10000 | $10000 | $10000 | $10000 |
| **2/17** | $12234 | $12208 | $11764 | $12594 |
| **2/18** | $11233 | $14502 | $10742 | $11462 |
| **2/19** | $11637 | $14380 | $11031 | $11621 |
| **2/20** | $13840 | $14939 | $14021 | $13730 |
| **2/21** | $16591 | $19458 | $16754 | $16846 |
| **2/22** | $18124 | $20977 | $18628 | $18515 |
| **2/23** | $14620 | $19244 | $14446 | $14809 |
| **2/24** | $13884 | $23698 | $14374 | $13936 |
| **2/25** | $21296 | $27268 | $22772 | $21303 |
| **2/26** | $61690 | $33863 | $69174 | $62029 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of February 28, 2026)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Fund Shares | 189.68%<sup>Footnote Reference</sup> | 30.04%<sup>Footnote Reference</sup> | 19.96%<sup>Footnote Reference</sup> |
| MSCI All Country World Index | 24.19% | 11.72% | 12.97% |
| MSCI ACWI Select Gold Miners Investable Market Index | 203.77% | 32.79% | 21.34% |
| Lipper Precious Metals Equity Funds Index | 191.17% | 29.78% | 20.02% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote | &nbsp;&nbsp;&nbsp;High double-digit returns are attributable, in part, to unusually favorable market conditions and may not be repeated or consistently achieved in the future. |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of February 28, 2026)

---

| | |
|:---|:---|
| Net Assets | $1546820 |
| Number of Holdings | 38 |
| Investment Advisory Fees | $7136 |
| Portfolio Turnover | 15% |

---

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

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

#### (as of February 28, 2026)

---

| | |
|:---|:---|
| Agnico Eagle Mines Ltd. | 12.7% |
| Gold Fields Ltd., ADR | 8.1% |
| Kinross Gold Corp. | 7.4% |
| Anglogold Ashanti PLC (Johannesburg Stock Exchange) | 7.1% |
| Newmont Corp. | 7.0% |
| Barrick Mining Corp. | 5.3% |
| DPM Metals, Inc. | 4.8% |
| Torex Gold Resources, Inc. | 4.0% |
| Royal Gold, Inc. | 3.7% |
| Wheaton Precious Metals Corp. | 3.6% |

---

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

# (as of February 28, 2026)
![Group By Industry Chart](i7a892e251331fefecfaac98d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Canada | 53.4% |
| United States | 11.8% |
| South Africa | 11.5% |
| Australia | 9.9% |
| United Kingdom | 9.9% |
| Other<sup>Footnote Reference\*\*</sup> | 3.4% |

---

---

| | |
|:---|:---|
| \* | 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. |
| \*\* | Includes countries comprising less than 3.0% of portfolio. |
| ^ | Percentages are of the net assets of the Fund and may not equal 100%. |
|  | Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities. |

---

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i6921f3fdae3bf596471ef880.jpg)

USAGX — AR (2/26)

#### Victory Precious Metals and Minerals Fund
![Image](i724fe99097fa0e7486185d4b.jpg)

Institutional Shares

Ticker: UIPMX

Annual Shareholder Report — February 28, 2026

The annual shareholder report contains important information about Victory Precious Metals and Minerals Fund (the "Fund") for the period of March 1, 2025 to February 28, 2026. You can find additional information about the Fund at advisor.vcm.com/literature/ mutual-fund-prospectuses. You may also request more information by calling 800-235-8396 or visiting vcm.com/contact-us.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment** |
| &nbsp;&nbsp;&nbsp;Institutional Shares | &nbsp;&nbsp;&nbsp;$197 | &nbsp;&nbsp;&nbsp;1.01% |

---

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

* Owning Agnico Eagle Mines Ltd. was a top contributor to absolute performance.

* Slight underweight to gold miners in China was a contributor to relative performance.

* Stock selection in China was also a contributor. 

Top detractors from performance:

* Owning Royal Gold, Inc. was a detractor to relative performance.

* Selection of gold miners in the United States was a detractor to relative performance.

* Country level detractor to relative performance was stock selection of gold miners in Australia.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i6921f3fdae3bf596471ef880.jpg)

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

# Growth of $1,000,000 Investment
![Growth of 10K Chart](i8cce8167261e2e62659fed95.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Victory Precious Metals and Minerals Fund Institutional Shares - $6,301,606** | **MSCI All Country World Index (regulatory broad based index) - $3,386,321** | **MSCI ACWI Select Gold Miners Investable Market Index - $6,917,431** | **Lipper Precious Metals Equity Funds Index - $6,202,899** |
| **2/16** | $1000000 | $1000000 | $1000000 | $1000000 |
| **2/17** | $1226087 | $1220780 | $1176446 | $1259435 |
| **2/18** | $1131353 | $1450175 | $1074177 | $1146171 |
| **2/19** | $1175987 | $1438009 | $1103055 | $1162051 |
| **2/20** | $1402804 | $1493888 | $1402058 | $1373033 |
| **2/21** | $1683464 | $1945751 | $1675364 | $1684603 |
| **2/22** | $1842286 | $2097672 | $1862757 | $1851533 |
| **2/23** | $1488232 | $1924389 | $1444637 | $1480939 |
| **2/24** | $1416279 | $2369849 | $1437361 | $1393648 |
| **2/25** | $2174113 | $2726775 | $2277173 | $2130339 |
| **2/26** | $6301606 | $3386321 | $6917431 | $6202899 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of February 28, 2026)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Institutional Shares | 189.85%<sup>Footnote Reference</sup> | 30.21%<sup>Footnote Reference</sup> | 20.21%<sup>Footnote Reference</sup> |
| MSCI All Country World Index | 24.19% | 11.72% | 12.97% |
| MSCI ACWI Select Gold Miners Investable Market Index | 203.77% | 32.79% | 21.34% |
| Lipper Precious Metals Equity Funds Index | 191.17% | 29.78% | 20.02% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote | &nbsp;&nbsp;&nbsp;High double-digit returns are attributable, in part, to unusually favorable market conditions and may not be repeated or consistently achieved in the future. |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of February 28, 2026)

---

| | |
|:---|:---|
| Net Assets | $1546820 |
| Number of Holdings | 38 |
| Investment Advisory Fees | $7136 |
| Portfolio Turnover | 15% |

---

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

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

#### (as of February 28, 2026)

---

| | |
|:---|:---|
| Agnico Eagle Mines Ltd. | 12.7% |
| Gold Fields Ltd., ADR | 8.1% |
| Kinross Gold Corp. | 7.4% |
| Anglogold Ashanti PLC (Johannesburg Stock Exchange) | 7.1% |
| Newmont Corp. | 7.0% |
| Barrick Mining Corp. | 5.3% |
| DPM Metals, Inc. | 4.8% |
| Torex Gold Resources, Inc. | 4.0% |
| Royal Gold, Inc. | 3.7% |
| Wheaton Precious Metals Corp. | 3.6% |

---

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

# (as of February 28, 2026)
![Group By Industry Chart](i7a892e251331fefecfaac98d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Canada | 53.4% |
| United States | 11.8% |
| South Africa | 11.5% |
| Australia | 9.9% |
| United Kingdom | 9.9% |
| Other<sup>Footnote Reference\*\*</sup> | 3.4% |

---

---

| | |
|:---|:---|
| \* | 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. |
| \*\* | Includes countries comprising less than 3.0% of portfolio. |
| ^ | Percentages are of the net assets of the Fund and may not equal 100%. |
|  | Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities. |

---

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i6921f3fdae3bf596471ef880.jpg)

UIPMX — AR (2/26)

#### Victory Sustainable World Fund
![Image](i724fe99097fa0e7486185d4b.jpg)

Class A

Ticker: USWGX

Annual Shareholder Report — February 28, 2026

The annual shareholder report contains important information about Victory Sustainable World Fund (the "Fund") for the period of March 1, 2025 to February 28, 2026. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-235-8396 or visiting vcm.com/contact-us.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment** |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;$152 | &nbsp;&nbsp;&nbsp;1.36% |

---

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

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

* A slight underweight to communication services was a contributor to relative performance.

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

Top detractors from performance:

* An overweight to health care hurt relative performance.

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

* Country level detractor was stock selection in Japan.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i6921f3fdae3bf596471ef880.jpg)

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

# Growth of $10,000 Investment
![Growth of 10K Chart](ia95a0f985d327ced25b4f960.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Victory Sustainable World Fund Class A @ NAV - $32,676** | **Victory Sustainable World Fund Class A @ MOP - $30,793** | **MSCI All Country World Index (regulatory broad based index) - $33,863** | **Lipper Global Funds Index - $30,411** |
| **2/16** | $10000 | $9424 | $10000 | $10000 |
| **2/17** | $11870 | $11186 | $12208 | $12268 |
| **2/18** | $13865 | $13067 | $14502 | $14400 |
| **2/19** | $14000 | $13193 | $14380 | $14102 |
| **2/20** | $14943 | $14082 | $14939 | $14494 |
| **2/21** | $19064 | $17965 | $19458 | $19381 |
| **2/22** | $20408 | $19232 | $20977 | $19890 |
| **2/23** | $18606 | $17534 | $19244 | $18249 |
| **2/24** | $23306 | $21963 | $23698 | $22389 |
| **2/25** | $26374 | $24855 | $27268 | $25292 |
| **2/26** | $32676 | $30793 | $33863 | $30411 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of February 28, 2026)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Class A @ NAV | 23.89%<sup>Footnote Reference</sup> | 11.38% | 12.57% |
| Class A @ MOP | 16.77% | 10.07% | 11.90% |
| MSCI All Country World Index | 24.19% | 11.72% | 12.97% |
| Lipper Global Funds Index | 20.24% | 9.43% | 11.76% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote | &nbsp;&nbsp;High double-digit returns are attributable, in part, to unusually favorable market conditions and may not be repeated or consistently achieved in the future. |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of February 28, 2026)

---

| | |
|:---|:---|
| Net Assets | $1594550 |
| Number of Holdings | 334 |
| Investment Advisory Fees | $11226 |
| Portfolio Turnover | 50% |

---

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

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

# (as of February 28, 2026)

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

# (as of February 28, 2026)
![Group By Sector Chart](i3770549438e601540b7e09fc.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Utilities | 3.4% |
| Materials | 4.1% |
| Energy | 4.1% |
| Consumer Staples | 5.2% |
| Communication Services | 7.3% |
| Consumer Discretionary | 9.2% |
| Health Care | 10.7% |
| Industrials | 12.0% |
| Financials | 18.0% |
| Information Technology | 23.0% |

---

![Group By Industry Chart](i78ead312012a7e67053064b4.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| United States | 58.9% |
| Japan | 6.6% |
| Other<sup>Footnote Reference\*\*</sup> | 33.1% |

---

---

| | |
|:---|:---|
| \* | 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. |
| \*\* | Includes countries comprising less than 3.0% of portfolio. |
| ^ | Percentages are of the net assets of the Fund and may not equal 100%. |
|  | Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities. |

---

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i6921f3fdae3bf596471ef880.jpg)

USWGX — AR (2/26)

#### Victory Sustainable World Fund
![Image](i724fe99097fa0e7486185d4b.jpg)

Fund Shares

Ticker: USAWX

Annual Shareholder Report — February 28, 2026

The annual shareholder report contains important information about Victory Sustainable World Fund (the "Fund") for the period of March 1, 2025 to February 28, 2026. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-235-8396 or visiting vcm.com/contact-us.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment** |
| &nbsp;&nbsp;&nbsp;Fund Shares | &nbsp;&nbsp;&nbsp;$116 | &nbsp;&nbsp;&nbsp;1.03% |

---

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

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

* A slight underweight to communication services was a contributor to relative performance.

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

Top detractors from performance:

* An overweight to health care hurt relative performance.

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

* Country level detractor was stock selection in Japan.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i6921f3fdae3bf596471ef880.jpg)

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

# Growth of $10,000 Investment
![Growth of 10K Chart](i6d5712c5ae5fa6e0b150fd83.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Victory Sustainable World Fund, Fund Shares - $33,579** | **MSCI All Country World Index (regulatory broad based index) - $33,863** | **Lipper Global Funds Index - $30,411** |
| **2/16** | $10000 | $10000 | $10000 |
| **2/17** | $11893 | $12208 | $12268 |
| **2/18** | $13937 | $14502 | $14400 |
| **2/19** | $14110 | $14380 | $14102 |
| **2/20** | $15104 | $14939 | $14494 |
| **2/21** | $19316 | $19458 | $19381 |
| **2/22** | $20730 | $20977 | $19890 |
| **2/23** | $18953 | $19244 | $18249 |
| **2/24** | $23803 | $23698 | $22389 |
| **2/25** | $27007 | $27268 | $25292 |
| **2/26** | $33579 | $33863 | $30411 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of February 28, 2026)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Fund Shares | 24.29%<sup>Footnote Reference</sup> | 11.69% | 12.88% |
| MSCI All Country World Index | 24.19% | 11.72% | 12.97% |
| Lipper Global Funds Index | 20.24% | 9.43% | 11.76% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote | &nbsp;&nbsp;High double-digit returns are attributable, in part, to unusually favorable market conditions and may not be repeated or consistently achieved in the future. |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of February 28, 2026)

---

| | |
|:---|:---|
| Net Assets | $1594550 |
| Number of Holdings | 334 |
| Investment Advisory Fees | $11226 |
| Portfolio Turnover | 50% |

---

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

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

# (as of February 28, 2026)

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

# (as of February 28, 2026)
![Group By Sector Chart](i3770549438e601540b7e09fc.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Utilities | 3.4% |
| Materials | 4.1% |
| Energy | 4.1% |
| Consumer Staples | 5.2% |
| Communication Services | 7.3% |
| Consumer Discretionary | 9.2% |
| Health Care | 10.7% |
| Industrials | 12.0% |
| Financials | 18.0% |
| Information Technology | 23.0% |

---

![Group By Industry Chart](i78ead312012a7e67053064b4.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| United States | 58.9% |
| Japan | 6.6% |
| Other<sup>Footnote Reference\*\*</sup> | 33.1% |

---

---

| | |
|:---|:---|
| \* | 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. |
| \*\* | Includes countries comprising less than 3.0% of portfolio. |
| ^ | Percentages are of the net assets of the Fund and may not equal 100%. |
|  | Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities. |

---

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i6921f3fdae3bf596471ef880.jpg)

USAWX — AR (2/26)

#### Victory Sustainable World Fund
![Image](i724fe99097fa0e7486185d4b.jpg)

Institutional Shares

Ticker: UIWGX

Annual Shareholder Report — February 28, 2026

The annual shareholder report contains important information about Victory Sustainable World Fund (the "Fund") for the period of March 1, 2025 to February 28, 2026. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-235-8396 or visiting vcm.com/contact-us.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment** |
| &nbsp;&nbsp;&nbsp;Institutional Shares | &nbsp;&nbsp;&nbsp;$113 | &nbsp;&nbsp;&nbsp;1.01% |

---

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

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

* A slight underweight to communication services was a contributor to relative performance.

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

Top detractors from performance:

* An overweight to health care hurt relative performance.

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

* Country level detractor was stock selection in Japan.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i6921f3fdae3bf596471ef880.jpg)

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

# Growth of $1,000,000 Investment
![Growth of 10K Chart](ia1b2dbd20a1a64f0698b1e8a.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Victory Sustainable World Fund Institutional Shares - $3,375,685** | **MSCI All Country World Index (regulatory broad based index) - $3,386,321** | **Lipper Global Funds Index - $3,041,137** |
| **2/16** | $1000000 | $1000000 | $1000000 |
| **2/17** | $1190341 | $1220780 | $1226824 |
| **2/18** | $1394906 | $1450175 | $1440002 |
| **2/19** | $1412474 | $1438009 | $1410237 |
| **2/20** | $1512888 | $1493888 | $1449357 |
| **2/21** | $1936749 | $1945751 | $1938099 |
| **2/22** | $2079086 | $2097672 | $1989011 |
| **2/23** | $1902323 | $1924389 | $1824934 |
| **2/24** | $2390627 | $2369849 | $2238902 |
| **2/25** | $2715083 | $2726775 | $2529246 |
| **2/26** | $3375685 | $3386321 | $3041137 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of February 28, 2026)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Institutional Shares | 24.33%<sup>Footnote Reference</sup> | 11.75% | 12.94% |
| MSCI All Country World Index | 24.19% | 11.72% | 12.97% |
| Lipper Global Funds Index | 20.24% | 9.43% | 11.76% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote | &nbsp;&nbsp;High double-digit returns are attributable, in part, to unusually favorable market conditions and may not be repeated or consistently achieved in the future. |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of February 28, 2026)

---

| | |
|:---|:---|
| Net Assets | $1594550 |
| Number of Holdings | 334 |
| Investment Advisory Fees | $11226 |
| Portfolio Turnover | 50% |

---

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

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

# (as of February 28, 2026)

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

# (as of February 28, 2026)
![Group By Sector Chart](i3770549438e601540b7e09fc.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Utilities | 3.4% |
| Materials | 4.1% |
| Energy | 4.1% |
| Consumer Staples | 5.2% |
| Communication Services | 7.3% |
| Consumer Discretionary | 9.2% |
| Health Care | 10.7% |
| Industrials | 12.0% |
| Financials | 18.0% |
| Information Technology | 23.0% |

---

![Group By Industry Chart](i78ead312012a7e67053064b4.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| United States | 58.9% |
| Japan | 6.6% |
| Other<sup>Footnote Reference\*\*</sup> | 33.1% |

---

---

| | |
|:---|:---|
| \* | 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. |
| \*\* | Includes countries comprising less than 3.0% of portfolio. |
| ^ | Percentages are of the net assets of the Fund and may not equal 100%. |
|  | Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities. |

---

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i6921f3fdae3bf596471ef880.jpg)

UIWGX — AR (2/26)

#### Victory Target Managed Allocation Fund
![Image](i724fe99097fa0e7486185d4b.jpg)

Fund Shares

Ticker: UTMAX

Annual Shareholder Report — February 28, 2026

The annual shareholder report contains important information about Victory Target Managed Allocation Fund (the "Fund") for the period of March 1, 2025 to February 28, 2026. You can find additional information about the Fund at advisor.vcm.com/literature/ mutual-fund-prospectuses. You may also request more information by calling 800-235-8396 or visiting vcm.com/contact-us.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment** |
| &nbsp;&nbsp;&nbsp;Fund Shares | &nbsp;&nbsp;&nbsp;$71 | &nbsp;&nbsp;&nbsp;0.65% |

---

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

* The Fund's tactical underweight to U.S. small cap equities contributed positively to performance.

* The Fund's tactical overweight to gold mining companies helped performance.

Top detractors to performance:

* The Fund's tactical overweight U.S. large cap equities negatively impacted performance. 

* The Fund's tactical overweight to Switzerland and Germany also detracted from performance. 

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i6921f3fdae3bf596471ef880.jpg)

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

# Growth of $10,000 Investment
![Growth of 10K Chart](ia789d061dbb568f02a4021b3.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Victory Target Managed Allocation Fund, Fund Shares - $24,386** | **MSCI All Country World Index (regulatory broad based index) - $33,863** | **Bloomberg U.S. Universal Index - $12,703** |
| **2/16** | $10000 | $10000 | $10000 |
| **2/17** | $11429 | $12208 | $10320 |
| **2/18** | $12367 | $14502 | $10420 |
| **2/19** | $12304 | $14380 | $10753 |
| **2/20** | $13007 | $14939 | $11964 |
| **2/21** | $16357 | $19458 | $12219 |
| **2/22** | $18108 | $20977 | $11885 |
| **2/23** | $15789 | $19244 | $10780 |
| **2/24** | $18571 | $23698 | $11217 |
| **2/25** | $20525 | $27268 | $11924 |
| **2/26** | $24386 | $33863 | $12703 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of February 28, 2026)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Fund Shares | 18.81%<sup>Footnote Reference</sup> | 8.31% | 9.32% |
| MSCI All Country World Index | 24.19% | 11.72% | 12.97% |
| Bloomberg U.S. Universal Index | 6.53% | 0.78% | 2.42% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote | &nbsp;&nbsp;High double-digit returns are attributable, in part, to unusually favorable market conditions and may not be repeated or consistently achieved in the future. |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of February 28, 2026)

---

| | |
|:---|:---|
| Net Assets | $225909 |
| Number of Holdings | 303 |
| Investment Advisory Fees | $1870 |
| Portfolio Turnover | 147% |

---

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

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

# (as of February 28, 2026)
![Group By Sector Chart](i6a5ff8239b24bd18fe375727.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 2.7% |
| Materials | 4.1% |
| Consumer Staples | 4.5% |
| Energy | 5.7% |
| Health Care | 6.0% |
| Communication Services | 6.4% |
| Consumer Discretionary | 8.8% |
| Industrials | 10.7% |
| Information Technology | 18.1% |
| Financials | 18.6% |

---

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

# (as of February 28, 2026)

---

| | |
|:---|:---|
| iShares Core MSCI Emerging Markets ETF | 4.7% |
| VanEck Gold Miners ETF | 3.7% |
| NVIDIA Corp. | 2.9% |
| Apple, Inc. | 2.7% |
| Microsoft Corp. | 1.8% |
| Amazon.com, Inc. | 1.3% |
| Royal Bank of Canada | 1.3% |
| Alphabet, Inc., Class A | 1.2% |
| Alphabet, Inc., Class C | 1.1% |
| Meta Platforms, Inc., Class A | 1.0% |

---

---

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

---

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i6921f3fdae3bf596471ef880.jpg)

UTMAX — AR (2/26)

#### Victory Tax Exempt Intermediate-Term Fund
![Image](i724fe99097fa0e7486185d4b.jpg)

Class A

Ticker: UTEIX

Annual Shareholder Report — February 28, 2026

The annual shareholder report contains important information about Victory Tax Exempt Intermediate-Term Fund (the "Fund") for the period of March 1, 2025 to February 28, 2026. 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. **This report describes changes to the Fund that occurred during the period.**

# What were the Fund's costs for the last year?
(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** |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;$74 | &nbsp;&nbsp;&nbsp;0.72% |

---

# What affected the Fund's performance during the last year?
Tax-exempt bonds delivered positive returns for the 12-month period ended February 28, 2026, as measured by the Bloomberg Municipal Bond Index.

In keeping with our investment approach, we continued to focus on income generation. The Fund's long-term income distribution, not its price appreciation, accounts for most of its total return.

Our commitment to independent credit research continued to help us identify attractive opportunities for the Fund. We employ fundamental analysis that emphasizes an issuer's ability and willingness to repay its debt. Through our credit research, we strive both to recognize relative value and to avoid potential pitfalls, which is especially important in volatile times like the present. As always, we worked with our in-house team of analysts to select investments for the Fund on a bond-by-bond basis. Our team continuously monitors all the holdings in the Fund's portfolio.

The Fund continues to hold a diversified portfolio of intermediate-term, primarily investment-grade municipal bonds.

Top contributors to performance:

* Overweight allocation to the A and BBB rating categories.

* Underweight allocation to the State & Local sector.

Top detractors from performance:

* Interest rate headwinds, as the Fund is overweight bonds with maturities exceeding 15 years relative to the Fund's benchmark (Bloomberg Municipal 1-15 Year Blend Index). These headwinds were amplified as the municipal yield curve steepened in the 1-25 year range.

* Security selection within the A and BBB rating categories detracted from performance.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i6921f3fdae3bf596471ef880.jpg)

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

# Growth of $10,000 Investment
![Growth of 10K Chart](i91fc6288e659146d579ebf7c.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Victory Tax Exempt Intermediate-Term Fund Class A @ NAV - $12,438** | **Victory Tax Exempt Intermediate-Term Fund Class A @ MOP - $12,160** | **Bloomberg Municipal Bond Index (regulatory broad based index) - $12,713** | **Bloomberg Municipal 1-15 Years Blend Index - $12,607** | **Lipper Intermediate Municipal Debt Funds Index - $12,528** |
| **2/16** | $10000 | $9777 | $10000 | $10000 | $10000 |
| **2/17** | $9894 | $9673 | $10025 | $10002 | $9982 |
| **2/18** | $10205 | $9977 | $10276 | $10178 | $10195 |
| **2/19** | $10594 | $10357 | $10701 | $10596 | $10565 |
| **2/20** | $11503 | $11246 | $11713 | $11407 | $11410 |
| **2/21** | $11622 | $11363 | $11837 | $11564 | $11509 |
| **2/22** | $11554 | $11296 | $11759 | $11434 | $11411 |
| **2/23** | $10944 | $10700 | $11159 | $11094 | $10939 |
| **2/24** | $11468 | $11212 | $11764 | $11606 | $11503 |
| **2/25** | $11904 | $11639 | $12112 | $11937 | $11908 |
| **2/26** | $12438 | $12160 | $12713 | $12607 | $12528 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of February 28, 2026)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Class A @ NAV | 4.48% | 1.37% | 2.21% |
| Class A @ MOP | 2.14% | 0.90% | 1.98% |
| Bloomberg Municipal Bond Index | 4.96% | 1.44% | 2.43% |
| Bloomberg Municipal 1-15 Years Blend Index | 5.61% | 1.74% | 2.34% |
| Lipper Intermediate Municipal Debt Funds Index | 5.21% | 1.71% | 2.28% |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of February 28, 2026)

---

| | |
|:---|:---|
| Net Assets | $2841213 |
| Number of Holdings | 1074 |
| Investment Advisory Fees | $8076 |
| Portfolio Turnover | 11% |

---

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

# Top Industries\* (% of Net Assets)

# (as of February 28, 2026)
![Group By Industry Chart](iadf8b54633c4be54d9efb2ed.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Airport | 4.1% |
| School District | 4.3% |
| Single Family Housing | 4.7% |
| General Obligation | 6.1% |
| Education | 6.9% |
| Nursing Homes | 7.3% |
| Transportation | 7.4% |
| Higher Education | 7.8% |
| General | 13.5% |
| Medical | 21.9% |

---

---

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

---

# Material Fund Changes
Effective July 1, 2025, the principal investment strategy was changed from having a dollar-weighted average portfolio maturity between four and 12 years to an effective duration that is not restricted but generally is expected to be within two years of the Fund's benchmark.

For more complete information, you may review the Fund's prospectus, issued July 1, 2025.

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i6921f3fdae3bf596471ef880.jpg)

UTEIX — AR (2/26)

#### Victory Tax Exempt Intermediate-Term Fund
![Image](i724fe99097fa0e7486185d4b.jpg)

Fund Shares

Ticker: USATX

Annual Shareholder Report — February 28, 2026

The annual shareholder report contains important information about Victory Tax Exempt Intermediate-Term Fund (the "Fund") for the period of March 1, 2025 to February 28, 2026. 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. **This report describes changes to the Fund that occurred during the period.**

# What were the Fund's costs for the last year?
(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** |
| &nbsp;&nbsp;&nbsp;Fund Shares | &nbsp;&nbsp;&nbsp;$49 | &nbsp;&nbsp;&nbsp;0.48% |

---

# What affected the Fund's performance during the last year?
Tax-exempt bonds delivered positive returns for the 12-month period ended February 28, 2026, as measured by the Bloomberg Municipal Bond Index.

In keeping with our investment approach, we continued to focus on income generation. The Fund's long-term income distribution, not its price appreciation, accounts for most of its total return.

Our commitment to independent credit research continued to help us identify attractive opportunities for the Fund. We employ fundamental analysis that emphasizes an issuer's ability and willingness to repay its debt. Through our credit research, we strive both to recognize relative value and to avoid potential pitfalls, which is especially important in volatile times like the present. As always, we worked with our in-house team of analysts to select investments for the Fund on a bond-by-bond basis. Our team continuously monitors all the holdings in the Fund's portfolio.

The Fund continues to hold a diversified portfolio of intermediate-term, primarily investment-grade municipal bonds.

Top contributors to performance:

* Overweight allocation to the A and BBB rating categories.

* Underweight allocation to the State & Local sector.

Top detractors from performance:

* Interest rate headwinds, as the Fund is overweight bonds with maturities exceeding 15 years relative to the Fund's benchmark (Bloomberg Municipal 1-15 Year Blend Index). These headwinds were amplified as the municipal yield curve steepened in the 1-25 year range.

* Security selection within the A and BBB rating categories detracted from performance.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i6921f3fdae3bf596471ef880.jpg)

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

# Growth of $10,000 Investment
![Growth of 10K Chart](id90eb1def80423ec0fd6910b.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Victory Tax Exempt Intermediate-Term Fund, Fund Shares - $12,751** | **Bloomberg Municipal Bond Index (regulatory broad based index) - $12,713** | **Bloomberg Municipal 1-15 Years Blend Index - $12,607** | **Lipper Intermediate Municipal Debt Funds Index - $12,528** |
| **2/16** | $10000 | $10000 | $10000 | $10000 |
| **2/17** | $9921 | $10025 | $10002 | $9982 |
| **2/18** | $10260 | $10276 | $10178 | $10195 |
| **2/19** | $10676 | $10701 | $10596 | $10565 |
| **2/20** | $11621 | $11713 | $11407 | $11410 |
| **2/21** | $11771 | $11837 | $11564 | $11509 |
| **2/22** | $11731 | $11759 | $11434 | $11411 |
| **2/23** | $11140 | $11159 | $11094 | $10939 |
| **2/24** | $11701 | $11764 | $11606 | $11503 |
| **2/25** | $12175 | $12112 | $11937 | $11908 |
| **2/26** | $12751 | $12713 | $12607 | $12528 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of February 28, 2026)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Fund Shares | 4.73% | 1.61% | 2.46% |
| Bloomberg Municipal Bond Index | 4.96% | 1.44% | 2.43% |
| Bloomberg Municipal 1-15 Years Blend Index | 5.61% | 1.74% | 2.34% |
| Lipper Intermediate Municipal Debt Funds Index | 5.21% | 1.71% | 2.28% |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of February 28, 2026)

---

| | |
|:---|:---|
| Net Assets | $2841213 |
| Number of Holdings | 1074 |
| Investment Advisory Fees | $8076 |
| Portfolio Turnover | 11% |

---

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

# Top Industries\* (% of Net Assets)

# (as of February 28, 2026)
![Group By Industry Chart](iadf8b54633c4be54d9efb2ed.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Airport | 4.1% |
| School District | 4.3% |
| Single Family Housing | 4.7% |
| General Obligation | 6.1% |
| Education | 6.9% |
| Nursing Homes | 7.3% |
| Transportation | 7.4% |
| Higher Education | 7.8% |
| General | 13.5% |
| Medical | 21.9% |

---

---

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

---

# Material Fund Changes
Effective July 1, 2025, the principal investment strategy was changed from having a dollar-weighted average portfolio maturity between four and 12 years to an effective duration that is not restricted but generally is expected to be within two years of the Fund's benchmark.

For more complete information, you may review the Fund's prospectus, issued July 1, 2025.

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i6921f3fdae3bf596471ef880.jpg)

USATX — AR (2/26)

#### Victory Tax Exempt Intermediate-Term Fund
![Image](i724fe99097fa0e7486185d4b.jpg)

Institutional Shares

Ticker: UITIX

Annual Shareholder Report — February 28, 2026

The annual shareholder report contains important information about Victory Tax Exempt Intermediate-Term Fund (the "Fund") for the period of March 1, 2025 to February 28, 2026. 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. **This report describes changes to the Fund that occurred during the period.**

# What were the Fund's costs for the last year?
(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** |
| &nbsp;&nbsp;&nbsp;Institutional Shares | &nbsp;&nbsp;&nbsp;$45 | &nbsp;&nbsp;&nbsp;0.44% |

---

# What affected the Fund's performance during the last year?
Tax-exempt bonds delivered positive returns for the 12-month period ended February 28, 2026, as measured by the Bloomberg Municipal Bond Index.

In keeping with our investment approach, we continued to focus on income generation. The Fund's long-term income distribution, not its price appreciation, accounts for most of its total return.

Our commitment to independent credit research continued to help us identify attractive opportunities for the Fund. We employ fundamental analysis that emphasizes an issuer's ability and willingness to repay its debt. Through our credit research, we strive both to recognize relative value and to avoid potential pitfalls, which is especially important in volatile times like the present. As always, we worked with our in-house team of analysts to select investments for the Fund on a bond-by-bond basis. Our team continuously monitors all the holdings in the Fund's portfolio.

The Fund continues to hold a diversified portfolio of intermediate-term, primarily investment-grade municipal bonds.

Top contributors to performance:

* Overweight allocation to the A and BBB rating categories.

* Underweight allocation to the State & Local sector.

Top detractors from performance:

* Interest rate headwinds, as the Fund is overweight bonds with maturities exceeding 15 years relative to the Fund's benchmark (Bloomberg Municipal 1-15 Year Blend Index). These headwinds were amplified as the municipal yield curve steepened in the 1-25 year range.

* Security selection within the A and BBB rating categories detracted from performance.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i6921f3fdae3bf596471ef880.jpg)

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

# Growth of $1,000,000 Investment
![Growth of 10K Chart](i2e3238557b88fc36df8cf07d.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Victory Tax Exempt Intermediate-Term Fund Institutional Shares - $1,123,480** | **Bloomberg Municipal Bond Index (regulatory broad based index) - $1,096,557** | **Bloomberg Municipal 1-15 Years Blend Index - $1,108,735** | **Lipper Intermediate Municipal Debt Funds Index - $1,113,991** |
| **6/20<sup>Footnote Reference\*</sup>** | $1000000 | $1000000 | $1000000 | $1000000 |
| **2/21** | $1033933 | $1020951 | $1017005 | $1023356 |
| **2/22** | $1032077 | $1014217 | $1005601 | $1014666 |
| **2/23** | $979612 | $962513 | $975624 | $972710 |
| **2/24** | $1030176 | $1014664 | $1020662 | $1022776 |
| **2/25** | $1072257 | $1044707 | $1049826 | $1058813 |
| **2/26** | $1123480 | $1096557 | $1108735 | $1113991 |

---

---

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

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of February 28, 2026)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | Since Inception |
| Institutional Shares | 4.78% | 1.68% | 2.08% |
| Bloomberg Municipal Bond Index | 4.96% | 1.44% | 1.64% |
| Bloomberg Municipal 1-15 Years Blend Index | 5.61% | 1.74% | 1.84% |
| Lipper Intermediate Municipal Debt Funds Index | 5.21% | 1.71% | 1.92% |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of February 28, 2026)

---

| | |
|:---|:---|
| Net Assets | $2841213 |
| Number of Holdings | 1074 |
| Investment Advisory Fees | $8076 |
| Portfolio Turnover | 11% |

---

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

# Top Industries\* (% of Net Assets)

# (as of February 28, 2026)
![Group By Industry Chart](iadf8b54633c4be54d9efb2ed.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Airport | 4.1% |
| School District | 4.3% |
| Single Family Housing | 4.7% |
| General Obligation | 6.1% |
| Education | 6.9% |
| Nursing Homes | 7.3% |
| Transportation | 7.4% |
| Higher Education | 7.8% |
| General | 13.5% |
| Medical | 21.9% |

---

---

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

---

# Material Fund Changes
Effective July 1, 2025, the principal investment strategy was changed from having a dollar-weighted average portfolio maturity between four and 12 years to an effective duration that is not restricted but generally is expected to be within two years of the Fund's benchmark.

For more complete information, you may review the Fund's prospectus, issued July 1, 2025.

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i6921f3fdae3bf596471ef880.jpg)

UITIX — AR (2/26)

#### Victory Tax Exempt Long-Term Fund
![Image](i724fe99097fa0e7486185d4b.jpg)

Class A

Ticker: UTELX

Annual Shareholder Report — February 28, 2026

The annual shareholder report contains important information about Victory Tax Exempt Long-Term Fund (the "Fund") for the period of March 1, 2025 to February 28, 2026. 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. **This report describes changes to the Fund that occurred during the period.**

# What were the Fund's costs for the last year?
(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** |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;$68 | &nbsp;&nbsp;&nbsp;0.67% |

---

# What affected the Fund's performance during the last year?
Tax-exempt bonds delivered positive returns for the 12-month period ended February 28, 2026, as measured by the Bloomberg Municipal Bond Index.

In keeping with our investment approach, we continued to focus on income generation. The Fund's long-term income distribution, not its price appreciation, accounts for most of its total return.

Our commitment to independent credit research continued to help us identify attractive opportunities for the Fund. We employ fundamental analysis that emphasizes an issuer's ability and willingness to repay its debt. Through our credit research, we strive both to recognize relative value and to avoid potential pitfalls, which is especially important in volatile times like the present. As always, we worked with our in-house team of analysts to select investments for the Fund on a bond-by-bond basis. Our team continuously monitors all the holdings in the Fund's portfolio.

The Fund continues to hold a diversified portfolio of longer-term, primarily investment- grade municipal bonds.

Top contributors to performance:

* Overweight allocation to the A rating category.

* Security selection in the state & local sector.

* Security selection in the AA rating category.

Top detractors from performance:

* Security selection in the BBB rating category.

* Security selection in the education and hospital sectors.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i6921f3fdae3bf596471ef880.jpg)

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

# Growth of $10,000 Investment
![Growth of 10K Chart](if6346e00d0f9bd3d4b856549.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Victory Tax Exempt Long-Term Fund Class A @ NAV - $12,454** | **Victory Tax Exempt Long-Term Fund Class A @ MOP - $12,178** | **Bloomberg Municipal Bond Index (regulatory broad based index) - $12,713** | **Lipper General & Insured Municipal Debt Funds Index - $12,800** |
| **2/16** | $10000 | $9778 | $10000 | $10000 |
| **2/17** | $10038 | $9816 | $10025 | $10057 |
| **2/18** | $10352 | $10123 | $10276 | $10379 |
| **2/19** | $10654 | $10418 | $10701 | $10768 |
| **2/20** | $11722 | $11463 | $11713 | $11890 |
| **2/21** | $11791 | $11530 | $11837 | $11981 |
| **2/22** | $11891 | $11627 | $11759 | $11968 |
| **2/23** | $10798 | $10558 | $11159 | $11147 |
| **2/24** | $11447 | $11193 | $11764 | $11828 |
| **2/25** | $11988 | $11722 | $12112 | $12277 |
| **2/26** | $12454 | $12178 | $12713 | $12800 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of February 28, 2026)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Class A @ NAV | 3.89% | 1.10% | 2.22% |
| Class A @ MOP | 1.55% | 0.65% | 1.99% |
| Bloomberg Municipal Bond Index | 4.96% | 1.44% | 2.43% |
| Lipper General & Insured Municipal Debt Funds Index | 4.26% | 1.33% | 2.50% |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of February 28, 2026)

---

| | |
|:---|:---|
| Net Assets | $1620199 |
| Number of Holdings | 548 |
| Investment Advisory Fees | $4241 |
| Portfolio Turnover | 4% |

---

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

# Top Industries\* (% of Net Assets)

# (as of February 28, 2026)
![Group By Industry Chart](if914b3db0c94baeb1638611d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Pollution | 2.4% |
| Water | 2.9% |
| Transportation | 6.5% |
| School District | 6.9% |
| Education | 7.4% |
| Higher Education | 9.7% |
| General | 9.8% |
| Nursing Homes | 10.6% |
| General Obligation | 12.7% |
| Medical | 20.1% |

---

---

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

---

# Material Fund Changes
Effective July 1, 2025, the principal investment strategy was changed from having a dollar-weighted average portfolio maturity in 10 years or more to an effective duration that is not restricted but generally is expected to be within three years of the Fund's benchmark.

For more complete information, you may review the Fund's prospectus, issued July 1, 2025.

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i6921f3fdae3bf596471ef880.jpg)

UTELX — AR (2/26)

#### Victory Tax Exempt Long-Term Fund
![Image](i724fe99097fa0e7486185d4b.jpg)

Fund Shares

Ticker: USTEX

Annual Shareholder Report — February 28, 2026

The annual shareholder report contains important information about Victory Tax Exempt Long-Term Fund (the "Fund") for the period of March 1, 2025 to February 28, 2026. 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. **This report describes changes to the Fund that occurred during the period.**

# What were the Fund's costs for the last year?
(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** |
| &nbsp;&nbsp;&nbsp;Fund Shares | &nbsp;&nbsp;&nbsp;$47 | &nbsp;&nbsp;&nbsp;0.46% |

---

# What affected the Fund's performance during the last year?
Tax-exempt bonds delivered positive returns for the 12-month period ended February 28, 2026, as measured by the Bloomberg Municipal Bond Index.

In keeping with our investment approach, we continued to focus on income generation. The Fund's long-term income distribution, not its price appreciation, accounts for most of its total return.

Our commitment to independent credit research continued to help us identify attractive opportunities for the Fund. We employ fundamental analysis that emphasizes an issuer's ability and willingness to repay its debt. Through our credit research, we strive both to recognize relative value and to avoid potential pitfalls, which is especially important in volatile times like the present. As always, we worked with our in-house team of analysts to select investments for the Fund on a bond-by-bond basis. Our team continuously monitors all the holdings in the Fund's portfolio.

The Fund continues to hold a diversified portfolio of longer-term, primarily investment- grade municipal bonds.

Top contributors to performance:

* Overweight allocation to the A rating category.

* Security selection in the state & local sector.

* Security selection in the AA rating category.

Top detractors from performance:

* Security selection in the BBB rating category.

* Security selection in the education and hospital sectors.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i6921f3fdae3bf596471ef880.jpg)

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

# Growth of $10,000 Investment
![Growth of 10K Chart](i694380091c2bbf7755884fba.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Victory Tax Exempt Long-Term Fund, Fund Shares - $12,732** | **Bloomberg Municipal Bond Index (regulatory broad based index) - $12,713** | **Lipper General & Insured Municipal Debt Funds Index - $12,800** |
| **2/16** | $10000 | $10000 | $10000 |
| **2/17** | $10064 | $10025 | $10057 |
| **2/18** | $10415 | $10276 | $10379 |
| **2/19** | $10741 | $10701 | $10768 |
| **2/20** | $11843 | $11713 | $11890 |
| **2/21** | $11935 | $11837 | $11981 |
| **2/22** | $12059 | $11759 | $11968 |
| **2/23** | $10974 | $11159 | $11147 |
| **2/24** | $11657 | $11764 | $11828 |
| **2/25** | $12231 | $12112 | $12277 |
| **2/26** | $12732 | $12713 | $12800 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of February 28, 2026)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Fund Shares | 4.10% | 1.30% | 2.44% |
| Bloomberg Municipal Bond Index | 4.96% | 1.44% | 2.43% |
| Lipper General & Insured Municipal Debt Funds Index | 4.26% | 1.33% | 2.50% |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of February 28, 2026)

---

| | |
|:---|:---|
| Net Assets | $1620199 |
| Number of Holdings | 548 |
| Investment Advisory Fees | $4241 |
| Portfolio Turnover | 4% |

---

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

# Top Industries\* (% of Net Assets)

# (as of February 28, 2026)
![Group By Industry Chart](if914b3db0c94baeb1638611d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Pollution | 2.4% |
| Water | 2.9% |
| Transportation | 6.5% |
| School District | 6.9% |
| Education | 7.4% |
| Higher Education | 9.7% |
| General | 9.8% |
| Nursing Homes | 10.6% |
| General Obligation | 12.7% |
| Medical | 20.1% |

---

---

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

---

# Material Fund Changes
Effective July 1, 2025, the principal investment strategy was changed from having a dollar-weighted average portfolio maturity in 10 years or more to an effective duration that is not restricted but generally is expected to be within three years of the Fund's benchmark.

For more complete information, you may review the Fund's prospectus, issued July 1, 2025.

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i6921f3fdae3bf596471ef880.jpg)

USTEX — AR (2/26)

#### Victory Tax Exempt Long-Term Fund
![Image](i724fe99097fa0e7486185d4b.jpg)

Institutional Shares

Ticker: ULTIX

Annual Shareholder Report — February 28, 2026

The annual shareholder report contains important information about Victory Tax Exempt Long-Term Fund (the "Fund") for the period of March 1, 2025 to February 28, 2026. 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. **This report describes changes to the Fund that occurred during the period.**

# What were the Fund's costs for the last year?
(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** |
| &nbsp;&nbsp;&nbsp;Institutional Shares | &nbsp;&nbsp;&nbsp;$43 | &nbsp;&nbsp;&nbsp;0.42% |

---

# What affected the Fund's performance during the last year?
Tax-exempt bonds delivered positive returns for the 12-month period ended February 28, 2026, as measured by the Bloomberg Municipal Bond Index.

In keeping with our investment approach, we continued to focus on income generation. The Fund's long-term income distribution, not its price appreciation, accounts for most of its total return.

Our commitment to independent credit research continued to help us identify attractive opportunities for the Fund. We employ fundamental analysis that emphasizes an issuer's ability and willingness to repay its debt. Through our credit research, we strive both to recognize relative value and to avoid potential pitfalls, which is especially important in volatile times like the present. As always, we worked with our in-house team of analysts to select investments for the Fund on a bond-by-bond basis. Our team continuously monitors all the holdings in the Fund's portfolio.

The Fund continues to hold a diversified portfolio of longer-term, primarily investment- grade municipal bonds.

Top contributors to performance:

* Overweight allocation to the A rating category.

* Security selection in the state & local sector.

* Security selection in the AA rating category.

Top detractors from performance:

* Security selection in the BBB rating category.

* Security selection in the education and hospital sectors.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i6921f3fdae3bf596471ef880.jpg)

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

# Growth of $1,000,000 Investment
![Growth of 10K Chart](i3d6e3985776efb6a1b271023.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Victory Tax Exempt Long-Term Fund Institutional Shares - $1,109,502** | **Bloomberg Municipal Bond Index (regulatory broad based index) - $1,096,557** | **Lipper General & Insured Municipal Debt Funds Index - $1,108,381** |
| **6/20<sup>Footnote Reference\*</sup>** | $1000000 | $1000000 | $1000000 |
| **2/21** | $1039050 | $1020951 | $1037475 |
| **2/22** | $1050393 | $1014217 | $1036323 |
| **2/23** | $956210 | $962513 | $965277 |
| **2/24** | $1015878 | $1014664 | $1024220 |
| **2/25** | $1066284 | $1044707 | $1063112 |
| **2/26** | $1109502 | $1096557 | $1108381 |

---

---

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

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of February 28, 2026)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | Since Inception |
| Institutional Shares | 4.05% | 1.32% | 1.85% |
| Bloomberg Municipal Bond Index | 4.96% | 1.44% | 1.64% |
| Lipper General & Insured Municipal Debt Funds Index | 4.26% | 1.33% | 1.83% |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of February 28, 2026)

---

| | |
|:---|:---|
| Net Assets | $1620199 |
| Number of Holdings | 548 |
| Investment Advisory Fees | $4241 |
| Portfolio Turnover | 4% |

---

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

# Top Industries\* (% of Net Assets)

# (as of February 28, 2026)
![Group By Industry Chart](if914b3db0c94baeb1638611d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Pollution | 2.4% |
| Water | 2.9% |
| Transportation | 6.5% |
| School District | 6.9% |
| Education | 7.4% |
| Higher Education | 9.7% |
| General | 9.8% |
| Nursing Homes | 10.6% |
| General Obligation | 12.7% |
| Medical | 20.1% |

---

---

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

---

# Material Fund Changes
Effective July 1, 2025, the principal investment strategy was changed from having a dollar-weighted average portfolio maturity in 10 years or more to an effective duration that is not restricted but generally is expected to be within three years of the Fund's benchmark.

For more complete information, you may review the Fund's prospectus, issued July 1, 2025.

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i6921f3fdae3bf596471ef880.jpg)

ULTIX — AR (2/26)

#### Victory Tax Exempt Money Market Fund
![Image](i724fe99097fa0e7486185d4b.jpg)

Fund Shares

Ticker: USEXX

Annual Shareholder Report — February 28, 2026

The annual shareholder report contains important information about Victory Tax Exempt Money Market Fund (the "Fund") for the period of March 1, 2025 to February 28, 2026. You can find additional information about the Fund at advisor.vcm.com /literature/mutual-fund-prospectuses. You may also request more information by calling 800-235-8396 or visiting vcm.com/contact-us.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment** |
| &nbsp;&nbsp;&nbsp;Fund Shares | &nbsp;&nbsp;&nbsp;$57 | &nbsp;&nbsp;&nbsp;0.56% |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of February 28, 2026)

# FUND STATISTICS

# ($ amounts in 000s)

# (as of February 28, 2026)

---

| | |
|:---|:---|
| Net Assets | $403906 |
| Number of Holdings | 45 |
| Investment Advisory Fees | $1172 |
| 7 Day Net Yield | 1.54% |

---

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Fund Shares | 2.09% | 1.79% | 1.19% |

---

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i6921f3fdae3bf596471ef880.jpg)

# Top Industries (% of Net Assets)

# (as of February 28, 2026)
![Group By Industry Chart](i0d6e72397c281a16bcad6026.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| General | 0.4% |
| Nursing Homes | 1.8% |
| Higher Education | 2.5% |
| Education | 3.7% |
| Transportation | 4.7% |
| Power | 6.5% |
| Multifamily Housing | 7.7% |
| Pollution | 9.2% |
| Medical | 28.5% |
| Development | 33.6% |

---

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](i6921f3fdae3bf596471ef880.jpg)

USEXX — AR (2/26)

#### Victory Tax Exempt Short-Term Fund
![Image](i724fe99097fa0e7486185d4b.jpg)

Class A

Ticker: UTESX

Annual Shareholder Report — February 28, 2026

The annual shareholder report contains important information about Victory Tax Exempt Short-Term Fund (the "Fund") for the period of March 1, 2025 to February 28, 2026. 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. **This report describes changes to the Fund that occurred during the period.**

# What were the Fund's costs for the last year?
(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** |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;$80 | &nbsp;&nbsp;&nbsp;0.78% |

---

# What affected the Fund's performance during the last year?
Tax-exempt bonds delivered positive returns for the 12-month period ended February 28, 2026, as measured by the Bloomberg Municipal Bond Index.

In keeping with our investment approach, we continued to focus on income generation. The Fund's long-term income distribution, not its price appreciation, accounts for most of its total return.

Our commitment to independent credit research continued to help us identify attractive opportunities for the Fund. We employ fundamental analysis that emphasizes an issuer's ability and willingness to repay its debt. Through our credit research, we strive both to recognize relative value and to avoid potential pitfalls, which is especially important in volatile times like the present. As always, we worked with our in-house team of analysts to select investments for the Fund on a bond-by-bond basis. Our team continuously monitors all the holdings in the Fund's portfolio.

The Fund continues to hold a diversified portfolio of shorter-term, primarily investment- grade municipal bonds.

Top contributors to performance:

* Overweight allocation to gas forward sector. 

* Overweight allocation to the A and BBB rating categories and underweight to AAA.

* Interest rate effect as the Fund's overweight to 6-10 year bonds outperformed shorter-duration bonds during the period. 

Top detractors from performance:

* Security selection within the industrial development revenue and gas forward sectors.

* Security selection within the A and BBB rating categories.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i6921f3fdae3bf596471ef880.jpg)

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

# Growth of $10,000 Investment
![Growth of 10K Chart](i13dd50513bc3b500272b9d40.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Victory Tax Exempt Short-Term Fund Class A @ NAV - $11,706** | **Victory Tax Exempt Short-Term Fund Class A @ MOP - $11,447** | **Bloomberg Municipal Bond Index (regulatory broad based index) - $12,713** | **Bloomberg Municipal Bond Short (1-5 Years) Index - $11,849** | **Lipper Short Municipal Debt Funds Index - $11,736** |
| **2/16** | $10000 | $9779 | $10000 | $10000 | $10000 |
| **2/17** | $9973 | $9752 | $10025 | $10035 | $10025 |
| **2/18** | $10070 | $9848 | $10276 | $10090 | $10104 |
| **2/19** | $10277 | $10050 | $10701 | $10342 | $10287 |
| **2/20** | $10592 | $10357 | $11713 | $10735 | $10573 |
| **2/21** | $10692 | $10456 | $11837 | $10908 | $10667 |
| **2/22** | $10610 | $10375 | $11759 | $10769 | $10577 |
| **2/23** | $10368 | $10139 | $11159 | $10606 | $10517 |
| **2/24** | $10799 | $10560 | $11764 | $10991 | $10912 |
| **2/25** | $11248 | $10999 | $12112 | $11356 | $11314 |
| **2/26** | $11706 | $11447 | $12713 | $11849 | $11736 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of February 28, 2026)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Class A @ NAV | 4.08% | 1.83% | 1.59% |
| Class A @ MOP | 1.70% | 1.37% | 1.36% |
| Bloomberg Municipal Bond Index | 4.96% | 1.44% | 2.43% |
| Bloomberg Municipal Bond Short (1-5 Years) Index | 4.35% | 1.67% | 1.71% |
| Lipper Short Municipal Debt Funds Index | 3.73% | 1.93% | 1.61% |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of February 28, 2026)

---

| | |
|:---|:---|
| Net Assets | $634252 |
| Number of Holdings | 345 |
| Investment Advisory Fees | $2065 |
| Portfolio Turnover | 31% |

---

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

# Top Industries\* (% of Net Assets)

# (as of February 28, 2026)
![Group By Industry Chart](i16eced2a1558e8af2c08b07c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Water | 3.1% |
| Transportation | 3.5% |
| Multifamily Housing | 3.8% |
| Education | 4.2% |
| Nursing Homes | 6.5% |
| Development | 9.9% |
| Pollution | 10.9% |
| Medical | 12.7% |
| General Obligation | 16.0% |
| General | 17.6% |

---

---

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

---

# Material Fund Changes
Effective July 1, 2025, the principal investment strategy was changed from having a dollar-weighted average portfolio maturity of four years or less to an effective duration that is not restricted but generally is expected to be within two years of the Fund's benchmark.

For more complete information, you may review the Fund's prospectus, issued July 1, 2025.

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i6921f3fdae3bf596471ef880.jpg)

UTESX — AR (2/26)

#### Victory Tax Exempt Short-Term Fund
![Image](i724fe99097fa0e7486185d4b.jpg)

Fund Shares

Ticker: USSTX

Annual Shareholder Report — February 28, 2026

The annual shareholder report contains important information about Victory Tax Exempt Short-Term Fund (the "Fund") for the period of March 1, 2025 to February 28, 2026. 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. **This report describes changes to the Fund that occurred during the period.**

# What were the Fund's costs for the last year?
(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** |
| &nbsp;&nbsp;&nbsp;Fund Shares | &nbsp;&nbsp;&nbsp;$56 | &nbsp;&nbsp;&nbsp;0.55% |

---

# What affected the Fund's performance during the last year?
Tax-exempt bonds delivered positive returns for the 12-month period ended February 28, 2026, as measured by the Bloomberg Municipal Bond Index.

In keeping with our investment approach, we continued to focus on income generation. The Fund's long-term income distribution, not its price appreciation, accounts for most of its total return.

Our commitment to independent credit research continued to help us identify attractive opportunities for the Fund. We employ fundamental analysis that emphasizes an issuer's ability and willingness to repay its debt. Through our credit research, we strive both to recognize relative value and to avoid potential pitfalls, which is especially important in volatile times like the present. As always, we worked with our in-house team of analysts to select investments for the Fund on a bond-by-bond basis. Our team continuously monitors all the holdings in the Fund's portfolio.

The Fund continues to hold a diversified portfolio of shorter-term, primarily investment- grade municipal bonds.

Top contributors to performance:

* Overweight allocation to gas forward sector. 

* Overweight allocation to the A and BBB rating categories and underweight to AAA.

* Interest rate effect as the Fund's overweight to 6-10 year bonds outperformed shorter-duration bonds during the period. 

Top detractors from performance:

* Security selection within the industrial development revenue and gas forward sectors.

* Security selection within the A and BBB rating categories.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i6921f3fdae3bf596471ef880.jpg)

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

# Growth of $10,000 Investment
![Growth of 10K Chart](i982d70659fdc691e3ed7b4be.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Victory Tax Exempt Short-Term Fund, Fund Shares - $11,976** | **Bloomberg Municipal Bond Index (regulatory broad based index) - $12,713** | **Bloomberg Municipal Bond Short (1-5 Years) Index - $11,849** | **Lipper Short Municipal Debt Funds Index - $11,736** |
| **2/16** | $10000 | $10000 | $10000 | $10000 |
| **2/17** | $10000 | $10025 | $10035 | $10025 |
| **2/18** | $10127 | $10276 | $10090 | $10104 |
| **2/19** | $10361 | $10701 | $10342 | $10287 |
| **2/20** | $10693 | $11713 | $10735 | $10573 |
| **2/21** | $10830 | $11837 | $10908 | $10667 |
| **2/22** | $10770 | $11759 | $10769 | $10577 |
| **2/23** | $10544 | $11159 | $10606 | $10517 |
| **2/24** | $11001 | $11764 | $10991 | $10912 |
| **2/25** | $11470 | $12112 | $11356 | $11314 |
| **2/26** | $11976 | $12713 | $11849 | $11736 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of February 28, 2026)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Fund Shares | 4.41% | 2.03% | 1.82% |
| Bloomberg Municipal Bond Index | 4.96% | 1.44% | 2.43% |
| Bloomberg Municipal Bond Short (1-5 Years) Index | 4.35% | 1.67% | 1.71% |
| Lipper Short Municipal Debt Funds Index | 3.73% | 1.93% | 1.61% |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of February 28, 2026)

---

| | |
|:---|:---|
| Net Assets | $634252 |
| Number of Holdings | 345 |
| Investment Advisory Fees | $2065 |
| Portfolio Turnover | 31% |

---

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

# Top Industries\* (% of Net Assets)

# (as of February 28, 2026)
![Group By Industry Chart](i16eced2a1558e8af2c08b07c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Water | 3.1% |
| Transportation | 3.5% |
| Multifamily Housing | 3.8% |
| Education | 4.2% |
| Nursing Homes | 6.5% |
| Development | 9.9% |
| Pollution | 10.9% |
| Medical | 12.7% |
| General Obligation | 16.0% |
| General | 17.6% |

---

---

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

---

# Material Fund Changes
Effective July 1, 2025, the principal investment strategy was changed from having a dollar-weighted average portfolio maturity of four years or less to an effective duration that is not restricted but generally is expected to be within two years of the Fund's benchmark.

For more complete information, you may review the Fund's prospectus, issued July 1, 2025.

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i6921f3fdae3bf596471ef880.jpg)

USSTX — AR (2/26)

#### Victory Tax Exempt Short-Term Fund
![Image](i724fe99097fa0e7486185d4b.jpg)

Institutional Shares

Ticker: USTIX

Annual Shareholder Report — February 28, 2026

The annual shareholder report contains important information about Victory Tax Exempt Short-Term Fund (the "Fund") for the period of March 1, 2025 to February 28, 2026. 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. **This report describes changes to the Fund that occurred during the period.**

# What were the Fund's costs for the last year?
(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** |
| &nbsp;&nbsp;&nbsp;Institutional Shares | &nbsp;&nbsp;&nbsp;$52 | &nbsp;&nbsp;&nbsp;0.51% |

---

# What affected the Fund's performance during the last year?
Tax-exempt bonds delivered positive returns for the 12-month period ended February 28, 2026, as measured by the Bloomberg Municipal Bond Index.

In keeping with our investment approach, we continued to focus on income generation. The Fund's long-term income distribution, not its price appreciation, accounts for most of its total return.

Our commitment to independent credit research continued to help us identify attractive opportunities for the Fund. We employ fundamental analysis that emphasizes an issuer's ability and willingness to repay its debt. Through our credit research, we strive both to recognize relative value and to avoid potential pitfalls, which is especially important in volatile times like the present. As always, we worked with our in-house team of analysts to select investments for the Fund on a bond-by-bond basis. Our team continuously monitors all the holdings in the Fund's portfolio.

The Fund continues to hold a diversified portfolio of shorter-term, primarily investment- grade municipal bonds.

Top contributors to performance:

* Overweight allocation to gas forward sector. 

* Overweight allocation to the A and BBB rating categories and underweight to AAA.

* Interest rate effect as the Fund's overweight to 6-10 year bonds outperformed shorter-duration bonds during the period. 

Top detractors from performance:

* Security selection within the industrial development revenue and gas forward sectors.

* Security selection within the A and BBB rating categories.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i6921f3fdae3bf596471ef880.jpg)

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

# Growth of $1,000,000 Investment
![Growth of 10K Chart](if1cd5c2552486146fba97404.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Victory Tax Exempt Short-Term Fund Institutional Shares - $1,130,432** | **Bloomberg Municipal Bond Index (regulatory broad based index) - $1,096,557** | **Bloomberg Municipal Bond Short (1-5 Years) Index - $1,097,919** | **Lipper Short Municipal Debt Funds Index - $1,111,047** |
| **6/20<sup>Footnote Reference\*</sup>** | $1000000 | $1000000 | $1000000 | $1000000 |
| **2/21** | $1018919 | $1020951 | $1010731 | $1009804 |
| **2/22** | $1015182 | $1014217 | $997846 | $1001311 |
| **2/23** | $994090 | $962513 | $982766 | $995648 |
| **2/24** | $1037594 | $1014664 | $1018372 | $1033031 |
| **2/25** | $1082301 | $1044707 | $1052191 | $1071095 |
| **2/26** | $1130432 | $1096557 | $1097919 | $1111047 |

---

---

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

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of February 28, 2026)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | Since Inception |
| Institutional Shares | 4.45% | 2.10% | 2.19% |
| Bloomberg Municipal Bond Index | 4.96% | 1.44% | 1.64% |
| Bloomberg Municipal Bond Short (1-5 Years) Index | 4.35% | 1.67% | 1.66% |
| Lipper Short Municipal Debt Funds Index | 3.73% | 1.93% | 1.88% |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of February 28, 2026)

---

| | |
|:---|:---|
| Net Assets | $634252 |
| Number of Holdings | 345 |
| Investment Advisory Fees | $2065 |
| Portfolio Turnover | 31% |

---

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

# Top Industries\* (% of Net Assets)

# (as of February 28, 2026)
![Group By Industry Chart](i16eced2a1558e8af2c08b07c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Water | 3.1% |
| Transportation | 3.5% |
| Multifamily Housing | 3.8% |
| Education | 4.2% |
| Nursing Homes | 6.5% |
| Development | 9.9% |
| Pollution | 10.9% |
| Medical | 12.7% |
| General Obligation | 16.0% |
| General | 17.6% |

---

---

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

---

# Material Fund Changes
Effective July 1, 2025, the principal investment strategy was changed from having a dollar-weighted average portfolio maturity of four years or less to an effective duration that is not restricted but generally is expected to be within two years of the Fund's benchmark.

For more complete information, you may review the Fund's prospectus, issued July 1, 2025.

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i6921f3fdae3bf596471ef880.jpg)

USTIX — AR (2/26)

#### Victory Treasury Money Market Trust
![Image](i724fe99097fa0e7486185d4b.jpg)

Fund Shares

Ticker: UATXX

Annual Shareholder Report — February 28, 2026

The annual shareholder report contains important information about Victory Treasury Money Market Trust (the "Fund") for the period of March 1, 2025 to February 28, 2026. You can find additional information about the Fund at advisor.vcm.com/literature /mutual-fund-prospectuses. You may also request more information by calling 800-235-8396 or visiting vcm.com/contact-us.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment** |
| &nbsp;&nbsp;&nbsp;Fund Shares | &nbsp;&nbsp;&nbsp;$36 | &nbsp;&nbsp;&nbsp;0.35% |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of February 28, 2026)

# FUND STATISTICS

# ($ amounts in 000s)

# (as of February 28, 2026)

---

| | |
|:---|:---|
| Net Assets | $1052250 |
| Number of Holdings | 12 |
| Investment Advisory Fees | $1217 |
| 7 Day Net Yield | 3.31% |

---

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Fund Shares | 3.83% | 3.12% | 1.96% |

---

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i6921f3fdae3bf596471ef880.jpg)

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

# (as of February 28, 2026)
![Group By Asset Type Chart](ia5c5294e515d3b731632060c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. Treasury Obligations | 51.9% |
| Repurchase Agreements | 47.5% |

---

---

| | |
|:---|:---|
| ^ | 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](i6921f3fdae3bf596471ef880.jpg)

UATXX — AR (2/26)

#### Victory Virginia Bond Fund
![Image](i724fe99097fa0e7486185d4b.jpg)

Class A

Ticker: UVABX

Annual Shareholder Report — February 28, 2026

The annual shareholder report contains important information about Victory Virginia Bond Fund (the "Fund") for the period of March 1, 2025 to February 28, 2026. 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. **This report describes changes to the Fund that occurred during the period.**

# What were the Fund's costs for the last year?
(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** |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;$80 | &nbsp;&nbsp;&nbsp;0.79% |

---

# What affected the Fund's performance during the last year?
Tax-exempt bonds delivered positive returns for the 12-month period ended February 28, 2026, as measured by the Bloomberg Municipal Bond Index. In keeping with our investment approach, we continued to focus on income generation. The Fund's long-term income distribution, not its price appreciation, accounts for most of its total return.

Our commitment to independent credit research continued to help us identify attractive opportunities for the Fund. We employ fundamental analysis that emphasizes an issuer's ability and willingness to repay its debt. Through our credit research, we strive both to recognize relative value and to avoid potential pitfalls, which is especially important in volatile times like the present. As always, we worked with our in-house team of analysts to select investments for the Fund on a bond-by-bond basis. Our team continuously monitors all the holdings in the Fund's portfolio.

The Fund continues to hold a diversified portfolio of longer-term, primarily investment- grade municipal bonds.

Top contributors to performance:

* Overweight allocation to the continuing care retirement center ("CCRC") sector. 

* Security selection in the A rated category.

Top detractors from performance:

* Security selection in the CCRC sector. 

* Security selection in the AAA rating category.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i6921f3fdae3bf596471ef880.jpg)

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

# Growth of $10,000 Investment
![Growth of 10K Chart](i9181f17131d4255bfd6ebd2a.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Victory Virginia Bond Fund Class A @ NAV - $11,938** | **Victory Virginia Bond Fund Class A @ MOP - $11,674** | **Bloomberg Municipal Bond Index (regulatory broad based index) - $12,713** | **Lipper Virginia Municipal Debt Funds Index - $11,978** |
| **2/16** | $10000 | $9779 | $10000 | $10000 |
| **2/17** | $10051 | $9828 | $10025 | $10150 |
| **2/18** | $10276 | $10048 | $10276 | $10145 |
| **2/19** | $10580 | $10345 | $10701 | $10481 |
| **2/20** | $11389 | $11137 | $11713 | $11352 |
| **2/21** | $11483 | $11229 | $11837 | $11440 |
| **2/22** | $11439 | $11185 | $11759 | $11347 |
| **2/23** | $10631 | $10395 | $11159 | $10623 |
| **2/24** | $11218 | $10970 | $11764 | $11164 |
| **2/25** | $11571 | $11315 | $12112 | $11530 |
| **2/26** | $11938 | $11674 | $12713 | $11978 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of February 28, 2026)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Class A @ NAV | 3.17% | 0.78% | 1.79% |
| Class A @ MOP | 0.87% | 0.32% | 1.56% |
| Bloomberg Municipal Bond Index | 4.96% | 1.44% | 2.43% |
| Lipper Virginia Municipal Debt Funds Index | 3.89% | 0.92% | 1.82% |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of February 28, 2026)

---

| | |
|:---|:---|
| Net Assets | $473239 |
| Number of Holdings | 169 |
| Investment Advisory Fees | $1591 |
| Portfolio Turnover | 6% |

---

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

# Top Industries\* (% of Net Assets)

# (as of February 28, 2026)
![Group By Industry Chart](i928230694d3639d5a7102075.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Education | 1.8% |
| Facilities | 3.3% |
| Development | 4.0% |
| Airport | 4.3% |
| Multifamily Housing | 6.5% |
| Higher Education | 8.5% |
| Transportation | 9.1% |
| General Obligation | 14.5% |
| Nursing Homes | 15.2% |
| Medical | 19.7% |

---

---

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

---

# Material Fund Changes
Effective July 1, 2025, the principal investment strategy was changed from having a dollar-weighted average portfolio maturity of four years or less to an effective duration that is not restricted but generally is expected to be within three years of the Fund's benchmark.

For more complete information, you may review the Fund's prospectus, issued July 1, 2025.

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i6921f3fdae3bf596471ef880.jpg)

UVABX — AR (2/26)

#### Victory Virginia Bond Fund
![Image](i724fe99097fa0e7486185d4b.jpg)

Fund Shares

Ticker: USVAX

Annual Shareholder Report — February 28, 2026

The annual shareholder report contains important information about Victory Virginia Bond Fund (the "Fund") for the period of March 1, 2025 to February 28, 2026. 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. **This report describes changes to the Fund that occurred during the period.**

# What were the Fund's costs for the last year?
(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** |
| &nbsp;&nbsp;&nbsp;Fund Shares | &nbsp;&nbsp;&nbsp;$56 | &nbsp;&nbsp;&nbsp;0.55% |

---

# What affected the Fund's performance during the last year?
Tax-exempt bonds delivered positive returns for the 12-month period ended February 28, 2026, as measured by the Bloomberg Municipal Bond Index. In keeping with our investment approach, we continued to focus on income generation. The Fund's long-term income distribution, not its price appreciation, accounts for most of its total return.

Our commitment to independent credit research continued to help us identify attractive opportunities for the Fund. We employ fundamental analysis that emphasizes an issuer's ability and willingness to repay its debt. Through our credit research, we strive both to recognize relative value and to avoid potential pitfalls, which is especially important in volatile times like the present. As always, we worked with our in-house team of analysts to select investments for the Fund on a bond-by-bond basis. Our team continuously monitors all the holdings in the Fund's portfolio.

The Fund continues to hold a diversified portfolio of longer-term, primarily investment- grade municipal bonds.

Top contributors to performance:

* Overweight allocation to the continuing care retirement center ("CCRC") sector. 

* Security selection in the A rated category.

Top detractors from performance:

* Security selection in the CCRC sector. 

* Security selection in the AAA rating category.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i6921f3fdae3bf596471ef880.jpg)

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

# Growth of $10,000 Investment
![Growth of 10K Chart](i5aa125b14b65bab03419bfc0.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Victory Virginia Bond Fund, Fund Shares - $12,207** | **Bloomberg Municipal Bond Index (regulatory broad based index) - $12,713** | **Lipper Virginia Municipal Debt Funds Index - $11,978** |
| **2/16** | $10000 | $10000 | $10000 |
| **2/17** | $10066 | $10025 | $10150 |
| **2/18** | $10315 | $10276 | $10145 |
| **2/19** | $10651 | $10701 | $10481 |
| **2/20** | $11493 | $11713 | $11352 |
| **2/21** | $11609 | $11837 | $11440 |
| **2/22** | $11591 | $11759 | $11347 |
| **2/23** | $10808 | $11159 | $10623 |
| **2/24** | $11419 | $11764 | $11164 |
| **2/25** | $11815 | $12112 | $11530 |
| **2/26** | $12207 | $12713 | $11978 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of February 28, 2026)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Fund Shares | 3.32% | 1.01% | 2.01% |
| Bloomberg Municipal Bond Index | 4.96% | 1.44% | 2.43% |
| Lipper Virginia Municipal Debt Funds Index | 3.89% | 0.92% | 1.82% |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of February 28, 2026)

---

| | |
|:---|:---|
| Net Assets | $473239 |
| Number of Holdings | 169 |
| Investment Advisory Fees | $1591 |
| Portfolio Turnover | 6% |

---

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

# Top Industries\* (% of Net Assets)

# (as of February 28, 2026)
![Group By Industry Chart](i928230694d3639d5a7102075.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Education | 1.8% |
| Facilities | 3.3% |
| Development | 4.0% |
| Airport | 4.3% |
| Multifamily Housing | 6.5% |
| Higher Education | 8.5% |
| Transportation | 9.1% |
| General Obligation | 14.5% |
| Nursing Homes | 15.2% |
| Medical | 19.7% |

---

---

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

---

# Material Fund Changes
Effective July 1, 2025, the principal investment strategy was changed from having a dollar-weighted average portfolio maturity of four years or less to an effective duration that is not restricted but generally is expected to be within three years of the Fund's benchmark.

For more complete information, you may review the Fund's prospectus, issued July 1, 2025.

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i6921f3fdae3bf596471ef880.jpg)

USVAX — AR (2/26)

#### Victory Virginia Bond Fund
![Image](i724fe99097fa0e7486185d4b.jpg)

Institutional Shares

Ticker: UVAIX

Annual Shareholder Report — February 28, 2026

The annual shareholder report contains important information about Victory Virginia Bond Fund (the "Fund") for the period of March 1, 2025 to February 28, 2026. 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. **This report describes changes to the Fund that occurred during the period.**

# What were the Fund's costs for the last year?
(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** |
| &nbsp;&nbsp;&nbsp;Institutional Shares | &nbsp;&nbsp;&nbsp;$52 | &nbsp;&nbsp;&nbsp;0.51% |

---

# What affected the Fund's performance during the last year?
Tax-exempt bonds delivered positive returns for the 12-month period ended February 28, 2026, as measured by the Bloomberg Municipal Bond Index. In keeping with our investment approach, we continued to focus on income generation. The Fund's long-term income distribution, not its price appreciation, accounts for most of its total return.

Our commitment to independent credit research continued to help us identify attractive opportunities for the Fund. We employ fundamental analysis that emphasizes an issuer's ability and willingness to repay its debt. Through our credit research, we strive both to recognize relative value and to avoid potential pitfalls, which is especially important in volatile times like the present. As always, we worked with our in-house team of analysts to select investments for the Fund on a bond-by-bond basis. Our team continuously monitors all the holdings in the Fund's portfolio.

The Fund continues to hold a diversified portfolio of longer-term, primarily investment- grade municipal bonds.

Top contributors to performance:

* Overweight allocation to the continuing care retirement center ("CCRC") sector. 

* Security selection in the A rated category.

Top detractors from performance:

* Security selection in the CCRC sector. 

* Security selection in the AAA rating category.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i6921f3fdae3bf596471ef880.jpg)

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

# Growth of $1,000,000 Investment
![Growth of 10K Chart](i02833df639e58e7b5f4fe5ee.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Victory Virginia Bond Fund Institutional Shares - $1,080,923** | **Bloomberg Municipal Bond Index (regulatory broad based index) - $1,096,557** | **Lipper Virginia Municipal Debt Funds Index - $1,067,219** |
| **6/20<sup>Footnote Reference\*</sup>** | $1000000 | $1000000 | $1000000 |
| **2/21** | $1024814 | $1020951 | $1019273 |
| **2/22** | $1023569 | $1014217 | $1010961 |
| **2/23** | $954810 | $962513 | $946448 |
| **2/24** | $1010293 | $1014664 | $994673 |
| **2/25** | $1044887 | $1044707 | $1027278 |
| **2/26** | $1080923 | $1096557 | $1067219 |

---

---

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

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of February 28, 2026)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | Since Inception |
| Institutional Shares | 3.45% | 1.07% | 1.38% |
| Bloomberg Municipal Bond Index | 4.96% | 1.44% | 1.64% |
| Lipper Virginia Municipal Debt Funds Index | 3.89% | 0.92% | 1.15% |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of February 28, 2026)

---

| | |
|:---|:---|
| Net Assets | $473239 |
| Number of Holdings | 169 |
| Investment Advisory Fees | $1591 |
| Portfolio Turnover | 6% |

---

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

# Top Industries\* (% of Net Assets)

# (as of February 28, 2026)
![Group By Industry Chart](i928230694d3639d5a7102075.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Education | 1.8% |
| Facilities | 3.3% |
| Development | 4.0% |
| Airport | 4.3% |
| Multifamily Housing | 6.5% |
| Higher Education | 8.5% |
| Transportation | 9.1% |
| General Obligation | 14.5% |
| Nursing Homes | 15.2% |
| Medical | 19.7% |

---

---

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

---

# Material Fund Changes
Effective July 1, 2025, the principal investment strategy was changed from having a dollar-weighted average portfolio maturity of four years or less to an effective duration that is not restricted but generally is expected to be within three years of the Fund's benchmark.

For more complete information, you may review the Fund's prospectus, issued July 1, 2025.

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i6921f3fdae3bf596471ef880.jpg)

UVAIX — AR (2/26)

(b) Not applicable.

**Item 2. Code of Ethics.**

As of the end of the period covered by this report, the Registrant has adopted a code of ethics that applies to the Registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the Registrant or a third party (the "Code of Ethics"). During the period covered by this report, there were no amendments, nor did the Registrant grant any waivers, including any implicit waivers, from any provision of the Code of Ethics. The Code of Ethics is attached hereto as Exhibit 19(a)(1) of this Form.

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

The Registrant's Board of Trustees has determined that the Registrant has at least one "audit committee financial expert" (as defined in Item 3 of Form N-CSR) serving on its audit committee. *Dr. Barbara B. Ostdiek, Ph.D. and Dawn M. Hawley* are each an "audit committee financial expert" and is "independent" (as each term is defined in Item 3 of Form N-CSR).

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

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

(a) <u>Audit Fees.</u> Fees for audit services provided to the Registrant were $345,600 and $449,800 for the fiscal years ended February 28, 2026 and 2025, respectively.

(b) <u>Audit-Related Fees.</u> The aggregate fees billed in each of the last two fiscal years for audit-related services by the principal accountant that are reasonably related to the performance of the audit of the Registrant's financial statements and are not reported under paragraph (a) of this item were $0 and $0 for the fiscal years ended February 28, 2026 and 2025, respectively.

(c) <u>Tax Fees.</u> Fees for tax services, which consisted of foreign tax compliance and tax consulting services, were $95,400 and $90,571 for the fiscal years ended February 28, 2026 and 2025, respectively.

(d) <u>All Other Fees.</u> Fees for other services totaled $0 and $0 for the fiscal years ended February 28, 2026 and 2025, respectively.

(e) (1) The Registrant's Audit Committee has adopted Pre-Approval Policies and Procedures. The Audit Committee must pre-approve all audit services and non-audit services that the principal accountant provides to the Registrant. The Audit Committee must also pre-approve any engagement of the principal accountant to provide non-audit services to the Registrant's investment adviser, or any affiliate of the adviser that provides ongoing services to the Registrant, if such non-audit services directly impact the Registrant's operations and financial reporting.

&nbsp;&nbsp;&nbsp;&nbsp; (2) 100% of services described in items (b) were pre-approved by the Audit Committee pursuant to Rule 2 01(c)(7)(i)(c) of Regulation S-X.

(f) All of the work in connection with the audit of the Registrant during the years ended February 28, 2026 and 2025 was performed by full-time employees of the Registrant's principal accountant.

(g) The aggregate fees billed by the principal accountant for non-audit services to the Registrant, the Registrant's investment adviser and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Registrant were $45,000 and $136,147 for the years ended February 28, 2026 and 2025, respectively.

(h) The Registrant's Audit Committee has considered whether the provision of non-audit services that were rendered to the Registrant's investment adviser, and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal auditor's independence.

(i) Not applicable.

(j) Not applicable.

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

Not applicable.

**Item 6. Investments.**

(a) Not applicable.

(b) Not applicable.

**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

(a) February

28,

2026

Annual:

Full

Financials

Victory

Cornerstone

Aggressive

Fund

Victory

Cornerstone

Conservative

Fund

Victory

Cornerstone

Equity

Fund

Victory

Cornerstone

Moderate

Fund

Victory

Cornerstone

Moderately

Aggressive

Fund

Victory

Cornerstone

Moderately

Conservative

Fund

vcm.com

News,

Information

And

Education

Hours

A

Day,

Days

A

Week

The

Victory

Capital

website

gives

fund

shareholders,

prospective

shareholders,

and

investment

professionals

a

convenient

way

to

access

fund

information,

get

guidance,

and

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fund

performance

anywhere

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can

access

the

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The

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includes:

Detailed

performance

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Daily

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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

Cornerstone

Aggressive

Fund

#### 2
Victory

Cornerstone

Conservative

Fund

#### 9
Victory

Cornerstone

Equity

Fund

#### 10
Victory

Cornerstone

Moderate

Fund

#### 11
Victory

Cornerstone

Moderately

Aggressive

Fund

#### 15
Victory

Cornerstone

Moderately

Conservative

Fund

#### 23

#### Financial

#### Statements

#### (Form

#### N-CSR

#### Item

#### 7)
Statements

of

Assets

and

Liabilities

#### 26
Statements

of

Operations

#### 28
Statements

of

Changes

in

Net

Assets

#### 30
Financial

Highlights

#### 32

#### Notes

#### to

#### Financial

#### Statements

#### (Form

#### N-CSR

#### Item

#### 7)

#### 38

#### Report

#### of

#### Independent

#### Registered

#### Public

#### Accounting

#### Firm

#### (Form

#### N-CSR

#### Item

#### 7)

#### 52

#### Supplemental

#### Information
(Unaudited)

Additional

Federal

Income

Tax

Information

#### 53
Advisory

Contract

Approval

(Form

N-CSR

Item

11)

#### 54
Schedule

of

Portfolio

Investments

February

28,

2026

Victory

Portfolios

III

#### Victory

#### Cornerstone

#### Aggressive

#### Fund

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Common

Stocks

(33.9%)

Communication

Services

(2.8%):

Alphabet,

Inc.

,

Class

A

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

26,513

$

8,266

Alphabet,

Inc.

,

Class

C

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

2,444

761

Cable

One,

Inc.

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

Cargurus,

Inc.

,

Class

A

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

1,620

Comcast

Corp.

,

Class

A

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

19,716

610

IDT

Corp.

,

Class

B

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

1,396

Meta

Platforms,

Inc.

,

Class

A

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

Millicom

International

Cellular

SA

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

4,630

Nexxen

International

Ltd.

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

6,182

Playtika

Holding

Corp.

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

7,266

The

New

York

Times

Co.

,

Class

A

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

8,250

658

Verizon

Communications,

Inc.

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

30,378

1,523

Versant

Media

Group,

Inc.

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

788

Yelp,

Inc.

,

Class

A

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

4,746

Ziff

Davis,

Inc.

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

2,481

12,880

Consumer

Discretionary

(2.8%):

Academy

Sports

&

Outdoors,

Inc.

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

1,747

Amazon.com,

Inc.

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

4,823

1,013

American

Eagle

Outfitters,

Inc.

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

1,697

Aptiv

PLC

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

8,062

593

Asbury

Automotive

Group,

Inc.

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

Booking

Holdings,

Inc.

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

1,009

BorgWarner,

Inc.

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

8,184

Brinker

International,

Inc.

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

583

Build-A-Bear

Workshop,

Inc.

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

1,615

Cricut,

Inc.

,

Class

A

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

7,343

eBay,

Inc.

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

8,287

753

Expedia

Group,

Inc.

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

4,019

867

Frontdoor,

Inc.

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

1,611

Garrett

Motion,

Inc.

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

5,005

General

Motors

Co.

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

14,329

1,128

G-III

Apparel

Group

Ltd.

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

2,207

Group

Automotive,

Inc.

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

Hamilton

Beach

Brands

Holding

Co.

,

Class

A

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

730

Installed

Building

Products,

Inc.

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

KB

Home

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

1,325

Kohl's

Corp.

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

4,751

Kontoor

Brands,

Inc.

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

537

Las

Vegas

Sands

Corp.

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

14,077

798

Lowe's

Cos.,

Inc.

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

Lululemon

Athletica,

Inc.

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

Monarch

Casino

&

Resort,

Inc.

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

791

PulteGroup,

Inc.

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

5,829

800

Ralph

Lauren

Corp.

,

Class

A

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

2,234

810

Signet

Jewelers

Ltd.

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

1,547

Tapestry,

Inc.

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

5,615

873

Taylor

Morrison

Home

Corp.

,

Class

A

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

1,721

The

Buckle,

Inc.

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

2,109

The

TJX

Cos.,

Inc.

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

5,441

880

Toll

Brothers,

Inc.

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

1,743

Tri

Pointe

Homes,

Inc.

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

2,576

Ulta

Beauty,

Inc.

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

1,358

930

Winmark

Corp.

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

Winnebago

Industries,

Inc.

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

646

13,011

Consumer

Staples

(2.1%):

Altria

Group,

Inc.

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

18,343

1,266

Cal-Maine

Foods,

Inc.

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

1,295

Coca-Cola

Consolidated,

Inc.

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

3,106

629

Victory

Portfolios

III

#### Victory

#### Cornerstone

#### Aggressive

#### Fund

Schedule

of

Portfolio

Investments

—

continued

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Dole

PLC

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

2,230

$

Dollar

General

Corp.

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

6,239

975

Edgewell

Personal

Care

Co.

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

3,259

Ingredion,

Inc.

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

2,525

Interparfums,

Inc.

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

586

Monster

Beverage

Corp.

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

9,536

813

Niagen

Bioscience,

Inc.

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

11,267

Philip

Morris

International,

Inc.

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

7,637

1,427

Sprouts

Farmers

Market,

Inc.

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

Sysco

Corp.

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

10,948

998

The

Kroger

Co.

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

2,507

U.S.

Foods

Holding

Corp.

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

8,397

811

Walmart,

Inc.

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

14,832

1,898

9,644

Energy

(0.8%):

Cactus,

Inc.

,

Class

A

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

1,478

Core

Natural

Resources,

Inc.

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

Coterra

Energy,

Inc.

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

1,086

Diversified

Energy

Co.

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

4,909

EOG

Resources,

Inc.

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

7,043

874

Halliburton

Co.

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

20,841

750

Magnolia

Oil

&

Gas

Corp.

,

Class

A

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

2,977

Marathon

Petroleum

Corp.

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

504

Matador

Resources

Co.

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

1,267

Murphy

Oil

Corp.

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

2,084

Ranger

Energy

Services,

Inc.

,

Class

A

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

2,093

Scorpio

Tankers,

Inc.

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

1,801

SM

Energy

Co.

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

4,076

TechnipFMC

PLC

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

15,418

1,022

Teekay

Corp.

Ltd.

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

2,848

Teekay

Tankers

Ltd.

,

Class

A

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

1,784

Tidewater,

Inc.

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

1,426

3,741

Financials

(5.2%):

Acadian

Asset

Management,

Inc.

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

2,090

Affiliated

Managers

Group,

Inc.

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

1,449

Amalgamated

Financial

Corp.

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

3,430

American

Express

Co.

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

2,620

809

Ameriprise

Financial,

Inc.

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

2,361

1,110

Apollo

Commercial

Real

Estate

Finance,

Inc.

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

2,571

Artisan

Partners

Asset

Management,

Inc.

,

Class

A

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

2,722

Atlanticus

Holdings

Corp.

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

Axis

Capital

Holdings

Ltd.

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

1,584

BancFirst

Corp.

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

711

Bread

Financial

Holdings,

Inc.

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

1,657

Capital

One

Financial

Corp.

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

3,964

776

Cathay

General

Bancorp

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

1,990

Cincinnati

Financial

Corp.

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

3,730

612

Coastal

Financial

Corp.

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

1,088

Cohen

&

Steers,

Inc.

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

950

Dime

Community

Bancshares,

Inc.

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

1,464

Donnelley

Financial

Solutions,

Inc.

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

660

Enova

International,

Inc.

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

1,081

Essent

Group

Ltd.

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

1,895

F&G

Annuities

&

Life,

Inc.

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

643

Fidelity

National

Financial,

Inc.

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

4,982

First

Bancorp

Puerto

Rico

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

6,378

First

Financial

Bancorp

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

2,251

Franklin

BSP

Realty

Trust,

Inc.

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

2,961

Hamilton

Insurance

Group

Ltd.

,

Class

B

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

3,719

Hancock

Whitney

Corp.

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

1,007

Interactive

Brokers

Group,

Inc.

,

Class

A

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

13,798

982

Victory

Portfolios

III

#### Victory

#### Cornerstone

#### Aggressive

#### Fund

Schedule

of

Portfolio

Investments

—

continued

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) International

Bancshares

Corp.

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

1,982

$

Jackson

Financial,

Inc.

,

Class

A

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

1,100

JPMorgan

Chase

&

Co.

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

8,769

2,633

Ladder

Capital

Corp.

,

Class

A

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

3,254

Live

Oak

Bancshares,

Inc.

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

1,338

MFA

Financial,

Inc.

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

2,413

Northeast

Community

Bancorp,

Inc.

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

1,163

NU

Holdings

Ltd.

,

Class

A

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

42,740

640

OFG

Bancorp

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

2,846

Old

Second

Bancorp,

Inc.

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

3,198

PayPal

Holdings,

Inc.

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

22,740

1,051

PJT

Partners,

Inc.

,

Class

A

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

744

Popular,

Inc.

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

4,554

616

Skyward

Specialty

Insurance

Group,

Inc.

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

2,880

Synchrony

Financial

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

15,000

1,037

The

Allstate

Corp.

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

7,601

1,631

The

Bancorp,

Inc.

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

1,767

The

Bank

of

New

York

Mellon

Corp.

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

1,974

The

Bank

of

NT

Butterfield

&

Son

Ltd.

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

2,142

The

Charles

Schwab

Corp.

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

9,677

921

The

Goldman

Sachs

Group,

Inc.

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

1,791

1,540

The

Hartford

Insurance

Group,

Inc.

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

6,441

907

The

PNC

Financial

Services

Group,

Inc.

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

5,631

1,196

The

Progressive

Corp.

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

4,423

945

The

Travelers

Cos.,

Inc.

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

2,979

919

Universal

Insurance

Holdings,

Inc.

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

3,865

W.R.

Berkley

Corp.

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

712

Wells

Fargo

&

Co.

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

16,769

1,366

World

Acceptance

Corp.

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

635

23,697

Health

Care

(3.9%):

AbbVie,

Inc.

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

7,903

1,834

ACADIA

Pharmaceuticals,

Inc.

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

AdaptHealth

Corp.

,

Class

A

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

7,392

AnaptysBio,

Inc.

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

Annexon,

Inc.

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

3,561

Arcutis

Biotherapeutics,

Inc.

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

1,671

Arrowhead

Pharmaceuticals,

Inc.

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

1,079

Avanos

Medical,

Inc.

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

2,848

Beam

Therapeutics,

Inc.

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

795

Bridgebio

Pharma,

Inc.

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

1,280

Bristol-Myers

Squibb

Co.

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

17,322

1,080

Cardinal

Health,

Inc.

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

5,111

1,172

Celcuity,

Inc.

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

Celldex

Therapeutics,

Inc.

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

778

Cencora,

Inc.

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

2,746

1,022

Cogent

Biosciences,

Inc.

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

1,430

Corcept

Therapeutics,

Inc.

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

549

CorVel

Corp.

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

1,519

Crinetics

Pharmaceuticals,

Inc.

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

807

CVS

Health

Corp.

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

11,490

918

Dianthus

Therapeutics,

Inc.

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

Erasca,

Inc.

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

2,123

Exelixis,

Inc.

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

16,093

709

Gilead

Sciences,

Inc.

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

8,321

1,239

GRAIL,

Inc.

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

Harmony

Biosciences

Holdings,

Inc.

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

1,983

Immunome,

Inc.

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

1,436

Inhibrx

Biosciences,

Inc.

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

Innoviva,

Inc.

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

3,134

Insmed,

Inc.

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

Integra

LifeSciences

Holdings

Corp.

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

7,365

Intellia

Therapeutics,

Inc.

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

1,492

Victory

Portfolios

III

#### Victory

#### Cornerstone

#### Aggressive

#### Fund

Schedule

of

Portfolio

Investments

—

continued

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) iRadimed

Corp.

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

897

$

Johnson

&

Johnson

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

8,491

2,109

Kodiak

Sciences,

Inc.

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

1,077

Kymera

Therapeutics,

Inc.

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

540

Lantheus

Holdings,

Inc.

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

1,427

Madrigal

Pharmaceuticals,

Inc.

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

McKesson

Corp.

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

1,381

1,364

Merck

&

Co.,

Inc.

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

13,577

1,681

Mineralys

Therapeutics,

Inc.

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

1,026

Mirum

Pharmaceuticals,

Inc.

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

Monte

Rosa

Therapeutics,

Inc.

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

978

Novavax,

Inc.

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

Nurix

Therapeutics,

Inc.

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

1,667

Olema

Pharmaceuticals,

Inc.

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

945

Option

Care

Health,

Inc.

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

2,928

Pacira

BioSciences,

Inc.

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

3,706

Palvella

Therapeutics,

Inc.

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

Pediatrix

Medical

Group,

Inc.

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

3,969

Praxis

Precision

Medicines,

Inc.

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

Precigen,

Inc.

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

6,402

Progyny,

Inc.

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

4,241

Protagonist

Therapeutics,

Inc.

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

PTC

Therapeutics,

Inc.

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

Relay

Therapeutics,

Inc.

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

2,655

Rhythm

Pharmaceuticals,

Inc.

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

514

Royalty

Pharma

PLC

,

Class

A

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

19,144

885

Scholar

Rock

Holding

Corp.

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

532

SIGA

Technologies,

Inc.

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

14,275

Stoke

Therapeutics,

Inc.

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

1,061

Syndax

Pharmaceuticals,

Inc.

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

1,127

Tango

Therapeutics,

Inc.

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

1,646

Taysha

Gene

Therapies,

Inc.

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

6,613

Tenet

Healthcare

Corp.

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

3,610

864

The

Cigna

Group

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

636

Travere

Therapeutics,

Inc.

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

708

Universal

Health

Services,

Inc.

,

Class

B

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

1,406

Upstream

Bio,

Inc.

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

900

Vera

Therapeutics,

Inc.

,

Class

A

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

568

Viridian

Therapeutics,

Inc.

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

932

17,740

Industrials

(3.4%):

ACCO

Brands

Corp.

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

15,832

Allison

Transmission

Holdings,

Inc.

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

2,197

Apogee

Enterprises,

Inc.

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

1,538

Applied

Industrial

Technologies,

Inc.

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

Argan,

Inc.

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

Atkore,

Inc.

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

1,508

Automatic

Data

Processing,

Inc.

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

3,908

838

Boise

Cascade

Co.

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

617

Caterpillar,

Inc.

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

1,386

1,030

Columbus

McKinnon

Corp.

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

3,395

Comfort

Systems

USA,

Inc.

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

837

1,196

Costamare,

Inc.

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

3,387

Cummins,

Inc.

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

1,772

1,035

Delta

Air

Lines,

Inc.

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

16,136

1,060

Deluxe

Corp.

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

4,489

DNOW,

Inc.

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

6,458

EMCOR

Group,

Inc.

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

1,302

943

Exponent,

Inc.

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

1,130

Ferguson

Enterprises,

Inc.

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

2,806

732

GE

Vernova,

Inc.

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

1,580

1,380

Griffon

Corp.

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

1,176

Huron

Consulting

Group,

Inc.

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

601

Victory

Portfolios

III

#### Victory

#### Cornerstone

#### Aggressive

#### Fund

Schedule

of

Portfolio

Investments

—

continued

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Janus

International

Group,

Inc.

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

9,192

$

Kforce,

Inc.

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

2,428

Korn

Ferry

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

1,040

Legalzoom.com,

Inc.

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

11,987

Leidos

Holdings,

Inc.

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

5,519

966

Liquidity

Services,

Inc.

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

3,014

Lockheed

Martin

Corp.

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

1,677

1,104

Masterbrand,

Inc.

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

3,172

Matson,

Inc.

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

Maximus,

Inc.

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

1,154

Mueller

Industries,

Inc.

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

6,575

776

Power

Solutions

International,

Inc.

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

1,205

Resideo

Technologies,

Inc.

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

1,120

SkyWest,

Inc.

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

686

Sterling

Infrastructure,

Inc.

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

Terex

Corp.

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

2,441

TriNet

Group,

Inc.

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

2,297

Uber

Technologies,

Inc.

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

15,624

1,178

United

Airlines

Holdings,

Inc.

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

8,737

929

Wabash

National

Corp.

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

2,513

15,773

Information

Technology

(10.8%):

A10

Networks,

Inc.

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

2,486

Adeia,

Inc.

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

6,522

Adobe,

Inc.

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

3,900

1,023

Amphenol

Corp.

,

Class

A

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

8,288

1,211

Apple,

Inc.

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

40,232

10,628

Arista

Networks,

Inc.

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

7,012

936

ASGN,

Inc.

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

1,846

Belden,

Inc.

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

559

Benchmark

Electronics,

Inc.

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

996

Box,

Inc.

,

Class

A

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

3,666

Cisco

Systems,

Inc.

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

18,761

1,491

Clear

Secure,

Inc.

,

Class

A

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

3,220

Cognizant

Technology

Solutions

Corp.

,

Class

A

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

10,895

702

Commvault

Systems,

Inc.

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

1,192

Consensus

Cloud

Solutions,

Inc.

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

2,693

Diodes,

Inc.

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

1,928

Dropbox,

Inc.

,

Class

A

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

36,823

920

Extreme

Networks,

Inc.

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

5,943

Flex

Ltd.

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

10,315

650

Gen

Digital,

Inc.

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

1,432

GoDaddy,

Inc.

,

Class

A

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

8,530

743

Insight

Enterprises,

Inc.

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

1,181

InterDigital,

Inc.

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

International

Business

Machines

Corp.

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

4,737

1,138

Jabil,

Inc.

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

3,084

817

KLA

Corp.

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

705

1,075

Knowles

Corp.

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

2,141

Kulicke

&

Soffa

Industries,

Inc.

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

798

Lam

Research

Corp.

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

6,626

1,550

LiveRamp

Holdings,

Inc.

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

3,058

Microsoft

Corp.

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

21,799

8,561

Napco

Security

Technologies,

Inc.

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

1,785

NetApp,

Inc.

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

7,141

707

NetScout

Systems,

Inc.

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

3,279

NVIDIA

Corp.

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

65,494

11,605

PagerDuty,

Inc.

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

11,586

Palantir

Technologies,

Inc.

,

Class

A

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

11,067

1,518

Photronics,

Inc.

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

3,836

QUALCOMM,

Inc.

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

7,789

1,109

Qualys,

Inc.

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

776

Salesforce,

Inc.

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

5,382

1,048

Victory

Portfolios

III

#### Victory

#### Cornerstone

#### Aggressive

#### Fund

Schedule

of

Portfolio

Investments

—

continued

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Sanmina

Corp.

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

$

ScanSource,

Inc.

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

1,924

VeriSign,

Inc.

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

Vishay

Intertechnology,

Inc.

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

2,273

Zoom

Communications,

Inc.

,

Class

A

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

778

49,770

Materials

(1.2%):

AdvanSix,

Inc.

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

3,516

Cabot

Corp.

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

940

CF

Industries

Holdings,

Inc.

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

8,733

869

Commercial

Metals

Co.

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

1,014

CRH

PLC

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

7,009

841

Hawkins,

Inc.

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

770

Newmont

Corp.

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

10,503

1,365

Nucor

Corp.

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

3,899

690

O-I

Glass,

Inc.

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

6,030

Reliance,

Inc.

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

Steel

Dynamics,

Inc.

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

4,148

801

SunCoke

Energy,

Inc.

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

9,456

Sylvamo

Corp.

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

1,272

United

States

Lime

&

Minerals,

Inc.

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

604

5,278

Real

Estate

(0.2%):

Acadia

Realty

Trust

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

1,301

American

Healthcare

REIT,

Inc.

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

1,927

Apple

Hospitality

REIT,

Inc.

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

2,447

Broadstone

Net

Lease,

Inc.

,

Class

A

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

2,662

CareTrust

REIT,

Inc.

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

1,951

Compass,

Inc.

,

Class

A

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

5,381

Cushman

&

Wakefield

Ltd.

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

2,282

Diversified

Healthcare

Trust

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

5,712

Douglas

Emmett,

Inc.

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

1,533

Essential

Properties

Realty

Trust,

Inc.

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

1,141

National

Health

Investors,

Inc.

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

Newmark

Group,

Inc.

,

Class

A

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

2,351

Phillips

Edison

&

Co.,

Inc.

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

747

Ryman

Hospitality

Properties,

Inc.

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

Sabra

Health

Care

REIT,

Inc.

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

2,173

SL

Green

Realty

Corp.

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

588

Tanger,

Inc.

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

803

Terreno

Realty

Corp.

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

583

The

Macerich

Co.

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

2,734

Urban

Edge

Properties

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

1,674

826

Utilities

(0.7%):

Avista

Corp.

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

2,344

Black

Hills

Corp.

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

2,147

Consolidated

Water

Co.

Ltd.

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

770

Edison

International

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

11,239

840

Genie

Energy

Ltd.

,

Class

B

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

2,560

Hallador

Energy

Co.

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

4,483

MGE

Energy,

Inc.

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

National

Fuel

Gas

Co.

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

2,559

NRG

Energy,

Inc.

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

5,500

984

Spire,

Inc.

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

895

Talen

Energy

Corp.

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

1,993

739

Unitil

Corp.

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

670

3,331

Total

Common

Stocks

(Cost

$116,749)

a

a

a

155,691

Victory

Portfolios

III

#### Victory

#### Cornerstone

#### Aggressive

#### Fund

Schedule

of

Portfolio

Investments

—

continued

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Exchange-Traded

Funds

(43.5%)

Invesco

DB

Commodity

Index

Tracking

Fund

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

45,600

$

1,145

Invesco

RAFI

Emerging

Markets

ETF

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

202,529

5,774

iShares

Core

MSCI

EAFE

ETF

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

74,183

7,294

iShares

Core

S&P

500

ETF

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

34,390

23,708

iShares

Core

S&P

Small-Cap

ETF

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

44,955

5,831

iShares

Core

U.S.

Aggregate

Bond

ETF

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

44,516

4,514

iShares

Core

Universal

USD

Bond

ETF

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

113,521

5,358

iShares

MSCI

Canada

ETF

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

42,924

2,489

iShares

MSCI

Europe

Financials

ETF

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

166,832

6,291

iShares

MSCI

International

Momentum

Factor

ETF

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

37,162

1,959

iShares

MSCI

International

Quality

Factor

ETF

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

47,701

2,370

iShares

MSCI

Japan

ETF

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

38,698

3,575

iShares

Russell

1000

Growth

ETF

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

8,663

3,900

iShares

Russell

1000

Value

ETF

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

17,701

3,992

JPMorgan

BetaBuilders

Canada

ETF

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

24,978

2,488

Schwab

Fundamental

Emerging

Markets

Equity

ETF

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

276,770

11,154

Schwab

Fundamental

International

Equity

ETF

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

499,928

26,376

Schwab

Fundamental

International

Small

Equity

ETF

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

35,056

1,771

SPDR

Gold

Shares

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

5,907

2,858

SPDR

S&P

Emerging

Markets

SmallCap

ETF

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

14,790

1,036

State

Street

Real

Estate

Select

Sector

SPDR

ETF

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

65,384

2,866

Vanguard

FTSE

All-World

ex-US

ETF

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

78,049

6,386

Vanguard

FTSE

Developed

Markets

ETF

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

377,210

26,495

Vanguard

FTSE

Emerging

Markets

ETF

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

220,674

12,821

Vanguard

FTSE

Europe

ETF

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

75,305

6,790

Vanguard

Real

Estate

ETF

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

9,925

950

Vanguard

Total

Bond

Market

ETF

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

107,794

8,103

Vanguard

Total

Stock

Market

ETF

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

34,738

11,768

Total

Exchange-Traded

Funds

(Cost

$141,883)

a

a

a

200,062

Affiliated

Exchange-Traded

Funds

(22.3%)

VictoryShares

Core

Intermediate

Bond

ETF

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

548,471

26,338

VictoryShares

Core

Plus

Bond

ETF

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

1,009,438

22,460

VictoryShares

Emerging

Markets

Value

Momentum

ETF

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

93,130

5,667

VictoryShares

Free

Cash

Flow

Growth

ETF

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

770,818

21,340

VictoryShares

International

Free

Cash

Flow

ETF

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

378,165

12,065

VictoryShares

International

Free

Cash

Flow

Growth

ETF

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

304,328

9,372

VictoryShares

Short-Term

Bond

ETF

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

103,145

5,271

Total

Affiliated

Exchange-Traded

Funds

(Cost

$97,600)

a

a

a

102,513

Collateral

for

Securities

Loaned

(0.9%)^

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares

,

.59

%

(c) ........

1,031,907

1,032

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares

,

.60

%

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

256,671

Invesco

Government

&

Agency

Portfolio,

Institutional

Shares

,

.60

%

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

1,031,907

1,032

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares

,

.59

%

(c) .

1,807,143

1,807

Total

Collateral

for

Securities

Loaned

(Cost

$4,128)

a

a

a

4,128

Total

Investments

(Cost

$360,360)

—

100.6%

462,394

Liabilities

in

excess

of

other

assets

— (0.6)%

(2,598)

NET

ASSETS

-

100.00%

$

459,796

At

February

28,

2026,

the

Fund's

investments

in

foreign

securities

were

28.3%

of

net

assets.

^

Purchased

with

cash

collateral

from

securities

on

loan.

(a) Non-income

producing

security.

(b) All

or

a

portion

of

this

security

is

on

loan.

(c) Rate

disclosed

is

the

daily

yield

on

February

28,

2026. ETF

—

Exchange-Traded

Fund

PLC

—

Public

Limited

Company

REIT

—

Real

Estate

Investment

Trust

Schedule

of

Portfolio

Investments

February

28,

2026

Victory

Portfolios

III

#### Victory

#### Cornerstone

#### Conservative

#### Fund

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Affiliated

Exchange-Traded

Funds

(36.5%)

VictoryShares

Core

Intermediate

Bond

ETF

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

562,145

$

26,994

VictoryShares

Emerging

Markets

Value

Momentum

ETF

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

55,618

3,385

VictoryShares

Free

Cash

Flow

ETF

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

90,000

3,643

VictoryShares

Free

Cash

Flow

Growth

ETF

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

90,000

2,492

VictoryShares

International

Value

Momentum

ETF

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

93,597

6,921

VictoryShares

Pioneer

Asset-Based

Income

ETF

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

140,000

3,510

VictoryShares

Short-Term

Bond

ETF

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

649,270

33,178

VictoryShares

Small

Cap

Free

Cash

Flow

ETF

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

44,000

1,336

VictoryShares

US

Small

Mid

Cap

Value

Momentum

ETF

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

18,550

1,831

VictoryShares

US

Value

Momentum

ETF

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

35,995

3,591

VictoryShares

WestEnd

U.S.

Sector

ETF

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

102,587

4,849

Total

Affiliated

Exchange-Traded

Funds

(Cost

$82,909)

a

a

a

91,730

Affiliated

Mutual

Funds

(62.7%)

Victory

500

Index

Fund,

Reward

Shares

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

137,581

11,445

Victory

Core

Plus

Bond

Fund,

Institutional

Shares

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

6,098,881

57,329

Victory

Emerging

Markets

Fund,

Institutional

Shares

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

Victory

Government

Securities

Fund,

Institutional

Shares

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

3,160,318

28,790

Victory

High

Income

Fund,

Institutional

Shares

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

1,510,312

10,451

Victory

Income

Fund,

Institutional

Shares

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

1,540,013

18,265

Victory

Income

Stock

Fund,

Institutional

Shares

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

99,364

1,952

Victory

International

Fund,

Institutional

Shares

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

246,893

8,417

Victory

Market

Neutral

Income

Fund,

Class

I

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

1,556,231

14,053

Victory

Index

Fund,

Class

R6

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

77,257

4,624

Victory

Precious

Metals

and

Minerals

Fund,

Institutional

Shares

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

29,235

1,923

Total

Affiliated

Mutual

Funds

(Cost

$152,483)

a

a

a

157,256

Collateral

for

Securities

Loaned

(0.0%)^(b)

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares

,

.59

%

(c) ........

7,669

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares

,

.60

%

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

7,650

Invesco

Government

&

Agency

Portfolio,

Institutional

Shares

,

.60

%

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

7,669

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares

,

.59

%

(c) .

7,688

Total

Collateral

for

Securities

Loaned

(Cost

$31)

a

a

a

Total

Investments

(Cost

$235,423)

—

99.2%

249,017

Other

assets

in

excess

of

liabilities

— 0.8%

2,017

NET

ASSETS

-

100.00%

$

251,034

At

February

28,

2026,

the

foreign

securities

held

by

the

underlying

Funds

were

13.8%

of

net

assets.

^

Purchased

with

cash

collateral

from

securities

on

loan.

(a) All

or

a

portion

of

this

security

is

on

loan.

(b) Amount

represents

less

than

0.05%

of

net

assets.

(c) Rate

disclosed

is

the

daily

yield

on

February

28,

2026. ETF

—

Exchange-Traded

Fund

Schedule

of

Portfolio

Investments

February

28,

2026

Victory

Portfolios

III

#### Victory

#### Cornerstone

#### Equity

#### Fund

*See* 

*notes* 

*to* 

*financial* 

*statements.*

l

Security

Description

Shares

a

Value

(000) Affiliated

Exchange-Traded

Funds

(45.9%)

VictoryShares

Emerging

Markets

Value

Momentum

ETF

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

320,458

$

19,500

VictoryShares

Free

Cash

Flow

ETF

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

521,092

21,094

VictoryShares

Free

Cash

Flow

Growth

ETF

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

757,968

20,984

VictoryShares

International

Value

Momentum

ETF

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

357,611

26,444

VictoryShares

Small

Cap

Free

Cash

Flow

ETF

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

186,062

5,649

VictoryShares

US

Small

Mid

Cap

Value

Momentum

ETF

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

125,594

12,399

VictoryShares

US

Value

Momentum

ETF

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

164,156

16,378

VictoryShares

WestEnd

U.S.

Sector

ETF

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

617,787

29,201

Total

Affiliated

Exchange-Traded

Funds

(Cost

$106,964)

a

a

a

151,649

Affiliated

Mutual

Funds

(53.6%)

Victory

500

Index

Fund,

Reward

Shares

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

728,100

60,571

Victory

Emerging

Markets

Fund,

Institutional

Shares

.............................

405,581

11,770

Victory

Income

Stock

Fund,

Institutional

Shares

.................................

744,933

14,638

Victory

International

Fund,

Institutional

Shares

..................................

1,028,616

35,066

Victory

Index

Fund,

Class

R6

.....................................

431,287

25,812

Victory

Pioneer

International

Equity

Fund,

Class

Y

...............................

724,242

27,224

Victory

Precious

Metals

and

Minerals

Fund,

Institutional

Shares

.....................

35,474

2,333

Total

Affiliated

Mutual

Funds

(Cost

$112,116)

a

a

a

177,414

Collateral

for

Securities

Loaned

(0.1%)^

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares

,

.59

%

(b) ........

63,906

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares

,

.60

%

(b) ............

63,750

Invesco

Government

&

Agency

Portfolio,

Institutional

Shares

,

.60

%

(b) ...............

63,906

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares

,

.59

%

(b) .

64,063

Total

Collateral

for

Securities

Loaned

(Cost

$256)

a

a

a

Total

Investments

(Cost

$219,336)

—

99.6%

329,319

Other

assets

in

excess

of

liabilities

— 0.4%

1,172

NET

ASSETS

-

100.00%

$

330,491

At

February

28,

2026,

the

foreign

securities

held

by

the

underlying

Funds

were

37.0%

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

February

28,

2026. ETF

—

Exchange-Traded

Fund

Schedule

of

Portfolio

Investments

February

28,

2026

Victory

Portfolios

III

#### Victory

#### Cornerstone

#### Moderate

#### Fund

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Common

Stocks

(19.9%)

Communication

Services

(1.8%):

Alphabet,

Inc.

,

Class

A

...................................................

46,445

$

14,480

Alphabet,

Inc.

,

Class

C

...................................................

4,282

1,334

Comcast

Corp.

,

Class

A

..................................................

34,512

1,068

Meta

Platforms,

Inc.

,

Class

A

..............................................

867

562

Millicom

International

Cellular

SA

..........................................

8,111

591

The

New

York

Times

Co.

,

Class

A

...........................................

14,452

1,153

Verizon

Communications,

Inc.

..............................................

53,217

2,668

21,856

Consumer

Discretionary

(1.6%):

Amazon.com,

Inc.

(a) ....................................................

8,450

1,775

Aptiv

PLC

(a) ..........................................................

14,123

1,039

Booking

Holdings,

Inc.

...................................................

1,772

BorgWarner,

Inc.

.......................................................

14,337

825

eBay,

Inc.

............................................................

14,517

1,319

Expedia

Group,

Inc.

.....................................................

7,155

1,543

General

Motors

Co.

.....................................................

25,102

1,976

Las

Vegas

Sands

Corp.

...................................................

24,660

1,399

Lowe's

Cos.,

Inc.

.......................................................

561

Lululemon

Athletica,

Inc.

(a) ...............................................

PulteGroup,

Inc.

........................................................

10,212

1,401

Ralph

Lauren

Corp.

,

Class

A

...............................................

3,914

1,419

Tapestry,

Inc.

..........................................................

9,836

1,529

The

TJX

Cos.,

Inc.

......................................................

9,532

1,541

Toll

Brothers,

Inc.

......................................................

3,053

Ulta

Beauty,

Inc.

(a) .....................................................

2,378

1,629

19,860

Consumer

Staples

(1.3%):

Altria

Group,

Inc.

.......................................................

32,133

2,219

Coca-Cola

Consolidated,

Inc.

..............................................

5,442

1,101

Dollar

General

Corp.

....................................................

10,929

1,708

Ingredion,

Inc.

.........................................................

4,424

520

Monster

Beverage

Corp.

(a) ................................................

16,705

1,425

Philip

Morris

International,

Inc.

.............................................

13,376

2,499

Sysco

Corp.

...........................................................

19,179

1,748

The

Kroger

Co.

........................................................

4,392

U.S.

Foods

Holding

Corp.

(a) ...............................................

14,710

1,421

Walmart,

Inc.

..........................................................

26,326

3,368

16,309

Energy

(0.4%):

Coterra

Energy,

Inc.

.....................................................

1,902

EOG

Resources,

Inc.

....................................................

12,339

1,531

Halliburton

Co.

........................................................

36,511

1,314

Marathon

Petroleum

Corp.

................................................

883

TechnipFMC

PLC

......................................................

27,005

1,791

4,869

Financials

(2.9%):

Affiliated

Managers

Group,

Inc.

............................................

2,539

777

American

Express

Co.

...................................................

4,590

1,418

Ameriprise

Financial,

Inc.

.................................................

4,137

1,945

Axis

Capital

Holdings

Ltd.

................................................

2,776

Capital

One

Financial

Corp.

...............................................

6,945

1,359

Cincinnati

Financial

Corp.

................................................

6,534

1,071

Fidelity

National

Financial,

Inc.

............................................

8,729

Interactive

Brokers

Group,

Inc.

,

Class

A

.......................................

24,171

1,721

JPMorgan

Chase

&

Co.

..................................................

15,362

4,613

NU

Holdings

Ltd.

,

Class

A

(a) ..............................................

74,872

1,122

PayPal

Holdings,

Inc.

....................................................

39,836

1,841

Popular,

Inc.

..........................................................

7,978

1,080

Synchrony

Financial

.....................................................

26,278

1,816

Victory

Portfolios

III

#### Victory

#### Cornerstone

#### Moderate

#### Fund

Schedule

of

Portfolio

Investments

—

continued

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) The

Allstate

Corp.

......................................................

13,314

$

2,856

The

Bank

of

New

York

Mellon

Corp.

.........................................

3,458

The

Charles

Schwab

Corp.

................................................

16,952

1,614

The

Goldman

Sachs

Group,

Inc.

............................................

3,138

2,697

The

Hartford

Insurance

Group,

Inc.

..........................................

11,284

1,589

The

PNC

Financial

Services

Group,

Inc.

......................................

9,865

2,095

The

Progressive

Corp.

...................................................

7,749

1,656

The

Travelers

Cos.,

Inc.

..................................................

5,218

1,610

W.R.

Berkley

Corp.

.....................................................

1,248

Wells

Fargo

&

Co.

......................................................

29,374

2,393

36,529

Health

Care

(2.2%):

AbbVie,

Inc.

..........................................................

13,845

3,213

Bristol-Myers

Squibb

Co.

.................................................

30,343

1,893

Cardinal

Health,

Inc.

....................................................

8,953

2,052

Cencora,

Inc.

..........................................................

4,811

1,790

CVS

Health

Corp.

......................................................

20,129

1,608

Exelixis,

Inc.

(a) ........................................................

28,191

1,242

Gilead

Sciences,

Inc.

....................................................

14,577

2,171

Johnson

&

Johnson

.....................................................

14,876

3,696

McKesson

Corp.

.......................................................

2,419

2,388

Merck

&

Co.,

Inc.

......................................................

23,784

2,945

Royalty

Pharma

PLC

,

Class

A

..............................................

33,535

1,550

Tenet

Healthcare

Corp.

(a) .................................................

6,324

1,514

The

Cigna

Group

.......................................................

1,114

Universal

Health

Services,

Inc.

,

Class

B

.......................................

2,386

26,877

Industrials

(1.9%):

Allison

Transmission

Holdings,

Inc.

.........................................

3,849

Automatic

Data

Processing,

Inc.

............................................

6,846

1,468

Caterpillar,

Inc.

........................................................

2,428

1,804

Comfort

Systems

USA,

Inc.

...............................................

1,467

2,097

Cummins,

Inc.

.........................................................

3,104

1,812

Delta

Air

Lines,

Inc.

.....................................................

28,266

1,857

EMCOR

Group,

Inc.

....................................................

2,281

1,653

Ferguson

Enterprises,

Inc.

.................................................

4,916

1,282

GE

Vernova,

Inc.

.......................................................

2,769

2,419

Leidos

Holdings,

Inc.

....................................................

9,669

1,693

Lockheed

Martin

Corp.

...................................................

2,939

1,934

Mueller

Industries,

Inc.

...................................................

10,928

1,289

Uber

Technologies,

Inc.

(a) ................................................

27,370

2,064

United

Airlines

Holdings,

Inc.

(a) ............................................

15,306

1,627

23,481

Information

Technology

(6.7%):

Adobe,

Inc.

(a) .........................................................

6,832

1,793

Amphenol

Corp.

,

Class

A

.................................................

14,519

2,121

Apple,

Inc.

...........................................................

70,478

18,619

Arista

Networks,

Inc.

(a) ..................................................

12,283

1,640

Cisco

Systems,

Inc.

.....................................................

32,867

2,612

Cognizant

Technology

Solutions

Corp.

,

Class

A

.................................

19,086

1,230

Dropbox,

Inc.

,

Class

A

(a) .................................................

64,508

1,612

Flex

Ltd.

(a) ...........................................................

18,068

1,139

Gen

Digital,

Inc.

.......................................................

2,508

GoDaddy,

Inc.

,

Class

A

(a) .................................................

14,943

1,302

International

Business

Machines

Corp.

........................................

8,299

1,993

Jabil,

Inc.

............................................................

5,402

1,431

KLA

Corp.

...........................................................

1,235

1,883

Lam

Research

Corp.

.....................................................

11,607

2,715

Microsoft

Corp.

........................................................

38,189

14,998

NetApp,

Inc.

..........................................................

12,510

1,239

NVIDIA

Corp.

.........................................................

114,733

20,329

Palantir

Technologies,

Inc.

,

Class

A

(a) ........................................

19,387

2,660

Victory

Portfolios

III

#### Victory

#### Cornerstone

#### Moderate

#### Fund

Schedule

of

Portfolio

Investments

—

continued

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) QUALCOMM,

Inc.

.....................................................

13,635

$

1,941

Salesforce,

Inc.

........................................................

9,428

1,836

VeriSign,

Inc.

..........................................................

841

Zoom

Communications,

Inc.

,

Class

A

(a) ......................................

1,364

83,442

Materials

(0.7%):

CF

Industries

Holdings,

Inc.

...............................................

15,299

1,523

CRH

PLC

............................................................

12,277

1,473

Newmont

Corp.

........................................................

18,400

2,392

Nucor

Corp.

...........................................................

6,830

1,208

Reliance,

Inc.

..........................................................

697

Steel

Dynamics,

Inc.

.....................................................

7,267

1,404

8,220

Utilities

(0.4%):

Edison

International

.....................................................

19,689

1,472

National

Fuel

Gas

Co.

...................................................

4,483

NRG

Energy,

Inc.

.......................................................

9,636

1,724

Talen

Energy

Corp.

(a) ...................................................

3,491

1,295

4,899

Total

Common

Stocks

(Cost

$180,765)

a

a

a

246,342

Exchange-Traded

Funds

(40.2%)

Invesco

DB

Commodity

Index

Tracking

Fund

(a) (b) ..............................

114,500

2,874

Invesco

RAFI

Developed

Markets

ex-US

ETF

(b) ................................

147,377

11,223

Invesco

RAFI

Emerging

Markets

ETF

........................................

394,365

11,243

iShares

0-5

Year

TIPS

Bond

ETF

............................................

33,552

3,467

iShares

20+

Year

Treasury

Bond

ETF

.........................................

83,249

7,561

iShares

7-10

Year

Treasury

Bond

ETF

(b) ......................................

90,863

8,904

iShares

Core

MSCI

Emerging

Markets

ETF

....................................

98,418

7,555

iShares

Core

S&P

500

ETF

................................................

41,367

28,518

iShares

Core

S&P

Small-Cap

ETF

(b) .........................................

298,111

38,665

iShares

Core

U.S.

Aggregate

Bond

ETF

.......................................

529,064

53,647

iShares

Core

Universal

USD

Bond

ETF

(b) .....................................

625,422

29,520

iShares

MSCI

Canada

ETF

................................................

163,024

9,452

iShares

MSCI

Europe

Financials

ETF

........................................

382,168

14,412

iShares

MSCI

Japan

ETF

(b) ...............................................

67,755

6,258

JPMorgan

BetaBuilders

Canada

ETF

.........................................

70,838

7,057

Schwab

Fundamental

Emerging

Markets

Equity

ETF

.............................

475,785

19,174

Schwab

Fundamental

International

Equity

ETF

.................................

684,425

36,110

Schwab

Fundamental

International

Small

Equity

ETF

.............................

130,046

6,571

SPDR

Gold

Shares

(a) ....................................................

30,701

14,852

SPDR

S&P

Emerging

Markets

SmallCap

ETF

..................................

34,497

2,416

State

Street

Real

Estate

Select

Sector

SPDR

ETF

................................

114,541

5,021

Vanguard

FTSE

All-World

ex-US

ETF

........................................

222,547

18,209

Vanguard

FTSE

Developed

Markets

ETF

......................................

496,885

34,901

Vanguard

FTSE

Emerging

Markets

ETF

......................................

229,178

13,315

Vanguard

FTSE

Europe

ETF

...............................................

131,155

11,826

Vanguard

Mortgage-Backed

Securities

ETF

....................................

220,865

10,571

Vanguard

Real

Estate

ETF

................................................

29,000

2,775

Vanguard

S&P

500

ETF

..................................................

Vanguard

Short-Term

Corporate

Bond

ETF

(b) ..................................

91,596

7,346

Vanguard

Total

Bond

Market

ETF

...........................................

528,988

39,764

Vanguard

Total

Stock

Market

ETF

...........................................

103,732

35,141

Total

Exchange-Traded

Funds

(Cost

$390,101)

a

a

a

498,349

Affiliated

Exchange-Traded

Funds

(39.6%)

VictoryShares

Core

Intermediate

Bond

ETF

....................................

4,534,400

217,743

VictoryShares

Core

Plus

Bond

ETF

(b) ........................................

6,385,380

142,075

VictoryShares

Emerging

Markets

Value

Momentum

ETF

..........................

161,904

9,852

VictoryShares

Free

Cash

Flow

Growth

ETF

....................................

1,408,986

39,008

VictoryShares

International

Free

Cash

Flow

ETF

(b) ..............................

986,826

31,486

Victory

Portfolios

III

#### Victory

#### Cornerstone

#### Moderate

#### Fund

Schedule

of

Portfolio

Investments

—

continued

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) VictoryShares

International

Free

Cash

Flow

Growth

ETF

..........................

990,609

$

30,506

VictoryShares

Short-Term

Bond

ETF

.........................................

402,475

20,566

Total

Affiliated

Exchange-Traded

Funds

(Cost

$503,355)

a

a

a

491,236

Collateral

for

Securities

Loaned

(2.9%)^

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares

,

.59

%

(c) ........

9,125,202

9,126

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares

,

.60

%

(c) ............

3,888,193

3,888

Invesco

Government

&

Agency

Portfolio,

Institutional

Shares

,

.60

%

(c) ...............

9,125,202

9,125

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares

,

.59

%

(c) .

14,362,211

14,362

Total

Collateral

for

Securities

Loaned

(Cost

$36,501)

a

a

a

36,501

Total

Investments

(Cost

$1,110,722)

—

102.6%

1,272,428

Liabilities

in

excess

of

other

assets

— (2.6)%

(32,055)

NET

ASSETS

-

100.00%

$

1,240,373

At

February

28,

2026,

the

Fund's

investments

in

foreign

securities

were

17.1%

of

net

assets.

^

Purchased

with

cash

collateral

from

securities

on

loan.

(a) Non-income

producing

security.

(b) All

or

a

portion

of

this

security

is

on

loan.

(c) Rate

disclosed

is

the

daily

yield

on

February

28,

2026. ETF

—

Exchange-Traded

Fund

PLC

—

Public

Limited

Company

Schedule

of

Portfolio

Investments

February

28,

2026

Victory

Portfolios

III

#### Victory

#### Cornerstone

#### Moderately

#### Aggressive

#### Fund

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Common

Stocks

(26.6%)

Communication

Services

(2.2%):

Alphabet,

Inc.

,

Class

A

...................................................

137,052

$

42,727

Alphabet,

Inc.

,

Class

C

...................................................

12,109

3,771

Cargurus,

Inc.

,

Class

A

(a) .................................................

6,105

Comcast

Corp.

,

Class

A

..................................................

110,756

3,429

Fox

Corp.

,

Class

A

......................................................

3,623

Gray

Media,

Inc.

.......................................................

25,229

IDT

Corp.

,

Class

B

......................................................

3,525

Meta

Platforms,

Inc.

,

Class

A

..............................................

2,560

1,659

Millicom

International

Cellular

SA

..........................................

23,936

1,745

The

New

York

Times

Co.

,

Class

A

...........................................

42,646

3,403

Verizon

Communications,

Inc.

..............................................

167,548

8,401

Versant

Media

Group,

Inc.

(a) ..............................................

912

Yelp,

Inc.

,

Class

A

(a) ....................................................

7,595

Ziff

Davis,

Inc.

(a) .......................................................

6,346

66,209

Consumer

Discretionary

(2.2%):

Academy

Sports

&

Outdoors,

Inc.

...........................................

6,323

Amazon.com,

Inc.

(a) ....................................................

24,935

5,236

Aptiv

PLC

(a) ..........................................................

41,676

3,065

Booking

Holdings,

Inc.

...................................................

1,235

5,236

BorgWarner,

Inc.

.......................................................

50,142

2,887

Cricut,

Inc.

,

Class

A

(b) ...................................................

34,500

D.R.

Horton,

Inc.

.......................................................

3,230

518

eBay,

Inc.

............................................................

47,777

4,341

Expedia

Group,

Inc.

.....................................................

22,013

4,748

Ford

Motor

Co.

........................................................

54,658

770

Frontdoor,

Inc.

(a) .......................................................

3,544

Garrett

Motion,

Inc.

.....................................................

6,121

General

Motors

Co.

.....................................................

74,073

5,830

G-III

Apparel

Group

Ltd.

.................................................

8,820

Hamilton

Beach

Brands

Holding

Co.

,

Class

A

...................................

6,837

JAKKS

Pacific,

Inc.

.....................................................

9,762

KB

Home

............................................................

3,589

Kontoor

Brands,

Inc.

....................................................

2,916

Las

Vegas

Sands

Corp.

...................................................

72,768

4,127

Lowe's

Cos.,

Inc.

.......................................................

1,655

Lululemon

Athletica,

Inc.

(a) ...............................................

1,043

M/I

Homes,

Inc.

(a) ......................................................

1,498

Mohawk

Industries,

Inc.

(a) ................................................

1,065

Monarch

Casino

&

Resort,

Inc.

.............................................

1,839

Nathan's

Famous,

Inc.

....................................................

981

Perdoceo

Education

Corp.

.................................................

4,520

Phinia,

Inc.

...........................................................

4,030

PulteGroup,

Inc.

........................................................

30,134

4,134

Ralph

Lauren

Corp.

,

Class

A

...............................................

11,551

4,188

Signet

Jewelers

Ltd.

.....................................................

5,154

Steven

Madden

Ltd.

.....................................................

5,818

Tapestry,

Inc.

..........................................................

29,025

4,513

Taylor

Morrison

Home

Corp.

,

Class

A

(a) ......................................

6,675

The

Buckle,

Inc.

........................................................

5,081

The

TJX

Cos.,

Inc.

......................................................

28,127

4,547

Toll

Brothers,

Inc.

......................................................

9,010

1,417

Tri

Pointe

Homes,

Inc.

(a) .................................................

9,298

Ulta

Beauty,

Inc.

(a) .....................................................

7,020

4,807

Winmark

Corp.

........................................................

562

Winnebago

Industries,

Inc.

................................................

4,775

66,284

Consumer

Staples

(1.7%):

Altria

Group,

Inc.

.......................................................

94,820

6,546

Cal-Maine

Foods,

Inc.

...................................................

3,814

Victory

Portfolios

III

#### Victory

#### Cornerstone

#### Moderately

#### Aggressive

#### Fund

Schedule

of

Portfolio

Investments

—

continued

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Coca-Cola

Consolidated,

Inc.

..............................................

16,059

$

3,250

Constellation

Brands,

Inc.

,

Class

A

..........................................

Dole

PLC

............................................................

14,562

Dollar

General

Corp.

....................................................

32,251

5,039

Edgewell

Personal

Care

Co.

...............................................

6,876

Ingredion,

Inc.

.........................................................

13,056

1,534

Interparfums,

Inc.

.......................................................

1,385

Monster

Beverage

Corp.

(a) ................................................

49,295

4,205

Niagen

Bioscience,

Inc.

(a) ................................................

24,823

Nu

Skin

Enterprises,

Inc.

,

Class

A

...........................................

14,111

Philip

Morris

International,

Inc.

.............................................

38,625

7,216

Sprouts

Farmers

Market,

Inc.

(a) ............................................

3,507

Sysco

Corp.

...........................................................

56,594

5,159

Target

Corp.

..........................................................

5,032

573

The

Andersons,

Inc.

.....................................................

4,587

The

Campbell's

Company

.................................................

7,167

The

Kraft

Heinz

Co.

.....................................................

17,615

The

Kroger

Co.

........................................................

12,960

884

The

Vita

Coco

Co.,

Inc.

(a) ................................................

3,937

Tyson

Foods,

Inc.

,

Class

A

................................................

4,362

U.S.

Foods

Holding

Corp.

(a) ...............................................

43,408

4,194

Walmart,

Inc.

..........................................................

77,691

9,941

51,408

Energy

(0.7%):

Cactus,

Inc.

,

Class

A

.....................................................

6,446

ConocoPhillips

Co.

.....................................................

7,999

908

Coterra

Energy,

Inc.

.....................................................

35,310

1,080

Crescent

Energy

Co.

,

Class

A

..............................................

21,077

Energy

Services

of

America

Corp.

...........................................

10,459

EOG

Resources,

Inc.

....................................................

36,410

4,518

Evolution

Petroleum

Corp.

................................................

33,896

Exxon

Mobil

Corp.

.....................................................

7,654

1,167

Halliburton

Co.

........................................................

107,737

3,879

Marathon

Petroleum

Corp.

................................................

2,607

517

Matador

Resources

Co.

...................................................

2,642

Murphy

Oil

Corp.

......................................................

6,614

Northern

Oil

&

Gas,

Inc.

..................................................

11,305

Range

Resources

Corp.

...................................................

4,201

Ranger

Energy

Services,

Inc.

,

Class

A

........................................

13,749

REX

American

Resources

Corp.

(a) ..........................................

4,436

Riley

Exploration

Permian,

Inc.

.............................................

12,585

RPC,

Inc.

............................................................

34,131

Scorpio

Tankers,

Inc.

....................................................

2,091

SM

Energy

Co.

........................................................

8,306

TechnipFMC

PLC

......................................................

75,266

4,991

Teekay

Tankers

Ltd.

,

Class

A

...............................................

4,884

20,506

Financials

(4.2%):

1st

Source

Corp.

.......................................................

5,620

Acadian

Asset

Management,

Inc.

............................................

4,635

Adamas

Trust,

Inc.

......................................................

18,440

Affiliated

Managers

Group,

Inc.

............................................

7,493

2,294

American

Express

Co.

...................................................

13,545

4,184

American

International

Group,

Inc.

..........................................

7,257

584

Ameriprise

Financial,

Inc.

.................................................

12,208

5,739

Apollo

Commercial

Real

Estate

Finance,

Inc.

...................................

13,621

Artisan

Partners

Asset

Management,

Inc.

,

Class

A

................................

5,799

Atlanticus

Holdings

Corp.

(a) ...............................................

2,081

Axis

Capital

Holdings

Ltd.

................................................

5,356

566

Bank

of

America

Corp.

...................................................

18,192

906

Blackstone

Mortgage

Trust,

Inc.

,

Class

A

......................................

10,741

Bread

Financial

Holdings,

Inc.

.............................................

6,430

Victory

Portfolios

III

#### Victory

#### Cornerstone

#### Moderately

#### Aggressive

#### Fund

Schedule

of

Portfolio

Investments

—

continued

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Capital

One

Financial

Corp.

...............................................

20,415

$

3,994

Cathay

General

Bancorp

..................................................

7,575

Chimera

Investment

Corp.

................................................

11,500

Cincinnati

Financial

Corp.

................................................

19,283

3,162

Citizens

Financial

Group,

Inc.

..............................................

5,881

CNB

Financial

Corp.

....................................................

8,737

CNO

Financial

Group,

Inc.

................................................

3,152

Cohen

&

Steers,

Inc.

....................................................

1,874

Corebridge

Financial,

Inc.

.................................................

7,391

CVB

Financial

Corp.

....................................................

10,660

Dime

Community

Bancshares,

Inc.

..........................................

7,585

Enova

International,

Inc.

(a) ................................................

1,749

Essent

Group

Ltd.

......................................................

3,547

F&G

Annuities

&

Life,

Inc.

................................................

3,339

Fidelity

National

Financial,

Inc.

............................................

25,757

1,362

First

Bancorp

Puerto

Rico

.................................................

21,237

First

Financial

Bancorp

...................................................

13,737

Hamilton

Insurance

Group

Ltd.

,

Class

B

(a) ....................................

8,159

Hanmi

Financial

Corp.

...................................................

7,979

Hope

Bancorp,

Inc.

.....................................................

20,098

Interactive

Brokers

Group,

Inc.

,

Class

A

.......................................

63,519

4,522

International

Bancshares

Corp.

.............................................

6,249

Jackson

Financial,

Inc.

,

Class

A

.............................................

4,435

JPMorgan

Chase

&

Co.

..................................................

46,337

13,915

Ladder

Capital

Corp.

,

Class

A

..............................................

14,508

Live

Oak

Bancshares,

Inc.

................................................

5,070

Morgan

Stanley

........................................................

5,301

883

Northeast

Community

Bancorp,

Inc.

.........................................

12,352

Northern

Trust

Corp.

....................................................

5,106

731

NU

Holdings

Ltd.

,

Class

A

(a) ..............................................

220,934

3,310

OFG

Bancorp

.........................................................

9,207

Old

Second

Bancorp,

Inc.

.................................................

11,902

Pathward

Financial,

Inc.

..................................................

2,677

PayPal

Holdings,

Inc.

....................................................

117,550

5,432

PJT

Partners,

Inc.

,

Class

A

................................................

1,392

Popular,

Inc.

..........................................................

23,542

3,187

PROG

Holdings,

Inc.

....................................................

3,226

Prudential

Financial,

Inc.

.................................................

2,588

QCR

Holdings,

Inc.

.....................................................

2,930

Regional

Management

Corp.

...............................................

3,980

Selective

Insurance

Group,

Inc.

.............................................

2,226

Simmons

First

National

Corp.

,

Class

A

.......................................

11,118

Skyward

Specialty

Insurance

Group,

Inc.

(a) ....................................

5,711

State

Street

Corp.

.......................................................

6,835

879

Synchrony

Financial

.....................................................

77,542

5,359

T. Rowe

Price

Group,

Inc.

.................................................

1,770

The

Allstate

Corp.

......................................................

39,293

8,429

The

Bancorp,

Inc.

(a) .....................................................

4,158

The

Bank

of

New

York

Mellon

Corp.

.........................................

10,205

1,215

The

Bank

of

NT

Butterfield

&

Son

Ltd.

.......................................

9,670

The

Charles

Schwab

Corp.

................................................

50,023

4,762

The

Goldman

Sachs

Group,

Inc.

............................................

9,260

7,960

The

Hartford

Insurance

Group,

Inc.

..........................................

33,299

4,689

The

PNC

Financial

Services

Group,

Inc.

......................................

29,113

6,182

The

Progressive

Corp.

...................................................

22,867

4,886

The

Travelers

Cos.,

Inc.

..................................................

15,399

4,753

TPG

RE

Finance

Trust,

Inc.

...............................................

14,190

Truist

Financial

Corp.

....................................................

14,703

725

U.S.

Bancorp

..........................................................

6,169

Unity

Bancorp,

Inc.

.....................................................

4,459

Universal

Insurance

Holdings,

Inc.

..........................................

8,903

W.R.

Berkley

Corp.

.....................................................

3,708

Wells

Fargo

&

Co.

......................................................

99,724

8,122

Victory

Portfolios

III

#### Victory

#### Cornerstone

#### Moderately

#### Aggressive

#### Fund

Schedule

of

Portfolio

Investments

—

continued

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Westamerica

Bancorp

....................................................

4,321

$

World

Acceptance

Corp.

(a) ................................................

1,546

125,340

Health

Care

(2.9%):

AbbVie,

Inc.

..........................................................

40,858

9,482

AdaptHealth

Corp.

,

Class

A

(a) .............................................

20,739

AMN

Healthcare

Services,

Inc.

(a) ...........................................

8,306

Amphastar

Pharmaceuticals,

Inc.

(a) ..........................................

5,430

Baxter

International,

Inc.

(b) ...............................................

8,761

Biogen,

Inc.

(a) .........................................................

2,663

511

Bristol-Myers

Squibb

Co.

.................................................

99,364

6,197

Cardinal

Health,

Inc.

....................................................

26,420

6,056

Cencora,

Inc.

..........................................................

14,198

5,284

CorVel

Corp.

(a) ........................................................

2,775

CVS

Health

Corp.

......................................................

59,397

4,746

Exelixis,

Inc.

(a) ........................................................

95,261

4,197

Gilead

Sciences,

Inc.

....................................................

43,014

6,407

Harmony

Biosciences

Holdings,

Inc.

(a) .......................................

10,956

Innoviva,

Inc.

(a) .......................................................

12,169

Integra

LifeSciences

Holdings

Corp.

(a) .......................................

16,310

iRadimed

Corp.

........................................................

2,083

Johnson

&

Johnson

.....................................................

47,989

11,922

Lantheus

Holdings,

Inc.

(a) ................................................

2,877

McKesson

Corp.

.......................................................

7,140

7,050

Medtronic

PLC

........................................................

6,114

597

Merck

&

Co.,

Inc.

......................................................

70,190

8,691

Pacira

BioSciences,

Inc.

(a) ................................................

5,842

Pediatrix

Medical

Group,

Inc.

(a) ............................................

10,163

Progyny,

Inc.

(a) ........................................................

9,865

Royalty

Pharma

PLC

,

Class

A

..............................................

98,966

4,573

Sanofi

SA

,

ADR

........................................................

12,069

587

Select

Medical

Holdings

Corp.

.............................................

21,287

SIGA

Technologies,

Inc.

..................................................

23,660

Tenet

Healthcare

Corp.

(a) .................................................

18,662

4,467

The

Cigna

Group

.......................................................

3,289

953

Universal

Health

Services,

Inc.

,

Class

B

.......................................

6,159

1,269

Zimmer

Biomet

Holdings,

Inc.

.............................................

6,549

645

86,603

Industrials

(2.7%):

3M

Co.

..............................................................

4,511

746

ACCO

Brands

Corp.

....................................................

36,408

AGCO

Corp.

..........................................................

1,919

Allison

Transmission

Holdings,

Inc.

.........................................

11,359

1,423

Apogee

Enterprises,

Inc.

..................................................

5,084

Argan,

Inc.

...........................................................

1,252

565

Automatic

Data

Processing,

Inc.

............................................

20,203

4,331

BlueLinx

Holdings,

Inc.

(a) ................................................

2,956

Boise

Cascade

Co.

......................................................

2,611

Builders

FirstSource,

Inc.

(a) ...............................................

920

Caterpillar,

Inc.

........................................................

7,926

5,888

Comfort

Systems

USA,

Inc.

...............................................

4,330

6,189

Cummins,

Inc.

.........................................................

9,160

5,348

Deere

&

Co.

..........................................................

649

Delta

Air

Lines,

Inc.

.....................................................

81,819

5,375

Deluxe

Corp.

..........................................................

11,371

Deutsche

Post

AG

,

ADR

..................................................

5,468

DNOW,

Inc.

(a) ........................................................

25,989

EMCOR

Group,

Inc.

....................................................

6,731

4,877

Ennis,

Inc.

............................................................

9,224

ExlService

Holdings,

Inc.

(a) ...............................................

2,394

FedEx

Corp.

..........................................................

679

Ferguson

Enterprises,

Inc.

.................................................

14,508

3,783

Victory

Portfolios

III

#### Victory

#### Cornerstone

#### Moderately

#### Aggressive

#### Fund

Schedule

of

Portfolio

Investments

—

continued

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Fortune

Brands

Innovations,

Inc.

............................................

5,811

$

GE

Vernova,

Inc.

.......................................................

8,171

7,138

Genco

Shipping

&

Trading

Ltd.

.............................................

10,338

Griffon

Corp.

..........................................................

3,497

Hub

Group,

Inc.

,

Class

A

.................................................

5,488

Huron

Consulting

Group,

Inc.

(a) ............................................

1,335

IES

Holdings,

Inc.

(a) ....................................................

Korn

Ferry

...........................................................

3,078

Legalzoom.com,

Inc.

(a) ..................................................

24,233

Leidos

Holdings,

Inc.

....................................................

28,532

4,996

Liquidity

Services,

Inc.

(a) .................................................

8,217

Lockheed

Martin

Corp.

...................................................

8,673

5,708

Masterbrand,

Inc.

(a) .....................................................

18,154

Matson,

Inc.

..........................................................

2,855

MillerKnoll,

Inc.

.......................................................

9,786

Mueller

Industries,

Inc.

...................................................

33,873

3,996

Oshkosh

Corp.

.........................................................

1,142

Owens

Corning

........................................................

1,301

Power

Solutions

International,

Inc.

(a) ........................................

2,615

Resideo

Technologies,

Inc.

(a) ..............................................

5,009

Sterling

Infrastructure,

Inc.

(a) ..............................................

1,090

Sun

Country

Airlines

Holdings,

Inc.

(a) ........................................

20,341

Terex

Corp.

...........................................................

9,809

675

TriNet

Group,

Inc.

......................................................

2,159

Uber

Technologies,

Inc.

(a) ................................................

80,765

6,091

UFP

Industries,

Inc.

.....................................................

1,752

United

Airlines

Holdings,

Inc.

(a) ............................................

45,166

4,801

United

Parcel

Service,

Inc.

,

Class

B

..........................................

8,003

928

80,762

Information

Technology

(8.5%):

A10

Networks,

Inc.

.....................................................

11,921

Adeia,

Inc.

............................................................

14,887

Adobe,

Inc.

(a) .........................................................

20,761

5,448

Amkor

Technology,

Inc.

..................................................

4,245

Amphenol

Corp.

,

Class

A

.................................................

42,843

6,258

Apple,

Inc.

...........................................................

207,970

54,941

Arista

Networks,

Inc.

(a) ..................................................

39,882

5,324

Bel

Fuse,

Inc.

,

Class

B

...................................................

1,327

Box,

Inc.

,

Class

A

(a) ....................................................

3,461

Cisco

Systems,

Inc.

.....................................................

106,557

8,467

Clear

Secure,

Inc.

,

Class

A

................................................

9,246

Climb

Global

Solutions,

Inc.

...............................................

1,910

Cognizant

Technology

Solutions

Corp.

,

Class

A

.................................

56,319

3,629

Commvault

Systems,

Inc.

(a) ...............................................

1,562

Consensus

Cloud

Solutions,

Inc.

(a) ..........................................

6,241

Daktronics,

Inc.

(a) ......................................................

5,928

Diodes,

Inc.

(a) .........................................................

4,937

Dropbox,

Inc.

,

Class

A

(a) .................................................

190,351

4,757

Extreme

Networks,

Inc.

(a) ................................................

14,670

Flex

Ltd.

(a) ...........................................................

60,792

3,831

Gen

Digital,

Inc.

.......................................................

7,402

GoDaddy,

Inc.

,

Class

A

(a) .................................................

44,095

3,843

HP,

Inc.

..............................................................

10,700

Insight

Enterprises,

Inc.

(a) ................................................

1,712

International

Business

Machines

Corp.

........................................

28,969

6,959

Jabil,

Inc.

............................................................

15,943

4,225

KLA

Corp.

...........................................................

3,983

6,072

Kulicke

&

Soffa

Industries,

Inc.

.............................................

3,954

Lam

Research

Corp.

.....................................................

33,320

7,793

Microsoft

Corp.

........................................................

112,689

44,257

M-Tron

Industries,

Inc.

(a) .................................................

2,002

NetApp,

Inc.

..........................................................

39,973

3,958

NetScout

Systems,

Inc.

(a) .................................................

7,260

Victory

Portfolios

III

#### Victory

#### Cornerstone

#### Moderately

#### Aggressive

#### Fund

Schedule

of

Portfolio

Investments

—

continued

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) NVIDIA

Corp.

.........................................................

338,557

$

59,989

OneSpan,

Inc.

.........................................................

12,842

Palantir

Technologies,

Inc.

,

Class

A

(a) ........................................

57,208

7,848

PC

Connection,

Inc.

.....................................................

2,513

Photronics,

Inc.

(a) ......................................................

7,783

QUALCOMM,

Inc.

.....................................................

42,790

6,092

Qualys,

Inc.

(a) .........................................................

1,843

Salesforce,

Inc.

........................................................

27,822

5,419

Sanmina

Corp.

(a) .......................................................

1,526

ScanSource,

Inc.

(a) .....................................................

4,576

The

Hackett

Group,

Inc.

..................................................

5,557

VeriSign,

Inc.

..........................................................

2,483

566

Vishay

Intertechnology,

Inc.

...............................................

12,767

Zoom

Communications,

Inc.

,

Class

A

(a) ......................................

4,025

255,352

Materials

(0.9%):

AdvanSix,

Inc.

.........................................................

10,015

Cabot

Corp.

...........................................................

2,073

CF

Industries

Holdings,

Inc.

...............................................

45,148

4,494

Commercial

Metals

Co.

..................................................

2,040

CRH

PLC

............................................................

36,233

4,347

Graphic

Packaging

Holding

Co.

............................................

7,676

Greif,

Inc.

,

Class

A

......................................................

3,244

Hawkins,

Inc.

.........................................................

2,413

LyondellBasell

Industries

NV

,

Class

A

........................................

9,818

565

Newmont

Corp.

........................................................

54,296

7,058

Nucor

Corp.

...........................................................

20,155

3,565

O-I

Glass,

Inc.

(a) .......................................................

13,897

PPG

Industries,

Inc.

.....................................................

3,423

Reliance,

Inc.

..........................................................

2,058

650

Ryerson

Holding

Corp.

...................................................

10,401

Steel

Dynamics,

Inc.

.....................................................

21,443

4,141

SunCoke

Energy,

Inc.

....................................................

24,126

Sylvamo

Corp.

.........................................................

8,338

The

Mosaic

Co.

........................................................

9,931

United

States

Lime

&

Minerals,

Inc.

.........................................

1,226

27,816

Real

Estate

(0.1%):

Alexander

&

Baldwin,

Inc.

................................................

8,905

American

Healthcare

REIT,

Inc.

............................................

5,496

Apartment

Investment

and

Management

Co.

....................................

21,819

Broadstone

Net

Lease,

Inc.

,

Class

A

..........................................

11,704

CareTrust

REIT,

Inc.

....................................................

8,942

Compass,

Inc.

,

Class

A

(a) .................................................

13,955

Curbline

Properties

Corp.

.................................................

7,549

Cushman

&

Wakefield

Ltd.

(a) ..............................................

13,959

Diversified

Healthcare

Trust

...............................................

30,753

Elme

Communities

......................................................

9,180

Forestar

Group,

Inc.

(a) ...................................................

4,730

Global

Net

Lease,

Inc.

...................................................

20,057

Host

Hotels

&

Resorts,

Inc.

................................................

21,781

LTC

Properties,

Inc.

.....................................................

4,400

National

Health

Investors,

Inc.

.............................................

2,523

NET

Lease

Office

Properties

...............................................

4,022

Newmark

Group,

Inc.

,

Class

A

.............................................

11,206

Peakstone

Realty

Trust

...................................................

9,114

Postal

Realty

Trust,

Inc.

,

Class

A

(b) ..........................................

7,843

Sabra

Health

Care

REIT,

Inc.

..............................................

13,276

The

St.

Joe

Co.

........................................................

1,803

Universal

Health

Realty

Income

Trust

........................................

3,040

Urban

Edge

Properties

...................................................

9,501

Whitestone

REIT

,

Class

B

.................................................

9,828

Victory

Portfolios

III

#### Victory

#### Cornerstone

#### Moderately

#### Aggressive

#### Fund

Schedule

of

Portfolio

Investments

—

continued

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Xenia

Hotels

&

Resorts,

Inc.

...............................................

11,015

$

4,683

Utilities

(0.5%):

Black

Hills

Corp.

.......................................................

5,732

Duke

Energy

Corp.

......................................................

4,579

599

Edison

International

.....................................................

58,098

4,342

Eversource

Energy

......................................................

3,008

Genie

Energy

Ltd.

,

Class

B

................................................

13,774

Hawaiian

Electric

Industries,

Inc.

(a) .........................................

22,948

MGE

Energy,

Inc.

......................................................

2,027

National

Fuel

Gas

Co.

...................................................

13,231

1,205

NRG

Energy,

Inc.

.......................................................

28,434

5,089

Talen

Energy

Corp.

(a) ...................................................

10,303

3,822

16,430

Total

Common

Stocks

(Cost

$594,862)

a

a

a

801,393

Exchange-Traded

Funds

(37.8%)

Invesco

DB

Commodity

Index

Tracking

Fund

(a) (b) ..............................

256,100

6,428

Invesco

RAFI

Developed

Markets

ex-US

ETF

(b) ................................

202,866

15,448

Invesco

RAFI

Emerging

Markets

ETF

........................................

999,229

28,488

iShares

0-5

Year

TIPS

Bond

ETF

............................................

45,160

4,666

iShares

Core

MSCI

Emerging

Markets

ETF

....................................

430,714

33,062

iShares

Core

S&P

500

ETF

................................................

93,034

64,136

iShares

Core

S&P

Small-Cap

ETF

(b) .........................................

501,878

65,094

iShares

Core

U.S.

Aggregate

Bond

ETF

.......................................

878,402

89,070

iShares

Core

Universal

USD

Bond

ETF

.......................................

1,494,335

70,533

iShares

MSCI

Canada

ETF

................................................

458,159

26,564

iShares

MSCI

Europe

Financials

ETF

........................................

809,580

30,529

iShares

MSCI

Japan

ETF

(b) ...............................................

213,639

19,734

iShares

Russell

1000

Growth

ETF

...........................................

14,348

6,459

iShares

Russell

1000

Value

ETF

............................................

29,316

6,611

JPMorgan

BetaBuilders

Canada

ETF

.........................................

214,272

21,346

Schwab

Fundamental

Emerging

Markets

Equity

ETF

(b) ...........................

1,247,141

50,260

Schwab

Fundamental

International

Equity

ETF

(b) ...............................

1,968,469

103,856

Schwab

Fundamental

International

Small

Equity

ETF

.............................

289,866

14,647

SPDR

Gold

Shares

(a) ....................................................

63,646

30,789

SPDR

S&P

Emerging

Markets

SmallCap

ETF

..................................

107,983

7,564

State

Street

Real

Estate

Select

Sector

SPDR

ETF

................................

337,989

14,817

State

Street

SPDR

S&P

Biotech

ETF

(b) .......................................

19,315

2,460

Vanguard

FTSE

All-World

ex-US

ETF

........................................

545,511

44,634

Vanguard

FTSE

Developed

Markets

ETF

......................................

1,793,020

125,942

Vanguard

FTSE

Emerging

Markets

ETF

......................................

697,650

40,534

Vanguard

FTSE

Europe

ETF

...............................................

418,330

37,721

Vanguard

Mortgage-Backed

Securities

ETF

....................................

304,687

14,582

Vanguard

Real

Estate

ETF

................................................

53,025

5,074

Vanguard

Total

Bond

Market

ETF

...........................................

864,686

64,998

Vanguard

Total

Stock

Market

ETF

...........................................

262,548

88,943

Total

Exchange-Traded

Funds

(Cost

$851,718)

a

a

a

1,134,989

Affiliated

Exchange-Traded

Funds

(35.3%)

VictoryShares

Core

Intermediate

Bond

ETF

(b) ..................................

8,400,445

403,392

VictoryShares

Core

Plus

Bond

ETF

..........................................

13,948,716

310,359

VictoryShares

Emerging

Markets

Value

Momentum

ETF

..........................

427,433

26,010

VictoryShares

Free

Cash

Flow

Growth

ETF

....................................

3,667,525

101,536

VictoryShares

International

Free

Cash

Flow

ETF

(b) ..............................

2,332,814

74,430

VictoryShares

International

Free

Cash

Flow

Growth

ETF

..........................

3,046,976

93,833

VictoryShares

Short-Term

Bond

ETF

.........................................

991,350

50,658

Total

Affiliated

Exchange-Traded

Funds

(Cost

$1,068,958)

a

a

a

1,060,218

Victory

Portfolios

III

#### Victory

#### Cornerstone

#### Moderately

#### Aggressive

#### Fund

Schedule

of

Portfolio

Investments

—

continued

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Collateral

for

Securities

Loaned

(3.3%)^

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares

,

.59

%

(c) ........

24,728,208

$

24,728

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares

,

.60

%

(c) ............

10,631,361

10,632

Invesco

Government

&

Agency

Portfolio,

Institutional

Shares

,

.60

%

(c) ...............

24,728,208

24,728

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares

,

.59

%

(c) .

38,825,054

38,825

Total

Collateral

for

Securities

Loaned

(Cost

$98,913)

a

a

a

98,913

Total

Investments

(Cost

$2,614,451)

—

103.0%

3,095,513

Liabilities

in

excess

of

other

assets

— (3.0)%

(91,115)

NET

ASSETS

-

100.00%

$

3,004,398

At

February

28,

2026,

the

Fund's

investments

in

foreign

securities

were

20.7%

of

net

assets.

^

Purchased

with

cash

collateral

from

securities

on

loan.

(a) Non-income

producing

security.

(b) All

or

a

portion

of

this

security

is

on

loan.

(c) Rate

disclosed

is

the

daily

yield

on

February

28,

2026. ADR

—

American

Depositary

Receipt

ETF

—

Exchange-Traded

Fund

PLC

—

Public

Limited

Company

REIT

—

Real

Estate

Investment

Trust

Schedule

of

Portfolio

Investments

February

28,

2026

Victory

Portfolios

III

#### Victory

#### Cornerstone

#### Moderately

#### Conservative

#### Fund

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Common

Stocks

(15.0%)

Communication

Services

(1.6%):

Alphabet,

Inc.

,

Class

A

...................................................

2,906

$

906

AT&T,

Inc.

...........................................................

17,438

Comcast

Corp.

,

Class

A

..................................................

13,016

Meta

Platforms,

Inc.

,

Class

A

..............................................

1,317

854

Verizon

Communications,

Inc.

..............................................

9,354

3,120

Consumer

Discretionary

(0.7%):

Booking

Holdings,

Inc.

...................................................

Darden

Restaurants,

Inc.

..................................................

880

Expedia

Group,

Inc.

.....................................................

1,116

Lowe's

Cos.,

Inc.

.......................................................

NIKE,

Inc.

,

Class

B

.....................................................

Tapestry,

Inc.

..........................................................

909

The

Home

Depot,

Inc.

...................................................

980

1,464

Consumer

Staples

(1.4%):

Altria

Group,

Inc.

.......................................................

9,411

650

Archer-Daniels-Midland

Co.

...............................................

1,936

Kimberly-Clark

Corp.

....................................................

2,434

PepsiCo,

Inc.

..........................................................

2,322

Philip

Morris

International,

Inc.

.............................................

4,458

833

Sysco

Corp.

...........................................................

2,601

Target

Corp.

..........................................................

1,584

2,699

Energy

(0.4%):

Devon

Energy

Corp.

.....................................................

4,495

EOG

Resources,

Inc.

....................................................

1,090

Marathon

Petroleum

Corp.

................................................

1,466

ONEOK,

Inc.

..........................................................

858

693

Financials

(1.6%):

American

Express

Co.

...................................................

2,158

667

Ameriprise

Financial,

Inc.

.................................................

736

Everest

Group

Ltd.

......................................................

JPMorgan

Chase

&

Co.

..................................................

2,188

657

The

Goldman

Sachs

Group,

Inc.

............................................

1,120

963

The

Progressive

Corp.

...................................................

2,173

3,202

Health

Care

(1.9%):

AbbVie,

Inc.

..........................................................

3,145

730

Bristol-Myers

Squibb

Co.

.................................................

7,438

Cardinal

Health,

Inc.

....................................................

1,775

CVS

Health

Corp.

......................................................

3,771

Gilead

Sciences,

Inc.

....................................................

4,735

705

Merck

&

Co.,

Inc.

......................................................

4,586

568

Pfizer,

Inc.

............................................................

17,788

The

Cigna

Group

.......................................................

3,758

Industrials

(1.3%):

A.O.

Smith

Corp.

.......................................................

913

Automatic

Data

Processing,

Inc.

............................................

Caterpillar,

Inc.

........................................................

1,373

1,020

Cummins,

Inc.

.........................................................

FedEx

Corp.

..........................................................

769

Lockheed

Martin

Corp.

...................................................

Masco

Corp.

..........................................................

1,609

Otis

Worldwide

Corp.

....................................................

2,305

Paychex,

Inc.

..........................................................

Victory

Portfolios

III

#### Victory

#### Cornerstone

#### Moderately

#### Conservative

#### Fund

Schedule

of

Portfolio

Investments

—

continued

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) United

Parcel

Service,

Inc.

,

Class

B

..........................................

3,256

$

2,520

Information

Technology

(5.3%):

Accenture

PLC

,

Class

A

..................................................

1,657

Apple,

Inc.

...........................................................

5,892

1,557

Applied

Materials,

Inc.

...................................................

2,714

1,010

Broadcom,

Inc.

........................................................

2,125

679

Cisco

Systems,

Inc.

.....................................................

8,871

705

Cognizant

Technology

Solutions

Corp.

,

Class

A

.................................

3,339

Dell

Technologies,

Inc.

,

Class

C

............................................

2,971

HP,

Inc.

..............................................................

2,031

KLA

Corp.

...........................................................

590

900

Lam

Research

Corp.

.....................................................

4,212

985

Microsoft

Corp.

........................................................

3,406

1,338

Monolithic

Power

Systems,

Inc.

............................................

NetApp,

Inc.

..........................................................

1,513

NXP

Semiconductors

NV

.................................................

1,931

QUALCOMM,

Inc.

.....................................................

3,301

Salesforce,

Inc.

........................................................

4,217

821

TE

Connectivity

PLC

....................................................

886

10,315

Materials

(0.2%):

LyondellBasell

Industries

NV

,

Class

A

........................................

1,879

Steel

Dynamics,

Inc.

.....................................................

1,131

Real

Estate

(0.1%):

Crown

Castle,

Inc.

......................................................

792

Equinix,

Inc.

..........................................................

Prologis,

Inc.

..........................................................

508

Welltower,

Inc.

.........................................................

Utilities

(0.5%):

Evergy,

Inc.

...........................................................

1,687

Eversource

Energy

......................................................

3,206

FirstEnergy

Corp.

.......................................................

4,477

NRG

Energy,

Inc.

.......................................................

1,508

884

Total

Common

Stocks

(Cost

$19,211)

a

a

a

29,271

Exchange-Traded

Funds

(38.3%)

Invesco

DB

Commodity

Index

Tracking

Fund

(a) ................................

22,900

575

Invesco

RAFI

Developed

Markets

ex-US

ETF

(b) ................................

30,174

2,298

Invesco

RAFI

Emerging

Markets

ETF

........................................

30,630

873

iShares

Core

MSCI

Emerging

Markets

ETF

....................................

8,000

614

iShares

Core

S&P

500

ETF

................................................

11,128

7,671

iShares

Core

S&P

Small-Cap

ETF

...........................................

28,348

3,677

iShares

Core

U.S.

Aggregate

Bond

ETF

.......................................

117,006

11,864

iShares

Core

Universal

USD

Bond

ETF

.......................................

164,622

7,770

iShares

MSCI

Canada

ETF

................................................

15,880

921

iShares

MSCI

International

Momentum

Factor

ETF

(b) ............................

50,325

2,653

iShares

MSCI

International

Quality

Factor

ETF

.................................

50,867

2,528

iShares

MSCI

Japan

ETF

.................................................

16,582

1,532

JPMorgan

BetaBuilders

Canada

ETF

.........................................

9,241

921

Schwab

Fundamental

Emerging

Markets

Equity

ETF

.............................

22,434

904

Schwab

Fundamental

International

Equity

ETF

(b) ...............................

89,866

4,741

Schwab

Fundamental

International

Small

Equity

ETF

.............................

47,088

2,379

SPDR

Gold

Shares

(a) ....................................................

4,292

2,076

SPDR

S&P

Emerging

Markets

SmallCap

ETF

..................................

7,496

525

Vanguard

FTSE

All-World

ex-US

ETF

........................................

33,706

2,758

Vanguard

FTSE

Developed

Markets

ETF

......................................

28,544

2,005

Vanguard

FTSE

Emerging

Markets

ETF

......................................

28,991

1,684

Victory

Portfolios

III

#### Victory

#### Cornerstone

#### Moderately

#### Conservative

#### Fund

Schedule

of

Portfolio

Investments

—

continued

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Vanguard

FTSE

Europe

ETF

...............................................

31,601

$

2,849

Vanguard

Real

Estate

ETF

................................................

7,052

675

Vanguard

Short-Term

Corporate

Bond

ETF

(b) ..................................

10,471

840

Vanguard

Small-Cap

Value

ETF

............................................

8,408

1,933

Vanguard

Total

Bond

Market

ETF

...........................................

38,906

2,925

Vanguard

Total

Stock

Market

ETF

...........................................

13,978

4,735

Total

Exchange-Traded

Funds

(Cost

$58,630)

a

a

a

74,926

Affiliated

Exchange-Traded

Funds

(46.3%)

VictoryShares

Core

Intermediate

Bond

ETF

....................................

805,047

38,659

VictoryShares

Core

Plus

Bond

ETF

..........................................

1,624,138

36,137

VictoryShares

Emerging

Markets

Value

Momentum

ETF

..........................

19,770

1,203

VictoryShares

Free

Cash

Flow

Growth

ETF

....................................

210,807

5,836

VictoryShares

International

Free

Cash

Flow

Growth

ETF

..........................

77,555

2,388

VictoryShares

Short-Term

Bond

ETF

.........................................

122,116

6,240

Total

Affiliated

Exchange-Traded

Funds

(Cost

$93,987)

a

a

a

90,463

Collateral

for

Securities

Loaned

(2.1%)^

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares

,

.59

%

(c) ........

1,032,391

1,032

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares

,

.60

%

(c) ............

830,128

830

Invesco

Government

&

Agency

Portfolio,

Institutional

Shares

,

.60

%

(c) ...............

1,032,391

1,032

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares

,

.59

%

(c) .

1,234,653

1,236

Total

Collateral

for

Securities

Loaned

(Cost

$4,130)

a

a

a

4,130

Total

Investments

(Cost

$175,958)

—

101.7%

198,790

Liabilities

in

excess

of

other

assets

— (1.7)%

(3,238)

NET

ASSETS

-

100.00%

$

195,552

At

February

28,

2026,

the

Fund's

investments

in

foreign

securities

were

16.6%

of

net

assets.

^

Purchased

with

cash

collateral

from

securities

on

loan.

(a) Non-income

producing

security.

(b) All

or

a

portion

of

this

security

is

on

loan.

(c) Rate

disclosed

is

the

daily

yield

on

February

28,

2026. ETF

—

Exchange-Traded

Fund

PLC

—

Public

Limited

Company

Statements

of

Assets

and

Liabilities

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Portfolios

III

(Amounts

in

Thousands,

Except

Per

Share

Amounts)

Victory

Cornerstone

Aggressive

Fund

Victory

Cornerstone

Conservative

Fund

Victory

Cornerstone

Equity

Fund

Assets:

Affiliated

investments,

at

value

(Cost

$97,600,

$235,392

and

$219,080)

$

102,513

(a) $

248,986

(b) $

329,063

(c) Unaffiliated

investments,

at

value

(Cost

$262,760,

$31

and

$256)

359,881

(d) 31

Cash

1,386

1,350

1,549

Deposit

with

broker

for

futures

contracts

—

—

Receivables:

Dividends,

interest,

and

securities

lending

income

Capital

shares

issued

514

665

From

Adviser

for

ETF

reimbursements

—

—

Prepaid

expenses

Total

Assets

464,639

251,362

331,028

Liabilities:

Payables:

Collateral

received

on

loaned

securities

4,128

Capital

shares

redeemed

Accrued

expenses

and

other

payables:

Investment

advisory

fees

—

—

Administration

fees

—

—

Custodian

fees

Transfer

agent

fees

Compliance

fees

—

(e) —

(e) —

(e) Trustees'

fees

Other

accrued

expenses

Total

Liabilities

4,843

537

Commitments

and

contingencies

(Note

4)

Net

Assets:

Capital

347,443

235,698

212,193

Total

accumulated

earnings

(loss)

112,353

15,336

118,298

Net

Assets

$

459,796

$

251,034

$

330,491

Shares

(unlimited

number

of

shares

authorized

with

no

par

value):

28,983

21,772

15,250

Net

asset

value,

offering

and

redemption

price

per

share:(f)

$

15.86 $

11.53 $

21.67 (a) Includes

$41

thousand

of

securities

on

loan.

(b) Includes

$30

thousand

of

securities

on

loan.

(c) Includes

$249

thousand

of

securities

on

loan.

(d) Includes

$3,975

thousand

of

securities

on

loan.

(e) Rounds

to

less

than

$1

thousand.

(f) Per

share

amount

may

not

recalculate

due

to

rounding

of

net

assets

and/or

shares

outstanding.

Statements

of

Assets

and

Liabilities

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Portfolios

III

(Amounts

in

Thousands,

Except

Per

Share

Amounts)

Victory

Cornerstone

Moderate

Fund

Victory

Cornerstone

Moderately

Aggressive

Fund

Victory

Cornerstone

Moderately

Conservative

Fund

Assets:

Affiliated

investments,

at

value

(Cost

$503,355,

$1,068,958

and

$93,987)

$

491,236

(a) $

1,060,218

(b) $

90,463

Unaffiliated

investments,

at

value

(Cost

$607,367,

$1,545,493

and

$81,971)

781,192

(c) 2,035,295

(d) 108,327

(e) Cash

4,861

8,519

830

Deposit

with

broker

for

futures

contracts

Receivables:

Dividends,

interest,

and

securities

lending

income

720

Capital

shares

issued

814

From

Adviser

for

ETF

reimbursements

915

Prepaid

expenses

Total

Assets

1,278,413

3,106,641

199,884

Liabilities:

Payables:

Collateral

received

on

loaned

securities

36,501

98,913

4,130

Capital

shares

redeemed

627

1,184

Accrued

expenses

and

other

payables:

Investment

advisory

fees

558

1,352

Administration

fees

Custodian

fees

Transfer

agent

fees

Compliance

fees

—

(f) Trustees'

fees

—

(f) 1

Other

accrued

expenses

Total

Liabilities

38,040

102,243

4,332

Commitments

and

contingencies

(Note

4)

Net

Assets:

Capital

1,063,316

2,465,413

170,450

Total

accumulated

earnings

(loss)

177,057

538,985

25,102

Net

Assets

$

1,240,373

$

3,004,398

$

195,552

Shares

(unlimited

number

of

shares

authorized

with

no

par

value):

75,585

104,588

15,753

Net

asset

value,

offering

and

redemption

price

per

share:(g)

$

16.41 $

28.73 $

12.41 (a) Includes

$95

thousand

of

securities

on

loan.

(b) Includes

$4,286

thousand

of

securities

on

loan.

(c) Includes

$35,467

thousand

of

securities

on

loan.

(d) Includes

$92,630

thousand

of

securities

on

loan.

(e) Includes

$3,984

thousand

of

securities

on

loan.

(f) Rounds

to

less

than

$1

thousand.

(g) Per

share

amount

may

not

recalculate

due

to

rounding

of

net

assets

and/or

shares

outstanding.

Statements

of

Operations

For

the

Year

Ended

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Portfolios

III

(Amounts

in

Thousands)

Victory

Cornerstone

Aggressive

Fund

Victory

Cornerstone

Conservative

Fund

Victory

Cornerstone

Equity

Fund

Investment

Income:

Dividends

from

affiliated

investments

$

2,292

$

8,826

$

5,898

Dividends

from

unaffiliated

investments

7,487

—

—

Interest

from

unaffiliated

investments

Securities

lending

(net

of

fees)

Foreign

tax

withholding

(1)

—

—

Total

Income

10,003

8,882

6,002

Expenses:

Investment

advisory

fees

2,499

—

—

Administration

fees

625

—

—

Sub-Administration

fees

Custodian

fees

Transfer

agent

fees

846

Trustees'

fees

Compliance

fees

Printing

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

4,251

Expenses

waived/reimbursed

by

Adviser

(284)

—

—

Net

Expenses

3,967

Net

Investment

Income

(Loss)

6,036

8,687

5,797

Realized/Unrealized

Gains

(Losses)

from

Investments:

Net

realized

gains

(losses)

from

affiliated

investment

securities

(1,078)

1,441

6,166

Net

realized

gains

(losses)

from

unaffiliated

investment

securities

and

foreign

currency

transactions

37,737

—

—

Capital

gain

distributions

received

from

affiliated

investment

securities

—

1,083

6,598

Net

realized

gains

(losses)

from

futures

contracts

1,163

—

—

Net

change

in

unrealized

appreciation/depreciation

on

affiliated

investment

securities

9,322

12,659

49,645

Net

change

in

unrealized

appreciation/depreciation

on

unaffiliated

investment

securities

31,666

—

—

Net

change

in

unrealized

appreciation/depreciation

on

futures

contracts

(834)

—

—

Net

realized/unrealized

gains

(losses)

on

investments

77,976

15,183

62,409

Change

in

net

assets

resulting

from

operations

$

84,012

$

23,870

$

68,206

(a) Rounds

to

less

than

$1

thousand.

Statements

of

Operations

For

the

Year

Ended

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Portfolios

III

(Amounts

in

Thousands)

Victory

Cornerstone

Moderate

Fund

Victory

Cornerstone

Moderately

Aggressive

Fund

Victory

Cornerstone

Moderately

Conservative

Fund

Investment

Income:

Dividends

from

affiliated

investments

$

16,525

$

31,911

$

3,093

Dividends

from

unaffiliated

investments

17,622

45,035

2,840

Interest

from

unaffiliated

investments

753

Securities

lending

(net

of

fees)

719

Foreign

tax

withholding

(1)

(6)

(1)

Total

Income

34,885

78,412

6,085

Expenses:

Investment

advisory

fees

6,875

16,517

913

Administration

fees

1,748

4,199

Sub-Administration

fees

Custodian

fees

Transfer

agent

fees

1,722

4,100

Trustees'

fees

Compliance

fees

Printing

fees

Legal

and

audit

fees

State

registration

and

filing

fees

Line

of

credit

fees

—

—

(a) Other

expenses

Recoupment

of

prior

expenses

waived/reimbursed

by

Adviser

—

—

Total

Expenses

10,698

25,370

1,789

Expenses

waived/reimbursed

by

Adviser

(1,490)

(3,045)

(253)

Net

Expenses

9,208

22,325

1,536

Net

Investment

Income

(Loss)

25,677

56,087

4,549

Realized/Unrealized

Gains

(Losses)

from

Investments:

Net

realized

gains

(losses)

from

affiliated

investment

securities

(7,856)

(16,816)

(1,811)

Net

realized

gains

(losses)

from

unaffiliated

investment

securities

and

foreign

currency

transactions

81,663

231,224

8,963

Net

realized

gains

(losses)

from

futures

contracts

1,307

4,095

Net

change

in

unrealized

appreciation/depreciation

on

affiliated

investment

securities

31,393

73,256

4,457

Net

change

in

unrealized

appreciation/depreciation

on

unaffiliated

investment

securities

51,261

142,508

10,208

Net

change

in

unrealized

appreciation/depreciation

on

futures

contracts

(585)

(3,223)

(130)

Net

realized/unrealized

gains

(losses)

on

investments

157,183

431,044

21,971

Change

in

net

assets

resulting

from

operations

$

182,860

$

487,131

$

26,520

(a) Rounds

to

less

than

$1

thousand.

(Amounts

in

Thousands)

Victory

Portfolios

III

Statements

of

Changes

in

Net

Assets

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Cornerstone

Aggressive

Fund

Victory

Cornerstone

Conservative

Fund

Victory

Cornerstone

Equity

Fund

Year

Ended

February

28,

2026

Year

Ended

February

28,

2025

Year

Ended

February

28,

2026

Year

Ended

February

28,

2025

Year

Ended

February

28,

2026

Year

Ended

February

28,

2025

From

Investment

Activities:

Operations:

Net

Investment

Income

(Loss)

$

6,036

$

5,950

$

8,687

$

8,267

$

5,797

$

6,156

Net

realized

gains

(losses)

37,822

30,471

2,524

2,210

12,764

6,028

Net

change

in

unrealized

appreciation/

depreciation

40,154

(1,023)

12,659

5,767

49,645

18,195

Change

in

net

assets

resulting

from

operations

84,012

35,398

23,870

16,244

68,206

30,379

Change

in

net

assets

resulting

from

distributions

to

shareholders

(44,282)

(29,661)

(10,901)

(9,218)

(15,049)

(7,783)

Change

in

net

assets

resulting

from

capital

transactions

27,640

7,414

28,171

(4,913)

24,227

1,566

Change

in

net

assets

67,370

13,151

41,140

2,113

77,384

24,162

Net

Assets:

Beginning

of

period

392,426

379,275

209,894

207,781

253,107

228,945

End

of

period

$

459,796

$

392,426

$

251,034

$

209,894

$

330,491

$

253,107

Capital

Transactions:

Proceeds

from

shares

issued

$

41,411

$

36,724

$

63,151

$

32,858

$

48,657

$

27,829

Distributions

reinvested

44,152

29,574

10,804

9,147

15,012

7,766

Cost

of

shares

redeemed

(57,923)

(58,884)

(45,784)

(46,918)

(39,442)

(34,029)

Change

in

net

assets

resulting

from

capital

transactions

$

27,640

$

7,414

$

28,171

$

(4,913)

$

24,227

$

1,566

Share

Transactions:

Issued

2,694

2,470

5,646

3,059

2,422

1,583

Reinvested

2,898

2,031

971

856

728

Redeemed

(3,779)

(3,954)

(4,123)

(4,374)

(2,002)

(1,940)

Change

in

Shares

1,813

547

2,494

(459)

1,148

(Amounts

in

Thousands)

Victory

Portfolios

III

Statements

of

Changes

in

Net

Assets

(continued)

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Cornerstone

Moderate

Fund

Victory

Cornerstone

Moderately

Aggressive

Fund

Victory

Cornerstone

Moderately

Conservative

Fund

Year

Ended

February

28,

2026

Year

Ended

February

28,

2025

Year

Ended

February

28,

2026

Year

Ended

February

28,

2025

Year

Ended

February

28,

2026

Year

Ended

February

28,

2025

From

Investment

Activities:

Operations:

Net

Investment

Income

(Loss)

$

25,677

$

25,480

$

56,087

$

54,765

$

4,549

$

4,553

Net

realized

gains

(losses)

75,114

58,128

218,503

163,870

7,436

1,572

Net

change

in

unrealized

appreciation/

depreciation

82,069

4,211

212,541

5,403

14,535

5,991

Change

in

net

assets

resulting

from

operations

182,860

87,819

487,131

224,038

26,520

12,116

Change

in

net

assets

resulting

from

distributions

to

shareholders

(101,556)

(67,066)

(279,079)

(182,662)

(6,384)

(3,627)

Change

in

net

assets

resulting

from

capital

transactions

28,211

(6,528)

93,453

(12,802)

(2,767)

(11,135)

Change

in

net

assets

109,515

14,225

301,505

28,574

17,369

(2,646)

Net

Assets:

Beginning

of

period

1,130,858

1,116,633

2,702,893

2,674,319

178,183

180,829

End

of

period

$

1,240,373

$

1,130,858

$

3,004,398

$

2,702,893

$

195,552

$

178,183

Capital

Transactions:

Proceeds

from

shares

issued

$

81,608

$

75,213

$

164,734

$

156,657

$

16,574

$

16,461

Distributions

reinvested

100,971

66,666

276,350

180,962

6,347

3,603

Cost

of

shares

redeemed

(154,368)

(148,407)

(347,631)

(350,421)

(25,688)

(31,199)

Change

in

net

assets

resulting

from

capital

transactions

$

28,211

$

(6,528)

$

93,453

$

(12,802)

$

(2,767)

$

(11,135)

Share

Transactions:

Issued

5,119

4,884

5,882

5,731

1,420

1,476

Reinvested

6,376

4,360

9,942

6,759

542

Redeemed

(9,700)

(9,635)

(12,439)

(12,819)

(2,217)

(2,828)

Change

in

Shares

1,795

(391)

3,385

(329)

(255)

(1,021)

Victory

Portfolios

III

Financial

Highlights

For

a

Share

Outstanding

Throughout

Each

Period

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Cornerstone

Aggressive

Fund

Year

Ended

February

28,

2026

Year

Ended

February

28,

2025

Year

Ended

February

29,

2024

Nine

Months

Ended

February

28,

2023(a)

Year

Ended

May

31,

2022

Year

Ended

May

31,

2021

Net

Asset

Value,

Beginning

of

Period

$14.44

$14.25

$12.60

$13.55

$15.31

$11.74

Investment

Activities:

Net

investment

income

(loss)(b)

0.22 0.23 0.22 0.18 0.17 0.12 Net

realized

and

unrealized

gains

(losses)

2.87 1.11 1.70 (0.54)

(0.66)

3.71 Total

from

Investment

Activities

3.09 1.34 1.92 (0.36)

(0.49)

3.83 Distributions

to

Shareholders

from:

Net

investment

income

(0.21)

(0.26)

(0.27)

(0.08)

(0.17)

(0.18)

Net

realized

gains

(1.46)

(0.89)

—

(0.51)

(1.10)

(0.08)

Total

Distributions

(1.67)

(1.15)

(0.27)

(0.59)

(1.27)

(0.26)

Net

Asset

Value,

End

of

Period

$15.86

$14.44

$14.25

$12.60

$13.55

$15.31

Total

Return(c)(d)

22.02%

9.42%

15.33%

(2.65)%

(3.84)%

32.91%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

0.95%

1.03%

1.10%

1.10%

1.10%

1.10%

Net

Investment

Income

(Loss)(e)

1.45%

1.51%

1.68%

1.86%

1.11%

0.88%

Gross

Expenses(e)(f)

1.02%

1.07%

1.14%

1.15%

1.12%

1.17%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$459,796

$392,426

$379,275

$346,144

$361,083

$387,496

Portfolio

Turnover(c)

79%

72%

57%

60%

43%

64%

(a) Effective

February

28,

2023,

the

Fund's

fiscal

year-end

changed

from

May

to

February

or

February

during

leap

years.

(b) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(c) Not

annualized

for

periods

less

than

one

year.

(d) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(e) Annualized

for

periods

less

than

one

year.

(f) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

Victory

Portfolios

III

For

a

Share

Outstanding

Throughout

Each

Period

Financial

Highlights

—

continued

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Cornerstone

Conservative

Fund

Year

Ended

February

28,

2026

Year

Ended

February

28,

2025

Year

Ended

February

29,

2024

Nine

Months

Ended

February

28,

2023(a)

Year

Ended

May

31,

2022

Year

Ended

May

31,

2021

Net

Asset

Value,

Beginning

of

Period

$10.89

$10.53

$10.11

$10.70

$11.86

$10.96

Investment

Activities:

Net

investment

income

(loss)(b)

0.43 0.43 0.38 0.24 0.31 0.30 Net

realized

and

unrealized

gains

(losses)

0.75 0.41 0.43 (0.46)

(1.01)

1.03 Total

from

Investment

Activities

1.18 0.84 0.81 (0.22)

(0.70)

1.33 Distributions

to

Shareholders

from:

Net

investment

income

(0.43)

(0.45)

(0.39)

(0.19)

(0.31)

(0.31)

Net

realized

gains

(0.11)

(0.03)

—

(0.18)

(0.15)

(0.12)

Total

Distributions

(0.54)

(0.48)

(0.39)

(0.37)

(0.46)

(0.43)

Net

Asset

Value,

End

of

Period

$11.53

$10.89

$10.53

$10.11

$10.70

$11.86

Total

Return(c)(d)

11.12%

8.14%

8.24%

(2.00)%

(6.19)%

12.28%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

0.09%

0.10%

0.10%

0.10%

0.08%

0.10%

Net

Investment

Income

(Loss)(e)

3.88%

3.98%

3.73%

3.09%

2.68%

2.61%

Gross

Expenses(e)(f)

0.09%

0.10%

0.10%

0.12%

0.08%

0.10%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$251,034

$209,894

$207,781

$207,514

$223,137

$243,950

Portfolio

Turnover(c)

5%

7%

11%

2%

11%

15%

(a) Effective

February

28,

2023,

the

Fund's

fiscal

year-end

changed

from

May

to

February

or

February

during

leap

years.

(b) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(c) Not

annualized

for

periods

less

than

one

year.

(d) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(e) Annualized

for

periods

less

than

one

year.

(f) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

Victory

Portfolios

III

Financial

Highlights

—

continued

For

a

Share

Outstanding

Throughout

Each

Period

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Cornerstone

Equity

Fund

Year

Ended

February

28,

2026

Year

Ended

February

28,

2025

Year

Ended

February

29,

2024

Nine

Months

Ended

February

28,

2023(a)

Year

Ended

May

31,

2022

Year

Ended

May

31,

2021

Net

Asset

Value,

Beginning

of

Period

$17.95

$16.33

$14.20

$15.59

$17.44

$13.28

Investment

Activities:

Net

investment

income

(loss)(b)

0.41 0.44 0.32 0.23 0.52 0.27 Net

realized

and

unrealized

gains

(losses)

4.35 1.75 2.61 (0.68)

(1.56)

5.16 Total

from

Investment

Activities

4.76 2.19 2.93 (0.45)

(1.04)

5.43 Distributions

to

Shareholders

from:

Net

investment

income

(0.41)

(0.42)

(0.33)

(0.25)

(0.59)

(0.20)

Net

realized

gains

(0.63)

(0.15)

(0.47)

(0.69)

(0.22)

(1.07)

Total

Distributions

(1.04)

(0.57)

(0.80)

(0.94)

(0.81)

(1.27)

Net

Asset

Value,

End

of

Period

$21.67

$17.95

$16.33

$14.20

$15.59

$17.44

Total

Return(c)(d)

26.90%

13.47%

20.92%

(2.66)%

(6.41)%

42.26%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

0.07%

0.09%

0.10%

0.10%

0.09%

0.10%

Net

Investment

Income

(Loss)(e)

2.05%

2.52%

2.12%

2.15%

3.04%

1.74%

Gross

Expenses(e)(f)

0.07%

0.09%

0.10%

0.12%

0.09%

0.11%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$330,491

$253,107

$228,945

$198,226

$207,909

$232,236

Portfolio

Turnover(c)

17%

11%

14%

6%

12%

5%

(a) Effective

February

28,

2023,

the

Fund's

fiscal

year-end

changed

from

May

to

February

or

February

during

leap

years.

(b) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(c) Not

annualized

for

periods

less

than

one

year.

(d) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(e) Annualized

for

periods

less

than

one

year.

(f) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

Victory

Portfolios

III

For

a

Share

Outstanding

Throughout

Each

Period

Financial

Highlights

—

continued

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Cornerstone

Moderate

Fund

Year

Ended

February

28,

2026

Year

Ended

February

28,

2025

Year

Ended

February

29,

2024

Nine

Months

Ended

February

28,

2023(a)

Year

Ended

May

31,

2022

Year

Ended

May

31,

2021

Net

Asset

Value,

Beginning

of

Period

$15.33

$15.05

$13.83

$14.90

$16.96

$14.24

Investment

Activities:

Net

investment

income

(loss)(b)

0.35 0.35 0.32 0.21 0.21 0.20 Net

realized

and

unrealized

gains

(losses)

2.15 0.85 1.12 (0.66)

(1.11)

2.76 Total

from

Investment

Activities

2.50 1.20 1.44 (0.45)

(0.90)

2.96 Distributions

to

Shareholders

from:

Net

investment

income

(0.35)

(0.47)

(0.22)

(0.17)

(0.23)

(0.21)

Net

realized

gains

(1.07)

(0.45)

—

(0.45)

(0.93)

(0.03)

Total

Distributions

(1.42)

(0.92)

(0.22)

(0.62)

(1.16)

(0.24)

Net

Asset

Value,

End

of

Period

$16.41

$15.33

$15.05

$13.83

$14.90

$16.96

Total

Return(c)(d)

16.79%

8.12%

10.54%

(3.01)%

(5.82)%

21.00%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

0.79%

0.83%

0.86%

0.87%

0.87%

0.97%

Net

Investment

Income

(Loss)(e)

2.20%

2.25%

2.22%

2.04%

1.28%

1.29%

Gross

Expenses(e)(f)

0.92%

0.94%

0.96%

0.98%

0.95%

0.98%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$1,240,373

$1,130,858

$1,116,633

$1,075,327

$1,139,908

$1,265,532

Portfolio

Turnover(c)

74%

58%

51%

47%

47%

53%

(a) Effective

February

28,

2023,

the

Fund's

fiscal

year-end

changed

from

May

to

February

or

February

during

leap

years.

(b) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(c) Not

annualized

for

periods

less

than

one

year.

(d) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(e) Annualized

for

periods

less

than

one

year.

(f) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

Victory

Portfolios

III

Financial

Highlights

—

continued

For

a

Share

Outstanding

Throughout

Each

Period

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Cornerstone

Moderately

Aggressive

Fund

Year

Ended

February

28,

2026

Year

Ended

February

28,

2025

Year

Ended

February

29,

2024

Nine

Months

Ended

February

28,

2023(a)

Year

Ended

May

31,

2022

Year

Ended

May

31,

2021

Net

Asset

Value,

Beginning

of

Period

$26.71

$26.34

$24.00

$25.76

$29.45

$24.10

Investment

Activities:

Net

investment

income

(loss)(b)

0.56 0.55 0.52 0.37 0.36 0.32 Net

realized

and

unrealized

gains

(losses)

4.32 1.69 2.36 (1.11)

(1.77)

5.56 Total

from

Investment

Activities

4.88 2.24 2.88 (0.74)

(1.41)

5.88 Distributions

to

Shareholders

from:

Net

investment

income

(0.54)

(0.70)

(0.54)

(0.23)

(0.35)

(0.37)

Net

realized

gains

(2.32)

(1.17)

—

(0.79)

(1.93)

(0.16)

Total

Distributions

(2.86)

(1.87)

(0.54)

(1.02)

(2.28)

(0.53)

Net

Asset

Value,

End

of

Period

$28.73

$26.71

$26.34

$24.00

$25.76

$29.45

Total

Return(c)(d)

18.81%

8.60%

12.07%

(2.87)%

(5.43)%

24.58%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

0.81%

0.84%

0.87%

0.88%

0.88%

0.96%

Net

Investment

Income

(Loss)(e)

2.00%

2.01%

2.08%

2.04%

1.26%

1.18%

Gross

Expenses(e)(f)

0.91%

0.92%

0.95%

0.96%

0.93%

0.97%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$3,004,398

$2,702,893

$2,674,319

$2,549,840

$2,720,065

$3,026,975

Portfolio

Turnover(c)

79%

67%

52%

49%

44%

64%

(a) Effective

February

28,

2023,

the

Fund's

fiscal

year-end

changed

from

May

to

February

or

February

during

leap

years.

(b) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(c) Not

annualized

for

periods

less

than

one

year.

(d) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(e) Annualized

for

periods

less

than

one

year.

(f) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

Victory

Portfolios

III

For

a

Share

Outstanding

Throughout

Each

Period

Financial

Highlights

—

continued

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Cornerstone

Moderately

Conservative

Fund

Year

Ended

February

28,

2026

Year

Ended

February

28,

2025

Year

Ended

February

29,

2024

Nine

Months

Ended

February

28,

2023(a)

Year

Ended

May

31,

2022

Year

Ended

May

31,

2021

Net

Asset

Value,

Beginning

of

Period

$11.13

$10.62

$10.12

$11.23

$12.74

$11.14

Investment

Activities:

Net

investment

income

(loss)(b)

0.29 0.28 0.25 0.17 0.15 0.16 Net

realized

and

unrealized

gains

(losses)

1.40 0.45 0.51 (0.54)

(0.85)

1.64 Total

from

Investment

Activities

1.69 0.73 0.76 (0.37)

(0.70)

1.80 Distributions

to

Shareholders

from:

Net

investment

income

(0.37)

(0.22)

(0.26)

(0.13)

(0.17)

(0.17)

Net

realized

gains

(0.04)

—

—

(0.61)

(0.64)

(0.03)

Total

Distributions

(0.41)

(0.22)

(0.26)

(0.74)

(0.81)

(0.20)

Net

Asset

Value,

End

of

Period

$12.41

$11.13

$10.62

$10.12

$11.23

$12.74

Total

Return(c)(d)

15.45%

6.93%

7.57%

(3.31)%

(5.95)%

16.30%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

0.84%

0.90%

0.90%

0.90%

0.90%

0.90%

Net

Investment

Income

(Loss)(e)

2.49%

2.53%

2.41%

2.13%

1.23%

1.35%

Gross

Expenses(e)(f)

0.98%

1.03%

1.04%

1.05%

1.00%

1.02%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$195,552

$178,183

$180,829

$184,724

$200,344

$221,892

Portfolio

Turnover(c)

72%

48%

51%

43%

61%

52%

(a) Effective

February

28,

2023,

the

Fund's

fiscal

year-end

changed

from

May

to

February

or

February

during

leap

years.

(b) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(c) Not

annualized

for

periods

less

than

one

year.

(d) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(e) Annualized

for

periods

less

than

one

year.

(f) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

Notes

to

Financial

Statements

February

28,

2026

Victory

Portfolios

III

1. #### Organization:
Victory

Portfolios

III

(the

"Trust")

is

organized

as

a

Delaware

statutory

trust

and

is

registered

under

the Investment

Company

Act

of

1940,

as

amended

(the

"1940

Act"),

as

an

open-end

investment

company.

The

Trust

is

comprised

of

funds

and

is

authorized

to

issue

an

unlimited

number

of

shares,

which

are

units

of

beneficial

interest

with

no

par

value.

The

accompanying

financial

statements

are

those

of

the following six funds

(collectively,

the

"Funds"

and

individually,

a

"Fund").

Each

Fund

is

classified

as

diversified

under

the

1940

Act.

Victory

Capital

Management

Inc.

("VCM"

or

the

"Adviser")

is

an

indirect

wholly

owned

subsidiary

of

Victory

Capital

Holdings,

Inc.,

a

publicly

traded

Delaware

corporation,

and

a

wholly

owned

direct

subsidiary

of

Victory

Capital

Operating,

LLC. Under

the

Trust's

organizational

documents,

its

officers

and

trustees

are

indemnified

against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Funds.

In

addition,

in

the

normal

course

of

business,

the

Funds

enter

into

contracts

with

their

vendors

and

others

that

provide

for

general

indemnifications.

The Funds'

maximum

exposure

under

these

arrangements

is

unknown,

as

this

would

involve

future

claims

that

may

be

made

against

the

Funds.

However,

based

on

experience,

the

Funds

expect

that

risk

of

loss

to

be

remote.

2. #### Significant

#### Accounting

#### Policies:
The

following

is

a

summary

of

significant

accounting

policies

followed

by

the Funds

in

the

preparation

of their

financial

statements. The

policies

are

in

conformity

with

U.S.

Generally

Accepted

Accounting

Principles

("GAAP").

The

preparation

of

financial

statements

in

accordance

with

GAAP

requires

the Adviser

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

and

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

income

and

expenses

for

the

period.

Actual

results

could

differ

from

those

estimates.

The

Funds

follow

the

specialized

accounting

and

reporting

requirements

under

GAAP

that

are

applicable

to

investment

companies

under

Accounting

Standards

Codification

("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.

Debt

securities

are

valued

each

business

day

by

a

pricing

service

approved

by

the

valuation

designee

and

subject

to

the

oversight

of

the

Board.

The

pricing

service

uses

the

evaluated

bid

or market

quotes to

value

securities.

Debt

obligations

maturing

within

days

may

be

valued

at

amortized

cost,

provided

that

the

amortized

cost

represents

the

fair

value

of

such

securities.

These

valuations

are

typically

categorized

as

Level

in

the

fair

value

hierarchy.

Futures

contracts

are

valued

at

the

settlement

price

established

each

day

by

the

board

of

trade

or

an

exchange

on

which

they

are

traded.

These

valuations

are

typically

categorized

as

Level

in

the

fair

value

hierarchy.

Funds

(Legal

Name)

Funds

(Short

Name)

Victory

Cornerstone

Aggressive

Fund

Cornerstone

Aggressive

Fund

Victory

Cornerstone

Conservative

Fund

Cornerstone

Conservative

Fund

Victory

Cornerstone

Equity

Fund

Cornerstone

Equity

Fund

Victory

Cornerstone

Moderate

Fund

Cornerstone

Moderate

Fund

Victory

Cornerstone

Moderately

Aggressive

Fund

Cornerstone

Moderately

Aggressive

Fund

Victory

Cornerstone

Moderately

Conservative

Fund

Cornerstone

Moderately

Conservative

Fund

Notes

to

Financial

Statements

—

continued

February

28,

2026

Victory

Portfolios

III

In

the

event

that

price

quotations

or

valuations

are

not

readily

available,

investments

are

valued

at

fair

value

in

accordance

with

procedures

established

by

and

under

the

general

supervision

and

responsibility

of

the

Board.

These

valuations

are

typically

categorized

as

Level

or

Level

in

the

fair

value

hierarchy,

based

on

the

observability

of

inputs

used

to

determine

the

fair

value.

The

effect

of

fair

value

pricing

is

that

securities

may

not

be

priced

on

the

basis

of

quotations

from

the

primary

market

in

which

they

are

traded

and

the

actual

price

realized

from

the

sale

of

a

security

may

differ

materially

from

the

fair

value

price.

Valuing

these

securities

at

fair

value

is

intended

to

cause

each

Fund's

NAV to

be

more

reliable

than

it

otherwise

would

be.

A

summary

of

the

valuations

as

of

February

28,

2026,

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 February

28,

2026,

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

Level

Level

Level

Total

Cornerstone

Aggressive

Fund

Common

Stocks

...............................................

$

155,691

$

—

$

—

$

155,691

Exchange-Traded

Funds

.........................................

200,062

—

—

200,062

Affiliated

Exchange-Traded

Funds

..................................

102,513

—

—

102,513

Collateral

for

Securities

Loaned

...................................

4,128

—

—

4,128

Total

.......................................................

$

462,394

$

—

$

—

$

462,394

Cornerstone

Conservative

Fund

Affiliated

Exchange-Traded

Funds

..................................

91,730

—

—

91,730

Affiliated

Mutual

Funds

.........................................

157,256

—

—

157,256

Collateral

for

Securities

Loaned

...................................

—

—

Total

.......................................................

$

249,017

$

—

$

—

$

249,017

Cornerstone

Equity

Fund

Affiliated

Exchange-Traded

Funds

..................................

151,649

—

—

151,649

Affiliated

Mutual

Funds

.........................................

177,414

—

—

177,414

Collateral

for

Securities

Loaned

...................................

—

—

Total

.......................................................

$

329,319

$

—

$

—

$

329,319

Cornerstone

Moderate

Fund

Common

Stocks

...............................................

246,342

—

—

246,342

Exchange-Traded

Funds

.........................................

498,349

—

—

498,349

Affiliated

Exchange-Traded

Funds

..................................

491,236

—

—

491,236

Collateral

for

Securities

Loaned

...................................

36,501

—

—

36,501

Total

.......................................................

$

1,272,428

$

—

$

—

$

1,272,428

Cornerstone

Moderately

Aggressive

Fund

Common

Stocks

...............................................

801,393

—

—

801,393

Exchange-Traded

Funds

.........................................

1,134,989

—

—

1,134,989

Affiliated

Exchange-Traded

Funds

..................................

1,060,218

—

—

1,060,218

Collateral

for

Securities

Loaned

...................................

98,913

—

—

98,913

Total

.......................................................

$

3,095,513

$

—

$

—

$

3,095,513

Cornerstone

Moderately

Conservative

Fund

Common

Stocks

...............................................

29,271

—

—

29,271

Exchange-Traded

Funds

.........................................

74,926

—

—

74,926

Affiliated

Exchange-Traded

Funds

..................................

90,463

—

—

90,463

Collateral

for

Securities

Loaned

...................................

4,130

—

—

4,130

Total

.......................................................

$

198,790

$

—

$

—

$

198,790

Notes

to

Financial

Statements

—

continued

February

28,

2026

Victory

Portfolios

III

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:

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

year

ended February

28,

2026,

the Funds entered

into

futures

contracts

primarily

for

the

strategy

of

hedging

or

other

purposes,

including

but

not

limited

to,

providing

liquidity

and

equitizing

cash.

Summary

of

Derivative

Instruments:

The

following

table

presents the

effect

of

derivative

instruments

on

the

Statements

of

Operations,

categorized

by

risk

exposure,

for

the year

ended

February

28,

2026 (amounts

in

thousands):

All

open

derivative

positions

at

year end

are

reflected

on

each

respective

Fund's

Schedule

of

Portfolio

Investments.

The

underlying

face

value

of

open

derivative

positions

relative

to

each

Fund's

net

assets

at

year end

is

generally

representative

of

the

notional

amount

of

open

positions

to

net

assets

throughout

the

year.

Investment

Transactions

and

Related

Income:

Changes

in

holdings

of

investments

are

accounted

for

no

later

than

one

business

day

following

the

trade

date.

For

financial

reporting

purposes,

however,

investment

transactions

are

accounted

for

on

trade

date

or

the

last

business

day

of

the

reporting

period.

Interest

income

is

determined

on

the

basis

of

coupon

interest

accrued

and

recorded

daily

using

the

effective

interest

method

which

adjusts,

where

applicable,

the

amortization

of

premiums

or

accretion

of

discounts. Dividend

income

is

recorded

on

the

ex-dividend

date.

Non-cash

dividends

included

in

income,

if

any,

are

recorded

at

the

fair

value

of

the

securities

received. Gains

or

losses

realized

on

sales

of

securities

are

recorded

on

the

identified

cost

basis.

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.

Net

realized

gains

(losses)

from

futures

contracts

Net

change

in

unrealized

appreciation/

depreciation

on

futures

contracts

Equity

Risk

Exposure:

6,849,000

(4,772,000)

Cornerstone

Aggressive

Fund

.........................................................

$

1,163

$

(834) Cornerstone

Moderate

Fund

..........................................................

1,307

(585) Cornerstone

Moderately

Aggressive

Fund

................................................

4,095

(3,223)

Cornerstone

Moderately

Conservative

Fund

...............................................

(130) Notes

to

Financial

Statements

—

continued

February

28,

2026

Victory

Portfolios

III

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

February

28,

2026

(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 unaffiliated

investment

securities

and

foreign

currency

translations

on

the

Statements

of

Operations.

Realized

gains

or

losses

from

these

fluctuations,

if

any,

are

disclosed

as

Net

realized

gains

(losses)

from

unaffiliated

investment

securities

and

foreign

currency

transactions

on

the

Statements

of

Operations.

Foreign

Taxes:

The

Funds

may

be

subject

to

foreign

taxes

related

to

foreign

income

received

(a

portion

of

which

may

be

reclaimable),

capital

gains

on

the

sale

of

securities,

and

certain

foreign

currency

transactions.

All

foreign

taxes

are

recorded

in

accordance

with

the

applicable

regulations

and

rates

that

exist

in

the

foreign

jurisdictions

in

which

the

Funds

invest.

The

Cornerstone

Moderately

Aggressive

Fund

received

European

Union

("EU")

reclaims

related

to

prior

years.

For

the year

ended

February

28,

2026,

the

Fund

recognized

$86

thousand

related

to

EU

reclaims

and

$45

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

Statement

of

Operations

as

Interest

income.

In

the

event

tax

refunds

received

by

the

Fund

during

the

fiscal

year

exceed

the

foreign

withholding

taxes

paid

by

the

Fund

for

the

year,

and

the

Fund

previously

passed

foreign

tax

credits

on

to

its

shareholders,

the

Fund

may

enter

in

a

closing

agreement

with

the

Internal

Revenue

Service

in

order

to

pay

the

associated

liability

on

behalf

of

the

Fund's

shareholders.

For

the

year

ended

February

28,

2026,

the

Fund

did

not

enter

in

any

closing

agreements.

Federal

Income

Taxes:

Each

Fund

intends

to

continue

to

qualify

as

a

regulated

investment

company

by

complying

with

the

provisions

available

to

certain

investment

companies,

as

defined

in

applicable

sections

of

the

Internal

Revenue

Code,

and

to

make

distributions

of

net

investment

income

and

net

realized

gains

sufficient

to

relieve

it

from

all,

or

substantially

all,

federal

income

taxes.

Accordingly,

no

provision

for

federal

income

taxes

is

required

in

the

financial

statements.

The

Funds

have

a

tax

year

end

of

February

or

February

for

leap

years.

Value

of

Securities

on

Loan

Non-Cash

Collateral

Cash

Collateral

Cornerstone

Aggressive

Fund

........................................

$

4,016

$

$

4,128

Cornerstone

Conservative

Fund

.......................................

—

Cornerstone

Equity

Fund

...........................................

—

Cornerstone

Moderate

Fund

.........................................

35,562

—

36,501

Cornerstone

Moderately

Aggressive

Fund

...............................

96,916

—

98,913

Cornerstone

Moderately

Conservative

Fund

..............................

3,984

—

4,130

Notes

to

Financial

Statements

—

continued

February

28,

2026

Victory

Portfolios

III

For

the

year

ended

February

28,

2026,

the

Funds

did

not

incur

any

income

tax,

interest,

or

penalties,

and

have

recorded

no

liability

for

net

unrecognized

tax

benefits

relating

to

uncertain

tax

positions.

Management

of

the

Funds

has

reviewed

tax

positions

taken

in

tax

years

that

remain

subject

to

examination

by

all

major

tax

jurisdictions,

including

federal

(i.e.,

the

last

four

tax

years,

which

includes

the

current

fiscal

tax

year

end).

Management

believes

that

there

is

no

tax

liability

resulting

from

unrecognized

tax

benefits

related

to

uncertain

tax

positions

taken.

Allocations:

Expenses

directly

attributable

to a

Fund

are

charged

to that

Fund,

while

expenses

that

are

attributable

to

more

than

one

fund

in

the

Trust,

or

jointly

with

an

affiliated

trust,

are

allocated

among

the

respective

funds

in

the

Trust

and/or

an

affiliated

trust

based

upon

net

assets

or

another

appropriate

basis.

Fees

Paid

Indirectly:

Expense

offsets

to

custody

fees

that

arise

from

credits

on

cash

balances

maintained

on

deposit

are

reflected

on

the

Statements

of

Operations,

as

applicable,

as

Fees

paid

indirectly.

3. #### Purchases

#### and

#### Sales:
Purchases

and sales

of

securities

(excluding

securities

maturing

less

than

one

year

from

acquisition)

for

the

year

ended

February

28,

2026,

were

as

follows

(amounts

in

thousands):

4. #### Fees

#### and

#### Transactions

#### with

#### Affiliates

#### and

#### Related

#### Parties:
Investment

Advisory

Fees:

Investment

advisory

services

are

provided

to

the

Funds

by

the

Adviser,

which

is

a

New

York

corporation

registered

as

an

investment

adviser

with

the

SEC.

Under

the

terms

of

the

Investment

Advisory

Agreement,

the

Adviser

is

entitled

to

receive

fees

accrued

daily

and

paid

monthly

at

an

annualized

rate

based

on

a

percentage

of

the

average

daily

net

assets

of

each

Fund. The

rates

at

which

the

Adviser

is

paid

by

each

Fund

are

included

in

the

table

below.

The

Trust

relies

on

an

exemptive

order

granted

to

VCM

and

its

affiliated

funds

by

the

SEC

in

March

2019,

permitting

the

use

of

a

"manager-of-

managers"

structure

for

certain

funds.

Under

a

manager-of-managers

structure,

the

investment

adviser

may

select

(with

approval

of

the

Board

and

without

shareholder

approval)

one

or

more

subadvisers

to

manage

the

day-to-day

investment

of

a

fund's

assets.

For

the

year

ended

February

28,

2026,

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:

Excluding

U.S.

Government

Securities

U.S.

Government

Securities

Purchases

Sales

Purchases

Sales

Cornerstone

Aggressive

Fund

.......................................

$

328,908

$

336,064

$

—

$

1,494

Cornerstone

Conservative

Fund

......................................

36,036

10,234

—

—

Cornerstone

Equity

Fund

..........................................

68,360

46,878

—

—

Cornerstone

Moderate

Fund

........................................

854,781

883,279

—

9,961

Cornerstone

Moderately

Aggressive

Fund

..............................

2,205,239

2,314,823

—

14,941

Cornerstone

Moderately

Conservative

Fund

.............................

130,955

133,998

—

1,494

Fee

Rate

Cornerstone

Aggressive

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.60%

Cornerstone

Conservative

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

N/A

Cornerstone

Equity

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

N/A

Cornerstone

Moderate

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.59%

Cornerstone

Moderately

Aggressive

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.59%

Cornerstone

Moderately

Conservative

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.50%

Annual

Charge

Cornerstone

Aggressive

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.15%

Cornerstone

Conservative

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

N/A

Cornerstone

Equity

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

N/A

Cornerstone

Moderate

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.15%

Notes

to

Financial

Statements

—

continued

February

28,

2026

Victory

Portfolios

III

Amounts

incurred

for

the

year

ended

February

28,

2026,

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,

including

costs

associated

with

Chief

Compliance

Officer

("CCO"),

and

implementing

new

reports

required

by

new

rules

adopted

by

the

SEC

under

the

1940

Act.

Amounts

incurred

for

the year

ended

February

28,

2026,

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

CCO

and

other

resources

reasonably

necessary

to

provide

the

Trust

with

compliance

oversight

services

related

to

the

design,

administration,

and

oversight

of

a

compliance

program

for

the

Trust

in

accordance

with

Rule

38a-1

under

the

1940

Act.

The

CCO

is

an

employee

of

the

Adviser,

which

pays

the

compensation

of

the

CCO

and

support

staff.

The

funds

in

the

Trust

compensate

the

Adviser

for

these

services.

Amounts

incurred

for

the year

ended

February

28,

2026,

are

reflected

on

the

Statements

of

Operations

as

Compliance

fees.

Transfer

Agency

Fees:

Victory

Capital

Transfer

Agency,

Inc.

("VCTA"),

an

affiliate

of

the

Adviser,

provides

transfer

agency

services

to

the

Funds.

VCTA

provides

transfer

agent

services

to

the

Funds

(excluding

the

Cornerstone

Conservative

and

Cornerstone

Equity

Funds) based

on

an

annual

charge

of

$23

per

shareholder

account

plus

out-of-pocket

expenses.

VCTA

pays

a

portion

of

these

fees

to

certain

intermediaries

for

the

administration

and

servicing

of

accounts

that

are

held

with

such

intermediaries.

For

the

Cornerstone

Conservative

and

Cornerstone

Equity

Funds,

VCTA

does

not

receive

any

fees

from

the

Fund

for

these

services.

The

Funds

pay

for

out-of-pocket

expenses

incurred

and

are

reflected

on

the

Statements

of

Operations

as

Transfer

agent

fees.

FIS

Investor

Services

LLC

serves

as

sub-transfer

agent

and

dividend

disbursing

agent

for

the

Funds

pursuant

to

a

Sub-Transfer

Agent

Agreement

between

VCTA

and

FIS

Investor

Services

LLC. VCTA

pays

FIS

Investor

Services

LLC

a

fee

for

providing

these

services.

Amounts

incurred

for

the

year ended

February

28,

2026,

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 year

ended

February

28,

2026,

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

were

excluded

from

the

expense

limits.

As

of

February

28,

2026,

the

expense

limits

(excluding

voluntary

waivers) were

as

follows:

To

the

extent

the

Fund

invests

in

an

affiliated

VCM

ETF,

the

Adviser

has

contractually

undertaken

to

waive

all

or

a

portion

of

the

Fund's

advisory

fee

in

amounts

proportionate

to

any

advisory

fees

it

earns

as

an

investment

adviser

to

any

affiliated

ETF

attributable

to

the

Fund's

investment

in

that

ETF.

These

affiliated

ETF

advisory

fee

reimbursements

are

not

available

for

recoupment.

For

the

year

ended

February

28,

2026,

the

Funds

incurred

reimbursable

expenses,

which

consisted

of

affiliated

ETF

advisory

fees

for

reimbursement.

These

expenses

are

reflected

on

the

Statements

of

Operations

as

Expenses

waived/reimbursed

by

Adviser,

as

detailed

in

the

table

below

(amounts

in

thousands):

Annual

Charge

Cornerstone

Moderately

Aggressive

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.15%

Cornerstone

Moderately

Conservative

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.15%

In

effect

until

June

30,

2026

Cornerstone

Aggressive

Fund

............................................................................

1.10%

Cornerstone

Conservative

Fund

...........................................................................

0.10%

Cornerstone

Equity

Fund

...............................................................................

0.10%

Cornerstone

Moderate

Fund

.............................................................................

1.00%

Cornerstone

Moderately

Aggressive

Fund

...................................................................

0.98%

Cornerstone

Moderately

Conservative

Fund

..................................................................

0.90%

Notes

to

Financial

Statements

—

continued

February

28,

2026

Victory

Portfolios

III

![](epub609043542441984.jpg)

\* For

the year

ended

February

28,

2026,

for

each

of

the

Funds

listed,

the

entire

reimbursed

amount

consisted

of

affiliated

ETF

advisory

fees.

As

of

February

28,

2026,

the

Funds

have

receivables

related

to

affiliated

ETF

reimbursable

expenses

from

the

Adviser,

pursuant

to

the

Fund's

expense

limitation

agreement.

These

receivables

are

reflected

on

the

Statements

of

Assets

and

Liabilities

as

Receivables

from

Adviser

for

ETF

reimbursements,

as

detailed

in

the

table

below

(amounts

in

thousands):

Under

the

terms

of

the

expense

limitation agreement, the Funds

have

agreed

to

repay

fees

and

expenses

that

were

waived

or

reimbursed

by

the

Adviser

for

a

period

of

up

to

three

years

(thirty-six

(36) months)

after

the

waiver

or

reimbursement

took

place,

subject

to

the

lesser

of

any

operating

expense

limits

in

effect

at

the

time

of:

(a) the

original

waiver

or

expense

reimbursement;

or

(b) the

recoupment,

after

giving

effect

to

the

recoupment

amount.

The

Funds

have

not

recorded

any

amounts

available

to

be

repaid

to

the

Adviser

as

a

commitment

and

contingency

liability due

to

an

assessment

that

such

repayments

are

not

probable

at

February

28,

2026. For

the year

ended

February

28,

2026,

the

following

recoupment

amounts

were

paid

to

the

Adviser

(amounts

in

thousands):

As

of February

28,

2026,

the

Funds

had

no amounts available

to

be

repaid

to

the

Adviser.

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 year

ended

February

28,

2026. 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

principal

risks

that

you

may

assume

as

an

investor

in

each

Fund. Each

Fund's

prospectus

contains

unaudited

information

regarding

the

Fund's

principal

risks.

Please

refer

to

that

document

when

considering

the

Fund's

principal

risks.

The

Funds

may

be

subject

to

other

risks

in

addition

to

these

identified

risks.

Amount

Reimbursed\*

Cornerstone

Aggressive

Fund

.................................................................................................................

$

Cornerstone

Moderate

Fund

..................................................................................................................

,

Cornerstone

Moderately

Aggressive

Fund

....................................................................................................

,

Cornerstone

Moderately

Conservative

Fund

..................................................................................................

Receivable

Cornerstone

Aggressive

Fund

.................................................................................................................

$

Cornerstone

Moderate

Fund

..................................................................................................................

Cornerstone

Moderately

Aggressive

Fund

....................................................................................................

915

Cornerstone

Moderately

Conservative

Fund

..................................................................................................

Amount

Cornerstone

Conservative

Fund

...........................................................................

$

Cornerstone

Moderately

Conservative

Fund

..................................................................

Notes

to

Financial

Statements

—

continued

February

28,

2026

Victory

Portfolios

III

![](epub609043542441985.jpg)

Affiliated

Funds

Risk

—

The

risks

of

the Fund(s)

directly

correspond

to

the

risks

of

the

underlying

affiliated

funds

in

which

the

Fund(s)

invest.

By

investing

in

the

underlying

affiliated

funds,

the

Funds

have

exposure

to

the

risk

of

many

different

areas

of

the

market.

The

degree

to

which

the

risks

described

below

apply

to

the

Fund(s)

varies

according

to each

Fund's

(or

Funds')

asset

allocation.

For

instance,

the

more

the

Fund

is

allocated

to

stock

funds,

the

greater

the

risk

associated

with

equity

securities.

The

Fund(s)

also

are

subject

to

asset

allocation

risk

(i.e.,

the

risk

that

allocations

will

not

produce

the

intended

results)

and

to

management

risk

(i.e.,

the

risk

that

the

selection

of

underlying

affiliated

funds

will

not

produce

the

intended

results).

Conflict

of

Interest Risk

— In

managing

a

Fund that

invests

in

underlying

affiliated

funds,

the

Adviser

may

have

conflicts

of

interest

in

allocating

the

Fund's

assets

among

the

various

underlying

affiliated

funds.

This

is

because

the

fees

payable

by

some

of

the

underlying

affiliated

funds

to

the

Adviser

and/or

its

affiliates

are

higher

than

the

fees

payable

by

other

underlying

affiliated

funds,

and

because

the

Adviser

also

manages

and

administers

the

underlying

affiliated

funds.

Tactical

Allocation Risk

— The Fund(s) has

a

targeted

risk

tolerance

and

a

corresponding

asset

allocation

target;

however,

mere

asset

allocation

and

volatility

are

not

the

sole

determination

of

risk.

The

Fund's

(or

Funds') managers

will

tactically

allocate

away

from

the

target

allocation

as

market

conditions

and

the

perceived

risks

warrant.

The

Fund(s)

bears

the

risk

that

the

managers'

tactical

allocation

will

not

be

successful.

Equity

Securities

Risk

—

The

Funds

may

invest

in

underlying

affiliated

funds

that

invest

in

equity

securities.

The

values

of

the

equity

securities

in

which a

Fund

invests

may

decline

in

response

to

developments

affecting

individual

companies

and/or

general

market

economic,

and

political

conditions,

and

other

factors. A

company's

earnings

or

dividends

may

not

increase

as

expected

due

to

poor

management

decisions,

competitive

pressures,

breakthroughs

in

technology,

reliance

on

suppliers,

labor

problems

or

shortages,

corporate

restructurings,

fraudulent

disclosures,

natural

disasters,

military

confrontations,

war,

terrorism,

public

health

crises,

or

other

events,

conditions,

and

factors.

Price

changes

may

be

temporary

or

may

last

for

extended

periods.

Equity

securities

have

the

lowest

priority,

and

the

greatest

risk,

with

respect

to

dividends

and

any

liquidation

payments

in

the

event

of

an

issuer's

bankruptcy.

Debt

Securities

Risk

—

The

Fund(s)

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

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.

Derivatives

Risk

— The

Funds

may

invest

in

futures,

options,

and

other

types

of

derivatives.

Risks

associated

with

derivatives

include

the

risk

that

the

derivative

is

not

well-correlated

with

the

security,

index,

ETFs,

or

currency

to

which

it

relates;

the

risk

that

the

use

of

derivatives

may

not

have

the

intended

effects

and

may

result

in

losses,

underperformance,

or

missed

opportunities;

the

risk

that

the

Funds

will

be

unable

to

sell

the

derivative

because

of

an

illiquid

secondary

market;

the

risk

that

a

counterparty

is

unwilling

or

unable

to

meet

its

obligation;

the

risk

of

interest

rate

movements;

and

the

risk

that

the

derivatives

transaction

could

expose

the

Fund

to

the

effects

of

leverage,

which

could

increase

the

Funds'

market

exposure,

magnify

investment

risks

and

losses,

and

cause

losses

to

be

realized

more

quickly.

There

is

no

guarantee

that

derivative

techniques

will

be

employed

or

that

they

will

work

as

intended,

and

their

use

could

lower

returns

or

even

result

in

losses

to

the

Funds.

In

addition,

current

regulations

may

limit

the

Funds'

ability

to

invest

in

derivatives.

Notes

to

Financial

Statements

—

continued

February

28,

2026

Victory

Portfolios

III

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.

For

the

interim

period

covered

by

this

report

prior

to

June

24,

2025,

$40

million

of

the

Line

of

Credit

was

reserved

for

use

by

the

Victory

Floating

Rate

Fund,

another

series

of

the

Victory

Funds

Complex,

with

Victory

Floating

Rate

Fund

paying

the

related

commitment

fees

for

that

amount.

The

purpose

of

the

Line

of

Credit

is

to

meet

temporary

or

emergency

cash

needs.

For

the year

ended

February

28,

2026,

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

year

ended

February

28,

2026,

were

as

follows

(amounts

in

thousands):

\*

Based

on

the

number

of

days

borrowings

were

outstanding

for

the

year

ended

February

28,

2026. 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

year

ended

February

28,

2026,

were

as

follows

(amounts

in

thousands):

\*

Based

on

the

number

of

days

borrowings

were

outstanding

for

the

year

ended

February

28,

2026. 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,

utilized

earnings

and

profits

distributions

to

shareholders

on

Amount

Outstanding

at

February

28,

2026

Average

Borrowing\*

Average

Interest

Rate\*

Maximum

Borrowing

During

the

Period

Cornerstone

Moderately

Aggressive

Fund

.......................

$

—

$

7,000

5.42%

$

7,000

Borrower

or

Lender

Amount

Outstanding

at

February

28,

2026

Average

Borrowing\*

Average

Interest

Rate\*

Maximum

Borrowing

During

the

Period

Cornerstone

Aggressive

Fund

.......................

Borrower

$

—

$

718

4.69%

$

718

Cornerstone

Equity

Fund

..........................

Borrower

—

717

4.85%

717

Declared

Paid

Cornerstone

Aggressive

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Annually

Annually

Cornerstone

Conservative

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Quarterly

Quarterly

Cornerstone

Equity

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Annually

Annually

Cornerstone

Moderate

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Quarterly

Quarterly

Cornerstone

Moderately

Aggressive

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Annually

Annually

Cornerstone

Moderately

Conservative

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Quarterly

Quarterly

Notes

to

Financial

Statements

—

continued

February

28,

2026

Victory

Portfolios

III

redemption

of

shares

as

part

of

the

dividends

paid

deduction

for

income

tax

purposes),

such

amounts

are

reclassified

within

the

components

of

net

assets

based

on

their

federal

tax-basis

treatment;

temporary

differences

(e.g.,

wash

sales)

do

not

require

reclassification.

To

the

extent

dividends

and

distributions

exceed

net

investment

income

and

net

realized

gains

for

tax

purposes,

they

are

reported

as

distributions

of

capital.

Net

investment

losses

incurred

by

the

Funds

may

be

reclassified

as

an

offset

to

capital

on

the

accompanying

Statements

of

Assets

and

Liabilities.

As

of

February

28,

2026,

on

the

Statements

of

Assets

and

Liabilities,

as

a

result

of

permanent

book-to-tax

differences,

reclassification

adjustments

were

as

follows

(amounts

in

thousands):

The

tax

character

of

distributions

paid

during

the

tax

years

ended,

as

noted

below,

were

as

follows

(total

distributions

paid

may

differ

from

the

Statements

of

Changes

in

Net

Assets

because,

for

tax

purposes,

dividends

are

recognized

when

actually

paid)

(amounts

in

thousands):

As

of

February

28,

2026,

the

components

of

accumulated

earnings

(loss)

on

a

tax

basis

were

as

follows

(amounts

in

thousands):

\*

The

difference

between

the

book-basis

and

tax-basis

unrealized

appreciation

(depreciation)

is

attributable

primarily

to

tax

deferral

of

losses

on

wash

sales,

partnership

adjustments,

REIT

adjustments,

underlying

reallocation

adjustments,

PFIC

adjustments,

and

straddle

loss

defer-

rals.

During

the

tax

year

ended

February

28,

2026,

the

following

Funds

utilized

capital

loss

carryforwards

(amounts

in

thousands):

Total

Accumulated

Earnings

(Loss)

Capital

Cornerstone

Aggressive

Fund

..................................................................

$

(1,160)

$

1,160

Cornerstone

Equity

Fund

.....................................................................

(385) 385

Cornerstone

Moderate

Fund

...................................................................

(1,808)

1,808

Cornerstone

Moderately

Aggressive

Fund

.........................................................

(6,183)

6,183

Cornerstone

Moderately

Conservative

Fund

........................................................

(1) Year

Ended

February

28,

2026

Distributions

Paid

From:

Ordinary

Income

Net

Long-Term

Capital

Gains

Total

Distributions

Paid

Cornerstone

Aggressive

Fund

.................................................

$

8,704

$

35,578

$

44,282

Cornerstone

Conservative

Fund

................................................

8,586

2,315

10,901

Cornerstone

Equity

Fund

....................................................

6,800

8,249

15,049

Cornerstone

Moderate

Fund

..................................................

31,760

69,796

101,556

Cornerstone

Moderately

Aggressive

Fund

........................................

72,598

206,481

279,079

Cornerstone

Moderately

Conservative

Fund

.......................................

5,796

588

6,384

Year

Ended

February

28,

2025

Distributions

Paid

From:

Ordinary

Income

Net

Long-Term

Capital

Gains

Total

Distributions

Paid

Cornerstone

Aggressive

Fund

.................................................

$

9,872

$

19,789

$

29,661

Cornerstone

Conservative

Fund

................................................

8,780

9,218

Cornerstone

Equity

Fund

....................................................

5,976

1,807

7,783

Cornerstone

Moderate

Fund

..................................................

35,338

31,728

67,066

Cornerstone

Moderately

Aggressive

Fund

........................................

82,155

100,507

182,662

Cornerstone

Moderately

Conservative

Fund

.......................................

3,627

—

3,627

Undistributed

Ordinary

Income

Undistributed

Long-Term

Capital

Gains

Accumulated

Earnings

(Loss)

Other

Earnings

(Loss)

Unrealized

Appreciation

(Depreciation)\*

Total

Accumulated

Earnings

(Loss)

Cornerstone

Aggressive

Fund

..............

$

3,724

$

7,920

$

11,644

$

(243) $

100,952

$

112,353

Cornerstone

Conservative

Fund

.............

1,324

1,450

2,774

—

12,562

15,336

Cornerstone

Equity

Fund

.................

8,621

8,839

—

109,459

118,298

Cornerstone

Moderate

Fund

...............

8,159

12,328

20,487

(1,685)

158,255

177,057

Cornerstone

Moderately

Aggressive

Fund

.....

31,019

40,446

71,465

(3,665)

471,185

538,985

Cornerstone

Moderately

Conservative

Fund

....

2,476

2,862

(47) 22,287

25,102

Amount

Cornerstone

Moderately

Conservative

Fund

..................................................................

$

(4,297)

Notes

to

Financial

Statements

—

continued

February

28,

2026

Victory

Portfolios

III

As

of February

28,

2026,

the

Funds

had

no

capital

loss

carryforward

for

federal

income

tax

purposes.

As

of February

28,

2026,

the

cost

basis

for

federal

income

tax

purposes,

gross

unrealized

appreciation,

gross

unrealized

depreciation,

and

net

unrealized

appreciation

(depreciation)

for

investments were

as

follows

(amounts

in

thousands):

In

this

reporting

period,

the

Funds

adopted

the

Financial

Accounting

Standards

Board

("FASB")

Accounting

Standards

Update

2023-09,

"Income

Taxes

(Topic

740)

Improvements

to

Income

Tax

Disclosures"

("ASU

2023-09").

Adoption

of

the

new

standard

by

the

Funds

impacted

financial

statement

disclosures

only

and

did

not

affect

the

Funds'

financial

position

or

results

of

operations.

A

disaggregation

of

income

taxes

paid

by

jurisdiction

is

presented

when

significant

income

taxes

are

paid.

Income

taxes

paid

by

the

Funds

for

the

year

ended

February

28,

2026 were

determined

to

not

be

significant.

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

year

ended

February

28,

2026,

were

as

follows

(amounts

in

thousands,

except

shares):

Cost

of

Investments

for

Federal

Tax

Purposes

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

Cornerstone

Aggressive

Fund

...........................

$

361,442

$

107,011

$

(6,059)

$

100,952

Cornerstone

Conservative

Fund

..........................

236,455

21,796

(9,234)

12,562

Cornerstone

Equity

Fund

..............................

219,860

109,982

(523) 109,459

Cornerstone

Moderate

Fund

............................

1,114,173

193,161

(34,906)

158,255

Cornerstone

Moderately

Aggressive

Fund

..................

2,624,328

544,350

(73,165)

471,185

Cornerstone

Moderately

Conservative

Fund

.................

176,503

28,229

(5,942)

22,287

Fair

Value

2/28/2025

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gains

(Losses)

Net

Change

in

Unrealized

Appreciation/

Depreciation

Fair

Value

2/28/2026

Shares

Dividend

Income

Capital

Gain

Distributions

Cornerstone

Aggressive

Fund

VictoryShares

Core

Intermediate

Bond

ETF

...

$

32,406

$

—

$

(6,474)

$

(1,116)

$

1,522

$

26,338

548,471

$

1,115

$

—

VictoryShares

Core

Plus

Bond

ETF

.................

8,585

13,486

—

—

22,460

1,009,438

591

—

VictoryShares

Emerging

Markets

Value

Momentum

ETF

.................

740

3,974

—

—

953

5,667

93,130

—

VictoryShares

Free

Cash

Flow

Growth

ETF

...........

13,860

4,641

—

—

2,839

21,340

770,818

—

VictoryShares

International

Free

Cash

Flow

ETF

.....

—

10,021

—

—

2,044

12,065

378,165

—

VictoryShares

International

Free

Cash

Flow

Growth

ETF

—

7,829

—

—

1,543

9,372

304,328

—

VictoryShares

Short-Term

Bond

ETF

............

5,226

—

—

—

5,271

103,145

—

VictoryShares

WestEnd

Economic

Cycle

Bond

ETF

2,021

1,858

(3,904)

(13) —

—

—

$

62,838

$

41,809

$

(10,378)

$

(1,078)

$

9,322

$

102,513

3,207,495

$

2,292

$

—

Fair

Value

2/28/2025

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gains

(Losses)

Net

Change

in

Unrealized

Appreciation/

Depreciation

Fair

Value

2/28/2026

Shares

Dividend

Income

Capital

Gain

Distributions

Cornerstone

Conservative

Fund

Victory

500

Index

Fund,

Reward

Shares

.........

$

8,274

$

2,925

$

(995) $

$

1,180

$

11,445

137,581

$

$

Notes

to

Financial

Statements

—

continued

February

28,

2026

Victory

Portfolios

III

Fair

Value

2/28/2025

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gains

(Losses)

Net

Change

in

Unrealized

Appreciation/

Depreciation

Fair

Value

2/28/2026

Shares

Dividend

Income

Capital

Gain

Distributions

Victory

Core

Plus

Bond

Fund,

Institutional

Shares

......

$

50,492

$

6,000

$

—

$

—

$

837

$

57,329

6,098,881

$

2,496

$

—

Victory

Emerging

Markets

Fund,

Institutional

Shares

.

—

—

—\*

—\*

Victory

Government

Securities

Fund,

Institutional

Shares

.

25,149

2,980

—

—

661

28,790

3,160,318

1,016

—

Victory

High

Income

Fund,

Institutional

Shares

......

9,748

685

—

—

10,451

1,510,312

685

—

Victory

Income

Fund,

Institutional

Shares

......

17,221

717

—

—

18,265

1,540,013

717

—

Victory

Income

Stock

Fund,

Institutional

Shares

......

1,664

—

—

1,952

99,364

Victory

International

Fund,

Institutional

Shares

......

7,355

835

(1,496)

1,523

8,417

246,893

557

Victory

Market

Neutral

Income

Fund,

Class

I

..........

9,970

3,354

—

—

729

14,053

1,556,231

—

Victory

Index

Fund,

Class

R6

.........

3,022

1,112

—

—

4,624

77,257

Victory

Precious

Metals

and

Minerals

Fund,

Institutional

Shares

...............

1,455

(1,232)

742

954

1,923

29,235

—

Victory

Short-Term

Bond

Fund,

Institutional

Shares

.

—\*

(8) —\*

—\*

—

—

—\*

—

Victory

Target

Managed

Allocation

Fund

........

4,770

—

(4,587)

(535) —

—

—

—

VictoryShares

Core

Intermediate

Bond

ETF

...

20,653

5,864

—

—

26,994

562,145

905

—

VictoryShares

Emerging

Markets

Value

Momentum

ETF

.................

2,572

—

—

—

813

3,385

55,618

—

VictoryShares

Free

Cash

Flow

ETF

.................

3,179

—

—

—

3,643

90,000

—

VictoryShares

Free

Cash

Flow

Growth

ETF

...........

1,420

665

—

—

2,492

90,000

—

VictoryShares

Hedged

Equity

Income

ETF

...........

—

1,830

(1,916)

—

—

—

—

VictoryShares

International

Value

Momentum

ETF

...

4,655

—

—

—

2,266

6,921

93,597

—

VictoryShares

Pioneer

Asset-

Based

Income

ETF

......

—

3,515

—

—

(5) 3,510

140,000

—

VictoryShares

Short-Term

Bond

ETF

............

29,868

3,043

—

—

33,178

649,270

1,408

—

VictoryShares

Small

Cap

Free

Cash

Flow

ETF

.........

638

—

—

1,336

44,000

—

VictoryShares

US

Small

Mid

Cap

Value

Momentum

ETF

1,530

—

—

—

1,831

18,550

—

VictoryShares

US

Value

Momentum

ETF

........

2,182

922

—

—

3,591

35,995

—

VictoryShares

WestEnd

U.S.

Sector

ETF

............

3,404

776

—

—

669

4,849

102,587

—

$

209,084

$

36,036

$

(10,234)

$

1,441

$

12,659

$

248,986

16,338,073

$

8,826

$

1,083

Fair

Value

2/28/2025

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gains

(Losses)

Net

Change

in

Unrealized

Appreciation/

Depreciation

Fair

Value

2/28/2026

Shares

Dividend

Income

Capital

Gain

Distributions

Cornerstone

Equity

Fund

Victory

500

Index

Fund,

Reward

Shares

.........

$

50,274

$

5,391

$

(1,201)

$

$

6,071

$

60,571

728,100

$

596

$

1,795

Victory

Emerging

Markets

Fund,

Institutional

Shares

.

5,585

3,467

—

—

2,718

11,770

405,581

Notes

to

Financial

Statements

—

continued

February

28,

2026

Victory

Portfolios

III

Fair

Value

2/28/2025

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gains

(Losses)

Net

Change

in

Unrealized

Appreciation/

Depreciation

Fair

Value

2/28/2026

Shares

Dividend

Income

Capital

Gain

Distributions

Victory

Income

Stock

Fund,

Institutional

Shares

......

$

11,582

$

2,180

$

—

$

—

$

876

$

14,638

744,933

$

$

777

Victory

International

Fund,

Institutional

Shares

......

43,238

6,081

(23,395)

2,758

6,384

35,066

1,028,616

1,193

2,387

Victory

Index

Fund,

Class

R6

.........

18,792

3,507

—

—

3,513

25,812

431,287

672

Victory

Pioneer

International

Equity

Fund,

Class

Y

.....

—

24,277

—

—

2,947

27,224

724,242

530

547

Victory

Precious

Metals

and

Minerals

Fund,

Institutional

Shares

...............

1,045

(493) 367

1,410

2,333

35,474

—

Victory

Small

Cap

Stock

Fund,

Institutional

Shares

......

—

—

—

—

—

—

—

—

—

Victory

Target

Managed

Allocation

Fund

........

11,264

—

(11,051)

1,113

(1,326)

—

—

—

—

VictoryShares

Emerging

Markets

Value

Momentum

ETF

.................

14,821

—

—

—

4,679

19,500

320,458

692

—

VictoryShares

Free

Cash

Flow

ETF

.................

14,908

3,388

—

—

2,798

21,094

521,092

—

VictoryShares

Free

Cash

Flow

Growth

ETF

...........

8,114

10,272

—

—

2,598

20,984

757,968

—

VictoryShares

International

Value

Momentum

ETF

...

24,249

—

(7,880)

1,164

8,911

26,444

357,611

1,054

—

VictoryShares

Small

Cap

Free

Cash

Flow

ETF

.........

4,142

638

—

—

869

5,649

186,062

—

VictoryShares

US

Small

Mid

Cap

Value

Momentum

ETF

8,625

1,796

—

—

1,978

12,399

125,594

—

VictoryShares

US

Value

Momentum

ETF

........

14,200

2,507

(2,858)

728

1,801

16,378

164,156

—

VictoryShares

WestEnd

U.S.

Sector

ETF

............

20,931

4,852

—

—

3,418

29,201

617,787

—

$

251,770

$

68,360

$

(46,878)

$

6,166

$

49,645

$

329,063

7,148,961

$

5,898

$

6,598

Fair

Value

2/28/2025

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gains

(Losses)

Net

Change

in

Unrealized

Appreciation/

Depreciation

Fair

Value

2/28/2026

Shares

Dividend

Income

Capital

Gain

Distributions

Cornerstone

Moderate

Fund

VictoryShares

Core

Intermediate

Bond

ETF

...

$

261,681

$

—

$

(47,332)

$

(8,182)

$

11,576

$

217,743

4,534,400

$

9,207

$

—

VictoryShares

Core

Plus

Bond

ETF

.................

73,480

65,886

—

—

2,709

142,075

6,385,380

4,787

—

VictoryShares

Emerging

Markets

Value

Momentum

ETF

.................

2,382

5,468

—

—

2,002

9,852

161,904

—

VictoryShares

Free

Cash

Flow

Growth

ETF

...........

23,635

10,319

—

—

5,054

39,008

1,408,986

—

VictoryShares

International

Free

Cash

Flow

ETF

.....

—

26,215

—

—

5,271

31,486

986,826

—

VictoryShares

International

Free

Cash

Flow

Growth

ETF

—

25,776

—

—

4,730

30,506

990,609

—

VictoryShares

Short-Term

Bond

ETF

............

20,394

—

—

—

20,566

402,475

940

—

VictoryShares

WestEnd

Economic

Cycle

Bond

ETF

17,685

15,489

(33,379)

(121) —

—

1,072

—

$

399,257

$

149,153

$

(80,711)

$

(7,856)

$

31,393

$

491,236

14,870,580

$

16,525

$

—

Notes

to

Financial

Statements

—

continued

February

28,

2026

Victory

Portfolios

III

\*

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

predetermined

in

accordance

with

the

Fund's

single

investment

objective.

The

financial

information

in

the

form

of

the

Funds'

portfolio

composition,

total

returns,

expense

ratios,

and

changes

in

net

assets,

which

are

used

by

the

CODM

to

assess

the

segment's

performance

versus

each

Fund's

comparative

benchmarks

and

to

make

resource

allocation

decisions

for

the

Fund's

single

segment,

is

consistent

with

that

presented

within

each

Fund's

financial

statements.

Segment

assets

are

reflected

on

the

accompanying

Statements

of

Assets

and

Liabilities

as

"total

assets"

and

significant

segment

expenses

are

listed

on

the

accompanying

Statements

of

Operations.

Fair

Value

2/28/2025

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gains

(Losses)

Net

Change

in

Unrealized

Appreciation/

Depreciation

Fair

Value

2/28/2026

Shares

Dividend

Income

Capital

Gain

Distributions

Cornerstone

Moderately

Aggressive

Fund

VictoryShares

Core

Intermediate

Bond

ETF

...

$

496,609

$

—

$

(99,368)

$

(17,239)

$

23,390

$

403,392

8,400,445

$

17,112

$

—

VictoryShares

Core

Plus

Bond

ETF

.................

132,857

172,049

—

—

5,453

310,359

13,948,716

9,072

—

VictoryShares

Emerging

Markets

Value

Momentum

ETF

.................

3,145

18,494

—

—

4,371

26,010

427,433

633

—

VictoryShares

Free

Cash

Flow

Growth

ETF

...........

61,219

27,153

—

—

13,164

101,536

3,667,525

—

VictoryShares

International

Free

Cash

Flow

ETF

.....

—

62,033

—

—

12,397

74,430

2,332,814

—

VictoryShares

International

Free

Cash

Flow

Growth

ETF

—

79,735

—

—

14,098

93,833

3,046,976

—

VictoryShares

Short-Term

Bond

ETF

............

50,232

—

—

—

50,658

991,350

2,315

—

VictoryShares

WestEnd

Economic

Cycle

Bond

ETF

38,651

29,738

(68,769)

(43) —

—

2,231

—

$

782,713

$

389,202

$

(168,137)

$

(16,816)

$

73,256

$

1,060,218

32,815,259

$

31,911

$

—

Fair

Value

2/28/2025

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gains

(Losses)

Net

Change

in

Unrealized

Appreciation/

Depreciation

Fair

Value

2/28/2026

Shares

Dividend

Income

Capital

Gain

Distributions

Cornerstone

Moderately

Conservative

Fund

VictoryShares

Core

Intermediate

Bond

ETF

...

$

49,190

$

—

$

(11,120)

$

(1,877)

$

2,466

$

38,659

805,047

$

1,643

$

—

VictoryShares

Core

Plus

Bond

ETF

.................

15,284

20,244

—

—

609

36,137

1,624,138

992

—

VictoryShares

Emerging

Markets

Value

Momentum

ETF

.................

—

—

1,203

19,770

—

VictoryShares

Free

Cash

Flow

Growth

ETF

...........

3,332

1,761

—

—

743

5,836

210,807

—

VictoryShares

International

Free

Cash

Flow

Growth

ETF

—

2,023

—

—

2,388

77,555

—

VictoryShares

Short-Term

Bond

ETF

............

4,198

1,998

—

—

6,240

122,116

—

VictoryShares

WestEnd

Economic

Cycle

Bond

ETF

3,537

3,098

(6,676)

(25) —

—

—

$

75,993

$

29,620

$

(17,796)

$

(1,811)

$

4,457

$

90,463

2,859,433

$

3,093

$

—

Report

of

Independent

Registered

Public

Accounting

Firm

To

the

Shareholders

and

the

Board

of

Trustees

of

Victory

Portfolios

III

Opinion

on

the

Financial

Statements

We

have

audited

the

accompanying

statements

of

assets

and

liabilities,

including

the

schedules

of

portfolio

investments,

of

Victory

Cornerstone

Aggressive

Fund,

Victory

Cornerstone

Conservative

Fund,

Victory

Cornerstone

Equity

Fund,

Victory

Cornerstone

Moderate

Fund,

Victory

Cornerstone

Moderately

Aggressive

Fund,

and

Victory

Cornerstone

Moderately

Conservative

Fund

(the

"Funds),

each

a

series

of

Victory

Portfolios

III,

as

of

February

28,

2026,

the

related

statements

of

operations,

the

statements

of

changes

in

net

assets,

and

financial

highlights

for

the

year

then

ended,

and

the

related

notes

(collectively

referred

to

as

the

"financial

statements").

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

each

of

the

Funds

as

of

February

28,

2026,

the

results

of

their

operations,

the

changes

in

their

net

assets,

and

the

financial

highlights

for

the

year

then

ended,

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

The

Funds'

financial

statements

and

financial

highlights

for

the

years

or

periods

ended

February

28,

2025,

and

prior,

were

audited

by

other

auditors

whose

report

dated

April

24,

2025,

expressed

unqualified

opinions

on

those

financial

statements

and

financial

highlights.

Basis

for

Opinion

These

financial

statements

are

the

responsibility

of

the

Funds'

management.

Our

responsibility

is

to

express

an

opinion

on

the

Funds'

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

("PCAOB")

and

are

required

to

be

independent

with

respect

to

the

Funds

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

February

28,

2026,

by

correspondence

with

the

custodian,

brokers,

and

transfer

agent.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

We

have

served

as

the

auditor

of

one

or

more

of

the

investment

companies

advised

by

Victory

Capital

Management

Inc.

since

2015. COHEN

&

COMPANY,

LTD.

Cleveland,

Ohio

April

24,

2026

Supplemental

Information

February

28,

2026

Victory

Portfolios

III

(Unaudited)

Additional

Federal

Income

Tax

Information

For

the

fiscal

year

ended

February

28,

2026,

the

Funds

hereby

designate

the

maximum

amount

allowable

of

their

net

taxable

income

as

qualified

dividends

taxed

at

individual

net

capital

gain

rates.

Shareholders

will

be

notified

via

IRS

Form

1099

of

the

amounts

for

use

in

preparing

their

income

tax

return.

Dividends

qualified

for

corporate

dividends

received

deductions

of:

For

the

year

ended

February

28,

2026,

the

following

Funds

designated

short-term

capital

gain

distributions

in

the

amount

of

(in

thousands):

For

the

year

ended

February

28,

2026,

the

following

Funds

designated

long-term

capital

gain

distributions

in

the

amount

of

(in

thousands):

The

following

Funds

intends

to

elect

to

pass

through

to

shareholders

the

income

tax

credit

for

taxes

paid

to

foreign

countries.

Foreign

source

income

and

foreign

tax

expense

per

shares

outstanding

on

February

28,

2026,

were

as

follows:

(a) Rounds

to

less

than

$0.01

Percent

Cornerstone

Aggressive

Fund

..........................................................................

17%

Cornerstone

Conservative

Fund

.........................................................................

2%

Cornerstone

Equity

Fund

.............................................................................

6%

Cornerstone

Moderate

Fund

...........................................................................

8%

Cornerstone

Moderately

Aggressive

Fund

.................................................................

12%

Cornerstone

Moderately

Conservative

Fund

................................................................

12%

Amount

Cornerstone

Aggressive

Fund

..........................................................................

$

2,915

Cornerstone

Conservative

Fund

.........................................................................

Cornerstone

Equity

Fund

.............................................................................

766

Cornerstone

Moderate

Fund

...........................................................................

5,882

Cornerstone

Moderately

Aggressive

Fund

.................................................................

17,103

Amount

Cornerstone

Aggressive

Fund

..........................................................................

$

36,597

Cornerstone

Conservative

Fund

.........................................................................

2,315

Cornerstone

Equity

Fund

.............................................................................

8,610

Cornerstone

Moderate

Fund

...........................................................................

71,370

Cornerstone

Moderately

Aggressive

Fund

.................................................................

211,949

Cornerstone

Moderately

Conservative

Fund

................................................................

588

Foreign

Source

Income

Foreign

Tax

Expense

Cornerstone

Conservative

Fund

.................................................

$

0.02 $

—(a)

Cornerstone

Equity

Fund

.....................................................

0.16 0.03 Victory

Portfolios

III

(Unaudited)

Supplemental

Information

—

continued

February

28,

2026

Considerations

of

the

Board

in

Continuing

the

Investment

Advisory

Agreement

Victory

Cornerstone

Aggressive

Fund

Victory

Cornerstone

Conservative

Fund

Victory

Cornerstone

Equity

Fund

Victory

Cornerstone

Moderate

Fund

Victory

Cornerstone

Moderately

Aggressive

Fund

Victory

Cornerstone

Moderately

Conservative

Fund

(each,

a

"Fund"

and

collectively,

the

"Funds")

At

a

meeting

of

the

Board

of

Trustees

(the

"Board")

of

Victory

Portfolios

III

(the

"Trust")

held

on

December

10-11,

2025,

the

Board,

including

the

Trustees

who

are

not

"interested

persons"

(as

that

term

is

defined

in

the

Investment

Company

Act

of

1940,

as

amended)

of

the

Trust

(the

"Independent

Trustees"),

approved

for

an

annual

period

the

continuance

of

the

Investment

Advisory

Agreement

(the

"Advisory

Agreement")

between

the

Trust

and

Victory

Capital

Management

Inc.

(the

"Adviser")

with

respect

to

the

Funds.

Prior

to

the

December

10-11,

2025,

meeting

at

which

the

Advisory

Agreement

was

approved,

the

Independent

Trustees

also

discussed

and

considered

information

regarding

the

proposed

continuation

of

the

Advisory

Agreement

at

a

meeting

held

on

November

17,

2025. In

advance

of

the

foregoing

meetings,

the

Trustees

requested,

received

and

considered

a

variety

of

information

relating

to

the

Advisory

Agreement

and

the

Adviser,

and

were

given

the

opportunity

to

ask

questions

and

request

additional

information

from

management.

The

information

provided

to

the

Board

included,

among

other

things:

(i) a

separate

report

prepared

by

an

independent

third

party

of

mutual

fund

data,

which

provided

a

statistical

analysis

comparing

each

Fund's

investment

performance,

expenses,

and

fees

to

comparable

investment

companies;

(ii) information

concerning

the

services

rendered

to

the

Funds,

as

well

as

information

regarding

the

Adviser's

revenues

and

costs

of

providing

services

to

the

Funds

and

compensation

paid

to

affiliates

of

the

Adviser;

and

(iii) information

about

the

Adviser's

operations

and

personnel.

Prior

to

voting,

the

Independent

Trustees

reviewed

the

proposed

continuance

of

the

Advisory

Agreement

with

management

and

with

experienced

independent

counsel

retained

by

the

Independent

Trustees

("Independent

Counsel")

and

received

materials

from

such

Independent

Counsel

discussing

the

legal

standards

for

their

consideration

of

the

proposed

continuation

of

the

Advisory

Agreement

with

respect

to

each

Fund.

The

Independent

Trustees

also

reviewed

the

proposed

continuation

of

the

Advisory

Agreement

with

respect

to

the

Funds

in

private

sessions

with

Independent

Counsel

at

which

no

representatives

of

management

were

present.

At

each

regularly

scheduled

meeting

of

the

Board

and

its

committees,

the

Board

receives

and

reviews,

among

other

things,

information

concerning

each

Fund's

performance

and

related

services

provided

by

the

Adviser.

At

the

meeting

at

which

the

renewal

of

the

Advisory

Agreement

is

considered,

particular

focus

is

given

to

information

concerning

Fund

performance,

fees

and

total

expenses

as

compared

to

comparable

investment

companies,

and

the

Adviser's

profitability

with

respect

to

each

Fund.

However,

the

Board

noted

that

the

evaluation

process

with

respect

to

the

Adviser

is

an

ongoing

one.

In

this

regard,

the

Board's

and

its

committees'

consideration

of

the

Advisory

Agreement

included

information

previously

received

at

such

meetings.

The

Board

also

recognized

that

the

contractual

arrangements

for

the

Funds

have

been

reviewed

by

the

Board

and

discussed

with

the

Adviser

in

prior

years

and

that

the

Board's

conclusions

may

be

based,

in

part,

on

its

consideration

of

these

same

arrangements

in

prior

years.

ADVISORY

AGREEMENT

After

full

consideration

of

a

variety

of

factors,

the

Board,

including

the

Independent

Trustees,

voted

to

approve

the

Advisory

Agreement.

In

approving

the

Advisory

Agreement,

the

Trustees

did

not

identify

any

single

factor

as

controlling,

and

each

Trustee

may

have

attributed

different

weights

to

various

factors.

Throughout

their

deliberations,

the

Independent

Trustees

were

represented

and

assisted

by

Independent

Counsel.

Nature,

Extent,

and

Quality

of

Services

–

In

considering

the

nature,

extent,

and

quality

of

the

services

provided

by

the

Adviser

under

the

Advisory

Agreement,

the

Board

reviewed

information

provided

by

the

Adviser

relating

to

its

operations

and

personnel.

The

Board

considered

that

the

Adviser

manages

the

Funds'

assets

directly

through

one

or

more

investment

franchises,

and

in

doing

so,

continuously

supervises

the

investment

and

reinvestment

of

cash

and

securities

comprising

the

Funds'

assets.

The

Board

also

considered

that

the

Adviser

monitors

pertinent

economic,

statistical,

and

financial

data

to

determine

which

issuers

and

securities

to

include

in

the

Funds'

portfolios

as

part

of

a

continuous

investment

program.

The

Board

also

took

into

account

its

knowledge

of

the

Adviser's

management

and

the

quality

of

the

performance

of

the

Adviser's

duties

through

Board

meetings,

discussions,

and

reports

during

the

preceding

year.

The

Board

considered

the

fees

paid

to

the

Adviser

and

the

services

provided

to

the

Funds

by

the

Adviser

under

the

Advisory

Agreement,

as

well

as

other

services

provided

by

the

Adviser

and

its

affiliates

under

other

agreements,

and

the

personnel

who

provide

these

services.

In

addition

to

the

investment

advisory

services

provided

to

the

Funds,

the

Adviser

and

its

affiliates

provide

administrative

services,

transfer

agency

services,

shareholder

services,

oversight

of

Fund

accounting,

marketing

services,

assistance

in

meeting

legal

and

regulatory

requirements,

and

other

services

necessary

for

the

operation

of

the

Funds

and

the

Trust.

The

Board

considered

the

scope

of

services

provided

by,

and

the

undertakings

required

of,

the

Adviser

in

connection

with

those

services,

including,

among

other

things,

maintaining

(i) its

own

and

the

Funds'

compliance

programs,

(ii) risk

management

programs,

(iii) liquidity

risk

management

program,

(iv) derivatives

risk

management

program,

and

(v) cybersecurity

programs,

each

of

which

had

expanded

over

time

as

a

result

of

regulatory,

market,

and

other

developments.

The

Board

also

considered

the

significant

risks

assumed

by

the

Adviser

in

connection

with

the

services

provided

to

the

Funds,

including

investment,

operational,

enterprise,

litigation,

regulatory

and

compliance

risks.

Supplemental

Information

—

continued

February

28,

2026

Victory

Portfolios

III

(Unaudited)

The

Board

considered

the

Adviser's

management

style

and

the

performance

of

the

Adviser's

duties

under

the

Advisory

Agreement.

The

Board

considered

the

level

and

depth

of

knowledge

of

the

Adviser,

including

the

professional

experience

and

qualifications

of

its

senior

and

investment

personnel,

as

well

as

current

staffing

levels.

The

allocation

of

the

Funds'

brokerage,

including

the

Adviser's

process

for

monitoring

"best

execution,"

also

was

considered.

The

Adviser's

role

in

coordinating

the

activities

of

the

Funds'

other

service

providers

was

also

considered.

The

Board

also

considered

the

Adviser's

risk

management

processes.

The

Board

considered

the

Adviser's

financial

condition

and

that

it

had

the

financial

wherewithal

to

continue

to

provide

the

same

scope

and

high

quality

of

services

under

the

Advisory

Agreement.

In

reviewing

the

Advisory

Agreement,

the

Board

focused

on

the

experience,

resources,

and

strengths

of

the

Adviser

and

its

affiliates

in

managing

the

Funds,

as

well

as

the

other

funds

in

the

Trust.

The

Board

also

reviewed

the

compliance

and

administrative

services

provided

to

the

Funds

by

the

Adviser

and

its

affiliates,

including

the

Adviser's

oversight

of

the

Funds'

day-to-day

operations

and

oversight

of

Fund

accounting.

The

Trustees,

guided

also

by

information

obtained

from

their

experiences

as

Trustees

of

the

Trust,

also

focused

on

the

quality

of

the

Adviser's

compliance

and

administrative

staff.

Expenses

and

Performance

–

In

connection

with

its

consideration

of

the

Advisory

Agreement,

the

Board

evaluated

each

Fund's

advisory

fees

and

total

expense

ratio

as

compared

to

other

open-end

investment

companies

deemed

to

be

comparable

to

the

Fund

as

determined

by

the

independent

third

party

in

its

report.

Each

Fund's

expenses

were

compared

to

(i) a

group

of

investment

companies

chosen

by

the

independent

third

party

to

be

comparable

to

the

Fund

based

upon

certain

factors,

including

fund

type,

comparability

of

investment

objective

and

classification,

sales

load

type,

asset

size,

and

expense

components

(the

"expense

group")

and

(ii) a

larger

group

of

investment

companies

with

the

same

investment

classification/objective

as

the

Fund

regardless

of

asset

size,

excluding

outliers

(the

"expense

universe").

Victory

Cornerstone

Aggressive

Fund

Among

other

data,

the

Board

noted

that

the

Fund's

net

management

fee

rate

–

which

includes

advisory

and

administrative

services,

as

well

as

any

fee

waivers

and

reimbursements

–

was

below

the

medians

of

its

expense

group

and

its

expense

universe.

The

data

indicated

that

the

Fund's

total

expenses,

including

after

any

reimbursements,

were

equal

to

the

median

of

its

expense

group

and

above

the

median

of

its

expense

universe.

The

Board

also

took

into

account

the

Adviser's

current

undertakings

to

maintain

expense

limitations

for

the

Fund.

The

Board

took

into

account

the

various

other

services

provided

to

the

Fund

by

the

Adviser

and

its

affiliates

as

described

above

and

noted

the

high

quality

of

services

received

by

the

Fund.

Victory

Cornerstone

Conservative

Fund

The

Board

noted

that

the

Adviser

does

not

receive

a

management

fee

from

the

Fund.

The

data

indicated

that

the

Fund's

total

expenses,

which

included

underlying

fund

expenses,

were

below

the

medians

of

its

expense

group

and

its

expense

universe.

The

Board

also

took

into

account

the

Adviser's

current

undertakings

to

maintain

expense

limitations

for

the

Fund.

The

Board

took

into

account

the

various

other

services

provided

to

the

Fund

by

the

Adviser

and

its

affiliates

as

described

above

and

noted

the

high

quality

of

services

received

by

the

Fund.

Victory

Cornerstone

Equity

Fund

The

Board

noted

that

the

Adviser

does

not

receive

a

management

fee

from

the

Fund.

The

data

indicated

that

the

Fund's

total

expenses,

which

included

underlying

fund

expenses,

were

below

the

medians

of

its

expense

group

and

its

expense

universe.

The

Board

also

took

into

account

the

Adviser's

current

undertakings

to

maintain

expense

limitations

for

the

Fund.

The

Board

took

into

account

the

various

other

services

provided

to

the

Fund

by

the

Adviser

and

its

affiliates

as

described

above

and

noted

the

high

quality

of

services

received

by

the

Fund.

Victory

Cornerstone

Moderate

Fund

Among

other

data,

the

Board

noted

that

the

Fund's

net

management

fee

rate

–

which

includes

advisory

and

administrative

services,

as

well

as

any

fee

waivers

and

reimbursements

–

was

below

the

median

of

its

expense

group

and

was

equal

to

the

median

of

its

expense

universe.

The

data

indicated

that

the

Fund's

total

expenses,

including

after

any

reimbursements,

were

below

the

median

of

its

expense

group

and

were

above

the

median

of

its

expense

universe.

The

Board

also

took

into

account

the

Adviser's

current

undertakings

to

maintain

expense

limitations

for

the

Fund.

The

Board

took

into

account

the

various

other

services

provided

to

the

Fund

by

the

Adviser

and

its

affiliates

as

described

above

and

noted

the

high

quality

of

services

received

by

the

Fund.

Victory

Cornerstone

Moderately

Aggressive

Fund

Among

other

data,

the

Board

noted

that

the

Fund's

net

management

fee

rate

–

which

includes

advisory

and

administrative

services,

as

well

as

any

fee

waivers

and

reimbursements

–

was

below

the

median

of

its

expense

group

and

was

above

the

median

of

its

expense

universe.

The

data

indicated

that

the

Fund's

total

expenses,

including

after

any

reimbursements,

were

equal

to

the

median

of

its

expense

group

and

were

above

the

median

of

its

expense

universe.

The

Board

also

took

into

account

the

Adviser's

current

undertakings

to

maintain

expense

limitations

for

the

Fund.

The

Board

took

into

account

the

various

other

services

provided

to

the

Fund

by

the

Adviser

and

its

affiliates

as

described

above

and

noted

the

high

quality

of

services

received

by

the

Fund.

The

Board

further

took

into

account

management's

representations

regarding

its

belief

that

the

Fund's

pricing

is

competitive.

Victory

Cornerstone

Moderately

Conservative

Fund

Among

other

data,

the

Board

noted

that

the

Fund's

net

management

fee

rate

–

which

includes

advisory

and

administrative

services,

as

well

as

any

fee

waivers

and

reimbursements

–

was

below

the

medians

of

its

expense

group

and

its

expense

universe.

The

data

indicated

that

the

Fund's

total

expenses,

including

after

any

reimbursements,

were

equal

to

the

median

of

its

expense

group

and

were

above

the

median

of

its

expense

universe.

The

Board

also

took

into

account

the

Adviser's

current

undertakings

to

maintain

expense

limitations

for

the

Fund.

The

Board

took

Supplemental

Information

—

continued

February

28,

2026

Victory

Portfolios

III

(Unaudited)

into

account

the

various

other

services

provided

to

the

Fund

by

the

Adviser

and

its

affiliates

as

described

above

and

noted

the

high

quality

of

services

received

by

the

Fund.

In

considering

each

Fund's

performance,

the

Board

noted

that

it

reviews

at

its

regularly

scheduled

meetings

information

about

the

Fund's

performance

results.

The

Trustees

also

reviewed

various

comparative

data

provided

to

them

in

connection

with

their

consideration

of

the

renewal

of

the

Advisory

Agreement,

including,

among

other

information,

a

comparison

of

each

Fund's

average

annual

total

returns

relative

to

its

Lipper

index

and

other

mutual

funds

deemed

to

be

in

its

peer

group

by

the

independent

third

party

in

its

report

(the

"performance

universe").

Each

Fund's

performance

universe

consisted

of

the

Fund

and

all

retail

and

institutional

open-end

investment

companies

with

the

same

classification/objective

as

the

Fund

regardless

of

asset

size

or

primary

channel

of

distribution.

Victory

Cornerstone

Aggressive

Fund

This

comparison

indicated

that,

among

other

data,

the

Fund's

performance

was

above

the

average

of

its

performance

universe

and

its

Lipper

index

for

the

five-year

period

ended

June

30,

2025,

and

was

below

the

average

of

its

performance

universe

and

its

Lipper

index

for

the

one-,

three-

and

ten-year

periods

ended

June

30,

2025. The

Board

took

into

account

management's

discussion

of

the

Fund's

performance,

including

the

reasons

for

the

Fund's

underperformance

for

certain

periods.

Victory

Cornerstone

Conservative

Fund

This

comparison

indicated

that,

among

other

data,

the

Fund's

performance

was

above

the

average

of

its

performance

universe

for

the

one-,

three-

and

ten-year

periods

ended

June

30,

2025,

was

below

the

average

of

its

performance

universe

for

the

five-year

period

ended

June

30,

2025,

was

above

its

Lipper

index

for

the

one-year

period

ended

June

30,

2025,

and

was

below

its

Lipper

index

for

the

three-,

five-

and

ten-year

periods

ended

June

30,

2025. Victory

Cornerstone

Equity

Fund

This

comparison

indicated

that,

among

other

data,

the

Fund's

performance

was

above

the

average

of

its

performance

universe

and

its

Lipper

index

for

the

one-,

three-,

five-

and

ten-year

periods

ended

June

30,

2025. Victory

Cornerstone

Moderate

Fund

This

comparison

indicated

that,

among

other

data,

the

Fund's

performance

was

below

the

average

of

its

performance

universe

and

its

Lipper

index

for

the

one-,

three-,

five-

and

ten-year

periods

ended

June

30,

2025. The

Board

took

into

account

management's

discussion

of

the

Fund's

performance,

including

the

reasons

for

the

Fund's

underperformance

for

certain

periods.

Victory

Cornerstone

Moderately

Aggressive

Fund

This

comparison

indicated

that,

among

other

data,

the

Fund's

performance

was

below

the

average

of

its

performance

universe

for

the

one-,

three-

and

ten-year

periods

ended

June

30,

2025,

was

above

the

average

of

its

performance

universe

for

the

five-year

period

ended

June

30,

2025,

and

was

below

its

Lipper

index

for

the

one-,

three-,

five-

and

ten-year

periods

ended

June

30,

2025. The

Board

took

into

account

management's

discussion

of

the

Fund's

performance,

including

the

reasons

for

the

Fund's

underperformance

for

certain

periods.

Victory

Cornerstone

Moderately

Conservative

Fund

This

comparison

indicated

that,

among

other

data,

the

Fund's

performance

was

below

the

average

of

its

performance

universe

for

the

one-,

three-

and

ten-year

periods

ended

June

30,

2025,

was

above

the

average

of

its

performance

universe

for

the

five-period

ended

June

30,

2025,

and

was

below

its

Lipper

index

for

the

one-,

three-,

five-

and

ten-year

periods

ended

June

30,

2025. The

Board

took

into

account

management's

discussion

of

the

Fund's

performance,

including

the

reasons

for

the

Fund's

underperformance

for

certain

periods.

As

part

of

its

consideration,

the

Board

received

a

description

of,

and

factored

into

its

evaluation

of

each

Fund's

expenses

and

performance,

the

potential

limitations

inherent

in

the

methodology

used

by

the

independent

third

party

for

developing

and

constructing

peer

groups

and

determining,

from

year

to

year,

which

mutual

funds

should

be

included

in

which

peer

groups,

among

other

things.

In

this

regard,

the

Board

also

noted

that

the

methodology

may

result

in

each

Fund's

being

included

in

one

peer

group

one

year

and

in

a

different

peer

group

the

next,

and

in

similar

funds

being

included

in

different

peer

groups.

The

Board

also

noted

that

the

number

of

mutual

funds

included

in

a

peer

group

may

be

relatively

small

and

may

differ

significantly

from

peer

group

to

peer

group

and

from

year

to

year

and

that

the

constituent

mutual

funds

included

in

a

peer

group

also

may

differ

from

year

to

year,

which,

among

other

factors,

can

limit

the

relevance

of

the

comparisons.

While

recognizing

these

inherent

limitations,

the

Board

believed

the

independent

analysis

conducted

by

the

third

party

provided

a

useful

measure

of

comparative

expenses

and

performance.

Compensation

and

Profitability

–

The

Board

took

into

consideration

that,

with

respect

to

the

Victory

Cornerstone

Conservative

Fund

and

the

Victory

Cornerstone

Equity

Fund,

the

Adviser

does

not

collect

a

management

fee

from

these

respective

Funds.

With

respect

to

the

other

Funds,

the

Board

took

into

consideration

the

level

and

method

of

computing

each

Fund's

management

fee.

The

information

considered

by

the

Board

included

operating

profit

margin

information

for

the

Adviser's

business

as

a

whole.

The

Board

also

received

and

considered

profitability

information

related

to

the

management

revenues

from

each

Fund.

This

information

included

a

review

of

the

methodology

used

in

the

allocation

of

certain

costs

to

each

Fund.

In

considering

the

profitability

data

with

respect

to

the

Funds,

the

Trustees

noted

that

the

Adviser

waived

a

portion

of

its

management

fee

and/or

reimbursed

certain

expenses

with

respect

to

certain

Funds.

The

Trustees

reviewed

the

profitability

of

the

Adviser's

relationship

with

each

Fund

before

tax

expenses.

The

Board

was

also

provided

with

a

profitability

analysis

of

other

publicly

traded

asset

managers

prepared

by

an

independent

information

service.

In

reviewing

the

overall

profitability

of

the

management

fee

to

the

Adviser,

the

Board

also

considered

the

fact

that

the

Adviser

and

its

affiliates

provide

transfer

agency

services,

shareholder

servicing

and

administrative

Supplemental

Information

—

continued

February

28,

2026

Victory

Portfolios

III

(Unaudited)

services

to

each

Fund

for

which

they

receive

compensation.

The

Trustees

recognized

that

the

Adviser

should

be

entitled

to

earn

a

reasonable

level

of

profits

in

exchange

for

the

level

of

services

it

provides

to

each

Fund

and

the

entrepreneurial

and

other

risks

that

it

assumes

as

Adviser.

Economies

of

Scale

–

The

Board

considered

whether

there

should

be

changes

in

the

management

fee

rate

or

structure

in

order

to

enable

the

Funds

to

participate

in

any

economies

of

scale.

With

respect

to

the

Victory

Cornerstone

Conservative

Fund

and

the

Victory

Cornerstone

Equity

Fund,

the

Board

took

into

account

that

the

Adviser

does

not

receive

any

advisory

fees

under

the

Advisory

Agreement

for

these

Funds.

The

Board

also

considered

the

fee

waiver

and/or

expense

limitation

arrangements

by

the

Adviser.

The

Board

also

considered

the

effect

of

the

change

in

size,

if

any,

of

each

of

the

Funds'

classes

on

its

performance

and

fees,

noting

that

the

Funds

may

realize

other

economies

of

scale

if

assets

increase

proportionally

more

than

expenses.

The

Board

also

considered

the

Adviser's

reinvestment

in

the

business

in

the

form

of

adding

to

its

investment

capabilities

and

resources,

improvements

in

technology,

and

customer

service.

The

Board

determined

that

the

current

investment

management

fee

structure

was

reasonable.

Other

Benefits

–

The

Board

also

considered

the

potential

direct

and

indirect

benefits

to

the

Adviser

from

its

relationship

with

the

Trust,

including

that

the

Adviser

may

derive

reputational

and

other

benefits

from

its

association

with

each

Fund.

These

potential

benefits

included,

among

other

things,

the

opportunity

to

offer

additional

products

and

services

to

each

Fund's

shareholders.

Conclusions

–

The

Board

reached

the

following

conclusions

regarding

each

Fund's

Advisory

Agreement

with

the

Adviser:

(i) the

Adviser

has

demonstrated

that

it

possesses

the

capability

and

resources

to

perform

the

duties

required

of

it

under

the

Advisory

Agreement;

(ii) the

overall

performance

of

each

Fund

is

reasonable

in

relation

to

the

performance

of

funds

with

similar

investment

objectives

and

to

relevant

indices

in

view

of

each

Fund's

investment

approach

and

the

Adviser

is

appropriately

monitoring

each

Fund's

performance,

as

applicable;

(iii) each

Fund's

advisory

fees

are

reasonable

in

relation

to

those

of

similar

funds

and

to

the

services

to

be

provided

by

the

Adviser;

and

(iv) the

Adviser's

and

its

affiliates'

level

of

profitability

from

their

relationship

with

each

Fund

is

reasonable

in

light

of

the

nature

and

high

quality

of

services

provided

by

the

Adviser

and

its

affiliates

and

the

type

of

fund.

Based

on

its

conclusions,

the

Board

determined

that

continuation

of

the

Advisory

Agreement

would

be

in

the

best

interests

of

each

Fund

and

its

shareholders.

Victory

Funds

P.O.

Box

182593

Columbus,

Ohio

43218-2593

Visit

our

website

at:

vcm.com

Call

Victory

at:

(800) 235-8396

VP3-CF-0426

February

28,

2026

Annual:

Full

Financials

Victory

California

Bond

Fund

Victory

Government

Securities

Fund

Victory

Growth

and

Tax

Strategy

Fund

Victory

New

York

Bond

Fund

Victory

Virginia

Bond

Fund

vcm.com

News,

Information

And

Education

Hours

A

Day,

Days

A

Week

The

Victory

Capital

website

gives

fund

shareholders,

prospective

shareholders,

and

investment

professionals

a

convenient

way

to

access

fund

information,

get

guidance,

and

track

fund

performance

anywhere

they

can

access

the

Internet.

The

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includes:

Detailed

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records

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Investment

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professional,

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you

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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

California

Bond

Fund

#### 2
Victory

Government

Securities

Fund

#### 7
Victory

Growth

&

Tax

Strategy

Fund

#### 12
Victory

New

York

Bond

Fund

#### 30
Victory

Virginia

Bond

Fund

#### 33

#### Financial

#### Statements

#### (Form

#### N-CSR

#### Item

#### 7)
Statements

of

Assets

and

Liabilities

#### 38
Statements

of

Operations

#### 40
Statements

of

Changes

in

Net

Assets

#### 42
Financial

Highlights

#### 46

#### Notes

#### to

#### Financial

#### Statements

#### (Form

#### N-CSR

#### Item

#### 7)

#### 61

#### Report

#### of

#### Independent

#### Registered

#### Public

#### Accounting

#### Firm

#### (Form

#### N-CSR

#### Item

#### 7)

#### 74

#### Supplemental

#### Information
(Unaudited)

Additional

Federal

Income

Tax

Information

#### 75
Advisory

Contract

Approval

(Form

N-CSR

Item

11)

#### 76
Schedule

of

Portfolio

Investments

February

28,

2026

Victory

Portfolios

III

#### Victory

#### California

#### Bond

#### Fund

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Municipal

Bonds

(98.6%)

California

(97.7%):

Alameda

Corridor

Transportation

Authority

Revenue

,

Series

A

,

0.00%

,

10/1/50

,

Continuously

Callable

@100

(a) ...................................................

$

1,250

$

744

Albany

Unified

School

District,

GO

,

Series

B

,

.00

%

,

8/1/46

,

Continuously

Callable

@100

..

1,500

1,483

Bay

Area

Toll

Authority

Revenue

,

Series

A

,

.13

%

(MUNIPSA

+

bps)

,

4/1/36

,

(Put

Date

4/1/27)

(b) (c) ......................................................

15,000

14,995

Burbank

Unified

School

District,

GO

.30

%

,

8/1/33

,

Continuously

Callable

@100

...............................

3,085

3,204

.35

%

,

8/1/34

,

Continuously

Callable

@100

...............................

3,000

3,118

Burbank-Glendale-Pasadena

Airport

Authority

Brick

Campaign

Revenue

AMT

,

Series

B

,

.25

%

,

7/1/54

,

Continuously

Callable

@100

...............................

4,875

5,126

Burbank-Glendale-Pasadena

Airport

Authority

Brick

Campaign

Revenue

AMT

(INS

-

Assured

Guaranty

Municipal

Corp.)

,

Series

B

,

.50

%

,

7/1/54

,

Continuously

Callable

@100

....

1,000

1,003

California

Community

Choice

Financing

Authority

Revenue

,

Series

C

,

.00

%

,

12/1/55

,

(Put

Date

10/1/33)

(c) ....................................................

500

541

California

Community

Housing

Agency

Revenue

,

Series

A

,

.00

%

,

8/1/50

,

Continuously

Callable

@100

(d) ...................................................

1,900

1,773

California

County

Tobacco

Securitization

Agency

Revenue

.00

%

,

6/1/49

,

Continuously

Callable

@100

...............................

500

Series

A

,

.00

%

,

6/1/49

,

Continuously

Callable

@100

.........................

500

Series

A

,

.00

%

,

6/1/49

,

Continuously

Callable

@100

.........................

1,000

874

California

Educational

Facilities

Authority

Revenue

.00

%

,

10/1/48

,

Continuously

Callable

@100

...............................

2,000

2,053

Series

A

,

.00

%

,

10/1/37

,

Continuously

Callable

@100

........................

1,000

1,001

Series

A

,

.25

%

,

11/1/50

,

Continuously

Callable

@100

........................

1,000

971

Series

A

,

.00

%

,

10/1/52

,

Continuously

Callable

@100

........................

5,500

5,495

Series

A

,

.50

%

,

10/1/53

,

Continuously

Callable

@100

........................

500

California

Enterprise

Development

Authority

Revenue

.00

%

,

6/1/44

,

Continuously

Callable

@100

(d) .............................

750

759

.00

%

,

11/1/49

,

Continuously

Callable

@100

...............................

1,900

1,766

.00

%

,

11/1/50

,

Continuously

Callable

@100

...............................

680

628

.00

%

,

6/1/54

,

Continuously

Callable

@100

(d) .............................

1,985

1,917

California

Health

Facilities

Financing

Authority

Revenue

Series

A

,

.00

%

,

3/1/39

,

Continuously

Callable

@100

.........................

7,375

7,373

Series

A

,

.00

%

,

8/15/47

,

Continuously

Callable

@100

........................

2,900

2,878

Series

A

,

.00

%

,

10/1/47

,

Continuously

Callable

@100

........................

10,000

9,230

Series

A

,

.00

%

,

4/1/49

,

Pre-refunded

4/1/30

@

..........................

Series

B

,

.00

%

,

11/15/41

,

Continuously

Callable

@100

.......................

14,000

14,009

Series

B

,

.25

%

,

11/15/53

,

Continuously

Callable

@100

.......................

1,000

1,017

California

Infrastructure

&

Economic

Development

Bank

Revenue

.00

%

,

7/1/50

,

Continuously

Callable

@100

...............................

4,000

3,891

Series

A

,

.25

%

,

7/1/54

,

Continuously

Callable

@100

.........................

2,000

2,043

Series

B

,

.00

%

,

11/1/57

,

Continuously

Callable

@100

........................

1,300

1,323

California

Municipal

Finance

Authority

Certificates

of

Participation

,

.25

%

,

6/1/55

,

Continuously

Callable

@100

...........................................

3,000

3,116

California

Municipal

Finance

Authority

Certificates

of

Participation

(INS

-

Assured

Guaranty

Corp.)

Series

A

,

.25

%

,

11/1/36

,

Continuously

Callable

@100

........................

1,000

1,052

Series

A

,

.25

%

,

11/1/52

,

Continuously

Callable

@100

........................

500

515

California

Municipal

Finance

Authority

Revenue

.00

%

,

10/1/46

,

Continuously

Callable

@100

...............................

6,500

5,997

.00

%

,

10/1/46

,

Continuously

Callable

@100

...............................

965

846

.00

%

,

7/1/55

,

Continuously

Callable

@103

...............................

1,000

1,026

Series

A

,

.00

%

,

2/1/37

,

Continuously

Callable

@100

.........................

750

760

Series

A

,

.50

%

,

5/1/44

,

Continuously

Callable

@100

(d) ......................

Series

A

,

.00

%

,

10/1/44

,

Continuously

Callable

@100

........................

2,000

1,890

Series

A

,

.00

%

,

2/1/47

,

Continuously

Callable

@100

.........................

2,000

2,007

Series

A

,

.00

%

,

7/1/47

,

Continuously

Callable

@100

.........................

1,000

1,001

Series

A

,

.00

%

,

6/1/50

,

Continuously

Callable

@100

.........................

1,000

1,000

Series

A

,

.00

%

,

11/15/52

,

Continuously

Callable

@103

.......................

750

641

Series

A

,

.00

%

,

4/1/54

,

Continuously

Callable

@103

.........................

1,540

1,534

Series

A

,

.75

%

,

5/1/54

,

Continuously

Callable

@100

(d) ......................

710

713

Victory

Portfolios

III

#### Victory

#### California

#### Bond

#### Fund

Schedule

of

Portfolio

Investments

—

continued

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Series

A

,

.00

%

,

11/15/56

,

Continuously

Callable

@103

.......................

$

1,100

$

924

Series

A

,

.88

%

,

5/1/59

,

Continuously

Callable

@100

(d) ......................

California

Municipal

Finance

Authority

Revenue

(NBGA

-

California

Health

Insurance

Construction

Loan

Insurance

Program)

.13

%

,

5/15/39

,

Continuously

Callable

@100

...............................

1,900

1,910

.13

%

,

5/15/46

,

Continuously

Callable

@100

...............................

2,100

2,040

Series

B

,

.00

%

,

5/15/47

,

Continuously

Callable

@102

........................

2,500

2,526

California

Pollution

Control

Financing

Authority

Revenue

,

.00

%

,

11/21/45

,

Continuously

Callable

@100

(d) ...................................................

5,470

5,569

California

Public

Finance

Authority

Revenue

.00

%

,

10/15/37

,

Continuously

Callable

@100

..............................

1,000

1,005

.00

%

,

10/15/47

,

Continuously

Callable

@100

..............................

3,000

3,001

Series

A

,

.00

%

,

11/1/54

,

Continuously

Callable

@100

........................

1,000

1,006

California

School

Finance

Authority

Revenue

.00

%

,

8/1/41

,

Continuously

Callable

@100

(d) .............................

1,600

1,601

.00

%

,

8/1/46

,

Continuously

Callable

@100

(d) .............................

2,050

2,029

.00

%

,

7/1/49

,

Continuously

Callable

@103

(d) .............................

1,000

1,003

Series

A

,

.00

%

,

7/1/47

,

Continuously

Callable

@100

(d) ......................

3,420

3,423

Series

A

,

.00

%

,

6/1/54

,

Continuously

Callable

@100

(d) ......................

650

615

Series

A

,

.00

%

,

6/1/54

,

Continuously

Callable

@100

(d) ......................

900

827

Series

A

,

.00

%

,

7/1/54

,

Continuously

Callable

@100

(d) ......................

3,150

3,158

Series

A

,

.00

%

,

7/1/54

,

Continuously

Callable

@100

(d) ......................

1,050

1,043

Series

A

,

.00

%

,

7/1/55

,

Continuously

Callable

@100

(d) ......................

2,000

2,007

Series

IS

,

.00

%

,

8/1/42

,

Continuously

Callable

@100

(d) ......................

1,000

1,023

Series

IS

,

.00

%

,

8/1/52

,

Continuously

Callable

@100

(d) ......................

1,000

977

California

Statewide

Communities

Development

Authority

Revenue

.00

%

,

5/15/40

,

Continuously

Callable

@100

...............................

2,750

2,754

.00

%

,

10/1/46

,

Continuously

Callable

@100

...............................

2,750

2,767

.00

%

,

1/1/48

,

Continuously

Callable

@100

...............................

1,995

2,020

.00

%

,

7/1/48

,

Continuously

Callable

@100

...............................

4,000

4,128

Series

A

,

.00

%

,

4/1/45

,

Continuously

Callable

@100

.........................

1,500

1,419

Series

A

,

.00

%

,

5/15/47

,

Continuously

Callable

@100

........................

2,000

2,010

Series

A

,

.00

%

,

8/15/51

,

Continuously

Callable

@100

........................

3,000

2,706

Series

A

,

.00

%

,

12/1/53

,

Continuously

Callable

@100

........................

1,000

1,005

Series

A

,

.00

%

,

12/1/57

,

Continuously

Callable

@100

........................

2,500

2,527

California

Statewide

Communities

Development

Authority

Revenue

(NBGA

-

California

Health

Insurance

Construction

Loan

Insurance

Program)

,

.00

%

,

11/1/46

,

Continuously

Callable

@100

.....................................................

4,000

3,814

California

Statewide

Communities

Development

Authority

Special

Tax

Series

A

,

.00

%

,

9/2/55

,

Continuously

Callable

@100

.........................

1,255

1,268

Series

,

.00

%

,

9/2/56

,

Continuously

Callable

@100

.......................

740

746

Centinela

Valley

Union

High

School

District,

GO

(INS

-

Assured

Guaranty

Municipal

Corp.)

,

Series

B

,

.00

%

,

8/1/50

,

Continuously

Callable

@100

.........................

9,000

8,695

City

&

County

of

San

Francisco

Community

Facilities

District

No.

2014-1

Special

Tax

,

Series

A

,

.00

%

,

9/1/52

,

Continuously

Callable

@100

.............................

750

770

City

&

County

of

San

Francisco

Community

Facilities

District

No.

2016-1

Special

Tax

,

.00

%

,

9/1/52

,

Callable

9/1/28

@

(d) ........................................

1,750

1,465

City

&

County

of

San

Francisco

Infrastructure

&

Revitalization

Financing

District

No.

Tax

Allocation

Series

A

,

.00

%

,

9/1/52

,

Continuously

Callable

@100

(d) ......................

1,250

1,250

Series

A

,

.00

%

,

9/1/55

,

Continuously

Callable

@100

(d) ......................

1,000

999

Series

B

,

.00

%

,

9/1/52

,

Continuously

Callable

@100

(d) ......................

640

628

City

of

Atwater

Wastewater

Revenue

(INS

-

Assured

Guaranty

Municipal

Corp.)

,

Series

A

,

.00

%

,

5/1/43

,

Continuously

Callable

@100

...............................

1,300

1,323

City

of

Fillmore

Wastewater

Revenue

(INS

-

Assured

Guaranty

Municipal

Corp.)

,

.00

%

,

5/1/47

,

Continuously

Callable

@100

.....................................

2,000

2,037

City

of

Los

Angeles

Department

of

Airports

Revenue

AMT

Series

A

,

.00

%

,

5/15/55

,

Continuously

Callable

@100

........................

1,500

1,569

Series

C

,

.00

%

,

5/15/50

,

Continuously

Callable

@100

........................

1,840

1,681

City

of

Sacramento

Special

Tax

,

.38

%

,

9/1/52

,

Continuously

Callable

@103

(d) ..........

2,000

2,036

City

of

Tulare

Sewer

Revenue

(INS

-

Assured

Guaranty

Municipal

Corp.)

,

.00

%

,

11/15/44

,

Continuously

Callable

@100

...........................................

5,000

5,000

Victory

Portfolios

III

#### Victory

#### California

#### Bond

#### Fund

Schedule

of

Portfolio

Investments

—

continued

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) City

of

Upland

Certificates

of

Participation

.00

%

,

1/1/42

,

Continuously

Callable

@100

...............................

$

3,000

$

2,856

.00

%

,

1/1/47

,

Continuously

Callable

@100

...............................

2,000

2,012

County

of

Sacramento

Airport

System

Revenue

AMT

,

Series

D

,

.25

%

,

7/1/50

,

Continuously

Callable

@100

.....................................................

2,000

2,102

Foothill-Eastern

Transportation

Corridor

Agency

Revenue

,

Series

,

.50

%

,

1/15/53

,

Continuously

Callable

@100

...........................................

1,500

1,239

Foothill-Eastern

Transportation

Corridor

Agency

Revenue

(INS

-

Assured

Guaranty

Municipal

Corp.)

1/15/34

(e) ........................................................

15,000

12,110

1/15/35

(e) ........................................................

7,500

5,856

Golden

State

Tobacco

Securitization

Corp.

Revenue

,

Series

B

,

.00

%

,

6/1/51

,

Continuously

Callable

@100

.....................................................

1,000

1,001

Indio

Redevelopment

Agency

Successor

Agency

Tax

Allocation

,

Series

A

,

.25

%

,

8/15/31

,

Continuously

Callable

@100

...........................................

2,940

2,946

Inglewood

Unified

School

District,

GO

(INS

-

Assured

Guaranty

Municipal

Corp.)

,

Series

A

,

.00

%

,

8/1/46

,

Continuously

Callable

@100

...............................

3,550

3,487

Inglewood

Unified

School

District,

GO

(INS

-

Build

America

Mutual

Assurance

Co.)

Series

C

,

.00

%

,

8/1/37

,

Continuously

Callable

@100

.........................

Series

C

,

.00

%

,

8/1/39

,

Continuously

Callable

@100

.........................

Irvine

Unified

School

District

Special

Tax

Series

A

,

.00

%

,

9/1/45

,

Continuously

Callable

@100

.........................

2,990

3,082

Series

B

,

.00

%

,

9/1/42

,

Continuously

Callable

@100

.........................

995

1,018

Series

B

,

.00

%

,

9/1/47

,

Continuously

Callable

@100

.........................

995

1,017

Series

C

,

.00

%

,

9/1/42

,

Continuously

Callable

@100

.........................

995

1,020

Series

C

,

.00

%

,

9/1/47

,

Continuously

Callable

@100

.........................

520

526

Series

D

,

.00

%

,

9/1/49

,

Continuously

Callable

@100

........................

995

1,007

Irvine

Unified

School

District

Special

Tax

(INS

-

Build

America

Mutual

Assurance

Co.)

Series

A

,

.00

%

,

9/1/50

,

Continuously

Callable

@100

.........................

1,790

1,746

Series

A

,

.00

%

,

9/1/56

,

Continuously

Callable

@100

.........................

5,970

6,035

Local

Public

Schools

Funding

Authority

School

Improvement

District

No.

2016-1,

GO

(INS

-

Build

America

Mutual

Assurance

Co.)

,

Series

A

,

.00

%

,

8/1/52

,

Continuously

Callable

@100

...........................................................

1,500

1,440

Los

Angeles

Department

of

Water

&

Power

Revenue

,

Series

C

,

.00

%

,

7/1/51

,

Continuously

Callable

@100

.....................................................

1,500

1,576

Los

Angeles

Housing

Authority

Revenue

,

Series

A

,

.40

%

,

12/1/54

,

Continuously

Callable

@100

...........................................................

2,000

1,858

Manteca

Unified

School

District

Special

Tax

,

Series

A

,

.00

%

,

9/1/54

,

Continuously

Callable

@100

...........................................................

2,000

2,038

March

Joint

Powers

Redevelopment

Agency

Successor

Agency

Tax

Allocation

(INS

-

Build

America

Mutual

Assurance

Co.)

,

Series

A

,

.00

%

,

8/1/41

,

Continuously

Callable

@100

5,790

5,825

Middle

Fork

Project

Finance

Authority

Revenue

,

.00

%

,

4/1/33

,

Continuously

Callable

@100

2,205

2,356

Monrovia

Financing

Authority

Revenue

,

.00

%

,

12/1/45

,

Continuously

Callable

@100

.....

3,435

3,442

Monrovia

Financing

Authority

Revenue

(INS

-

Assured

Guaranty

Municipal

Corp.)

,

.00

%

,

12/1/45

,

Continuously

Callable

@100

....................................

2,345

2,350

Moreno

Valley

Unified

School

District,

GO

(INS

-

Assured

Guaranty

Municipal

Corp.)

,

Series

B

,

.00

%

,

8/1/47

,

Continuously

Callable

@100

.............................

6,500

6,804

Norwalk

Redevelopment

Agency

Tax

Allocation

(INS

-

National

Public

Finance

Guarantee

Corp.)

Series

A

,

.00

%

,

10/1/30

,

Continuously

Callable

@100

........................

5,000

5,009

Series

A

,

.00

%

,

10/1/35

,

Continuously

Callable

@100

........................

3,500

3,505

Norwalk-La

Mirada

Unified

School

District,

GO

(INS

-

Assured

Guaranty

Municipal

Corp.)

,

Series

C

,

8/1/30

(e) ..................................................

7,500

6,826

Palomar

Health,

GO

(INS

-

Assured

Guaranty

Municipal

Corp.)

,

Series

2004-A

,

8/1/31

(e) ...

12,230

10,074

Palomar

Health,

GO

(INS

-

National

Public

Finance

Guarantee

Corp.)

,

Series

A

,

8/1/26

(e) ...

5,500

5,417

Perris

Union

High

School

District,

GO

(INS

-

Assured

Guaranty

Corp.)

,

Series

A

,

.00

%

,

9/1/48

,

Continuously

Callable

@100

.....................................

5,000

4,924

Poway

Unified

School

District

Special

Tax

(INS

-

Assured

Guaranty

Municipal

Corp.)

,

.00

%

,

9/1/50

,

Continuously

Callable

@100

.....................................

4,750

4,448

Regents

of

the

University

of

California

Medical

Center

Pooled

Revenue

(NBGA

-

University

of

California

Medical

Center)

,

Series

,

.55

%

,

5/15/45

,

Callable

4/1/26

@

(f) ...

2,620

2,620

Rio

Elementary

School

District,

GO

(INS

-

Assured

Guaranty

Municipal

Corp.)

,

Series

B

,

.00

%

,

8/1/45

,

Continuously

Callable

@100

...............................

2,800

2,800

Victory

Portfolios

III

#### Victory

#### California

#### Bond

#### Fund

Schedule

of

Portfolio

Investments

—

continued

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) River

Islands

Public

Financing

Authority

Special

Tax

(INS

-

Assured

Guaranty

Corp.)

,

Series

,

.25

%

,

9/1/52

,

Continuously

Callable

@103

............................

$

1,500

$

1,571

River

Islands

Public

Financing

Authority

Special

Tax

(INS

-

Assured

Guaranty

Municipal

Corp.)

,

Series

2016-1

,

.25

%

,

9/1/52

,

Continuously

Callable

@103

...............

2,000

2,098

RNR

School

Financing

Authority

Special

Tax

(INS

-

Build

America

Mutual

Assurance

Co.)

,

Series

A

,

.00

%

,

9/1/41

,

Continuously

Callable

@100

.........................

2,000

2,023

Sacramento

Area

Flood

Control

Agency

Special

Assessment

(INS

-

Build

America

Mutual

Assurance

Co.)

,

.00

%

,

10/1/44

,

Continuously

Callable

@100

...................

2,000

2,003

San

Diego

County

Regional

Airport

Authority

Revenue

AMT

Series

B

,

.00

%

,

7/1/46

,

Continuously

Callable

@100

.........................

3,000

2,821

Series

B

,

.00

%

,

7/1/51

,

Continuously

Callable

@100

.........................

1,685

1,710

Series

B

,

.50

%

,

7/1/55

,

Continuously

Callable

@100

.........................

1,500

1,600

Series

B

,

.00

%

,

7/1/56

,

Continuously

Callable

@100

.........................

5,250

5,355

San

Francisco

City

&

County

Airport

Comm-San

Francisco

International

Airport

Revenue

AMT

Series

A

,

.25

%

,

5/1/49

,

Continuously

Callable

@100

.........................

3,400

3,635

Series

A

,

.50

%

,

5/1/55

,

Continuously

Callable

@100

.........................

12,000

13,018

Series

D

,

.25

%

,

5/1/55

,

Continuously

Callable

@100

........................

2,000

2,106

Santa

Clarita

Community

College

District,

GO

,

.00

%

,

8/1/46

,

Continuously

Callable

@100

.

5,250

5,106

Stockton

Public

Financing

Authority

Revenue

.00

%

,

3/1/40

,

Continuously

Callable

@100

...............................

920

893

.00

%

,

3/1/47

,

Continuously

Callable

@100

...............................

4,385

4,317

Tahoe-Truckee

Unified

School

District

Certificates

of

Participation

(INS

-

Build

America

Mutual

Assurance

Co.)

,

.00

%

,

6/1/43

,

Continuously

Callable

@100

..............

1,000

1,001

Tobacco

Securitization

Authority

of

Southern

California

Revenue

.00

%

,

6/1/48

,

Continuously

Callable

@100

...............................

655

640

.00

%

,

6/1/48

,

Continuously

Callable

@100

...............................

2,175

2,195

Transbay

Joint

Powers

Authority

Tax

Allocation

,

Series

A

,

.00

%

,

10/1/49

,

Continuously

Callable

@100

.....................................................

800

793

University

of

California

Revenue

,

Series

,

.70

%

,

5/15/48

,

Callable

4/1/26

@

(f) ...

6,150

6,150

Vacaville

Unified

School

District,

GO

,

Series

D

,

.00

%

,

8/1/45

,

Continuously

Callable

@100

1,850

1,836

Val

Verde

Unified

School

District,

GO

(INS

-

Assured

Guaranty

Municipal

Corp.)

,

Series

C

,

.00

%

,

8/1/45

,

Continuously

Callable

@100

...............................

4,475

4,422

Washington

Township

Health

Care

District

Revenue

Series

A

,

.00

%

,

7/1/42

,

Continuously

Callable

@100

.........................

1,000

1,002

Series

A

,

.75

%

,

7/1/53

,

Continuously

Callable

@100

.........................

1,500

1,565

Washington

Township

Health

Care

District,

GO

,

Series

A

,

.00

%

,

8/1/51

,

Continuously

Callable

@100

.....................................................

3,280

3,021

397,827

Guam

(0.9%):

Antonio

B

Won

Pat

International

Airport

Authority

Revenue

AMT

,

Series

A

,

.25

%

,

10/1/41

,

Continuously

Callable

@100

...........................................

Guam

Government

Waterworks

Authority

Revenue

,

Series

A

,

.50

%

,

7/1/55

,

Continuously

Callable

@100

.....................................................

750

792

Guam

Power

Authority

Revenue

,

Series

A

,

.00

%

,

10/1/40

,

Continuously

Callable

@100

...

2,800

2,831

3,732

Total

Municipal

Bonds

(Cost

$403,289)

a

a

a

401,559

Total

Investments

(Cost

$403,289)

—

98.6%

401,559

Other

assets

in

excess

of

liabilities

— 1.4%

5,648

NET

ASSETS

-

100.00%

$

407,207

(a) Stepped

coupon

security

for

which

the

coupon

rate

of

interest

adjusts

on

specified

date(s);

rate

shown

is

effective

rate

at

period-end.

(b) Variable

or

Floating-Rate

Security.

Rate

disclosed

is

as

of

February

28,

2026. (c) Put

Bond.

(d) Rule

144A

security

or

other

security

that

is

restricted

as

to

resale

to

institutional

investors.

As

of

February

28,

2026,

the

fair

value

of

these

securities

was

$35,419

(thousands)

and

amounted

to

8.7%

of

net

assets.

(e) Zero-coupon

bond.

(f) Variable

Rate

Demand

Notes

that

provide

the

rights

to

sell

the

security

at

face

value

on

either

that

day

or

within

the

rate-reset

period.

The

interest

rate

is

reset

on

the

put

date

at

a

stipulated

daily,

weekly,

monthly,

quarterly,

or

other

specified

time

interval

to

reflect

current

market

conditions.

These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description.

AMT

—

Alternative

Minimum

Tax

Victory

Portfolios

III

#### Victory

#### California

#### Bond

#### Fund

Schedule

of

Portfolio

Investments

—

continued

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

bps

—

Basis

points

Continuously

callable

—

Investment

is

continuously

callable

or

will

be

continuously

callable

on

any

date

after

the

first

call

date

until

its

maturity.

GO

—

General

Obligation

MUNIPSA

—

SIFMA

Municipal

Swap

Index

Yield

Credit

Enhancements

—Adds

the

financial

strength

of

the

provider

of

the

enhancement

to

support

the

issuer's

ability

to

repay

the

principal

and

interest

payments

when

due.

The

enhancement

may

be

provided

by

a

high-quality

bank,

insurance

company

or

other

corporation,

or

a

collateral

trust.

The

enhancements

do

not

guarantee

the

market

values

of

the

securities.

INS—Principal

and

interest

payments

are

insured

by

the

name

listed.

Although

bond

insurance

reduces

the

risk

of

loss

due

to

default

by

an

issuer,

such

bonds

remain

subject

to

the

risk

that

value

may

fluctuate

for

other

reasons,

and

there

is

no

assurance

that

the

insurance

company

will

meet

its

obligations.

NBGA—Principal

and

interest

payments

or,

under

certain

circumstances,

underlying

mortgages

are

guaranteed

by

a

nonbank

guarantee

agreement

from

the

name

listed.

Schedule

of

Portfolio

Investments

February

28,

2026

Victory

Portfolios

III

#### Victory

#### Government

#### Securities

#### Fund

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Asset-Backed

Securities

(1.4%)

ABS

Other

(0.8%):

Consumers

2014

Securitization

Funding

LLC,

Series

2014-A,

Class

A3,

3.53%,

5/1/29

.....

$

2,441

$

2,435

PSNH

Funding

LLC,

Series

2018-1,

Class

A3,

3.81%,

2/1/35

.......................

4,450

4,432

WEPCO

Environmental

Trust

Finance

I

LLC,

Series

2021-1,

Class

A,

1.58%,

12/15/35

.....

2,986

2,723

9,590

Agency

ABS

Other

(0.6%):

Nelnet

Student

Loan

Trust

................................................

Series

2006-3,

Class

B,

4.56%

(SOFR90A+51bps),

6/25/41,

Callable

3/25/26

@

100(a)

1,214

1,145

Series

2015-3A,

Class

A2,

4.38%

(SOFR30A+71bps),

2/27/51,

Callable

11/25/29

@

100(a)(b)

.........................................................

594

593

Series

2019-5,

Class

A,

2.53%,

10/25/67,

Callable

5/25/33

@

100(b)

..............

3,165

2,932

SLM

Student

Loan

Trust

..................................................

Series

2006-4,

Class

B,

4.35%

(SOFR90A+46bps),

1/25/70,

Callable

1/25/31

@

100(a)

1,779

1,735

Series

2013-6,

Class

A3,

4.43%

(SOFR30A+76bps),

6/26/55,

Callable

1/25/32

@

100(a)

1,449

1,439

7,844

Total

Asset-Backed

Securities

(Cost

$17,696)

a

a

a

17,434

Collateralized

Mortgage

Obligations

(15.5%)

Agency

CMO

(0.2%):

Federal

Home

Loan

Mortgage

Corporation,

Series

4772,

Class

ZG,

4.50%,

12/15/47

.......

2,023

2,035

Agency

CMO

Floating

(0.8%):

Federal

Home

Loan

Mortgage

Corporation

.....................................

Series

3134,

Class

FA,

4.07%

(SOFR30A+41bps),

3/15/36(a)

...................

Series

4023,

Class

PF,

4.32%

(SOFR30A+66bps),

10/15/41(a)

...................

Series

5522,

Class

BF,

4.72%

(SOFR30A+105bps),

3/25/55(a)

..................

2,217

2,230

Series

5525,

Class

FA,

4.87%

(SOFR30A+120bps),

4/25/55(a)

..................

1,493

1,503

Series

5611,

Class

LE,

4.50%,

8/25/49

....................................

2,819

2,821

Federal

National

Mortgage

Association

.......................................

Series

2005-29,

Class

FY,

4.08%

(SOFR30A+41bps),

4/25/35(a)

.................

Series

2007-84,

Class

F,

4.08%

(SOFR30A+41bps),

8/25/37(a)

..................

Series

2024-96,

Class

FC,

4.87%

(SOFR30A+120bps),

12/25/54(a)

...............

2,254

2,273

9,808

Agency

CMO

Other

(5.1%):

Federal

Home

Loan

Mortgage

Corporation

.....................................

Series

4623,

Class

H,

2.50%,

11/15/44

....................................

874

824

Series

5270,

Class

AB,

5.50%,

1/25/49

...................................

2,633

2,671

Series

5450,

Class

KA,

4.50%,

6/25/51

...................................

2,288

2,289

Series

5478,

Class

J,

5.50%,

3/25/51

.....................................

1,877

1,896

Series

5547,

Class

V,

5.00%,

4/25/39

.....................................

2,886

2,936

Federal

National

Mortgage

Association

.......................................

Series

2012-100,

Class

BA,

1.50%,

9/25/27

................................

Series

2012-102,

Class

GA,

1.38%,

9/25/27

................................

Series

2012-103,

Class

HB,

1.50%,

9/25/27

................................

Series

2012-107,

Class

GC,

1.50%,

10/25/27

...............................

Series

2012-73,

Class

DC,

1.50%,

7/25/27

.................................

Series

2022-88,

Class

BA,

5.50%,

7/25/47

.................................

831

838

Series

2024-33,

Class

PB,

5.00%,

3/25/48

.................................

1,700

1,714

Series

2025-33,

Class

P,

5.00%,

5/25/54

...................................

2,717

2,741

Series

2025-40,

Class

B,

5.00%,

10/25/50

.................................

1,288

1,293

Series

2026-12,

Class

GB,

2.50%,

10/25/51

................................

3,500

3,147

Government

National

Mortgage

Association

....................................

Series

2020-162,

Class

AB,

1.00%,

10/20/50

...............................

2,443

1,961

Series

2022-207,

Class

NA,

3.00%,

1/20/52

................................

2,345

2,137

Series

2022-68,

Class

WQ,

3.82%,

5/20/50(c)

..............................

3,499

3,492

Series

2022-90,

Class

QU,

4.00%,

11/20/49

................................

5,396

5,384

Series

2023-107,

Class

PA,

5.50%,

1/20/46

................................

3,012

3,054

Series

2023-128,

Class

KA,

6.00%,

6/20/47

................................

1,069

1,078

Series

2023-131,

Class

P,

5.50%,

6/20/48

..................................

1,528

1,541

Series

2023-149,

Class

D,

5.50%,

9/20/47

.................................

600

602

Victory

Portfolios

III

#### Victory

#### Government

#### Securities

#### Fund

Schedule

of

Portfolio

Investments

—

continued

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Series

2023-196,

Class

E,

3.00%,

9/20/48

.................................

$

3,028

$

2,932

Series

2023-53,

Class

QA,

5.00%,

6/20/49

.................................

2,554

2,575

Series

2024-160,

Class

H,

4.00%,

9/20/62

.................................

2,125

2,121

Series

2024-19,

Class

AD,

5.00%,

6/20/53

.................................

Series

2024-20,

Class

PA,

4.50%,

2/20/54

.................................

1,140

1,147

Series

2024-97,

Class

MC,

5.00%,

1/20/64

.................................

1,126

1,135

Series

2025-114,

Class

JA,

4.50%,

8/20/51

.................................

1,773

1,776

Series

2025-131,

Class

QC,

4.00%,

7/20/51

................................

1,451

1,429

Series

2025-139,

Class

DT,

5.00%,

3/20/65

................................

2,390

2,409

Series

2025-139,

Class

EA,

4.00%,

3/20/65

................................

1,923

1,914

Series

2025-175,

Class

AP,

4.50%,

10/20/55

................................

1,960

1,953

Series

2025-98,

Class

ET,

4.50%,

6/20/65

.................................

2,045

2,055

61,876

Agency

Commercial

MBS

(9.4%):

Federal

Home

Loan

Mortgage

Corporation

.....................................

Series

K057,

Class

A2,

2.57%,

7/25/26

...................................

5,682

5,645

Series

K080,

Class

A2,

3.93%,

7/25/28(c)

.................................

5,000

5,024

Series

K126,

Class

A2,

2.07%,

1/25/31

...................................

2,860

2,648

Series

K136,

Class

A2,

2.13%,

11/25/31

...................................

5,000

4,556

Series

K141,

Class

A2,

2.25%,

2/25/32

...................................

2,000

1,828

Series

K142,

Class

A2,

2.40%,

3/25/32

...................................

3,000

2,760

Series

K143,

Class

A2,

2.35%,

3/25/32

...................................

5,000

4,583

Series

K144,

Class

A2,

2.45%,

4/25/32

...................................

5,183

4,771

Series

K145,

Class

A2,

2.58%,

5/25/32

...................................

3,423

3,170

Series

K146,

Class

A2,

2.92%,

6/25/32

...................................

3,000

2,831

Series

K147,

Class

A2,

3.00%,

6/25/32(c)

.................................

3,000

2,843

Series

K149,

Class

A2,

3.53%,

8/25/32

...................................

3,000

2,926

Series

K-172,

Class

A2,

4.58%,

8/25/35(c)

.................................

7,000

7,194

Series

K523,

Class

AS,

4.23%

(SOFR30A+55bps),

4/25/29(a)

...................

2,996

3,000

Series

K536,

Class

AS,

4.18%

(SOFR30A+50bps),

11/25/29(a)

..................

2,747

2,749

Series

K759,

Class

A2,

4.80%,

1/25/32(c)

.................................

3,000

3,134

Series

KPLB2,

Class

A,

4.83%,

6/25/33(d)

.................................

5,000

5,216

Federal

National

Mortgage

Association

.......................................

Series

2016-M5,

Class

A2,

2.47%,

4/25/26

.................................

1,137

1,132

Series

2017-M12,

Class

A2,

3.06%,

6/25/27(c)

..............................

3,008

2,980

Series

2017-M8,

Class

A2,

3.06%,

5/25/27(c)

...............................

5,404

5,356

Series

2018-M10,

Class

A2,

3.36%,

7/25/28(c)

..............................

7,400

7,357

Series

2018-M4,

Class

A2,

3.07%,

3/25/28(c)

...............................

1,722

1,703

Series

2021-M3G,

Class

A2,

1.24%,

1/25/31(c)

.............................

3,000

2,676

Series

2022-M12,

Class

A,

3.02%,

12/25/28(c)

..............................

5,484

5,393

Series

2022-M13,

Class

A2,

2.59%,

6/25/32

................................

10,671

9,904

Series

2022-M2,

Class

A2,

2.40%,

11/25/31

................................

5,000

4,642

Series

2022-M3,

Class

A2,

1.71%,

11/25/31(c)

..............................

4,000

3,559

Series

2023-M4,

Class

A2,

3.77%,

9/25/32(c)

...............................

4,000

3,956

113,536

Total

Collateralized

Mortgage

Obligations

(Cost

$183,055)

a

a

a

187,255

Corporate

Bonds

(1.5%)

Financials

(0.2%):

Swepco

Storm

Recovery

Funding

LLC,

4.88%,

9/1/39

............................

2,160

2,205

Utilities

(1.3%):

Centerpoint

Energy

Restoration

Bond

Co.

II

LLC,

4.26%,

12/15/35

...................

4,000

4,034

Centerpoint

Energy

Restoration

Bond

Co.

III

LLC,

4.48%,

6/15/35

...................

4,000

4,032

Duke

Energy

Carolinas

SC

Storm

Funding

LLC,

4.90%,

3/1/46(e)

....................

541

551

Evergy

Missouri

West

Storm

Funding

I

LLC,

5.10%,

12/1/38

.......................

3,207

3,338

Tennessee

Valley

Authority,

3.50%,

12/15/42

...................................

5,000

4,314

16,269

Total

Corporate

Bonds

(Cost

$18,271)

a

a

a

18,474

Victory

Portfolios

III

#### Victory

#### Government

#### Securities

#### Fund

Schedule

of

Portfolio

Investments

—

continued

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Municipal

Bonds

(0.7%)

Hawaii

(0.2%):

State

of

Hawaii

Department

of

Business

Economic

Development

&

Tourism

Revenue,

Series

A-2,

3.24%,

1/1/31

..................................................

$

$

State

of

Hawaii,

GO,

Series

GN,

4.94%,

10/1/37,

Continuously

Callable

@100

...........

2,000

2,070

2,207

Louisiana

(0.5%):

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority

Revenue

Series

A,

4.15%,

2/1/33

..............................................

3,150

3,173

Series

A,

4.28%,

2/1/36

..............................................

2,000

2,010

Series

A1-A3,

5.08%,

6/1/31

...........................................

538

550

5,733

Texas

(0.0%):(f)

State

of

Texas,

GO,

4.86%,

10/1/35,

Continuously

Callable

@100

....................

500

525

Total

Municipal

Bonds

(Cost

$8,323)

a

a

a

8,465

U.S.

Government

Agency

Mortgages

(48.8%)

Federal

Farm

Credit

Banks

Funding

Corporation

3.98%,

2/5/29

.....................................................

3,000

2,995

4.58%,

4/2/29

.....................................................

1,500

1,501

2.55%,

12/21/34

....................................................

3,000

2,619

2.20%,

9/2/36

.....................................................

2,000

1,619

5.60%,

8/5/39

.....................................................

4,000

4,004

12,738

Federal

Home

Loan

Mortgage

Corporation

4.05%,

10/1/29

....................................................

4,000

4,028

4.40%,

11/1/29

.....................................................

3,355

3,414

3.00%,

3/1/32

-

5/1/52

...............................................

15,837

14,747

3.42%,

10/1/33

....................................................

3.50%,

10/1/33

-

7/1/52

..............................................

21,235

20,255

4.00%,

10/1/33

-

12/1/52

.............................................

21,958

21,732

4.75%,

4/1/35

.....................................................

3,300

3,420

5.50%,

12/1/35

-

1/1/55

..............................................

25,317

25,874

1.50%,

4/1/37

.....................................................

2,588

2,358

5.00%,

3/1/38

-

12/1/55

..............................................

57,721

58,327

5.10%,

7/1/40

.....................................................

997

1,058

4.50%,

10/1/40

-

5/1/55

..............................................

20,267

20,248

2.50%,

5/1/42

.....................................................

2,241

2,058

3.95%

(SOFR30A+226bps),

8/1/52(a)

....................................

5,725

5,737

6.50%,

2/1/53

.....................................................

1,766

1,843

6.00%,

8/1/53

-

3/1/55

...............................................

9,249

9,529

194,962

Federal

National

Mortgage

Association

2.25%,

11/1/26

.....................................................

1,711

1,691

3.00%,

2/1/27

-

4/1/52

...............................................

12,003

11,067

2.48%,

11/1/29

.....................................................

863

826

1.74%,

2/1/31

.....................................................

2,959

2,652

1.64%,

9/1/31

.....................................................

1,250

1,111

1.21%,

10/1/32(c)

..................................................

2,299

2,064

2.13%,

1/1/34

.....................................................

3,994

3,520

4.46%,

4/1/35

.....................................................

4,973

5,064

5.00%,

12/1/35

-

11/1/55

..............................................

36,820

37,189

1.50%,

3/1/37

.....................................................

2,386

2,184

5.50%,

11/1/37

-

12/1/55

..............................................

37,592

38,419

4.50%,

1/1/38

-

1/1/56

...............................................

39,702

39,512

4.00%,

4/1/38

-

12/1/54

..............................................

37,589

36,779

6.00%,

5/1/38

-

11/1/54

..............................................

2,156

2,240

4.29%,

10/1/39

....................................................

2,366

2,324

2.50%,

6/1/41

-

3/1/52

...............................................

18,174

16,118

3.50%,

1/1/42

-

7/1/52

...............................................

31,149

29,698

3.48%,

7/1/42

.....................................................

501

Victory

Portfolios

III

#### Victory

#### Government

#### Securities

#### Fund

Schedule

of

Portfolio

Investments

—

continued

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) 4.24%,

4/1/43(c)

...................................................

$

1,235

$

1,233

2.44%,

10/1/51

....................................................

2,575

1,799

2.00%,

11/1/51

-

12/1/51

..............................................

22,718

18,999

254,963

Government

National

Mortgage

Association

7.00%,

5/15/27

-

7/15/32

.............................................

8.00%,

5/15/27

-

9/15/30

.............................................

7.50%,

2/15/28

-

10/20/54

.............................................

1,610

1,641

6.00%,

4/15/28

-

10/20/53

.............................................

5,964

6,221

6.50%,

5/15/28

-

8/20/34

.............................................

775

814

6.75%,

5/15/28

....................................................

5.50%,

4/20/33

-

2/20/54

.............................................

17,988

18,517

5.00%,

5/20/33

-

11/20/54

.............................................

14,350

14,501

2.50%,

1/20/37

-

7/20/53

.............................................

35,800

31,642

4.50%,

9/15/39

-

9/20/53

.............................................

17,551

17,596

4.00%,

7/15/40

-

11/20/40

.............................................

1,532

1,519

3.00%,

8/20/51

-

12/20/53

.............................................

24,492

22,394

3.50%,

4/20/52

-

6/20/52

.............................................

3,125

2,941

118,074

Small

Business

Administration

Pools

3.90%

(PRIME-285bps),

9/25/31(a)

.....................................

2,086

2,078

6.37%

(PRIME-38bps),

2/25/32(a)

......................................

1,860

1,918

7.62%

(PRIME+88bps),

2/25/32(a)

......................................

833

873

8.35%

(PRIME+160bps),

2/25/32(a)

.....................................

1,599

1,695

6.88%

(PRIME+13bps),

6/25/32(a)

......................................

1,108

1,154

4.25%

(PRIME-250bps),

9/25/32(a)

.....................................

1,786

1,788

5.00%

(PRIME-175bps),

10/25/34(a)

.....................................

822

834

10,340

Total

U.S.

Government

Agency

Mortgages

(Cost

$594,990)

a

a

a

591,077

U.S.

Treasury

Obligations

(31.2%)

U.S.

Treasury

Bonds

5.25%,

2/15/29

....................................................

5,000

5,260

1.75%,

8/15/41

....................................................

7,000

4,888

2.00%,

11/15/41

....................................................

5,000

3,609

3.38%,

8/15/42

....................................................

5,000

4,357

3.75%,

11/15/43

....................................................

6,000

5,423

5.00%,

5/15/45

....................................................

5,000

5,286

U.S.

Treasury

Notes

3.63%,

5/15/26

....................................................

5,200

5,199

0.75%,

5/31/26

....................................................

4,000

3,971

1.38%,

8/31/26

....................................................

7,000

6,922

1.88%,

2/28/27

....................................................

10,250

10,084

2.75%,

4/30/27

....................................................

10,000

9,916

2.63%,

5/31/27

....................................................

10,500

10,390

3.13%,

8/31/27

....................................................

13,000

12,941

4.13%,

9/30/27

....................................................

10,000

10,106

1.13%,

2/29/28

....................................................

15,000

14,350

1.25%,

5/31/28

....................................................

5,000

4,771

1.13%,

8/31/28

....................................................

5,000

4,732

1.25%,

9/30/28

....................................................

8,500

8,054

1.38%,

10/31/28

....................................................

8,200

7,783

2.63%,

2/15/29

....................................................

12,000

11,741

2.38%,

3/31/29

....................................................

14,100

13,679

2.88%,

4/30/29

....................................................

16,000

15,746

2.38%,

5/15/29

....................................................

11,300

10,949

2.75%,

5/31/29

....................................................

13,750

13,472

3.88%,

11/30/29

....................................................

14,000

14,207

3.88%,

12/31/29

....................................................

8,000

8,120

3.50%,

1/31/30

....................................................

10,000

10,016

4.88%,

10/31/30

....................................................

16,000

16,932

0.88%,

11/15/30

....................................................

18,000

15,958

Victory

Portfolios

III

#### Victory

#### Government

#### Securities

#### Fund

Schedule

of

Portfolio

Investments

—

continued

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) 3.63%,

12/31/30

....................................................

$

5,000

$

5,024

1.63%,

5/15/31

....................................................

15,000

13,632

1.25%,

8/15/31

....................................................

16,000

14,162

1.38%,

11/15/31

....................................................

6,000

5,312

2.88%,

5/15/32

....................................................

13,000

12,434

4.13%,

11/15/32

....................................................

10,000

10,250

3.50%,

2/15/33

....................................................

15,000

14,794

3.38%,

5/15/33

....................................................

18,000

17,581

3.88%,

8/15/34

....................................................

8,000

8,011

4.00%,

11/15/35

....................................................

7,000

7,025

Total

U.S.

Treasury

Obligations

(Cost

$377,703)

a

a

a

377,087

Shares

Investment

Companies

(0.3%)

Federated

Hermes

Treasury

Obligations

Fund,

Institutional

Shares,

3.55%(g)

............

3,136,060

3,136

Total

Investment

Companies

(Cost

$3,136)

a

a

a

3,136

Principal

Amount

(000) Repurchase

Agreements

(1.0%)

Fixed

Income

Clearing

Corporation-State

Street

Bank

&

Trust

Co.,

3.64%,

purchased

on

2/27/26,

with

a

maturity

date

of

3/2/26,

with

a

repurchase

value

of

$12,004

(collateralized

by

U.S.

Treasury

Bonds,

4.75%,

due

11/15/43,

with

an

aggregate

value

of

$12,240)

..........

$

12,000

12,000

Total

Repurchase

Agreements

(Cost

$12,000)

a

a

a

12,000

Shares

Collateral

for

Securities

Loaned

(0.0%)^(f)

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares,

3.59%(g)

........

110,513

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares,

3.60%(g)

............

140,438

Invesco

Government

&

Agency

Portfolio,

Institutional

Shares,

3.60%(g)

...............

110,513

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares,

3.59%(g)

.

80,588

Total

Collateral

for

Securities

Loaned

(Cost

$442)

a

a

a

Total

Investments

(Cost

$1,215,616)

—

100.4%

1,215,370

Liabilities

in

excess

of

other

assets

— (0.4)%

(4,501)

NET

ASSETS

-

100.00%

$

1,210,869

^

Purchased

with

cash

collateral

from

securities

on

loan.

(a) Variable

or

Floating-Rate

Security.

Rate

disclosed

is

as

of

February

28,

2026. (b) Rule

144A

security

or

other

security

that

is

restricted

as

to

resale

to

institutional

investors.

As

of

February

28,

2026,

the

fair

value

of

these

securities

was

$3,525

(thousands)

and

amounted

to

0.3%

of

net

assets.

(c) The

rate

for

certain

asset-backed

and

mortgage-backed

securities

may

vary

based

on

factors

relating

to

the

pool

of

assets

underlying

the

security.

The

rate

disclosed

is

the

rate

in

effect

at

February

28,

2026. (d) Security

is

interest

only.

(e) All

or

a

portion

of

this

security

is

on

loan.

(f) Amount

represents

less

than

0.05%

of

net

assets.

(g) Rate

disclosed

is

the

daily

yield

on

February

28,

2026. ABS

—

Asset-Backed

Securities

bps

—

Basis

points

CMO

—

Collateralized

Mortgage

Obligations

Continuously

callable

—

Investment

is

continuously

callable

or

will

be

continuously

callable

on

any

date

after

the

first

call

date

until

its

maturity.

GO

—

General

Obligation

LLC

—

Limited

Liability

Company

MBS

—

Mortgage-Backed

Securities

PRIME

—

US

Prime

rate,

rate

disclosed

as

of

February

28,

2026. SOFR

—

Secured

Overnight

Financing

Rate

SOFR30A

—

day

average

of

SOFR,

rate

disclosed

as

of

February

28,

2026. SOFR90A

—

day

average

of

SOFR,

rate

disclosed

as

of

February

28,

2026. Schedule

of

Portfolio

Investments

February

28,

2026

Victory

Portfolios

III

#### Victory

#### Growth

#### and

#### Tax

#### Strategy

#### Fund

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Common

Stocks

(45.7%)

Communication

Services

(4.7%):

Alphabet,

Inc.,

Class

A

...................................................

42,418

$

13,225

Alphabet,

Inc.,

Class

C

...................................................

29,597

9,217

AT&T,

Inc.

...........................................................

37,058

1,038

Charter

Communications,

Inc.,

Class

A(a)(b)

...................................

Comcast

Corp.,

Class

A

..................................................

32,205

997

Electronic

Arts,

Inc.

.....................................................

1,990

Live

Nation

Entertainment,

Inc.(a)

...........................................

1,691

Meta

Platforms,

Inc.,

Class

A

..............................................

14,882

9,647

Netflix,

Inc.(a)

.........................................................

33,812

3,254

News

Corp.,

Class

A

.....................................................

2,721

News

Corp.,

Class

B

....................................................

1,151

Omnicom

Group,

Inc.

....................................................

2,709

The

Walt

Disney

Co.

....................................................

14,363

1,523

T-Mobile

US,

Inc.

......................................................

3,497

759

Verizon

Communications,

Inc.

..............................................

23,812

1,194

Versant

Media

Group,

Inc.(a)

..............................................

1,167

Warner

Bros

Discovery,

Inc.(a)

.............................................

17,681

42,436

Consumer

Discretionary

(4.6%):

Amazon.com,

Inc.(a)

....................................................

66,527

13,972

AutoZone,

Inc.(a)

.......................................................

886

Bath

&

Body

Works,

Inc.

.................................................

1,449

Best

Buy

Co.,

Inc.

......................................................

1,247

Booking

Holdings,

Inc.

...................................................

818

CarMax,

Inc.(a)

........................................................

1,130

Carnival

Corp.

.........................................................

4,880

Chipotle

Mexican

Grill,

Inc.,

Class

A(a)

.......................................

16,242

605

D.R.

Horton,

Inc.

.......................................................

3,028

Darden

Restaurants,

Inc.

..................................................

1,474

Domino's

Pizza,

Inc.

.....................................................

eBay,

Inc.

............................................................

6,771

615

Expedia

Group,

Inc.

.....................................................

781

Ford

Motor

Co.

........................................................

24,729

Garmin

Ltd.

...........................................................

1,270

General

Motors

Co.

.....................................................

1,945

Genuine

Parts

Co.

......................................................

1,110

Hasbro,

Inc.

...........................................................

1,004

Hilton

Worldwide

Holdings,

Inc.

............................................

3,004

937

Lennar

Corp.,

Class

A

....................................................

1,491

Lowe's

Cos.,

Inc.

.......................................................

3,214

850

Marriott

International,

Inc.,

Class

A

..........................................

900

McDonald's

Corp.

......................................................

6,330

2,160

MGM

Resorts

International(a)

..............................................

1,171

NIKE,

Inc.,

Class

B

.....................................................

9,920

617

NVR,

Inc.(a)

..........................................................

O'Reilly

Automotive,

Inc.(a)

...............................................

4,307

Pool

Corp.

............................................................

PulteGroup,

Inc.

........................................................

2,359

Ralph

Lauren

Corp.,

Class

A

...............................................

Ross

Stores,

Inc.

.......................................................

2,808

577

Royal

Caribbean

Cruises

Ltd.

..............................................

2,197

683

Starbucks

Corp.

........................................................

10,260

1,006

Tapestry,

Inc.

..........................................................

3,019

Tesla,

Inc.(a)

..........................................................

21,670

8,723

The

Home

Depot,

Inc.

...................................................

4,545

1,730

The

TJX

Cos.,

Inc.

......................................................

9,986

1,614

Tractor

Supply

Co.

......................................................

6,907

Williams-Sonoma,

Inc.

...................................................

Wynn

Resorts

Ltd.

......................................................

Victory

Portfolios

III

#### Victory

#### Growth

#### and

#### Tax

#### Strategy

#### Fund

Schedule

of

Portfolio

Investments

—

continued

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Yum!

Brands,

Inc.

......................................................

2,220

$

41,004

Consumer

Staples

(2.4%):

Altria

Group,

Inc.

.......................................................

13,669

944

Archer-Daniels-Midland

Co.

...............................................

2,147

Brown-Forman

Corp.,

Class

B(b)

...........................................

Bunge

Global

SA

.......................................................

932

Church

&

Dwight

Co.,

Inc.

................................................

1,266

Colgate-Palmolive

Co.

...................................................

6,554

650

Constellation

Brands,

Inc.,

Class

A

..........................................

2,471

Costco

Wholesale

Corp.

..................................................

2,960

2,991

Hormel

Foods

Corp.

.....................................................

5,384

Kenvue,

Inc.

..........................................................

20,867

Kimberly-Clark

Corp.

....................................................

1,782

Molson

Coors

Beverage

Co.,

Class

B

.........................................

908

Mondelez

International,

Inc.,

Class

A

.........................................

11,574

713

Monster

Beverage

Corp.(a)

................................................

5,505

PepsiCo,

Inc.

..........................................................

6,584

1,118

Philip

Morris

International,

Inc.

.............................................

10,891

2,035

Sysco

Corp.

...........................................................

3,871

Target

Corp.

..........................................................

3,796

The

Clorox

Co.

........................................................

837

The

Coca-Cola

Co.

......................................................

25,467

2,077

The

Estee

Lauder

Cos.,

Inc.,

Class

A

.........................................

1,984

The

Hershey

Co.

.......................................................

910

The

J.M.

Smucker

Co.

...................................................

2,188

The

Kroger

Co.

........................................................

7,825

534

The

Procter

&

Gamble

Co.

................................................

17,031

2,848

Tyson

Foods,

Inc.,

Class

A

................................................

2,503

Walmart,

Inc.

..........................................................

29,486

3,772

21,464

Energy

(1.5%):

Baker

Hughes

Co.,

Class

A

................................................

8,513

556

Chevron

Corp.

.........................................................

8,716

1,628

ConocoPhillips

Co.

.....................................................

12,984

1,473

Coterra

Energy,

Inc.

.....................................................

5,337

Devon

Energy

Corp.

.....................................................

4,751

Diamondback

Energy,

Inc.

................................................

2,110

EOG

Resources,

Inc.

....................................................

4,188

520

Exxon

Mobil

Corp.

.....................................................

29,485

4,496

Halliburton

Co.

........................................................

8,466

Kinder

Morgan,

Inc.

.....................................................

3,889

Marathon

Petroleum

Corp.

................................................

2,064

Occidental

Petroleum

Corp.

...............................................

3,679

ONEOK,

Inc.

..........................................................

5,513

Phillips

Co.

.........................................................

3,188

SLB

Ltd.

.............................................................

8,968

Targa

Resources

Corp.

...................................................

558

Texas

Pacific

Land

Corp.

.................................................

The

Williams

Cos.,

Inc.

..................................................

14,335

1,071

Valero

Energy

Corp.

.....................................................

2,568

526

13,743

Financials

(5.9%):

Aflac,

Inc.

............................................................

6,523

737

American

Express

Co.

...................................................

2,736

845

American

International

Group,

Inc.

..........................................

6,463

520

Ameriprise

Financial,

Inc.

.................................................

1,152

542

Aon

PLC,

Class

A

......................................................

2,315

777

Apollo

Global

Management,

Inc.

............................................

1,113

Arch

Capital

Group

Ltd.(a)

................................................

824

Arthur

J. Gallagher

&

Co.

.................................................

2,370

541

Assurant,

Inc.

.........................................................

Victory

Portfolios

III

#### Victory

#### Growth

#### and

#### Tax

#### Strategy

#### Fund

Schedule

of

Portfolio

Investments

—

continued

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Bank

of

America

Corp.

...................................................

61,032

$

3,041

Berkshire

Hathaway,

Inc.,

Class

B(a)

.........................................

12,748

6,438

BlackRock,

Inc.

........................................................

1,154

1,227

Blackstone,

Inc.

........................................................

1,294

Block,

Inc.,

Class

A(a)

...................................................

1,766

Capital

One

Financial

Corp.

...............................................

3,379

661

Cboe

Global

Markets,

Inc.

................................................

Cincinnati

Financial

Corp.

................................................

1,202

Citigroup,

Inc.

.........................................................

3,770

Citizens

Financial

Group,

Inc.

..............................................

1,223

CME

Group,

Inc.,

Class

A

.................................................

2,012

643

Coinbase

Global,

Inc.,

Class

A(a)

...........................................

1,893

Corpay,

Inc.(a)

.........................................................

Fidelity

National

Information

Services,

Inc.

....................................

1,180

Fifth

Third

Bancorp

.....................................................

8,234

Fiserv,

Inc.(a)

..........................................................

3,400

Franklin

Resources,

Inc.

..................................................

1,427

Global

Payments,

Inc.

....................................................

783

Globe

Life,

Inc.

........................................................

Huntington

Bancshares,

Inc.

...............................................

1,619

Interactive

Brokers

Group,

Inc.,

Class

A

.......................................

1,209

Intercontinental

Exchange,

Inc.

.............................................

5,129

842

Invesco

Ltd.

...........................................................

2,606

JPMorgan

Chase

&

Co.

..................................................

21,083

6,332

KeyCorp

.............................................................

4,544

Lincoln

National

Corp.

...................................................

1,733

Loews

Corp.

..........................................................

2,090

M&T

Bank

Corp.

.......................................................

851

Marsh

&

McLennan

Cos.,

Inc.

.............................................

5,030

939

Mastercard,

Inc.,

Class

A

.................................................

5,498

2,844

MetLife,

Inc.

..........................................................

4,334

Moody's

Corp.

.........................................................

1,532

732

Morgan

Stanley

........................................................

10,631

1,770

MSCI,

Inc.,

Class

A

.....................................................

991

567

Nasdaq,

Inc.

..........................................................

3,835

Northern

Trust

Corp.

....................................................

575

PayPal

Holdings,

Inc.

....................................................

6,960

Principal

Financial

Group,

Inc.

.............................................

2,475

Prudential

Financial,

Inc.

.................................................

2,493

Raymond

James

Financial,

Inc.

.............................................

1,988

Regions

Financial

Corp.

..................................................

9,785

Robinhood

Markets,

Inc.,

Class

A(a)

.........................................

7,188

545

S&P

Global,

Inc.

.......................................................

1,232

544

State

Street

Corp.

.......................................................

2,324

Synchrony

Financial

.....................................................

6,100

T. Rowe

Price

Group,

Inc.

.................................................

1,970

The

Allstate

Corp.

......................................................

3,038

652

The

Bank

of

New

York

Mellon

Corp.

.........................................

5,849

697

The

Charles

Schwab

Corp.

................................................

8,731

831

The

Goldman

Sachs

Group,

Inc.

............................................

3,096

2,661

The

Hartford

Insurance

Group,

Inc.

..........................................

2,900

The

PNC

Financial

Services

Group,

Inc.

......................................

2,905

617

The

Progressive

Corp.

...................................................

5,434

1,161

The

Travelers

Cos.,

Inc.

..................................................

2,350

725

Truist

Financial

Corp.

....................................................

3,629

U.S.

Bancorp

..........................................................

2,949

Visa,

Inc.,

Class

A

......................................................

12,935

4,142

W.R.

Berkley

Corp.

.....................................................

4,011

Wells

Fargo

&

Co.

......................................................

20,730

1,688

Willis

Towers

Watson

PLC

................................................

801

51,876

Health

Care

(4.5%):

Abbott

Laboratories

.....................................................

15,503

1,804

Victory

Portfolios

III

#### Victory

#### Growth

#### and

#### Tax

#### Strategy

#### Fund

Schedule

of

Portfolio

Investments

—

continued

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) AbbVie,

Inc.

..........................................................

11,590

$

2,690

Agilent

Technologies,

Inc.

.................................................

2,762

Amgen,

Inc.

...........................................................

4,830

1,875

Baxter

International,

Inc.

.................................................

5,100

Becton

Dickinson

&

Co.

..................................................

1,644

Biogen,

Inc.(a)

.........................................................

1,081

Bio-Techne

Corp.

.......................................................

1,557

Boston

Scientific

Corp.(a)

.................................................

12,870

989

Bristol-Myers

Squibb

Co.

.................................................

10,988

685

Cardinal

Health,

Inc.

....................................................

2,310

530

Cencora,

Inc.

..........................................................

1,564

582

Centene

Corp.(a)

.......................................................

4,633

Charles

River

Laboratories

International,

Inc.(a)

.................................

CVS

Health

Corp.

......................................................

7,538

602

Danaher

Corp.

.........................................................

5,308

1,118

DaVita,

Inc.(a)

.........................................................

748

Dexcom,

Inc.(a)

........................................................

2,601

Edwards

Lifesciences

Corp.(a)

.............................................

5,760

Elevance

Health,

Inc.

....................................................

1,750

560

Eli

Lilly

&

Co.

.........................................................

6,015

6,327

Gilead

Sciences,

Inc.

....................................................

9,237

1,376

HCA

Healthcare,

Inc.

....................................................

699

Hologic,

Inc.(a)

........................................................

1,152

Humana,

Inc.

..........................................................

886

IDEXX

Laboratories,

Inc.(a)

...............................................

808

531

Intuitive

Surgical,

Inc.(a)

.................................................

3,213

1,618

Johnson

&

Johnson

.....................................................

15,751

3,912

Labcorp

Holdings,

Inc.

...................................................

668

McKesson

Corp.

.......................................................

611

603

Medtronic

PLC

........................................................

2,213

Merck

&

Co.,

Inc.

......................................................

16,441

2,036

Mettler-Toledo

International,

Inc.(a)

.........................................

Moderna,

Inc.(a)(b)

.....................................................

5,492

Molina

Healthcare,

Inc.(a)

................................................

750

Pfizer,

Inc.

............................................................

22,952

635

Quest

Diagnostics,

Inc.

...................................................

837

Regeneron

Pharmaceuticals,

Inc.

............................................

609

ResMed,

Inc.

..........................................................

1,315

Revvity,

Inc.

..........................................................

680

STERIS

PLC

..........................................................

Stryker

Corp.

..........................................................

3,361

1,302

The

Cigna

Group

.......................................................

2,238

649

Thermo

Fisher

Scientific,

Inc.

..............................................

1,992

1,038

UnitedHealth

Group,

Inc.

.................................................

6,743

1,978

Universal

Health

Services,

Inc.,

Class

B

.......................................

Vertex

Pharmaceuticals,

Inc.(a)

.............................................

1,469

730

Viatris,

Inc.

...........................................................

11,825

Waters

Corp.(a)

........................................................

912

Zoetis,

Inc.,

Class

A

.....................................................

3,969

520

40,276

Industrials

(4.2%):

3M

Co.

..............................................................

610

Allegion

PLC

.........................................................

613

Amentum

Holdings,

Inc.(a)

................................................

1,020

AMETEK,

Inc.

........................................................

2,775

664

Builders

FirstSource,

Inc.(a)

...............................................

C.H.

Robinson

Worldwide,

Inc.

.............................................

Carrier

Global

Corp.

.....................................................

7,990

515

Caterpillar,

Inc.

........................................................

2,925

2,173

Cintas

Corp.

..........................................................

4,174

840

Comfort

Systems

USA,

Inc.

...............................................

Copart,

Inc.(a)

.........................................................

9,139

CSX

Corp.

............................................................

24,027

1,026

Victory

Portfolios

III

#### Victory

#### Growth

#### and

#### Tax

#### Strategy

#### Fund

Schedule

of

Portfolio

Investments

—

continued

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Cummins,

Inc.

.........................................................

1,300

$

759

Deere

&

Co.

..........................................................

1,348

849

Dover

Corp.

...........................................................

936

Eaton

Corp.

PLC

.......................................................

2,008

755

EMCOR

Group,

Inc.

....................................................

Emerson

Electric

Co.

....................................................

4,724

712

Equifax,

Inc.

..........................................................

1,023

Expeditors

International

of

Washington,

Inc.

....................................

1,122

Fastenal

Co.

...........................................................

10,764

FedEx

Corp.

..........................................................

1,690

654

Fortive

Corp.

..........................................................

1,835

GE

Vernova,

Inc.

.......................................................

1,707

1,491

Generac

Holdings,

Inc.(a)

.................................................

General

Dynamics

Corp.

..................................................

1,726

616

General

Electric

Co.

.....................................................

6,779

2,319

Honeywell

International,

Inc.

..............................................

4,610

1,123

Howmet

Aerospace,

Inc.

..................................................

3,713

975

Hubbell,

Inc.,

Class

B

....................................................

Huntington

Ingalls

Industries,

Inc.

...........................................

Illinois

Tool

Works,

Inc.

..................................................

1,946

566

Ingersoll

Rand,

Inc.

.....................................................

4,166

J.B.

Hunt

Transport

Services,

Inc.

...........................................

Jacobs

Solutions,

Inc.

....................................................

963

Johnson

Controls

International

PLC

..........................................

6,676

963

L3Harris

Technologies,

Inc.

...............................................

808

Lockheed

Martin

Corp.

...................................................

1,618

1,065

Masco

Corp.

..........................................................

2,230

Norfolk

Southern

Corp.

..................................................

2,167

682

Northrop

Grumman

Corp.

.................................................

1,346

975

Old

Dominion

Freight

Line,

Inc.

............................................

1,764

Otis

Worldwide

Corp.

....................................................

2,705

PACCAR,

Inc.

.........................................................

3,846

Parker-Hannifin

Corp.

...................................................

1,216

1,227

Paychex,

Inc.

..........................................................

2,957

Pentair

PLC

...........................................................

869

Quanta

Services,

Inc.

....................................................

1,444

813

Republic

Services,

Inc.,

Class

A

............................................

2,086

Rockwell

Automation,

Inc.

................................................

980

Rollins,

Inc.

...........................................................

626

RTX

Corp.

............................................................

9,870

2,000

Southwest

Airlines

Co.

...................................................

4,050

Stanley

Black

&

Decker,

Inc.

..............................................

663

Textron,

Inc.

..........................................................

2,069

The

Boeing

Co.(a)

......................................................

5,174

1,177

Trane

Technologies

PLC

..................................................

840

TransDigm

Group,

Inc.

...................................................

593

773

Uber

Technologies,

Inc.(a)

................................................

8,292

625

Union

Pacific

Corp.

.....................................................

3,764

997

United

Parcel

Service,

Inc.,

Class

B

..........................................

6,608

766

United

Rentals,

Inc.

.....................................................

750

630

Veralto

Corp.

..........................................................

2,045

Verisk

Analytics,

Inc.,

Class

A

..............................................

1,450

W.W.

Grainger,

Inc.

.....................................................

547

Waste

Management,

Inc.

..................................................

3,791

913

Westinghouse

Air

Brake

Technologies

Corp.

....................................

1,745

Xylem,

Inc.

...........................................................

1,548

37,699

Information

Technology

(15.1%):

Accenture

PLC,

Class

A

..................................................

2,262

Adobe,

Inc.(a)

.........................................................

4,862

1,276

Advanced

Micro

Devices,

Inc.(a)

............................................

11,262

2,255

Akamai

Technologies,

Inc.(a)

..............................................

1,741

Amphenol

Corp.,

Class

A

.................................................

11,268

1,646

Victory

Portfolios

III

#### Victory

#### Growth

#### and

#### Tax

#### Strategy

#### Fund

Schedule

of

Portfolio

Investments

—

continued

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Analog

Devices,

Inc.

....................................................

2,876

$

1,023

Apple,

Inc.

...........................................................

101,337

26,771

Applied

Materials,

Inc.

...................................................

5,380

2,003

AppLovin

Corp.,

Class

A(a)

...............................................

2,361

1,026

Arista

Networks,

Inc.(a)

..................................................

9,456

1,262

Autodesk,

Inc.(a)

.......................................................

1,733

Broadcom,

Inc.

........................................................

32,693

10,447

Cadence

Design

Systems,

Inc.(a)

............................................

2,993

902

Ciena

Corp.(a)

.........................................................

691

Cisco

Systems,

Inc.

.....................................................

32,512

2,583

Cognizant

Technology

Solutions

Corp.,

Class

A

.................................

3,759

Corning,

Inc.

..........................................................

7,670

1,153

Crowdstrike

Holdings,

Inc.,

Class

A(a)

.......................................

2,850

1,060

Dell

Technologies,

Inc.,

Class

C

............................................

1,599

EPAM

Systems,

Inc.(a)

...................................................

822

F5,

Inc.(a)

............................................................

Fair

Isaac

Corp.(a)

......................................................

Fortinet,

Inc.(a)

........................................................

7,830

619

Gartner,

Inc.(a)

........................................................

Gen

Digital,

Inc.

.......................................................

5,969

Hewlett

Packard

Enterprise

Co.

.............................................

6,048

HP,

Inc.

..............................................................

7,898

Intel

Corp.(a)

..........................................................

33,447

1,526

International

Business

Machines

Corp.

........................................

7,540

1,811

Intuit,

Inc.

............................................................

2,969

1,214

Jabil,

Inc.

............................................................

Keysight

Technologies,

Inc.(a)

.............................................

1,865

573

KLA

Corp.

...........................................................

897

1,368

Lam

Research

Corp.

.....................................................

8,707

2,036

Microchip

Technology,

Inc.

................................................

3,504

Micron

Technology,

Inc.

..................................................

7,737

3,191

Microsoft

Corp.

........................................................

50,078

19,668

Monolithic

Power

Systems,

Inc.

............................................

Motorola

Solutions,

Inc.

..................................................

1,485

716

NetApp,

Inc.

..........................................................

2,469

NVIDIA

Corp.

.........................................................

168,360

29,833

NXP

Semiconductors

NV

.................................................

556

ON

Semiconductor

Corp.(a)

...............................................

4,061

Oracle

Corp.

..........................................................

13,228

1,923

Palantir

Technologies,

Inc.,

Class

A(a)

........................................

1,578

Palo

Alto

Networks,

Inc.(a)

................................................

9,338

1,391

PTC,

Inc.(a)

...........................................................

1,383

Qnity

Electronics,

Inc.

...................................................

1,483

QUALCOMM,

Inc.

.....................................................

7,844

1,117

Ralliant

Corp.

.........................................................

611

Roper

Technologies,

Inc.

..................................................

798

Salesforce,

Inc.

........................................................

6,219

1,211

Sandisk

Corp.(a)

.......................................................

1,211

769

Seagate

Technology

Holdings

PLC

..........................................

2,325

948

ServiceNow,

Inc.(a)

.....................................................

8,570

926

Super

Micro

Computer,

Inc.(a)

.............................................

5,466

Synopsys,

Inc.(a)

.......................................................

1,398

579

TE

Connectivity

PLC

....................................................

2,933

675

Teledyne

Technologies,

Inc.(a)

.............................................

Teradyne,

Inc.

.........................................................

622

Texas

Instruments,

Inc.

...................................................

6,474

1,373

VeriSign,

Inc.

..........................................................

690

Western

Digital

Corp.

....................................................

2,652

742

Workday,

Inc.,

Class

A(a)

.................................................

4,579

612

133,872

Materials

(1.0%):

Air

Products

and

Chemicals,

Inc.

............................................

1,632

Albemarle

Corp.

.......................................................

1,398

Victory

Portfolios

III

#### Victory

#### Growth

#### and

#### Tax

#### Strategy

#### Fund

Schedule

of

Portfolio

Investments

—

continued

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Amcor

PLC

...........................................................

4,578

$

Avery

Dennison

Corp.

...................................................

660

Ball

Corp.

............................................................

2,732

CF

Industries

Holdings,

Inc.

...............................................

2,537

Corteva,

Inc.

..........................................................

5,118

CRH

PLC

............................................................

1,182

Dow,

Inc.

............................................................

8,496

DuPont

de

Nemours,

Inc.

.................................................

2,966

Eastman

Chemical

Co.

...................................................

940

Ecolab,

Inc.

...........................................................

1,670

515

Freeport-McMoRan,

Inc.

.................................................

15,881

1,081

International

Flavors

&

Fragrances,

Inc.

.......................................

1,415

International

Paper

Co.

...................................................

3,941

Linde

PLC

............................................................

2,121

1,078

LyondellBasell

Industries

NV,

Class

A

........................................

3,430

Martin

Marietta

Materials,

Inc.

.............................................

721

Newmont

Corp.

........................................................

4,731

615

Nucor

Corp.

...........................................................

2,641

Packaging

Corp.

of

America

...............................................

PPG

Industries,

Inc.

.....................................................

1,640

Smurfit

Westrock

PLC

...................................................

5,184

Steel

Dynamics,

Inc.

.....................................................

548

The

Mosaic

Co.

........................................................

4,418

The

Sherwin-Williams

Co.

................................................

2,304

835

Vulcan

Materials

Co.

....................................................

1,110

9,207

Real

Estate

(0.7%):

Alexandria

Real

Estate

Equities,

Inc.

.........................................

3,896

American

Tower

Corp.

...................................................

2,283

AvalonBay

Communities,

Inc.

..............................................

510

CBRE

Group,

Inc.,

Class

A(a)

..............................................

3,165

CoStar

Group,

Inc.(a)

....................................................

1,755

Digital

Realty

Trust,

Inc.

..................................................

996

Equinix,

Inc.

..........................................................

653

636

Equity

Residential

......................................................

2,215

Extra

Space

Storage,

Inc.

.................................................

2,634

Host

Hotels

&

Resorts,

Inc.

................................................

4,081

Iron

Mountain,

Inc.

.....................................................

4,076

Kimco

Realty

Corp.

.....................................................

4,832

Millrose

Properties,

Inc.

..................................................

1,333

Prologis,

Inc.

..........................................................

5,933

846

Public

Storage

.........................................................

Realty

Income

Corp.

....................................................

4,421

Regency

Centers

Corp.

...................................................

1,209

Simon

Property

Group,

Inc.

...............................................

2,509

511

Ventas,

Inc.

...........................................................

3,084

Welltower,

Inc.

.........................................................

4,907

1,016

Weyerhaeuser

Co.

......................................................

9,612

6,648

Utilities

(1.1%):

Alliant

Energy

Corp.

....................................................

1,641

Ameren

Corp.

.........................................................

2,584

American

Electric

Power

Co.,

Inc.

...........................................

4,362

584

CenterPoint

Energy,

Inc.

..................................................

7,383

CMS

Energy

Corp.

......................................................

2,896

Consolidated

Edison,

Inc.

.................................................

1,480

Constellation

Energy

Corp.

................................................

3,573

1,179

DTE

Energy

Co.

.......................................................

1,540

Duke

Energy

Corp.

......................................................

3,326

Edison

International

.....................................................

5,828

Entergy

Corp.

.........................................................

2,500

Evergy,

Inc.

...........................................................

1,539

Victory

Portfolios

III

#### Victory

#### Growth

#### and

#### Tax

#### Strategy

#### Fund

Schedule

of

Portfolio

Investments

—

continued

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Eversource

Energy

......................................................

2,689

$

Exelon

Corp.

..........................................................

6,833

NextEra

Energy,

Inc.

....................................................

15,792

1,480

NiSource,

Inc.

.........................................................

3,843

NRG

Energy,

Inc.

.......................................................

3,062

548

PG&E

Corp.

..........................................................

12,541

Pinnacle

West

Capital

Corp.

...............................................

533

PPL

Corp.

............................................................

5,508

Public

Service

Enterprise

Group,

Inc.

.........................................

3,040

Sempra

..............................................................

2,820

The

AES

Corp.

........................................................

11,131

The

Southern

Co.

.......................................................

5,454

531

Vistra

Corp.

...........................................................

2,530

WEC

Energy

Group,

Inc.

.................................................

3,646

Xcel

Energy,

Inc.

.......................................................

4,297

10,124

Total

Common

Stocks

(Cost

$95,424)

a

a

a

408,349

Rights

(0.0%)(c)

Health

Care

(0.0%):(c)

ABIOMED,

Inc.,

CVR,

expiring

1/4/27(a)(d)

...................................

568

Total

Rights

(Cost

$—)

a

a

a

Principal

Amount

(000) Municipal

Bonds

(53.5%)

Alabama

(3.2%):

Black

Belt

Energy

Gas

District

Revenue

Series

A,

5.25%,

5/1/56,

(Put

Date

5/1/32)(e)

...............................

$

3,000

3,134

Series

B,

5.00%,

10/1/35,

Continuously

Callable

@100

........................

2,500

2,616

Series

D-1,

5.50%,

6/1/49,

(Put

Date

2/1/29)(e)

.............................

1,000

1,070

Series

E,

5.00%,

7/1/33,

Continuously

Callable

@100

.........................

2,500

2,712

Series

E,

5.00%,

12/1/55,

(Put

Date

5/1/35)(e)

..............................

1,250

1,380

Cooper

Green

Mercy

Health

Services

Authority

Revenue,

5.25%,

9/1/52,

Continuously

Callable

@100

.....................................................

2,000

2,062

County

of

Jefferson

Sewer

Revenue,

5.50%,

10/1/53,

Continuously

Callable

@100

........

1,000

1,052

Energy

Southeast

A

Cooperative

District

Revenue

Series

A,

5.00%,

11/1/35,

Continuously

Callable

@100

........................

1,000

1,092

Series

B,

5.00%,

9/1/33,

Continuously

Callable

@100

.........................

3,000

3,182

Southeast

Energy

Authority

A

Cooperative

District

Revenue

Series

A,

5.00%,

1/1/56,

(Put

Date

6/1/35)(e)

...............................

4,000

4,205

Series

B,

5.25%,

3/1/55,

(Put

Date

1/1/33)(e)

...............................

1,600

1,730

Series

H,

5.00%,

11/1/35,

Continuously

Callable

@100

........................

2,000

2,192

Walker

County

Board

of

Education

Special

Tax,

4.25%,

3/1/54,

Continuously

Callable

@100

2,500

2,368

28,795

Arizona

(1.5%):

Arizona

IDA

Revenue

5.00%,

11/1/47,

Continuously

Callable

@100

...............................

1,000

1,030

Series

B,

4.00%,

7/1/41,

Continuously

Callable

@100

.........................

Series

B,

4.00%,

7/1/52,

Continuously

Callable

@100

.........................

840

690

Series

F,

5.00%,

7/1/47,

Continuously

Callable

@100

.........................

1,000

1,003

La

Paz

County

IDA

Revenue

4.00%,

2/15/41,

Continuously

Callable

@100

...............................

4.00%,

2/15/46,

Continuously

Callable

@100

...............................

4.00%,

2/15/51,

Continuously

Callable

@100

...............................

Maricopa

County

&

Phoenix

IDA

Revenue,

Series

A,

4.70%,

9/1/55,

Continuously

Callable

@100

...........................................................

745

757

Maricopa

County

IDA

Revenue

4.00%,

7/1/51,

Continuously

Callable

@100(f)

..............................

1,500

1,221

Series

A,

5.00%,

9/1/42,

Continuously

Callable

@100

.........................

500

518

Series

A,

4.00%,

7/1/46,

Continuously

Callable

@100

.........................

735

680

Series

A,

4.00%,

7/1/56,

Continuously

Callable

@100

.........................

1,000

856

Victory

Portfolios

III

#### Victory

#### Growth

#### and

#### Tax

#### Strategy

#### Fund

Schedule

of

Portfolio

Investments

—

continued

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Sierra

Vista

IDA

Revenue,

5.75%,

6/15/53,

Continuously

Callable

@100(f)

.............

$

2,000

$

1,957

Tempe

IDA

Revenue,

Series

B,

4.00%,

12/1/46,

Continuously

Callable

@102

............

1,155

997

The

County

of

Pima

IDA

Revenue,

4.00%,

6/15/51,

Continuously

Callable

@100(f)

.......

1,000

751

The

IDA

of

the

City

of

Phoenix

Arizona

Revenue,

5.00%,

7/1/46,

Continuously

Callable

@100

1,300

1,300

13,095

California

(1.5%):

California

Community

Choice

Financing

Authority

Revenue,

Series

C,

5.00%,

12/1/55,

(Put

Date

10/1/33)(e)

....................................................

1,500

1,623

California

Educational

Facilities

Authority

Revenue,

Series

A,

5.00%,

10/1/52,

Continuously

Callable

@100

.....................................................

1,500

1,499

California

Municipal

Finance

Authority

Revenue,

5.00%,

7/1/55,

Continuously

Callable

@103

1,000

1,026

Los

Angeles

Housing

Authority

Revenue,

Series

A,

4.40%,

12/1/54,

Continuously

Callable

@100

...........................................................

2,000

1,858

University

of

California

Revenue,

Series

AL-2,

0.70%,

5/15/48,

Callable

4/1/26

@

100(g)

...

4,200

4,200

West

Contra

Costa

Unified

School

District,

GO

(INS

-

National

Public

Finance

Guarantee

Corp.),

8/1/34(h)

...................................................

4,435

3,445

13,651

Colorado

(1.1%):

Colorado

Educational

&

Cultural

Facilities

Authority

Revenue

5.00%,

4/1/48,

Continuously

Callable

@100

...............................

710

713

4.00%,

1/1/52,

Continuously

Callable

@100

...............................

675

555

5.00%,

9/1/52,

Continuously

Callable

@100

...............................

730

719

4.50%,

7/1/53,

Continuously

Callable

@100

...............................

1,000

951

4.00%,

1/1/62,

Continuously

Callable

@100

...............................

795

625

Series

A,

5.00%,

12/1/38,

Continuously

Callable

@100

........................

1,000

1,053

Colorado

Health

Facilities

Authority

Revenue,

Series

A,

4.00%,

9/1/50,

Pre-refunded

9/1/30

@

.............................................................

1,000

1,080

Denver

Convention

Center

Hotel

Authority

Revenue,

5.00%,

12/1/40,

Continuously

Callable

@100

...........................................................

1,000

1,006

Denver

Health

&

Hospital

Authority

Certificates

of

Participation,

5.00%,

12/1/48,

Continuously

Callable

@100

.....................................................

1,900

1,898

Rampart

Range

Metropolitan

District

No.

Revenue

(INS

-

Assured

Guaranty

Municipal

Corp.),

5.00%,

12/1/47,

Continuously

Callable

@100

.........................

1,000

1,019

9,619

Connecticut

(0.6%):

Connecticut

Housing

Finance

Authority

Revenue,

Series

A-1,

4.65%,

11/15/51,

Continuously

Callable

@100

.....................................................

1,500

1,509

Connecticut

State

Health

&

Educational

Facilities

Authority

Revenue,

5.25%,

7/1/53,

Continuously

Callable

@100

...........................................

1,000

1,040

State

of

Connecticut,

GO

Series

A,

5.00%,

4/15/36,

Continuously

Callable

@100

........................

1,500

1,609

Series

A,

5.00%,

4/15/37,

Continuously

Callable

@100

........................

1,000

1,047

5,205

Delaware

(0.0%):(c)

Delaware

State

Housing

Authority

Revenue,

Series

A,

4.70%,

7/1/55,

Continuously

Callable

@100

...........................................................

Florida

(2.3%):

Capital

Trust

Agency,

Inc.

Revenue

5.00%,

8/1/40,

Continuously

Callable

@100

...............................

600

615

5.00%,

8/1/55,

Continuously

Callable

@100

...............................

1,300

1,229

Capital

Trust

Authority

Revenue

Series

A,

5.13%,

12/15/54,

Continuously

Callable

@100

.......................

1,000

922

Series

A,

5.25%,

12/1/55,

Continuously

Callable

@100

........................

City

of

Atlantic

Beach

Revenue,

Series

A,

5.00%,

11/15/53,

Continuously

Callable

@103

...

1,000

942

City

of

Pompano

Beach

Revenue,

Series

A,

4.00%,

9/1/51,

Continuously

Callable

@103

....

500

County

of

Miami-Dade

Aviation

Revenue,

Series

B,

5.25%,

10/1/55,

Continuously

Callable

@100

...........................................................

1,500

1,579

Florida

Development

Finance

Corp.

Revenue

5.00%,

7/1/51,

Continuously

Callable

@100

...............................

1,175

1,148

Series

A,

5.00%,

6/15/52,

Continuously

Callable

@100

........................

1,250

1,193

Florida

Housing

Finance

Corp.

Revenue,

Series

3,

5.13%,

1/1/56,

Continuously

Callable

@100

765

786

Lee

County

IDA

Revenue,

Series

A,

5.25%,

10/1/52,

Continuously

Callable

@103

........

850

810

Victory

Portfolios

III

#### Victory

#### Growth

#### and

#### Tax

#### Strategy

#### Fund

Schedule

of

Portfolio

Investments

—

continued

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Orange

County

Health

Facilities

Authority

Revenue

Series

A,

4.50%,

10/1/56,

Continuously

Callable

@100

........................

$

1,000

$

969

Series

A,

5.25%,

10/1/56,

Continuously

Callable

@100

........................

3,000

3,139

Palm

Beach

County

Health

Facilities

Authority

Revenue,

Series

B,

5.00%,

11/15/55,

Continuously

Callable

@103

...........................................

2,500

2,492

Sarasota

County

Health

Facilities

Authority

Revenue,

5.00%,

5/15/38,

Continuously

Callable

@103

...........................................................

700

716

Seminole

County

IDA

Revenue,

Series

A,

4.00%,

6/15/51,

Continuously

Callable

@100(f)

..

830

622

Volusia

County

Educational

Facility

Authority

Revenue,

5.25%,

6/1/54,

Continuously

Callable

@100

...........................................................

3,000

3,047

20,745

Georgia

(3.1%):

Development

Authority

of

Appling

County

Revenue,

Series

GA,

1.05%,

9/1/41,

Continuously

Callable

@100(g)

...................................................

5,500

5,500

Development

Authority

of

Floyd

County

Revenue,

Series

GA,

1.05%,

9/1/26,

Continuously

Callable

@100(g)

...................................................

2,200

2,200

Georgia

Housing

&

Finance

Authority

Revenue

Series

A,

4.70%,

12/1/55,

Continuously

Callable

@100

........................

2,000

2,015

Series

C,

4.60%,

12/1/54,

Continuously

Callable

@100

........................

1,000

1,002

Series

E,

5.25%,

6/1/55,

Continuously

Callable

@100

.........................

3,000

3,140

Glynn-Brunswick

Memorial

Hospital

Authority

Revenue,

5.00%,

8/1/43,

Continuously

Callable

@100

.....................................................

1,000

1,001

Main

Street

Natural

Gas,

Inc.

Revenue,

Series

D,

5.00%,

5/1/54,

(Put

Date

12/1/30)(e)

.....

2,000

2,157

Municipal

Electric

Authority

of

Georgia

Revenue,

Series

A,

4.00%,

1/1/51,

Continuously

Callable

@100

.....................................................

The

Development

Authority

of

Burke

County

Revenue,

Series

1,

1.10%,

7/1/49,

Continuously

Callable

@100(g)

...................................................

2,800

2,800

The

Development

Authority

of

Burke

County

Revenue

(NBGA

-

Southern

Co.),

Series

GA,

1.05%,

11/1/52,

Continuously

Callable

@100(g)

.............................

7,460

7,460

27,651

Idaho

(0.1%):

Idaho

Health

Facilities

Authority

Revenue,

Series

A,

5.25%,

3/1/53,

Continuously

Callable

@100

...........................................................

1,000

1,059

Illinois

(3.9%):

Chicago

Board

of

Education,

GO

Series

A,

5.00%,

12/1/47,

Continuously

Callable

@100

........................

3,200

3,021

Series

A,

5.75%,

12/1/50,

Continuously

Callable

@100

........................

2,145

2,185

Series

H,

5.00%,

12/1/46,

Continuously

Callable

@100

........................

2,000

1,897

Chicago

O'Hare

International

Airport

Revenue,

Series

C,

5.25%,

1/1/54,

Continuously

Callable

@100

...........................................................

500

530

Chicago

Transit

Authority

Sales

Tax

Receipts

Fund

Revenue,

Series

A,

5.00%,

12/1/52,

Continuously

Callable

@100

...........................................

685

698

City

of

Chicago

Wastewater

Transmission

Revenue,

Series

A,

5.00%,

1/1/47,

Continuously

Callable

@100

.....................................................

1,000

1,005

City

of

Chicago,

GO

Series

A,

5.00%,

1/1/45,

Continuously

Callable

@100

.........................

2,500

2,509

Series

A,

6.00%,

1/1/50,

Continuously

Callable

@100

.........................

1,335

1,402

Cook

County

Community

College

District

No.

508,

GO

(INS

-

Build

America

Mutual

Assurance

Co.),

5.00%,

12/1/47,

Continuously

Callable

@100

...................

1,000

1,010

County

of

Cook

Sales

Tax

Revenue,

5.00%,

11/15/38,

Continuously

Callable

@100

.......

1,000

1,031

Illinois

Educational

Facilities

Authority

Revenue,

4.00%,

11/1/36,

Continuously

Callable

@102

...........................................................

1,000

1,031

Illinois

Finance

Authority

Revenue

3.90%,

3/1/30,

Continuously

Callable

@100

...............................

1,000

1,001

0.00%,

5/15/40,

Continuously

Callable

@100(i)

.............................

4.00%,

10/15/44,

Continuously

Callable

@103

..............................

2,000

1,691

Series

A,

5.00%,

5/15/37,

Continuously

Callable

@100

........................

1,000

1,012

Series

A,

5.00%,

5/15/45,

Continuously

Callable

@100

........................

1,000

984

Series

B,

5.00%,

10/1/49,

Continuously

Callable

@100(f)

......................

750

730

Series

C,

4.00%,

2/15/41,

Pre-refunded

2/15/27

@

........................

Series

C,

4.00%,

2/15/41,

Pre-refunded

2/15/27

@

........................

Series

C,

4.00%,

2/15/41,

Continuously

Callable

@100

........................

Series

C,

4.00%,

2/15/41,

Pre-refunded

2/15/27

@

........................

925

938

Victory

Portfolios

III

#### Victory

#### Growth

#### and

#### Tax

#### Strategy

#### Fund

Schedule

of

Portfolio

Investments

—

continued

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Illinois

Housing

Development

Authority

Revenue,

Series

I,

4.63%,

4/1/50,

Continuously

Callable

@100

.....................................................

$

3,000

$

2,985

Metropolitan

Pier

&

Exposition

Authority

Revenue,

5.00%,

6/15/50,

Continuously

Callable

@100

...........................................................

2,500

2,505

Northern

Illinois

University

Certificates

of

Participation,

5.50%,

4/1/49,

Continuously

Callable

@100

...........................................................

1,000

1,065

Sangamon

County

Water

Reclamation

District,

GO,

Series

A,

5.75%,

1/1/53,

Continuously

Callable

@100

.....................................................

1,235

1,237

St.

Clair

County

Community

Unit

School

District

No.

187,

GO

(INS

-

Assured

Guaranty

Municipal

Corp.),

Series

A,

5.00%,

1/1/54,

Continuously

Callable

@100

...........

1,000

1,025

State

of

Illinois,

GO

5.50%,

5/1/39,

Continuously

Callable

@100

...............................

Series

A,

5.50%,

3/1/47,

Continuously

Callable

@100

.........................

1,000

1,055

Series

B,

4.00%,

10/1/33,

Continuously

Callable

@100

........................

2,300

2,407

35,293

Indiana

(0.9%):

Evansville

Redevelopment

Authority

Revenue

(INS

-

Build

America

Mutual

Assurance

Co.),

4.00%,

2/1/39,

Continuously

Callable

@100

...............................

1,000

1,007

Indiana

Finance

Authority

Revenue

5.25%,

3/1/54,

Continuously

Callable

@100

...............................

4,000

4,126

Series

A,

5.00%,

7/1/54,

Continuously

Callable

@100

.........................

1,100

1,097

Richmond

Hospital

Authority

Revenue,

Series

A,

5.00%,

1/1/39,

Continuously

Callable

@100

1,500

1,501

7,731

Iowa

(0.1%):

Iowa

Finance

Authority

Revenue,

Series

A,

4.75%,

7/1/55,

Continuously

Callable

@100

....

1,260

1,272

Kansas

(0.4%):

City

of

Lawrence

Revenue,

Series

A,

5.00%,

7/1/43,

Continuously

Callable

@100

........

1,500

1,516

Wyandotte

County-Kansas

City

Unified

Government

Utility

System

Revenue

Series

A,

5.00%,

9/1/44,

Continuously

Callable

@100

.........................

1,250

1,251

Series

A,

5.00%,

9/1/45,

Continuously

Callable

@100

.........................

1,000

1,001

3,768

Kentucky

(1.6%):

City

of

Ashland

Revenue,

Series

A,

5.00%,

2/1/40,

Continuously

Callable

@100

..........

1,000

1,002

Kentucky

Economic

Development

Finance

Authority

Revenue,

Series

A,

5.00%,

5/15/46,

Continuously

Callable

@100

...........................................

1,000

839

Kentucky

Economic

Development

Finance

Authority

Revenue

(INS

-

Assured

Guaranty

Municipal

Corp.),

Series

A,

5.00%,

12/1/45,

Continuously

Callable

@100

..........

1,000

1,010

Kentucky

Municipal

Energy

Agency

Revenue,

5.00%,

1/1/50,

Continuously

Callable

@100

..

3,000

3,136

Kentucky

Public

Energy

Authority

Revenue

Series

B,

5.00%,

12/1/33,

Continuously

Callable

@100

........................

3,215

3,423

Series

B,

5.00%,

1/1/55,

(Put

Date

8/1/32)(e)

...............................

1,250

1,355

Louisville/Jefferson

County

Metropolitan

Government

Revenue,

Series

A,

5.00%,

5/15/52,

Continuously

Callable

@100

...........................................

4,000

3,886

14,651

Louisiana

(0.7%):

City

of

Shreveport

Water

&

Sewer

Revenue

(INS

-

Assured

Guaranty

Corp.),

Series

B,

4.00%,

12/1/44,

Continuously

Callable

@100

....................................

500

Louisiana

Housing

Corp.

Revenue,

Series

A,

4.70%,

6/1/55,

Continuously

Callable

@100

...

1,000

1,004

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority

Revenue

(INS

-

Assured

Guaranty

Municipal

Corp.)

5.00%,

10/1/39,

Continuously

Callable

@100

...............................

1,000

1,030

5.00%,

10/1/43,

Continuously

Callable

@100

...............................

1,000

1,016

Louisiana

Public

Facilities

Authority

Revenue

5.25%,

10/1/53,

Continuously

Callable

@100

...............................

2,000

2,005

5.25%,

7/1/55,

Continuously

Callable

@100

...............................

700

744

6,280

Maine

(0.8%):

Finance

Authority

of

Maine

Revenue,

5.50%,

7/1/55,

Continuously

Callable

@100

........

2,000

2,110

Maine

Health

&

Higher

Educational

Facilities

Authority

Revenue,

Series

A,

4.00%,

7/1/46,

Continuously

Callable

@100

...........................................

1,000

761

Maine

State

Housing

Authority

Revenue

Series

A,

4.70%,

11/15/53,

Continuously

Callable

@100

.......................

2,000

2,000

Victory

Portfolios

III

#### Victory

#### Growth

#### and

#### Tax

#### Strategy

#### Fund

Schedule

of

Portfolio

Investments

—

continued

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Series

C,

5.25%,

11/15/55,

Continuously

Callable

@100

.......................

$

2,000

$

2,045

6,916

Maryland

(1.3%):

City

of

Gaithersburg

Revenue,

5.13%,

1/1/42,

Continuously

Callable

@103

.............

865

893

Maryland

Economic

Development

Corp.

Revenue,

4.50%,

10/1/54,

Continuously

Callable

@100

...........................................................

2,000

1,948

Maryland

Health

&

Higher

Educational

Facilities

Authority

Revenue

5.25%,

7/1/53,

Continuously

Callable

@100

...............................

1,250

1,289

5.00%,

7/1/54,

Continuously

Callable

@100

...............................

1,250

1,283

5.00%,

10/1/54,

Continuously

Callable

@100

...............................

2,500

2,562

5.00%,

7/1/55,

Continuously

Callable

@100

...............................

1,500

1,564

Series

A,

5.25%,

7/1/52,

Continuously

Callable

@100

.........................

2,000

2,091

11,630

Massachusetts

(1.5%):

Massachusetts

Development

Finance

Agency

Revenue

5.00%,

4/15/40,

Continuously

Callable

@100

...............................

1,000

1,000

5.00%,

10/1/57,

Continuously

Callable

@102(f)

.............................

1,000

968

Series

A,

5.00%,

6/1/39,

Pre-refunded

6/1/29

@

..........................

1,000

1,091

Series

A,

5.00%,

7/1/44,

Continuously

Callable

@100

.........................

1,600

1,601

Series

A,

5.50%,

7/1/44,

Continuously

Callable

@100

.........................

500

Series

B,

4.00%,

6/1/50,

Continuously

Callable

@100

.........................

1,000

767

Series

D,

5.00%,

7/1/44,

Continuously

Callable

@100

........................

1,000

1,000

Series

I,

5.00%,

7/1/46,

Continuously

Callable

@100

.........................

1,000

997

Series

J2,

5.00%,

7/1/53,

Continuously

Callable

@100

........................

1,915

1,926

Series

N,

5.50%,

7/1/55,

Continuously

Callable

@100

........................

2,000

2,126

Massachusetts

Housing

Finance

Agency

Revenue,

Series

242,

4.80%,

12/1/55,

Continuously

Callable

@100

.....................................................

1,250

1,261

13,200

Michigan

(1.5%):

City

of

Wyandotte

Electric

System

Revenue

(INS

-

Build

America

Mutual

Assurance

Co.),

Series

A,

5.00%,

10/1/44,

Continuously

Callable

@100

........................

1,000

1,001

Jackson

Public

Schools,

GO

(NBGA

-

Michigan

School

Bond

Qualification

and

Loan

Program),

5.00%,

5/1/42,

Continuously

Callable

@100

........................

1,000

1,034

Karegnondi

Water

Authority

Revenue,

5.00%,

11/1/41,

Continuously

Callable

@100

.......

1,000

1,024

Kentwood

Economic

Development

Corp.

Revenue,

4.00%,

11/15/45,

Continuously

Callable

@103

...........................................................

500

Lincoln

Consolidated

School

District,

GO

(INS

-

Assured

Guaranty

Municipal

Corp.),

Series

A,

5.00%,

5/1/40,

Continuously

Callable

@100

.............................

1,250

1,256

Livonia

Public

Schools,

GO

(INS

-

Assured

Guaranty

Municipal

Corp.),

5.00%,

5/1/45,

Continuously

Callable

@100

...........................................

1,000

1,004

Michigan

Finance

Authority

Revenue

4.00%,

2/1/42,

Continuously

Callable

@100

...............................

745

680

4.00%,

9/1/45,

Continuously

Callable

@100

...............................

1,000

795

4.00%,

12/1/51,

Continuously

Callable

@100

...............................

1,490

769

5.63%,

11/1/52,

Continuously

Callable

@100

...............................

2,000

2,067

Michigan

State

Housing

Development

Authority

Revenue

Series

A-1,

5.30%,

10/1/55,

Continuously

Callable

@100

......................

2,000

2,092

Series

C,

5.00%,

6/1/46,

Continuously

Callable

@100

.........................

1,500

1,536

13,692

Minnesota

(0.3%):

Housing

&

Redevelopment

Authority

of

The

City

of

St.

Paul

Minnesota

Revenue,

Series

A,

5.00%,

11/15/47,

Continuously

Callable

@100

..............................

1,000

998

Minnesota

Housing

Finance

Agency

Revenue,

Series

L,

4.95%,

1/1/50,

Continuously

Callable

@100

...........................................................

1,250

1,271

2,269

Mississippi

(0.1%):

Mississippi

Home

Corp.

Revenue,

Series

A,

4.95%,

6/1/53,

Continuously

Callable

@100

...

835

854

Missouri

(0.6%):

Health

&

Educational

Facilities

Authority

of

the

State

of

Missouri

Revenue

5.00%,

8/1/45,

Continuously

Callable

@100

...............................

1,270

1,250

4.00%,

2/15/51,

Continuously

Callable

@100

...............................

5.00%,

12/1/52,

Continuously

Callable

@100

...............................

500

518

Series

A,

4.00%,

2/15/49,

Continuously

Callable

@100

........................

Victory

Portfolios

III

#### Victory

#### Growth

#### and

#### Tax

#### Strategy

#### Fund

Schedule

of

Portfolio

Investments

—

continued

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Missouri

Development

Finance

Board

Revenue,

4.00%,

3/1/51,

Continuously

Callable

@100

$

1,000

$

851

St.

Louis

Municipal

Finance

Corp.

Revenue

(INS

-

Assured

Guaranty

Municipal

Corp.)

5.00%,

10/1/38,

Continuously

Callable

@100

...............................

1,000

1,030

5.00%,

10/1/49,

Continuously

Callable

@100

...............................

1,000

1,020

5,289

Montana

(0.1%):

Montana

Board

of

Housing

Revenue,

Series

A,

4.88%,

12/1/54,

Continuously

Callable

@100

Montana

Facility

Finance

Authority

Revenue,

Series

A,

5.50%,

2/15/55,

Continuously

Callable

@100

...........................................................

609

Nebraska

(0.7%):

Central

Plains

Energy

Project

Revenue

Series

1,

5.00%,

5/1/53,

(Put

Date

10/1/29)(e)

..............................

2,000

2,128

Series

A,

5.00%,

9/1/42

..............................................

1,000

1,082

Douglas

County

Hospital

Authority

No.

Revenue,

5.00%,

11/1/48,

Continuously

Callable

@100

...........................................................

1,000

1,000

Nebraska

Investment

Finance

Authority

Revenue

Series

A,

4.65%,

9/1/55,

Continuously

Callable

@100

.........................

1,000

1,000

Series

E,

5.05%,

9/1/50,

Continuously

Callable

@100

.........................

1,000

1,030

6,240

Nevada

(0.5%):

Carson

City

Revenue,

5.00%,

9/1/42,

Continuously

Callable

@100

...................

1,000

1,007

Las

Vegas

Convention

&

Visitors

Authority

Revenue,

Series

C,

4.00%,

7/1/41,

Continuously

Callable

@100

.....................................................

1,555

1,556

Las

Vegas

Redevelopment

Agency

Tax

Allocation,

5.00%,

6/15/45,

Continuously

Callable

@100

...........................................................

1,500

1,505

4,068

New

Hampshire

(0.6%):

New

Hampshire

Business

Finance

Authority

Revenue

Series

A,

5.25%,

7/1/48,

Continuously

Callable

@103

.........................

1,000

1,012

Series

A,

5.25%,

11/1/54,

Continuously

Callable

@100

........................

1,000

1,046

Series

A,

5.00%,

6/1/55,

Continuously

Callable

@100

.........................

850

843

Series

C,

5.25%,

7/1/54,

Continuously

Callable

@100

.........................

1,000

1,003

New

Hampshire

Housing

Finance

Authority

Revenue,

Series

E,

4.95%,

7/1/56,

Continuously

Callable

@100

.....................................................

1,775

1,802

5,706

New

Jersey

(1.6%):

New

Jersey

Economic

Development

Authority

Revenue

5.00%,

6/15/43,

Pre-refunded

12/15/28

@

..............................

5.00%,

6/15/43,

Continuously

Callable

@100

...............................

630

655

Series

A,

4.00%,

7/1/34,

Continuously

Callable

@100

.........................

1,000

1,006

Series

A,

5.00%,

6/15/47,

Continuously

Callable

@100

........................

1,000

1,015

Series

B,

5.00%,

6/15/43,

Continuously

Callable

@100

........................

1,000

1,041

Series

DDD,

5.00%,

6/15/42,

Pre-refunded

6/15/27

@

.....................

2,000

2,076

New

Jersey

Economic

Development

Authority

Revenue

(INS

-

Assured

Guaranty

Municipal

Corp.),

5.00%,

6/1/37,

Continuously

Callable

@100

..........................

500

508

New

Jersey

Educational

Facilities

Authority

Revenue,

Series

B,

5.00%,

9/1/36,

Continuously

Callable

@100

.....................................................

1,000

1,009

New

Jersey

Health

Care

Facilities

Financing

Authority

Revenue

5.00%,

10/1/37,

Continuously

Callable

@100

...............................

1,000

1,043

Series

A,

5.25%,

7/1/54,

Continuously

Callable

@100

.........................

1,000

1,065

New

Jersey

Housing

&

Mortgage

Finance

Agency

Revenue,

Series

A,

4.90%,

11/1/50,

Continuously

Callable

@100

...........................................

500

507

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

5.00%,

6/15/48,

Pre-refunded

12/15/32

@

..............................

1,000

1,171

Series

A,

12/15/38(h)

................................................

1,500

960

South

Jersey

Transportation

Authority

Revenue

(INS

-

Build

America

Mutual

Assurance

Co.),

5.25%,

11/1/52,

Continuously

Callable

@100

...............................

500

520

The

Passaic

County

Improvement

Authority

Revenue,

5.38%,

7/1/53,

Continuously

Callable

@100

...........................................................

500

505

Tobacco

Settlement

Financing

Corp.

Revenue,

Series

A,

5.25%,

6/1/46,

Continuously

Callable

@100

...........................................................

500

501

13,981

Victory

Portfolios

III

#### Victory

#### Growth

#### and

#### Tax

#### Strategy

#### Fund

Schedule

of

Portfolio

Investments

—

continued

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) New

York

(4.6%):

Build

NYC

Resource

Corp.

Revenue

Series

A,

7.00%,

4/15/53,

Continuously

Callable

@100(f)

......................

$

1,000

$

1,022

Series

A,

5.50%,

12/1/56,

Continuously

Callable

@100

........................

720

760

City

of

New

York,

GO,

Series

B-3,

1.10%,

10/1/46(g)

.............................

7,400

7,400

Clinton

County

Capital

Resource

Corp.

Revenue,

5.00%,

7/1/46,

Continuously

Callable

@100(f)

.........................................................

800

845

New

York

City

Housing

Development

Corp.

Revenue

Series

A-1,

4.80%,

11/1/55,

Continuously

Callable

@100

......................

1,000

1,003

Series

C,

4.95%,

2/1/55,

Continuously

Callable

@100

.........................

835

841

Series

D,

5.00%,

5/1/56,

Continuously

Callable

@100

........................

1,000

1,012

Series

F-2,

5.00%,

11/1/55,

Continuously

Callable

@100

......................

1,335

1,350

New

York

City

Municipal

Water

Finance

Authority

Revenue,

Series

DD,

1.10%,

6/15/33(g)

..

15,420

15,420

New

York

Liberty

Development

Corp.

Revenue

5.25%,

10/1/35

....................................................

630

755

5.50%,

10/1/37

....................................................

1,500

1,846

2.80%,

9/15/69,

Continuously

Callable

@100

...............................

1,000

941

New

York

State

Dormitory

Authority

Revenue

5.50%,

10/1/54,

Continuously

Callable

@100

...............................

1,500

1,606

5.00%,

7/1/57,

Continuously

Callable

@100

...............................

1,000

815

Series

A,

4.25%,

7/1/50,

Continuously

Callable

@100

.........................

625

578

Series

A-1,

5.50%,

7/1/55,

Continuously

Callable

@100

.......................

500

542

St.

Lawrence

County

Industrial

Development

Agency

Revenue,

5.25%,

7/1/52,

Continuously

Callable

@100

.....................................................

1,190

1,208

State

of

New

York

Mortgage

Agency

Homeowner

Mortgage

Revenue,

Series

266,

4.70%,

10/1/52,

Continuously

Callable

@100

....................................

1,500

1,504

The

Genesee

County

Funding

Corp.

Revenue,

Series

A,

5.25%,

12/1/52,

Continuously

Callable

@100

...........................................................

500

508

Triborough

Bridge

&

Tunnel

Authority

Revenue,

Series

A,

4.50%,

12/1/56,

Continuously

Callable

@100

.....................................................

1,000

999

40,955

North

Carolina

(0.3%):

North

Carolina

Medical

Care

Commission

Revenue

5.00%,

10/1/35,

Continuously

Callable

@100

...............................

1,000

1,006

Series

A,

5.13%,

10/1/54,

Continuously

Callable

@100

........................

1,500

1,503

2,509

North

Dakota

(0.6%):

City

of

Grand

Forks

Revenue,

4.00%,

12/1/51,

Continuously

Callable

@100

............

1,450

1,177

County

of

Ward

Revenue,

Series

C,

5.00%,

6/1/43,

Continuously

Callable

@100

.........

1,000

949

North

Dakota

Housing

Finance

Agency

Revenue,

Series

A,

5.05%,

7/1/53,

Continuously

Callable

@100

.....................................................

935

947

Williston

Parks

&

Recreation

District

Revenue,

Series

A,

4.75%,

12/1/50,

Continuously

Callable

@100

.....................................................

2,000

2,028

5,101

Ohio

(1.5%):

Columbus

Regional

Airport

Authority

Revenue,

Series

B,

5.25%,

1/1/55,

Continuously

Callable

@100

.....................................................

580

613

County

of

Hamilton

Revenue

5.50%,

1/1/55,

Continuously

Callable

@103

...............................

1,000

1,021

Series

A,

5.50%,

8/1/51,

Continuously

Callable

@100

.........................

1,300

1,337

Series

A,

5.75%,

1/1/53,

Continuously

Callable

@103

.........................

500

512

County

of

Ross

Revenue,

5.00%,

12/1/49,

Continuously

Callable

@100

................

2,420

2,402

Northeast

Ohio

Medical

University

Revenue

(INS

-

Build

America

Mutual

Assurance

Co.),

5.00%,

12/1/43,

Continuously

Callable

@100

...............................

775

833

Ohio

Higher

Educational

Facility

Commission

Revenue

4.00%,

12/1/46,

Continuously

Callable

@100

...............................

750

621

5.25%,

1/1/52,

Continuously

Callable

@100

...............................

1,000

1,006

4.00%,

10/1/52,

Continuously

Callable

@100

...............................

2,000

1,537

Port

of

Greater

Cincinnati

Development

Authority

Revenue,

Series

A,

5.00%,

12/1/55,

Continuously

Callable

@100

...........................................

700

722

Southeastern

Ohio

Port

Authority

Revenue,

5.00%,

12/1/43,

Continuously

Callable

@100

...

750

698

Victory

Portfolios

III

#### Victory

#### Growth

#### and

#### Tax

#### Strategy

#### Fund

Schedule

of

Portfolio

Investments

—

continued

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) West

Central

Ohio

Port

Authority

Revenue,

Series

A,

5.50%,

12/1/55,

Continuously

Callable

@100

...........................................................

$

2,000

$

2,056

13,358

Oklahoma

(0.2%):

Oklahoma

Development

Finance

Authority

Revenue,

Series

B,

5.50%,

8/15/57,

Continuously

Callable

@100

.....................................................

1,000

1,002

Tulsa

County

Industrial

Authority

Revenue,

5.25%,

11/15/37,

Continuously

Callable

@102

..

750

766

1,768

Oregon

(0.2%):

Oregon

State

Facilities

Authority

Revenue,

Series

A,

4.00%,

10/1/51,

Continuously

Callable

@100

...........................................................

1,000

782

Salem

Hospital

Facility

Authority

Revenue,

4.00%,

5/15/47,

Continuously

Callable

@103

...

1,000

853

1,635

Pennsylvania

(3.0%):

Allegheny

County

Hospital

Development

Authority

Revenue,

Series

A,

5.00%,

4/1/47,

Continuously

Callable

@100

...........................................

2,000

2,011

Butler

County

Hospital

Authority

Revenue,

5.00%,

7/1/39,

Continuously

Callable

@100

....

1,665

1,665

Canon-McMillan

School

District,

GO

(INS

-

Build

America

Mutual

Assurance

Co.),

4.00%,

6/1/44,

Continuously

Callable

@100

.....................................

1,500

1,502

Commonwealth

of

Pennsylvania

Certificates

of

Participation,

Series

A,

5.00%,

7/1/43,

Continuously

Callable

@100

...........................................

1,000

1,031

Lancaster

IDA

Revenue,

4.00%,

7/1/51,

Continuously

Callable

@103

.................

500

Latrobe

IDA

Revenue,

4.00%,

3/1/51,

Continuously

Callable

@100

...................

800

632

Lehigh

County

General

Purpose

Authority

Revenue,

5.25%,

2/1/54,

Continuously

Callable

@100

...........................................................

1,400

1,411

Montgomery

County

IDA

Revenue

4.00%,

10/1/46,

Continuously

Callable

@100

...............................

625

560

4.00%,

10/1/51,

Continuously

Callable

@100

...............................

825

702

Northampton

County

General

Purpose

Authority

Revenue

5.00%,

8/15/43,

Continuously

Callable

@100

...............................

1,000

1,018

5.00%,

8/15/48,

Continuously

Callable

@100

...............................

2,500

2,510

Pennsylvania

Higher

Educational

Facilities

Authority

Revenue,

Series

A,

4.00%,

7/15/46,

Continuously

Callable

@100

...........................................

1,575

1,335

Pennsylvania

Housing

Finance

Agency

Revenue

Series

147A,

4.73%,

4/1/53,

Continuously

Callable

@100

......................

1,500

1,500

Series

148A,

4.80%,

10/1/55,

Continuously

Callable

@100

.....................

2,000

2,014

Series

149A,

5.20%,

4/1/53,

Continuously

Callable

@100

......................

500

516

Pennsylvania

Turnpike

Commission

Oil

Franchise

Tax

Revenue,

Series

B,

5.00%,

12/1/39,

Continuously

Callable

@100

...........................................

1,000

1,054

Pennsylvania

Turnpike

Commission

Revenue,

Series

A-1,

5.00%,

12/1/47,

Continuously

Callable

@100

.....................................................

1,000

1,016

Philadelphia

IDA

Revenue,

5.00%,

8/1/50,

Continuously

Callable

@100

...............

1,050

1,027

Reading

School

District,

GO

(INS

-

Assured

Guaranty

Municipal

Corp.),

5.00%,

3/1/38,

Continuously

Callable

@100

...........................................

1,500

1,527

The

Berks

County

Municipal

Authority

Revenue

Series

A1,

8.00%,

6/30/34,

Continuously

Callable

@104

.......................

Series

A-2A,

6.00%,

6/30/34,

Continuously

Callable

@104

.....................

Series

A3,

5.00%,

6/30/39,

Continuously

Callable

@100

.......................

1,050

1,004

Series

B1,

0.00%,

6/30/44,

Continuously

Callable

@90(j)

......................

525

The

School

District

of

Philadelphia,

GO

Series

A,

5.00%,

9/1/38,

Continuously

Callable

@100

.........................

1,000

1,044

Series

F,

5.00%,

9/1/37,

Continuously

Callable

@100

.........................

1,000

1,007

27,133

Rhode

Island

(0.3%):

Rhode

Island

Housing

&

Mortgage

Finance

Corp.

Revenue,

Series

85-A,

4.70%,

4/1/55,

Continuously

Callable

@100

...........................................

2,000

1,960

Rhode

Island

Turnpike

&

Bridge

Authority

Revenue,

Series

A,

5.00%,

10/1/40,

Continuously

Callable

@100

.....................................................

1,000

1,001

2,961

South

Carolina

(0.4%):

South

Carolina

Jobs-Economic

Development

Authority

Revenue,

5.25%,

2/1/53,

Continuously

Callable

@100

.....................................................

750

779

Victory

Portfolios

III

#### Victory

#### Growth

#### and

#### Tax

#### Strategy

#### Fund

Schedule

of

Portfolio

Investments

—

continued

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) South

Carolina

Public

Service

Authority

Revenue

Series

A,

5.00%,

12/1/55,

Continuously

Callable

@100

........................

$

1,000

$

1,037

Series

B,

5.25%,

12/1/54,

Continuously

Callable

@100

........................

1,000

1,050

South

Carolina

State

Housing

Finance

&

Development

Authority

Revenue,

Series

A,

4.70%,

1/1/55,

Continuously

Callable

@100

.....................................

965

981

3,847

South

Dakota

(0.2%):

South

Dakota

Housing

Development

Authority

Revenue,

Series

C,

5.10%,

5/1/52,

Continuously

Callable

@100

...........................................

2,000

2,054

Tennessee

(1.0%):

Greeneville

Health

&

Educational

Facilities

Board

Revenue,

5.00%,

7/1/37,

Continuously

Callable

@100

.....................................................

1,500

1,562

Metropolitan

Government

Nashville

&

Davidson

County

Health

&

Educational

Facilities

Board

Revenue

5.00%,

7/1/46,

Continuously

Callable

@100

...............................

1,465

1,467

Series

A,

5.00%,

10/1/45,

Continuously

Callable

@100

........................

1,000

979

Tennergy

Corp.

Revenue,

Series

A,

5.50%,

10/1/53,

(Put

Date

12/1/30)(e)

..............

2,500

2,721

Tennessee

Energy

Acquisition

Corp.

Revenue,

Series

A,

5.00%,

12/1/35,

Continuously

Callable

@100

...........................................................

2,400

2,661

9,390

Texas

(7.4%):

Bexar

County

Health

Facilities

Development

Corp.

Revenue,

5.00%,

7/15/37,

Continuously

Callable

@103

.....................................................

1,000

1,014

Capital

Area

Housing

Finance

Corp.

Revenue

(LIQ

-

Deutsche

Bank

A.G.),

Series

2025-DBE-

8159,

1.40%,

3/1/41(f)(g)

.............................................

5,300

5,300

City

of

Arlington

Special

Tax

Revenue

(INS

-

Assured

Guaranty

Municipal

Corp.),

Series

A,

5.00%,

2/15/48,

Continuously

Callable

@100

...............................

1,000

1,006

City

of

Arlington

Tax

Allocation,

4.00%,

8/15/50,

Continuously

Callable

@100

..........

1,700

1,389

City

of

Houston

Hotel

Occupancy

Tax

&

Special

Revenue

5.00%,

9/1/39,

Continuously

Callable

@100

...............................

1,000

1,001

5.00%,

9/1/40,

Continuously

Callable

@100

...............................

1,000

1,001

City

of

Irving

Revenue,

5.00%,

8/15/43,

Continuously

Callable

@100

.................

1,000

1,007

City

of

Laredo

Waterworks

&

Sewer

System

Revenue,

4.00%,

3/1/41,

Continuously

Callable

@100

...........................................................

1,000

1,000

Clifton

Higher

Education

Finance

Corp.

Revenue

4.63%,

4/1/50,

Continuously

Callable

@100

...............................

1,800

1,832

4.25%,

8/15/52,

Continuously

Callable

@100

...............................

1,500

1,376

Clifton

Higher

Education

Finance

Corp.

Revenue

(NBGA

-

Texas

Permanent

School

Fund),

4.25%,

4/1/53,

Continuously

Callable

@100

...............................

3,250

3,183

County

of

Fort

Bend

Toll

Road

Revenue,

5.25%,

3/1/55,

Continuously

Callable

@100

.....

3,000

3,177

EP

Cimarron

Ventanas

PFC

Revenue,

4.13%,

12/1/39,

Continuously

Callable

@100

.......

2,000

2,012

Gulf

Coast

IDA

Revenue,

1.10%,

11/1/41,

Continuously

Callable

@100(g)

..............

525

525

Harris

County

Cultural

Education

Facilities

Finance

Corp.

Revenue,

Series

A,

5.00%,

6/1/38,

Continuously

Callable

@100

...........................................

1,000

907

Harris

County

Hospital

District

Revenue,

4.00%,

2/15/42,

Continuously

Callable

@100

....

1,000

993

Hidalgo

County

Regional

Mobility

Authority

Revenue,

Series

B,

4.00%,

12/1/41,

Continuously

Callable

@100

.....................................................

700

651

Houston

Housing

Finance

Corp.

Revenue

(LIQ

-

Deutsche

Bank

A.G.),

Series

2024-DBE-

8153,

1.40%,

3/1/60,

Continuously

Callable

@100(f)(g)

.......................

4,030

4,030

Martin

County

Hospital

District,

GO,

4.00%,

4/1/36,

Continuously

Callable

@100

........

Matagorda

County

Navigation

District

No.

Revenue,

Series

B-2,

4.00%,

6/1/30,

Continuously

Callable

@100

...........................................

1,000

1,001

Mesquite

Health

Facilities

Development

Corp.

Revenue,

0.00%,

2/15/35,

Continuously

Callable

@100(i)

...................................................

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

(INS

-

Assured

Guaranty

Municipal

Corp.),

Series

A1,

5.00%,

7/1/38,

Continuously

Callable

@100

..........

Port

of

Port

Arthur

Navigation

District

Revenue

2.18%,

11/1/40,

Continuously

Callable

@100(g)

.............................

4,500

4,500

Series

A,

1.10%,

4/1/40,

Continuously

Callable

@100(g)

......................

4,200

4,200

Series

B,

1.10%,

4/1/40,

Continuously

Callable

@100(g)

......................

6,855

6,855

Series

C,

1.10%,

4/1/40,

Continuously

Callable

@100(g)

......................

2,100

2,100

Princeton

Independent

School

District,

GO

(NBGA

-

Texas

Permanent

School

Fund),

5.00%,

2/15/43,

Continuously

Callable

@100

....................................

1,000

1,040

Victory

Portfolios

III

#### Victory

#### Growth

#### and

#### Tax

#### Strategy

#### Fund

Schedule

of

Portfolio

Investments

—

continued

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) San

Antonio

Education

Facilities

Corp.

Revenue

5.00%,

10/1/50,

Continuously

Callable

@100

...............................

$

1,250

$

1,201

4.00%,

4/1/54,

Continuously

Callable

@100

...............................

1,000

766

Tarrant

County

Cultural

Education

Facilities

Finance

Corp.

Revenue

Series

A,

0.00%,

11/15/45,

Continuously

Callable

@100(i)

.....................

818

—(k)

Series

A,

5.00%,

7/1/53,

Continuously

Callable

@100

.........................

750

769

Series

B,

0.00%,

11/15/36,

Continuously

Callable

@100(i)

.....................

818

—(k)

Series

B,

5.00%,

11/15/46,

Continuously

Callable

@100

.......................

1,935

1,902

Series

B,

5.00%,

7/1/48,

Continuously

Callable

@100

.........................

2,960

3,007

Texas

Municipal

Gas

Acquisition

&

Supply

Corp.

III

Revenue,

5.00%,

12/15/27

..........

1,375

1,431

Victory

Street

Public

Facility

Corp.

Revenue

(LIQ

-

Deutsche

Bank

A.G.),

Series

2025-DBE-

8158,

1.40%,

8/1/62,

Continuously

Callable

@100(f)(g)

.......................

4,900

4,900

65,673

Utah

(0.4%):

Military

Installation

Development

Authority

Revenue,

Series

A-1,

4.00%,

6/1/41,

Continuously

Callable

@103

.....................................................

500

Utah

Charter

School

Finance

Authority

Revenue

4.00%,

4/15/52,

Continuously

Callable

@100

...............................

3,000

2,534

4.50%,

10/15/52,

Continuously

Callable

@100

..............................

1,000

927

3,929

Vermont

(0.1%):

Vermont

Educational

&

Health

Buildings

Financing

Agency

Revenue,

5.00%,

10/15/46,

Continuously

Callable

@100

...........................................

1,000

787

Virginia

(0.5%):

Salem

Economic

Development

Authority

Revenue,

6.00%,

4/1/55,

Continuously

Callable

@100

...........................................................

Virginia

Housing

Development

Authority

Revenue

Series

E,

4.95%,

10/1/55,

Continuously

Callable

@100

........................

2,000

2,026

Series

F-3,

5.05%,

7/1/55,

Continuously

Callable

@100

.......................

2,000

2,070

4,363

Washington

(0.5%):

Washington

Health

Care

Facilities

Authority

Revenue

4.00%,

7/1/42,

Continuously

Callable

@100

...............................

1,000

955

Series

A,

5.00%,

1/1/47,

Pre-refunded

1/1/27

@

..........................

1,000

1,024

Washington

State

Housing

Finance

Commission

Revenue

5.00%,

1/1/38,

Continuously

Callable

@102(f)

..............................

1,000

1,000

Series

A,

5.00%,

7/1/48,

Continuously

Callable

@103

.........................

1,000

1,004

Series

A-1,

3.50%,

12/20/35

...........................................

4,256

Wisconsin

(1.6%):

Public

Finance

Authority

Revenue

5.00%,

7/1/38,

Continuously

Callable

@100

...............................

1,000

1,044

5.00%,

1/1/42,

Continuously

Callable

@103(f)

..............................

575

538

5.50%,

12/1/44,

Continuously

Callable

@100(f)

.............................

1,000

1,026

5.25%,

12/1/48,

Continuously

Callable

@100

...............................

500

513

4.00%,

2/1/51,

Continuously

Callable

@100

...............................

1,000

763

Series

A,

5.25%,

3/1/47,

Continuously

Callable

@100

.........................

2,000

2,016

Series

A,

5.25%,

10/1/48,

Continuously

Callable

@100

........................

1,500

1,462

Series

A,

4.00%,

7/1/51,

Continuously

Callable

@100

.........................

880

715

Series

A,

5.75%,

7/1/53,

Continuously

Callable

@100(f)

.......................

1,500

1,441

Series

A,

5.25%,

6/15/55,

Continuously

Callable

@100

........................

500

506

Series

B,

5.50%,

6/15/55,

Continuously

Callable

@100

........................

Public

Finance

Authority

Revenue

(INS

-

Assured

Guaranty

Municipal

Corp.),

Series

A,

5.00%,

7/1/44,

Continuously

Callable

@100

...............................

600

608

University

of

Wisconsin

Hospitals

&

Clinics

Revenue,

Series

A,

4.25%,

4/1/52,

Continuously

Callable

@100

.....................................................

500

Wisconsin

Health

&

Educational

Facilities

Authority

Revenue,

4.38%,

8/15/55,

Continuously

Callable

@100

.....................................................

3,000

2,827

14,308

Victory

Portfolios

III

#### Victory

#### Growth

#### and

#### Tax

#### Strategy

#### Fund

Schedule

of

Portfolio

Investments

—

continued

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Wyoming

(0.1%):

Wyoming

Community

Development

Authority

Revenue,

Series

1,

4.88%,

12/1/53,

Continuously

Callable

@100

...........................................

$

1,000

$

1,004

Total

Municipal

Bonds

(Cost

$489,634)

a

a

a

478,551

Shares

Exchange-Traded

Funds

(0.5%)

iShares

Core

S&P

500

ETF

................................................

6,446

4,444

Total

Exchange-Traded

Funds

(Cost

$4,387)

a

a

a

4,444

Collateral

for

Securities

Loaned

(0.0%)^(c)

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares,

3.59%(l)

........

84,931

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares,

3.60%(l)

............

84,234

Invesco

Government

&

Agency

Portfolio,

Institutional

Shares,

3.60%(l)

................

84,931

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares,

3.59%(l)

.

85,628

Total

Collateral

for

Securities

Loaned

(Cost

$340)

a

a

a

Total

Investments

(Cost

$589,785)

—

99.7%

891,685

Other

assets

in

excess

of

liabilities

— 0.3%

2,801

NET

ASSETS

-

100.00%

$

894,486

^

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

February

28,

2026. 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) Put

Bond.

(f) Rule

144A

security

or

other

security

that

is

restricted

as

to

resale

to

institutional

investors.

As

of

February

28,

2026,

the

fair

value

of

these

securities

was

$26,351

(thousands)

and

amounted

to

2.9%

of

net

assets.

(g) Variable

Rate

Demand

Notes

that

provide

the

rights

to

sell

the

security

at

face

value

on

either

that

day

or

within

the

rate-reset

period.

The

interest

rate

is

reset

on

the

put

date

at

a

stipulated

daily,

weekly,

monthly,

quarterly,

or

other

specified

time

interval

to

reflect

current

market

conditions.

These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description.

(h) Zero-coupon

bond.

(i) Currently

the

issuer

is

in

default

with

respect

to

interest

and/or

principal

payments.

(j) Stepped

coupon

security

for

which

the

coupon

rate

of

interest

adjusts

on

specified

date(s);

rate

shown

is

effective

rate

at

period-end.

(k) Rounds

to

less

than

$1

thousand.

(l) Rate

disclosed

is

the

daily

yield

on

February

28,

2026. Continuously

callable

—

Investment

is

continuously

callable

or

will

be

continuously

callable

on

any

date

after

the

first

call

date

until

its

maturity.

CVR

—

Contingent

Value

Right

ETF

—

Exchange-Traded

Fund

GO

—

General

Obligation

IDA

—

Industrial

Development

Authority

PLC

—

Public

Limited

Company

Credit

Enhancements

—Adds

the

financial

strength

of

the

provider

of

the

enhancement

to

support

the

issuer's

ability

to

repay

the

principal

and

interest

payments

when

due.

The

enhancement

may

be

provided

by

a

high-quality

bank,

insurance

company

or

other

corporation,

or

a

collateral

trust.

The

enhancements

do

not

guarantee

the

market

values

of

the

securities.

INS—Principal

and

interest

payments

are

insured

by

the

name

listed.

Although

bond

insurance

reduces

the

risk

of

loss

due

to

default

by

an

issuer,

such

bonds

remain

subject

to

the

risk

that

value

may

fluctuate

for

other

reasons,

and

there

is

no

assurance

that

the

insurance

company

will

meet

its

obligations.

LIQ—Liquidity

enhancement

that

may,

under

certain

circumstances,

provide

for

repayment

of

principal

and

interest

upon

demand

from

the

name

listed.

NBGA—Principal

and

interest

payments

or,

under

certain

circumstances,

underlying

mortgages

are

guaranteed

by

a

nonbank

guarantee

agreement

from

the

name

listed.

Schedule

of

Portfolio

Investments

February

28,

2026

Victory

Portfolios

III

#### Victory

#### New

#### York

#### Bond

#### Fund

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Municipal

Bonds

(98.8%)

New

York

(98.8%):

Albany

Capital

Resource

Corp.

Revenue

,

0.00%

,

6/1/49

,

Continuously

Callable

@100

(a) ...

$

1,500

$

1,096

Albany

County

Airport

Authority

Revenue

,

Series

A

,

.00

%

,

12/15/48

,

Continuously

Callable

@100

...........................................................

1,000

1,014

Allegany

County

Capital

Resource

Corp.

Revenue

,

Series

A

,

.00

%

,

12/1/52

,

Continuously

Callable

@100

.....................................................

1,000

864

Brookhaven

Local

Development

Corp.

Revenue

.25

%

,

11/1/36

,

Continuously

Callable

@100

...............................

1,500

1,515

.00

%

,

10/1/45

,

Continuously

Callable

@100

...............................

1,000

962

Series

B

,

.00

%

,

11/1/55

,

Continuously

Callable

@102

........................

1,000

817

Broome

County

Local

Development

Corp.

Revenue

,

.00

%

,

7/1/47

,

Continuously

Callable

@103

...........................................................

500

Buffalo

&

Erie

County

Industrial

Land

Development

Corp.

Revenue

.00

%

,

8/1/52

,

Continuously

Callable

@100

...............................

1,000

958

Series

A

,

.00

%

,

6/1/35

,

Continuously

Callable

@102

.........................

1,000

1,015

Build

NYC

Resource

Corp.

Revenue

.00

%

,

6/1/40

,

Continuously

Callable

@100

...............................

700

709

.00

%

,

7/1/41

,

Continuously

Callable

@100

...............................

500

500

.00

%

,

8/1/42

,

Continuously

Callable

@100

...............................

1,000

880

.00

%

,

7/1/45

,

Continuously

Callable

@100

...............................

2,000

2,003

.00

%

,

6/1/48

,

Continuously

Callable

@102

...............................

2,000

1,947

.00

%

,

7/1/49

,

Continuously

Callable

@100

...............................

500

.75

%

,

6/15/53

,

Continuously

Callable

@100

...............................

500

.75

%

,

6/1/62

,

Continuously

Callable

@100

(b) .............................

Series

A

,

.00

%

,

7/1/56

,

Continuously

Callable

@100

.........................

500

Series

A

,

.50

%

,

12/1/56

,

Continuously

Callable

@100

........................

Bushnell's

Basin

Fire

Association,

Inc.

Revenue

,

.00

%

,

11/1/30

.....................

1,450

1,366

City

of

Elmira,

GO

,

.00

%

,

7/1/35

,

Continuously

Callable

@100

.....................

1,575

1,710

City

of

Long

Beach,

GO

(INS

-

Build

America

Mutual

Assurance

Co.)

,

Series

B

,

.63

%

,

7/15/52

,

Continuously

Callable

@100

....................................

2,000

2,010

City

of

New

York,

GO

,

Series

,

.10

%

,

10/1/46

(c) .............................

1,820

1,820

Dutchess

County

Local

Development

Corp.

Revenue

.00

%

,

7/1/46

,

Continuously

Callable

@100

...............................

600

600

Series

B

,

.00

%

,

7/1/41

,

Continuously

Callable

@100

.........................

2,000

1,933

Hempstead

Town

Local

Development

Corp.

Revenue

,

.00

%

,

7/1/48

,

Continuously

Callable

@100

...........................................................

Hudson

Yards

Infrastructure

Corp.

Revenue

,

Series

A

,

.00

%

,

2/15/44

,

Continuously

Callable

@100

...........................................................

2,000

1,955

Jefferson

County

Civic

Facility

Development

Corp.

Revenue

,

.00

%

,

11/1/47

,

Continuously

Callable

@100

.....................................................

1,000

766

Metropolitan

Transportation

Authority

Revenue

Series

A

,

.63

%

,

11/15/50

,

Continuously

Callable

@100

.......................

Series

A1

,

.25

%

,

11/15/56

,

Continuously

Callable

@100

......................

1,000

1,000

Series

B

,

.00

%

,

11/15/50

,

Continuously

Callable

@100

.......................

1,000

892

Monroe

County

Industrial

Development

Corp.

Revenue

.00

%

,

12/1/46

,

Continuously

Callable

@100

...............................

1,500

1,501

.00

%

,

10/1/47

,

Continuously

Callable

@100

...............................

1,000

866

.00

%

,

6/1/59

,

Continuously

Callable

@100

(b) .............................

1,000

974

Series

A

,

.00

%

,

12/1/42

,

Continuously

Callable

@100

........................

2,000

2,003

Monroe

County

Industrial

Development

Corp.

Revenue

(INS

-

Assured

Guaranty

Municipal

Corp.)

,

.00

%

,

1/15/38

,

Continuously

Callable

@100

.........................

500

500

Nassau

County

Local

Economic

Assistance

Corp.

Revenue

,

Series

A

,

.00

%

,

7/1/55

,

Continuously

Callable

@100

...........................................

1,000

975

New

York

City

Housing

Development

Corp.

Revenue

.20

%

,

11/1/58

,

Continuously

Callable

@100

...............................

2,990

2,718

Series

,

.80

%

,

11/1/55

,

Continuously

Callable

@100

......................

1,000

1,003

Series

C

,

.95

%

,

2/1/55

,

Continuously

Callable

@100

.........................

Series

D

,

.00

%

,

5/1/56

,

Continuously

Callable

@100

........................

500

506

Series

,

.00

%

,

11/1/55

,

Continuously

Callable

@100

......................

665

672

New

York

City

Industrial

Development

Agency

Revenue

(INS

-

Assured

Guaranty

Municipal

Corp.)

,

Series

R

,

.25

%

,

10/1/29

........................................

620

608

Victory

Portfolios

III

#### Victory

#### New

#### York

#### Bond

#### Fund

Schedule

of

Portfolio

Investments

—

continued

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) New

York

City

Municipal

Water

Finance

Authority

Revenue

Series

AA

,

.00

%

,

6/15/55

,

Continuously

Callable

@100

......................

$

1,000

$

1,043

Series

BB

,

.25

%

,

6/15/53

,

Continuously

Callable

@100

......................

1,000

990

Series

DD

,

.10

%

,

6/15/33

(c) ..........................................

2,610

2,610

New

York

City

Transitional

Finance

Authority

Building

Aid

Revenue

,

Series

,

.00

%

,

7/15/45

,

Continuously

Callable

@100

....................................

2,000

1,917

New

York

Convention

Center

Development

Corp.

Revenue

.00

%

,

11/15/45

,

Continuously

Callable

@100

..............................

500

500

Series

B

,

11/15/37

(d) ................................................

1,000

627

New

York

Convention

Center

Development

Corp.

Revenue

(INS

-

Assured

Guaranty

Municipal

Corp.)

,

Series

B

,

11/15/48

(d) ...........................................

2,000

682

New

York

Liberty

Development

Corp.

Revenue

.80

%

,

9/15/69

,

Continuously

Callable

@100

...............................

1,500

1,411

Series

,

.00

%

,

11/15/44

,

Continuously

Callable

@100

(b) .....................

1,000

1,001

New

York

Power

Authority

Revenue

,

Series

A

,

.00

%

,

11/15/53

,

Continuously

Callable

@100

New

York

State

Dormitory

Authority

Revenue

.00

%

,

7/1/40

,

Continuously

Callable

@100

(b) .............................

2,645

2,626

.00

%

,

7/1/48

,

Continuously

Callable

@100

...............................

570

576

.00

%

,

7/1/51

,

Continuously

Callable

@100

...............................

725

637

.00

%

,

7/1/57

,

Continuously

Callable

@100

...............................

1,000

815

Series

,

.00

%

,

7/1/47

,

Continuously

Callable

@100

.........................

1,000

951

Series

A

,

.00

%

,

8/1/38

,

Continuously

Callable

@100

.........................

2,000

1,968

Series

A

,

.00

%

,

7/1/43

,

Continuously

Callable

@100

.........................

2,000

1,909

Series

A

,

.00

%

,

7/1/45

,

Continuously

Callable

@100

.........................

2,250

2,222

Series

A

,

.00

%

,

3/15/49

,

Continuously

Callable

@100

........................

750

697

Series

A

,

.00

%

,

3/15/49

,

Continuously

Callable

@100

........................

1,500

1,415

Series

A

,

.00

%

,

9/1/50

,

Continuously

Callable

@100

.........................

500

Series

A

,

.00

%

,

7/1/53

,

Continuously

Callable

@100

.........................

1,000

1,038

Series

A

,

.25

%

,

7/1/55

,

Continuously

Callable

@100

.........................

1,000

1,076

Series

,

.50

%

,

7/1/44

,

Continuously

Callable

@100

.......................

1,000

870

Series

,

.00

%

,

7/1/45

,

Continuously

Callable

@100

.......................

3,000

2,962

Series

,

.50

%

,

7/1/55

,

Continuously

Callable

@100

.......................

New

York

State

Dormitory

Authority

Revenue

(INS

-

Assured

Guaranty

Municipal

Corp.)

,

.00

%

,

7/1/51

,

Continuously

Callable

@100

...............................

750

776

New

York

State

Housing

Finance

Agency

Revenue

Series

,

.15

%

,

11/1/55

,

Continuously

Callable

@100

......................

500

509

Series

,

.75

%

,

11/1/53

,

Continuously

Callable

@100

......................

1,100

1,095

New

York

State

Housing

Finance

Agency

Revenue

(LIQ

-

Deutsche

Bank

A.G.)

,

Series

DBE-

8105

,

.40

%

,

8/1/50

(b) (c) .............................................

New

York

State

Thruway

Authority

Revenue

Series

A

,

.00

%

,

1/1/56

,

Continuously

Callable

@100

.........................

1,000

902

Series

B

,

.00

%

,

1/1/50

,

Continuously

Callable

@100

.........................

1,000

926

New

York

Transportation

Development

Corp.

Revenue

AMT

,

.00

%

,

6/30/55

,

Continuously

Callable

@100

.....................................................

1,000

1,086

New

York

Transportation

Development

Corp.

Revenue

AMT

(INS

-

Assured

Guaranty

Municipal

Corp.)

.00

%

,

6/30/54

,

Continuously

Callable

@100

...............................

2,000

2,012

Series

A

,

.50

%

,

12/31/54

,

Continuously

Callable

@100

.......................

1,000

977

Oneida

County

Local

Development

Corp.

Revenue

,

.00

%

,

7/1/39

,

Continuously

Callable

@100

...........................................................

750

653

Onondaga

Civic

Development

Corp.

Revenue

.00

%

,

10/1/40

,

Continuously

Callable

@100

...............................

1,000

890

.00

%

,

1/1/43

,

Continuously

Callable

@100

...............................

1,090

1,098

Onondaga

County

Trust

for

Cultural

Resources

Revenue

,

.00

%

,

5/1/40

,

Continuously

Callable

@100

...........................................................

800

810

Southold

Local

Development

Corp.

Revenue

,

.00

%

,

12/1/45

,

Continuously

Callable

@100

.

1,000

1,001

St.

Lawrence

County

Industrial

Development

Agency

Revenue

.00

%

,

9/1/47

,

Continuously

Callable

@100

...............................

1,770

1,592

.25

%

,

7/1/52

,

Continuously

Callable

@100

...............................

1,000

1,015

Series

A

,

.00

%

,

7/1/43

,

Continuously

Callable

@100

.........................

500

State

of

New

York

Mortgage

Agency

Homeowner

Mortgage

Revenue

,

Series

,

.80

%

,

10/1/48

,

Continuously

Callable

@100

....................................

1,100

1,003

Victory

Portfolios

III

#### Victory

#### New

#### York

#### Bond

#### Fund

Schedule

of

Portfolio

Investments

—

continued

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Suffolk

County

Economic

Development

Corp.

Revenue

,

Series

C

,

.00

%

,

7/1/33

,

Continuously

Callable

@100

.....................................................

$

$

The

Genesee

County

Funding

Corp.

Revenue

,

Series

A

,

.25

%

,

12/1/52

,

Continuously

Callable

@100

...........................................................

750

762

The

Trust

for

Cultural

Resources

of

The

City

of

New

York

Revenue

,

Series

A

,

.00

%

,

7/1/46

,

Continuously

Callable

@100

...........................................

1,000

932

Tompkins

County

Development

Corp.

Revenue

,

.00

%

,

7/1/44

,

Continuously

Callable

@100

1,375

1,376

Triborough

Bridge

&

Tunnel

Authority

Revenue

Series

A

,

.00

%

,

11/15/52

,

Continuously

Callable

@100

.......................

3,000

2,787

Series

A

,

.50

%

,

12/1/56

,

Continuously

Callable

@100

........................

500

Series

,

.00

%

,

11/15/54

,

Continuously

Callable

@100

.....................

1,000

922

Series

B

,

11/15/32

(d) ................................................

1,000

841

TSASC,

Inc.

Revenue

,

Series

A

,

.00

%

,

6/1/41

,

Continuously

Callable

@100

............

1,000

1,007

Westchester

County

Local

Development

Corp.

Revenue

.00

%

,

7/1/42

,

Continuously

Callable

@103

...............................

815

822

.00

%

,

6/1/47

,

Continuously

Callable

@100

...............................

1,000

963

Series

S

,

.00

%

,

1/1/51

,

Continuously

Callable

@103

.........................

1,000

984

Westchester

Tobacco

Asset

Securitization

Corp.

Revenue

,

Series

B

,

.00

%

,

6/1/41

,

Continuously

Callable

@100

...........................................

500

504

105,041

Total

Municipal

Bonds

(Cost

$109,924)

a

a

a

105,041

Total

Investments

(Cost

$109,924)

—

98.8%

105,041

Other

assets

in

excess

of

liabilities

— 1.2%

1,307

NET

ASSETS

-

100.00%

$

106,348

(a) Currently

the

issuer

is

in

default

with

respect

to

interest

and/or

principal

payments.

(b) Rule

144A

security

or

other

security

that

is

restricted

as

to

resale

to

institutional

investors.

As

of

February

28,

2026,

the

fair

value

of

these

securities

was

$5,142

(thousands)

and

amounted

to

4.8%

of

net

assets.

(c) Variable

Rate

Demand

Notes

that

provide

the

rights

to

sell

the

security

at

face

value

on

either

that

day

or

within

the

rate-reset

period.

The

interest

rate

is

reset

on

the

put

date

at

a

stipulated

daily,

weekly,

monthly,

quarterly,

or

other

specified

time

interval

to

reflect

current

market

conditions.

These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description.

(d) Zero-coupon

bond.

AMT

—

Alternative

Minimum

Tax

Continuously

callable

—

Investment

is

continuously

callable

or

will

be

continuously

callable

on

any

date

after

the

first

call

date

until

its

maturity.

GO

—

General

Obligation

Credit

Enhancements

—Adds

the

financial

strength

of

the

provider

of

the

enhancement

to

support

the

issuer's

ability

to

repay

the

principal

and

interest

payments

when

due.

The

enhancement

may

be

provided

by

a

high-quality

bank,

insurance

company

or

other

corporation,

or

a

collateral

trust.

The

enhancements

do

not

guarantee

the

market

values

of

the

securities.

INS—Principal

and

interest

payments

are

insured

by

the

name

listed.

Although

bond

insurance

reduces

the

risk

of

loss

due

to

default

by

an

issuer,

such

bonds

remain

subject

to

the

risk

that

value

may

fluctuate

for

other

reasons,

and

there

is

no

assurance

that

the

insurance

company

will

meet

its

obligations.

LIQ—Liquidity

enhancement

that

may,

under

certain

circumstances,

provide

for

repayment

of

principal

and

interest

upon

demand

from

the

name

listed.

Schedule

of

Portfolio

Investments

February

28,

2026

Victory

Portfolios

III

#### Victory

#### Virginia

#### Bond

#### Fund

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Municipal

Bonds

(94.5%)

Virginia

(84.1%):

Albemarle

County

Economic

Development

Authority

Revenue

,

Series

B

,

.05

%

,

10/1/48

(a) .

$

$

Alexandria

IDA

Revenue

,

Series

C

,

.00

%

,

1/1/46

,

Continuously

Callable

@100

.........

2,400

2,274

Amherst

IDA

Revenue

.00

%

,

9/1/26

,

Continuously

Callable

@100

...............................

.75

%

,

9/1/30

,

Continuously

Callable

@100

...............................

2,000

2,001

Arlington

County

IDA

Revenue

.00

%

,

2/15/43

,

Continuously

Callable

@100

...............................

1,775

1,831

.00

%

,

7/1/45

,

Continuously

Callable

@100

...............................

1,585

1,487

Bristol

IDA

Revenue

,

.00

%

,

11/1/53

,

Continuously

Callable

@100

...................

8,030

8,295

Campbell

County

IDA

Revenue

,

.00

%

,

6/1/44

,

Continuously

Callable

@100

............

4,600

4,611

Capital

Region

Airport

Commission

Revenue

Series

A

,

.00

%

,

7/1/36

,

Continuously

Callable

@100

.........................

700

703

Series

A

,

.00

%

,

7/1/38

,

Continuously

Callable

@100

.........................

750

753

Charles

City

County

Economic

Development

Authority

Revenue

,

Series

A

,

.88

%

,

2/1/29

,

Continuously

Callable

@101

...........................................

10,000

9,909

Chesapeake

Bay

Bridge

&

Tunnel

District

Revenue

.00

%

,

7/1/46

,

Continuously

Callable

@100

...............................

2,840

2,841

.00

%

,

7/1/51

,

Continuously

Callable

@100

...............................

6,400

6,402

Chesapeake

Bay

Bridge

&

Tunnel

District

Revenue

(INS

-

Assured

Guaranty

Municipal

Corp.)

,

.00

%

,

7/1/41

,

Continuously

Callable

@100

...............................

5,000

5,018

Chesapeake

Hospital

Authority

Revenue

.00

%

,

7/1/39

,

Continuously

Callable

@100

...............................

1,000

1,007

.00

%

,

7/1/43

,

Continuously

Callable

@100

...............................

4,000

3,837

City

of

Chesapeake

VA

Chesapeake

Expressway

Toll

Road

Revenue

Series

B

,

.75

%

,

7/15/32

,

Continuously

Callable

@100

........................

6,520

6,841

Series

B

,

.88

%

,

7/15/40

,

Continuously

Callable

@100

........................

3,000

3,107

City

of

Petersburg,

GO

.25

%

,

9/1/48

,

Continuously

Callable

@100

...............................

1,000

992

.25

%

,

9/1/53

,

Continuously

Callable

@100

...............................

1,250

1,215

City

of

Richmond

Public

Utility

Revenue

.00

%

,

1/15/40

,

Continuously

Callable

@100

...............................

6,000

6,003

Series

A

,

.00

%

,

1/15/50

,

Continuously

Callable

@100

........................

2,220

2,077

County

of

Fairfax

Sewer

Revenue

,

Series

A

,

.00

%

,

7/15/46

,

Continuously

Callable

@100

..

5,000

5,264

Fairfax

County

Economic

Development

Authority

Revenue

,

.00

%

,

4/1/47

,

Continuously

Callable

@100

.....................................................

4,000

4,084

Fairfax

County

IDA

Revenue

Series

A

,

.00

%

,

5/15/44

,

Continuously

Callable

@100

........................

6,900

6,861

Series

A

,

.00

%

,

5/15/48

,

Continuously

Callable

@100

........................

1,500

1,399

Farmville

IDA

Revenue

(INS

-

Assured

Guaranty

Municipal

Corp.)

,

.38

%

,

7/1/53

,

(Put

Date

7/1/43)

(b) ........................................................

5,800

6,189

Front

Royal

&

Warren

County

IDA

Revenue

,

.00

%

,

1/1/50

,

Continuously

Callable

@102

..

7,000

6,236

Hampton

Roads

Transportation

Accountability

Commission

Revenue

,

Series

A

,

.00

%

,

7/1/52

,

Continuously

Callable

@100

...........................................

6,000

5,615

Henrico

County

Economic

Development

Authority

Revenue

.25

%

,

6/1/26

,

Continuously

Callable

@100

...............................

.00

%

,

10/1/37

,

Continuously

Callable

@102

...............................

2,500

2,523

.00

%

,

10/1/40

,

Continuously

Callable

@103

...............................

500

500

.00

%

,

10/1/45

,

Continuously

Callable

@103

...............................

725

653

.00

%

,

10/1/50

,

Continuously

Callable

@103

...............................

1,500

1,274

Series

A

,

.00

%

,

10/1/42

,

Continuously

Callable

@103

........................

1,000

1,036

Series

A

,

.00

%

,

10/1/47

,

Continuously

Callable

@103

........................

945

941

Series

A

,

.00

%

,

10/1/52

,

Continuously

Callable

@103

........................

7,380

7,346

James

City

County

Economic

Development

Authority

Revenue

.00

%

,

6/1/47

,

Continuously

Callable

@103

...............................

1,000

797

Series

A

,

.00

%

,

12/1/50

,

Continuously

Callable

@103

........................

9,905

8,005

Series

A

,

.75

%

,

12/1/53

,

Continuously

Callable

@103

........................

855

925

Lewistown

Commerce

Center

Community

Development

Authority

Tax

Allocation

Series

A

,

.05

%

,

3/1/44

,

Continuously

Callable

@101

(c) .......................

656

Series

B

,

.05

%

,

3/1/44

,

Continuously

Callable

@101

.........................

610

532

Series

C

,

.75

%

,

3/1/54

,

Continuously

Callable

@100

(c) .......................

2,599

1,104

Victory

Portfolios

III

#### Victory

#### Virginia

#### Bond

#### Fund

Schedule

of

Portfolio

Investments

—

continued

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Lexington

IDA

Revenue

.00

%

,

1/1/31

,

Continuously

Callable

@101

...............................

$

750

$

756

.00

%

,

1/1/37

,

Continuously

Callable

@101

...............................

1,000

1,003

.00

%

,

1/1/48

,

Continuously

Callable

@100

...............................

1,000

1,024

Loudoun

County

Economic

Development

Authority

Revenue

(LIQ

-

Deutsche

Bank

A.G.)

,

Series

2023-DBE-8106

,

.40

%

,

6/1/63

,

Continuously

Callable

@100

(a) (d) ..........

2,700

2,700

Lynchburg

Economic

Development

Authority

Revenue

.00

%

,

1/1/39

,

Continuously

Callable

@100

...............................

1,320

1,340

.00

%

,

1/1/41

,

Continuously

Callable

@100

...............................

1,135

1,132

.00

%

,

9/1/43

,

Continuously

Callable

@100

...............................

3,000

3,000

.00

%

,

1/1/55

,

Continuously

Callable

@100

...............................

14,420

12,171

Series

A

,

.00

%

,

1/1/47

,

Continuously

Callable

@100

.........................

2,250

2,258

Lynchburg

Economic

Development

Authority

Revenue

(LOC

-

Branch

Banking

&

Trust

Co.)

,

Series

B

,

.05

%

,

1/1/47

(a) ............................................

3,000

3,000

Manassas

Park

Economic

Development

Authority

Revenue

,

.00

%

,

12/15/52

,

Continuously

Callable

@100

.....................................................

4,500

4,204

Marquis

Community

Development

Authority

of

York

County

Revenue

,

.50

%

,

9/1/45

(c) (d) ..

1,093

Marquis

Community

Development

Authority

of

York

County

Tax

Allocation

Series

B

,

.63

%

,

9/1/41

(c) ............................................

3,532

1,319

Series

C

,

9/1/41

(e) ..................................................

5,389

Montgomery

County

Economic

Development

Authority

Revenue

,

Series

A

,

.00

%

,

6/1/38

,

Continuously

Callable

@100

...........................................

1,750

1,785

Norfolk

Airport

Authority

Revenue

,

.00

%

,

7/1/43

,

Continuously

Callable

@100

.........

2,800

2,944

Norfolk

Economic

Development

Authority

Revenue

Series

B

,

.00

%

,

11/1/48

,

Continuously

Callable

@100

........................

6,100

5,654

Series

B

,

.00

%

,

11/1/48

,

(Put

Date

11/1/28)

(b) .............................

1,600

1,695

Prince

Edward

County

IDA

Revenue

.00

%

,

9/1/43

,

Continuously

Callable

@100

...............................

2,250

2,251

.00

%

,

9/1/48

,

Continuously

Callable

@100

...............................

2,055

2,070

.25

%

,

9/1/57

,

Continuously

Callable

@100

...............................

3,000

3,099

Prince

William

County

IDA

Revenue

.00

%

,

1/1/37

,

Continuously

Callable

@101

...............................

1,000

988

.00

%

,

1/1/46

,

Continuously

Callable

@101

...............................

4,000

3,726

Radford

IDA

Revenue

(NBGA

-

Fannie

Mae)

,

.50

%

,

9/15/29

,

Continuously

Callable

@100

.

3,860

3,861

Roanoke

Economic

Development

Authority

Revenue

.00

%

,

7/1/47

.....................................................

5,000

5,573

.00

%

,

7/1/51

,

Continuously

Callable

@100

...............................

5,000

4,731

Series

A

,

.00

%

,

9/1/36

,

Continuously

Callable

@100

.........................

1,640

1,683

Series

A

,

.00

%

,

9/1/43

,

Continuously

Callable

@100

.........................

4,060

4,039

Rockingham

County

Economic

Development

Authority

Revenue

Series

A

,

.00

%

,

12/1/33

,

Continuously

Callable

@100

........................

1,000

1,020

Series

A

,

.00

%

,

12/1/39

,

Continuously

Callable

@100

........................

4,180

4,354

Salem

Economic

Development

Authority

Revenue

.00

%

,

4/1/38

,

Continuously

Callable

@100

...............................

.00

%

,

4/1/39

,

Continuously

Callable

@100

...............................

.00

%

,

4/1/40

,

Continuously

Callable

@100

...............................

.00

%

,

4/1/45

,

Continuously

Callable

@100

...............................

750

665

.00

%

,

4/1/49

,

Continuously

Callable

@100

...............................

910

904

.00

%

,

4/1/55

,

Continuously

Callable

@100

...............................

Stafford

County

Economic

Development

Authority

Revenue

.00

%

,

6/15/36

,

Continuously

Callable

@100

...............................

5,900

5,919

.00

%

,

6/15/37

,

Continuously

Callable

@100

...............................

6,495

6,497

Tobacco

Settlement

Financing

Corp.

Revenue

,

Series

B1

,

.00

%

,

6/1/47

,

Continuously

Callable

@100

...........................................................

5,000

4,182

University

of

Virginia

Revenue

Series

,

.00

%

,

4/1/45

,

Continuously

Callable

@100

.......................

3,600

3,575

Series

B

,

.00

%

,

9/1/49

,

Continuously

Callable

@100

.........................

8,000

8,278

Virginia

Beach

Development

Authority

Revenue

.00

%

,

9/1/40

,

Continuously

Callable

@103

...............................

3,250

3,257

.00

%

,

9/1/44

,

Continuously

Callable

@103

...............................

4,865

4,821

.00

%

,

9/1/48

,

Continuously

Callable

@103

...............................

3,755

2,978

Virginia

College

Building

Authority

Revenue

.00

%

,

6/1/26

.....................................................

Victory

Portfolios

III

#### Victory

#### Virginia

#### Bond

#### Fund

Schedule

of

Portfolio

Investments

—

continued

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) 5

.00

%

,

6/1/27

.....................................................

$

$

.00

%

,

6/1/28

.....................................................

.00

%

,

6/1/29

.....................................................

.00

%

,

6/1/30

.....................................................

.00

%

,

6/1/31

.....................................................

.00

%

,

1/15/33

,

Continuously

Callable

@100

...............................

965

982

.00

%

,

1/15/35

,

Continuously

Callable

@100

...............................

545

552

.00

%

,

1/15/36

,

Continuously

Callable

@100

...............................

650

656

.00

%

,

6/1/36

,

Continuously

Callable

@100

...............................

925

927

.00

%

,

1/15/43

,

Continuously

Callable

@100

...............................

1,285

1,195

.00

%

,

6/1/46

,

Continuously

Callable

@100

...............................

1,000

862

.00

%

,

6/1/55

,

Continuously

Callable

@100

...............................

1,500

1,599

Series

A

,

.00

%

,

1/15/46

,

Continuously

Callable

@100

........................

1,000

764

Series

A

,

.00

%

,

1/15/51

,

Continuously

Callable

@100

........................

1,175

843

Series

E

,

.00

%

,

2/1/32

,

Continuously

Callable

@100

.........................

4,000

4,186

Virginia

Commonwealth

Transportation

Board

Regional

Fuels

Tax

Revenue

,

.00

%

,

5/15/46

,

Continuously

Callable

@100

....................................

5,195

5,026

Virginia

Commonwealth

Transportation

Board

Revenue

.00

%

,

3/15/32

,

Continuously

Callable

@100

...............................

3,350

3,472

.00

%

,

9/15/32

,

Continuously

Callable

@100

...............................

9,190

9,518

.00

%

,

5/15/42

,

Continuously

Callable

@100

...............................

10,000

10,072

Series

A

,

.00

%

,

5/15/36

,

Continuously

Callable

@100

........................

2,000

2,038

Virginia

Commonwealth

University

Health

System

Authority

Revenue

,

Series

B

,

.00

%

,

7/1/46

,

Continuously

Callable

@100

.....................................

5,500

5,546

Virginia

Commonwealth

University

Revenue

Series

A

,

.00

%

,

11/1/37

,

Continuously

Callable

@100

........................

750

770

Series

A

,

.00

%

,

11/1/38

,

Continuously

Callable

@100

........................

Series

A

,

.00

%

,

5/1/48

,

Continuously

Callable

@100

.........................

2,475

2,344

Virginia

Housing

Development

Authority

Revenue

Series

A

,

.65

%

,

9/1/55

,

Continuously

Callable

@100

.........................

1,200

1,195

Series

B

,

.60

%

,

5/1/46

,

Continuously

Callable

@100

.........................

6,555

5,768

Series

D

,

.75

%

,

8/1/53

,

Continuously

Callable

@100

........................

1,500

1,506

Series

D

,

.70

%

,

7/1/55

,

Continuously

Callable

@100

........................

1,250

1,257

Series

E

,

.65

%

,

7/1/50

,

Continuously

Callable

@100

.........................

1,640

1,125

Series

E

,

.65

%

,

7/1/55

,

Continuously

Callable

@100

.........................

1,000

1,005

Series

E

,

.95

%

,

10/1/55

,

Continuously

Callable

@100

........................

1,000

1,013

Series

E

,

.20

%

,

10/1/58

,

Continuously

Callable

@100

........................

3,000

3,097

Series

,

.60

%

,

10/1/54

,

Continuously

Callable

@100

......................

1,000

999

Series

F

,

.00

%

,

10/1/52

,

Continuously

Callable

@100

........................

5,000

5,086

Series

G

,

.15

%

,

11/1/52

,

Continuously

Callable

@100

........................

1,750

1,796

Series

H

,

.70

%

,

12/1/54

,

Continuously

Callable

@100

........................

800

801

Series

I

,

.45

%

,

11/1/45

,

Continuously

Callable

@100

........................

1,500

1,050

Series

K

,

.95

%

,

12/1/32

,

Continuously

Callable

@100

........................

1,500

1,375

Series

K

,

.05

%

,

12/1/33

,

Continuously

Callable

@100

........................

665

600

Virginia

Resources

Authority

Revenue

.00

%

,

11/1/49

,

Continuously

Callable

@100

...............................

6,700

6,414

Series

A

,

.00

%

,

11/1/32

,

Continuously

Callable

@100

........................

Series

A

,

.00

%

,

11/1/43

,

Continuously

Callable

@100

........................

1,445

1,459

Series

A

,

.00

%

,

11/1/47

,

Continuously

Callable

@100

........................

1,040

1,013

Series

B

,

.75

%

,

11/1/52

,

Continuously

Callable

@100

........................

750

774

Virginia

Small

Business

Financing

Authority

Revenue

.00

%

,

10/1/38

....................................................

1,500

1,712

.00

%

,

12/1/49

,

Continuously

Callable

@100

...............................

15,830

14,298

.00

%

,

12/1/51

,

Continuously

Callable

@103

...............................

4,000

3,371

Series

A

,

.00

%

,

1/1/45

,

Continuously

Callable

@103

.........................

2,800

2,611

Series

A

,

.00

%

,

1/1/51

,

Continuously

Callable

@103

.........................

16,265

14,223

Series

A

,

.50

%

,

12/1/54

,

Continuously

Callable

@102

........................

4,500

4,631

Series

,

.25

%

,

6/15/55

,

Continuously

Callable

@100

......................

2,000

2,069

Virginia

Small

Business

Financing

Authority

Revenue

AMT

,

Series

,

.00

%

,

12/31/57

,

Continuously

Callable

@100

...........................................

2,000

2,001

Western

Regional

Jail

Authority

Revenue

.00

%

,

12/1/35

,

Continuously

Callable

@100

...............................

1,540

1,562

Victory

Portfolios

III

#### Victory

#### Virginia

#### Bond

#### Fund

Schedule

of

Portfolio

Investments

—

continued

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) 5

.00

%

,

12/1/38

,

Continuously

Callable

@100

...............................

$

1,000

$

1,014

397,997

District

of

Columbia

(7.1%):

Metropolitan

Washington

Airports

Authority

Aviation

Revenue

AMT

Series

A

,

.25

%

,

10/1/48

,

Continuously

Callable

@100

........................

3,160

3,299

Series

A

,

.00

%

,

10/1/50

,

Continuously

Callable

@100

........................

2,750

2,831

Series

A

,

.50

%

,

10/1/53

,

Continuously

Callable

@100

........................

2,175

2,069

Series

A

,

.25

%

,

10/1/53

,

Continuously

Callable

@100

........................

2,000

2,064

Series

A

,

.50

%

,

10/1/54

,

Continuously

Callable

@100

........................

5,000

5,266

Series

A

,

.50

%

,

10/1/55

,

Continuously

Callable

@100

........................

Metropolitan

Washington

Airports

Authority

Dulles

Toll

Road

Revenue

.00

%

,

10/1/52

,

Continuously

Callable

@100

...............................

3,000

2,723

Series

A

,

.00

%

,

10/1/44

,

Continuously

Callable

@100

........................

1,500

1,547

Series

B

,

.00

%

,

10/1/53

,

Continuously

Callable

@100

........................

1,500

1,305

Metropolitan

Washington

Airports

Authority

Dulles

Toll

Road

Revenue

(INS

-

Assured

Guaranty

Municipal

Corp.)

,

Series

B

,

10/1/30

(e) .............................

5,500

4,841

Washington

Metropolitan

Area

Transit

Authority

Dedicated

Revenue

,

Series

A

,

.00

%

,

7/15/45

,

Continuously

Callable

@100

...........................................

2,500

2,470

Washington

Metropolitan

Area

Transit

Authority

Revenue

,

Series

B

,

.00

%

,

7/1/42

,

Continuously

Callable

@100

...........................................

5,000

5,095

33,775

Guam

(3.3%):

Guam

Government

Waterworks

Authority

Revenue

Series

A

,

.00

%

,

1/1/50

,

Continuously

Callable

@100

.........................

1,000

1,030

Series

A

,

.50

%

,

7/1/55

,

Continuously

Callable

@100

.........................

750

792

Guam

Power

Authority

Revenue

Series

A

,

.00

%

,

10/1/40

,

Continuously

Callable

@100

........................

4,000

4,045

Series

A

,

.00

%

,

10/1/41

,

Continuously

Callable

@100

........................

1,500

1,591

Series

A

,

.00

%

,

10/1/43

,

Continuously

Callable

@100

........................

Series

A

,

.00

%

,

10/1/44

,

Continuously

Callable

@100

........................

Port

Authority

of

Guam

Revenue

,

Series

A

,

.00

%

,

7/1/48

,

Continuously

Callable

@100

....

1,500

1,511

Territory

of

Guam

Revenue

Series

A

,

.00

%

,

11/1/27

..............................................

Series

A

,

.00

%

,

11/1/28

..............................................

Series

A

,

.00

%

,

11/1/29

..............................................

Series

A

,

.00

%

,

11/1/30

..............................................

Series

A

,

.00

%

,

11/1/35

,

Continuously

Callable

@100

........................

2,000

2,158

Series

A

,

.00

%

,

12/1/46

,

Continuously

Callable

@100

........................

1,250

1,252

Series

F

,

.00

%

,

1/1/31

...............................................

500

545

Series

F

,

.00

%

,

1/1/42

,

Continuously

Callable

@100

.........................

1,000

991

15,369

Total

Municipal

Bonds

(Cost

$474,974)

a

a

a

447,141

Total

Investments

(Cost

$474,974)

—

94.5%

447,141

Other

assets

in

excess

of

liabilities

— 5.5%

26,098

NET

ASSETS

-

100.00%

$

473,239

(a) Variable

Rate

Demand

Notes

that

provide

the

rights

to

sell

the

security

at

face

value

on

either

that

day

or

within

the

rate-reset

period.

The

interest

rate

is

reset

on

the

put

date

at

a

stipulated

daily,

weekly,

monthly,

quarterly,

or

other

specified

time

interval

to

reflect

current

market

conditions.

These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description.

(b) Put

Bond.

(c) Currently

the

issuer

is

in

default

with

respect

to

interest

and/or

principal

payments.

(d) Rule

144A

security

or

other

security

that

is

restricted

as

to

resale

to

institutional

investors.

As

of

February

28,

2026,

the

fair

value

of

these

securities

was

$3,108

(thousands)

and

amounted

to

0.7%

of

net

assets.

(e) Zero-coupon

bond.

AMT

—

Alternative

Minimum

Tax

Continuously

callable

—

Investment

is

continuously

callable

or

will

be

continuously

callable

on

any

date

after

the

first

call

date

until

its

maturity.

GO

—

General

Obligation

IDA

—

Industrial

Development

Authority

Victory

Portfolios

III

#### Victory

#### Virginia

#### Bond

#### Fund

Schedule

of

Portfolio

Investments

—

continued

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Credit

Enhancements

—Adds

the

financial

strength

of

the

provider

of

the

enhancement

to

support

the

issuer's

ability

to

repay

the

principal

and

interest

payments

when

due.

The

enhancement

may

be

provided

by

a

high-quality

bank,

insurance

company

or

other

corporation,

or

a

collateral

trust.

The

enhancements

do

not

guarantee

the

market

values

of

the

securities.

INS—Principal

and

interest

payments

are

insured

by

the

name

listed.

Although

bond

insurance

reduces

the

risk

of

loss

due

to

default

by

an

issuer,

such

bonds

remain

subject

to

the

risk

that

value

may

fluctuate

for

other

reasons,

and

there

is

no

assurance

that

the

insurance

company

will

meet

its

obligations.

LIQ—Liquidity

enhancement

that

may,

under

certain

circumstances,

provide

for

repayment

of

principal

and

interest

upon

demand

from

the

name

listed.

LOC—Principal

and

interest

payments

are

guaranteed

by

a

bank

letter

of

credit

or

other

bank

credit

agreement.

NBGA—Principal

and

interest

payments

or,

under

certain

circumstances,

underlying

mortgages

are

guaranteed

by

a

nonbank

guarantee

agreement

from

the

name

listed.

Statements

of

Assets

and

Liabilities

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Portfolios

III

(Amounts

in

Thousands,

Except

Per

Share

Amounts)

Victory

California

Bond

Fund

Victory

Government

Securities

Fund

Victory

Growth

and

Tax

Strategy

Fund

Assets:

Investments,

at

value

(Cost

$403,289,

$1,203,616

and

$589,785)

$

401,559

$

1,203,370(a)

$

891,685(b)

Repurchase

agreements,

at

value

(Cost

$—,

$12,000

and

$—)

—

12,000

—

Cash

1,761

683

Receivables:

Dividends,

interest,

and

securities

lending

income

4,360

5,877

5,953

Capital

shares

issued

Investments

sold

—

—

From

Adviser

—

Reclaims

—

—

—(c)

Prepaid

expenses

—(c)

Total

Assets

407,705

1,221,771

898,574

Liabilities:

Payables:

Collateral

received

on

loaned

securities

—

Distributions

—

—

Investments

purchased

—

9,003

3,213

Capital

shares

redeemed

1,054

Accrued

expenses

and

other

payables:

Investment

advisory

fees

Administration

fees

Custodian

fees

—(c)

Transfer

agent

fees

Compliance

fees

—(c)

Trustees'

fees

12b-1

fees

—(c)

—

Other

accrued

expenses

Total

Liabilities

10,902

4,088

Commitments

and

contingencies

(Note

5)

Net

Assets:

Capital

429,944

1,255,299

588,982

Total

accumulated

earnings

(loss)

(22,737)

(44,430)

305,504

Net

Assets

$

407,207

$

1,210,869

$

894,486

Net

Assets:

Fund

Shares

$

402,864

$

229,609

$

774,394

Institutional

Shares

3,512

881,649

80,874

Class

A

831

—

21,168

Class

C

—

—

18,050

Class

R6

—

99,611

—

Total

$

407,207

$

1,210,869

$

894,486

Shares

(unlimited

number

of

shares

authorized

with

no

par

value):

Fund

Shares

38,734

25,207

25,404

Institutional

Shares

96,767

2,656

Class

A

—

697

Class

C

—

—

600

Class

R6

—

10,930

—

Total

39,152

132,904

29,357

Net

asset

value,

offering

and

redemption

price

per

share:(d)

Fund

Shares

$

10.40 $

9.11 $

30.48 Institutional

Shares

10.40 9.11 30.45 Class

A

10.39 —

30.37 Class

C(e)

—

—

30.07 Class

R6

—

9.11 —

Maximum

Sales

Charge

—

Class

A

2.25%

–%

2.25%

Maximum

offering

price

(100%/(100%-maximum

sales

charge)

of

net

asset

value

adjusted

to

the

nearest

cent)

per

share

—

Class

A

$

10.63 $

—

$

31.07 (a) Includes

$428

thousand

of

securities

on

loan.

(b) Includes

$344

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.

(e) Redemption

price

per

share

varies

by

length

of

time

shares

are

held.

Statements

of

Assets

and

Liabilities

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Portfolios

III

(Amounts

in

Thousands,

Except

Per

Share

Amounts)

Victory

New

York

Bond

Fund

Victory

Virginia

Bond

Fund

Assets:

Investments,

at

value

(Cost

$109,924

and

$474,974)

$

105,041

$

447,141

Cash

16,841

Receivables:

Interest

1,058

5,776

Capital

shares

issued

—(a)

5,006

From

Adviser

Prepaid

expenses

—(a)

—(a)

Total

Assets

106,540

474,777

Liabilities:

Payables:

Distributions

Capital

shares

redeemed

1,179

Accrued

expenses

and

other

payables:

Investment

advisory

fees

Administration

fees

Custodian

fees

—(a)

—(a)

Transfer

agent

fees

Compliance

fees

—(a)

—(a)

Trustees'

fees

12b-1

fees

—

Other

accrued

expenses

Total

Liabilities

1,538

Commitments

and

contingencies

(Note

5)

Net

Assets:

Capital

118,238

520,045

Total

accumulated

earnings

(loss)

(11,890)

(46,806)

Net

Assets

$

106,348

$

473,239

Net

Assets:

Fund

Shares

$

102,298

$

440,625

Institutional

Shares

4,050

24,552

Class

A

—

8,062

Total

$

106,348

$

473,239

Shares

(unlimited

number

of

shares

authorized

with

no

par

value):

Fund

Shares

9,412

41,833

Institutional

Shares

2,330

Class

A

—

766

Total

9,785

44,929

Net

asset

value,

offering

and

redemption

price

per

share:(b)

Fund

Shares

$

10.87 $

10.53 Institutional

Shares

10.85 10.54 Class

A

—

10.53 Maximum

Sales

Charge

—

Class

A

–%

2.25%

Maximum

offering

price

(100%/(100%-maximum

sales

charge)

of

net

asset

value

adjusted

to

the

nearest

cent)

per

share

—

Class

A

$

—

$

10.77 (a) Rounds

to

less

than

$1

thousand.

(b) Per

share

amount

may

not

recalculate

due

to

rounding

of

net

assets

and/or

shares

outstanding.

Statements

of

Operations

For

the

Year

Ended

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Portfolios

III

(Amounts

in

Thousands)

Victory

California

Bond

Fund

Victory

Government

Securities

Fund

Victory

Growth

and

Tax

Strategy

Fund

Investment

Income:

Dividends

$

—

$

$

4,624

Interest

16,657

47,685

18,667

Securities

lending

(net

of

fees)

—

—(a)

—(a)

Foreign

tax

withholding

—

—

—(a)

Total

Income

16,657

47,749

23,291

Expenses:

Investment

advisory

fees

1,232

1,894

2,494

Administration

fees

—

Fund

Shares

617

1,117

Administration

fees

—

Institutional

Shares

840

Administration

fees

—

Class

A

—

Administration

fees

—

Class

C

—

—

Administration

fees

—

Class

R6

—

—

Sub-Administration

fees

12b-1

fees

—

Class

A

—

12b-1

fees

—

Class

C

—

—

Custodian

fees

Transfer

agent

fees

—

Fund

Shares

Transfer

agent

fees

—

Institutional

Shares

875

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

—(a)

Interfund

lending

fees

—

—(a)

Line

of

credit

fees

—

—(a)

—(a)

Other

expenses

Recoupment

of

prior

expenses

waived/reimbursed

by

Adviser

—

Total

Expenses

2,155

4,606

4,793

Less

fees

paid

indirectly

(18) —

(19) Expenses

waived/reimbursed

by

Adviser

(58) —(a)

(25) Net

Expenses

2,079

4,606

4,749

Net

Investment

Income

(Loss)

14,578

43,143

18,542

Realized/Unrealized

Gains

(Losses)

from

Investments:

Net

realized

gains

(losses)

from

investment

securities

(2,700)

(455) (483) Net

realized

gains

(losses)

from

in-kind

redemptions

—

—

102,531

Net

change

in

unrealized

appreciation/depreciation

on

investment

securities

1,786

29,538

(37,764)

Net

realized/unrealized

gains

(losses)

on

investments

(914) 29,083

64,284

Change

in

net

assets

resulting

from

operations

$

13,664

$

72,226

$

82,826

(a) Rounds

to

less

than

$1

thousand.

Statements

of

Operations

For

the

Year

Ended

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Portfolios

III

(Amounts

in

Thousands)

Victory

New

York

Bond

Fund

Victory

Virginia

Bond

Fund

Investment

Income:

Interest

$

4,559

$

17,875

Total

Income

4,559

17,875

Expenses:

Investment

advisory

fees

1,591

Administration

fees

—

Fund

Shares

648

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

—(a)

—(a)

Other

expenses

Total

Expenses

827

2,684

Less

fees

paid

indirectly

(5) (20) Expenses

waived/reimbursed

by

Adviser

(134) (83) Net

Expenses

688

2,581

Net

Investment

Income

(Loss)

3,871

15,294

Realized/Unrealized

Gains

(Losses)

from

Investments:

Net

realized

gains

(losses)

from

investment

securities

(1,591)

(4,086)

Net

change

in

unrealized

appreciation/depreciation

on

investment

securities

794

2,592

Net

realized/unrealized

gains

(losses)

on

investments

(797) (1,494)

Change

in

net

assets

resulting

from

operations

$

3,074

$

13,800

(a) Rounds

to

less

than

$1

thousand.

(Amounts

in

Thousands)

Victory

Portfolios

III

Statements

of

Changes

in

Net

Assets

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

California

Bond

Fund

Victory

Government

Securities

Fund

Victory

Growth

and

Tax

Strategy

Fund

Year

Ended

February

28,

2026

Year

Ended

February

28,

2025

Year

Ended

February

28,

2026

Year

Ended

February

28,

2025

Year

Ended

February

28,

2026

Year

Ended

February

28,

2025

From

Investment

Activities:

Operations:

Net

Investment

Income

(Loss)

$

14,578

$

15,023

$

43,143

$

38,855

$

18,542

$

17,004

Net

realized

gains

(losses)

(2,700)

(569)

(455)

(4,084)

102,048

8,132

Net

change

in

unrealized

appreciation/depreciation

1,786

(733)

29,538

24,984

(37,764)

62,302

Change

in

net

assets

resulting

from

operations

13,664

13,721

72,226

59,755

82,826

87,438

Distributions

to

Shareholders:

Fund

Shares

(14,456)

(14,904)

(8,580)

(8,570)

(15,227)

(16,689)

Institutional

Shares

(118)

(93)

(32,609)

(29,919)

(1,580)

(1,876)

Class

A

(20)

(11)

—

—

(347)

(390)

Class

C

—

—

—

—

(186)

(177)

Class

R6

—

—

(2,752)

(1,180)

—

—

Change

in

net

assets

resulting

from

distributions

to

shareholders

(14,594)

(15,008)

(43,941)

(39,669)

(17,340)

(19,132)

Change

in

net

assets

resulting

from

capital

transactions

(46,294)

(42,956)

80,289

69,204

(33,303)

(3,796)

Change

in

net

assets

(47,224)

(44,243)

108,574

89,290

32,183

64,510

Net

Assets:

Beginning

of

period

454,431

498,674

1,102,295

1,013,005

862,303

797,793

End

of

period

$

407,207

$

454,431

$

1,210,869

$

1,102,295

$

894,486

$

862,303

(Amounts

in

Thousands)

Victory

Portfolios

III

Statements

of

Changes

in

Net

Assets

(continued)

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

California

Bond

Fund

Victory

Government

Securities

Fund

Victory

Growth

and

Tax

Strategy

Fund

Year

Ended

February

28,

2026

Year

Ended

February

28,

2025

Year

Ended

February

28,

2026

Year

Ended

February

28,

2025

Year

Ended

February

28,

2026

Year

Ended

February

28,

2025

Capital

Transactions:

Fund

Shares

Proceeds

from

shares

issued

$

12,861

$

10,292

$

38,575

$

25,988

$

42,579

$

68,085

Distributions

reinvested

12,154

12,737

8,074

8,135

14,531

15,921

Cost

of

shares

redeemed

(72,201)

(66,200)

(50,221)

(51,748)

(86,255)

(82,155)

Total

Fund

Shares

$

(47,186)

$

(43,171)

$

(3,572)

$

(17,625)

$

(29,145)

$

1,851

Institutional

Shares

Proceeds

from

shares

issued

$

1,993

$

1,140

$

84,027

$

80,074

$

125,332

$

15,896

Distributions

reinvested

32,504

29,919

630

603

Cost

of

shares

redeemed

(1,675)

(937)

(82,624)

(52,780)

(131,130)

(22,609)

Total

Institutional

Shares

$

$

$

33,907

$

57,213

$

(5,168)

$

(6,110)

Class

A

Proceeds

from

shares

issued

$

743

$

$

—

$

—

$

6,800

$

11,703

Distributions

reinvested

—

—

Cost

of

shares

redeemed

(303)

(129)

—

—

(7,366)

(13,553)

Total

Class

A

$

$

(80)

$

—

$

—

$

(315)

$

(1,627)

Class

C

Proceeds

from

shares

issued

$

—

$

—

$

—

$

—

$

3,499

$

3,443

Distributions

reinvested

—

—

—

—

Cost

of

shares

redeemed

—

—

—

—

(2,346)

(1,517)

Total

Class

C

$

—

$

—

$

—

$

—

$

1,325

$

2,090

Class

R6

Proceeds

from

shares

issued

$

—

$

—

$

68,929

$

40,056

$

—

$

—

Distributions

reinvested

—

—

2,640

1,180

—

—

Cost

of

shares

redeemed

—

—

(21,615)

(11,620)

—

—

Total

Class

R6

$

—

$

—

$

49,954

$

29,616

$

—

$

—

Change

in

net

assets

resulting

from

capital

transactions

$

(46,294)

$

(42,956)

$

80,289

$

69,204

$

(33,303)

$

(3,796)

Share

Transactions:

Fund

Shares

Issued

1,274

990

4,308

2,954

1,481

2,489

Reinvested

1,204

1,227

901

925

507

591

Redeemed

(7,177)

(6,364)

(5,620)

(5,884)

(3,013)

(3,013)

Total

Fund

Shares

(4,699)

(4,147)

(411)

(2,005)

(1,025)

Institutional

Shares

Issued

9,363

9,096

4,251

582

Reinvested

3,627

3,416

Redeemed

(165)

(90)

(9,175)

(5,993)

(4,470)

(825)

Total

Institutional

Shares

3,815

6,519

(197)

(221)

Class

A

Issued

—

—

Reinvested

—

—

Redeemed

(30)

(13)

—

—

(261)

(504)

Total

Class

A

(8)

—

—

(16)

(65)

Class

C

Issued

—

—

—

—

Reinvested

—

—

—

—

Redeemed

—

—

—

—

(82)

(56)

Total

Class

C

—

—

—

—

Class

R6

Issued

—

—

7,688

4,538

—

—

Reinvested

—

—

—

—

Redeemed

—

—

(2,414)

(1,321)

—

—

Total

Class

R6

—

—

5,568

3,352

—

—

Change

in

Shares

(4,606)

(4,125)

8,972

7,866

(1,190)

(142)

(Amounts

in

Thousands)

Victory

Portfolios

III

Statements

of

Changes

in

Net

Assets

(continued)

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

New

York

Bond

Fund

Victory

Virginia

Bond

Fund

Year

Ended

February

28,

2026

Year

Ended

February

28,

2025

Year

Ended

February

28,

2026

Year

Ended

February

28,

2025

From

Investment

Activities:

Operations:

Net

Investment

Income

(Loss)

$

3,871

$

4,246

$

15,294

$

15,329

Net

realized

gains

(losses)

(1,591)

792

(4,086)

Net

change

in

unrealized

appreciation/depreciation

794

(18)

2,592

2,059

Change

in

net

assets

resulting

from

operations

3,074

5,020

13,800

17,471

Distributions

to

Shareholders:

Fund

Shares

(3,719)

(4,010)

(14,128)

(14,226)

Institutional

Shares

(152)

(234)

(887)

(810)

Class

A

—

(2)

(a) (299)

(293)

Change

in

net

assets

resulting

from

distributions

to

shareholders

(3,871)

(4,246)

(15,314)

(15,329)

Change

in

net

assets

resulting

from

capital

transactions

(9,148)

(14,657)

(36,210)

(24,681)

Change

in

net

assets

(9,945)

(13,883)

(37,724)

(22,539)

Net

Assets:

Beginning

of

period

116,293

130,176

510,963

533,502

End

of

period

$

106,348

$

116,293

$

473,239

$

510,963

(a) Class

A

activity

is

for

the

period

March

1,

2024,

to

January

30,

2025

(date

of

termination).

(Amounts

in

Thousands)

Victory

Portfolios

III

Statements

of

Changes

in

Net

Assets

(continued)

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

New

York

Bond

Fund

Victory

Virginia

Bond

Fund

Year

Ended

February

28,

2026

Year

Ended

February

28,

2025

Year

Ended

February

28,

2026

Year

Ended

February

28,

2025

Capital

Transactions:

Fund

Shares

Proceeds

from

shares

issued

$

12,101

$

17,026

$

45,471

$

27,694

Distributions

reinvested

2,909

3,175

11,908

12,260

Cost

of

shares

redeemed

(23,703)

(30,627)

(89,832)

(63,189)

Total

Fund

Shares

$

(8,693)

$

(10,426)

$

(32,453)

$

(23,235)

Institutional

Shares

Proceeds

from

shares

issued

$

1,621

$

2,405

$

12,646

$

6,907

Distributions

reinvested

818

706

Cost

of

shares

redeemed

(2,226)

(6,739)

(15,266)

(7,720)

Total

Institutional

Shares

$

(455)

$

(4,118)

$

(1,802)

$

(107)

Class

A

Proceeds

from

shares

issued

$

—

$

(a) $

1,082

$

681

Distributions

reinvested

—

—

(a) (b) 289

Cost

of

shares

redeemed

—

(150)

(a) (3,326)

(2,296)

Total

Class

A

$

—

$

(113)

$

(1,955)

$

(1,339)

Change

in

net

assets

resulting

from

capital

transactions

$

(9,148)

$

(14,657)

$

(36,210)

$

(24,681)

Share

Transactions:

Fund

Shares

Issued

1,144

1,564

4,398

2,638

Reinvested

1,162

1,169

Redeemed

(2,249)

(2,805)

(8,795)

(6,028)

Total

Fund

Shares

(829)

(949)

(3,235)

(2,221)

Institutional

Shares

Issued

1,238

659

Reinvested

Redeemed

(215)

(621)

(1,506)

(734)

Total

Institutional

Shares

(48)

(381)

(188)

(8)

Class

A

Issued

—

(a) 105

Reinvested

—

—

(a) (c) 28

Redeemed

—

(14)

(a) (320)

(219)

Total

Class

A

—

(10)

(187)

(129)

Change

in

Shares

(877)

(1,340)

(3,610)

(2,358)

(a) Class

A

activity

is

for

the

period

March

1,

2024,

to

January

30,

2025

(date

of

termination).

(b) Rounds

to

less

than

$1

thousand.

(c) Rounds

to

less

than

thousand

shares.

Victory

Portfolios

III

Financial

Highlights

For

a

Share

Outstanding

Throughout

Each

Period

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

California

Bond

Fund

Fund

Shares

Year

Ended

February

28,

2026

Year

Ended

February

28,

2025

Year

Ended

February

29,

2024

Months

Ended

February

28,

2023(a)

Year

Ended

March

31,

2022

Year

Ended

March

31,

2021

Net

Asset

Value,

Beginning

of

Period

$10.39

$10.41

$10.16

$10.81

$11.49

$11.17

Investment

Activities:

Net

investment

income

(loss)(b)

0.35 0.34 0.33 0.29 0.27 0.27 Net

realized

and

unrealized

gains

(losses)

0.01(c)

(0.03)

0.25 (0.66)

(0.68)

0.32 Total

from

Investment

Activities

0.36 0.31 0.58 (0.37)

(0.41)

0.59 Distributions

to

Shareholders

from:

Net

investment

income

(0.35)

(0.33)

(0.33)

(0.28)

(0.27)

(0.27)

Total

Distributions

(0.35)

(0.33)

(0.33)

(0.28)

(0.27)

(0.27)

Net

Asset

Value,

End

of

Period

$10.40

$10.39

$10.41

$10.16

$10.81

$11.49

Total

Return(d)(e)

3.67%

3.02%

5.87%

(3.43)%

(3.64)%

5.36%

Ratios

to

Average

Net

Assets:

Net

Expenses(f)(g)

0.50%(h)

0.55%(h)

0.57%(h)

0.59%

0.55%

0.56%

Net

Investment

Income

(Loss)(f)

3.51%

3.17%

3.18%

3.04%

2.39%

2.40%

Gross

Expenses(f)(g)

0.51%(h)

0.56%(h)

0.58%(h)

0.59%

0.55%

0.56%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$402,864

$451,059

$495,521

$516,046

$606,474

$655,948

Portfolio

Turnover(d)(i)

11%

11%

2%

19%

11%

32%

(a) Effective

February

28,

2023,

the

Fund's

fiscal

year-end

changed

from

March

to

February

or

February

during

leap

years.

(b) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(c) The

amount

shown

reflects

a

net

realized

and

unrealized

gain

per

share,

whereas

the

statement

of

operations

reflected

a

net

realized

and

unrealized

loss

for

the

period

for

the

Fund

in

total.

The

difference

in

realized

and

unrealized

gains

and

losses

for

the

Fund

versus

the

class

is

due

to

the

timing

of

sales

and

repurchases

of

the

class

in

relation

to

fluctuating

market

values

during

the

period.

(d) Not

annualized

for

periods

less

than

one

year.

(e) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(f) Annualized

for

periods

less

than

one

year.

(g) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(h) Reflects

total

annual

operating

expenses

before

reductions

of

any

expenses

paid

indirectly.

The

Fund's

expenses

paid

indirectly

decreased

the

expense

ratios

by

less

than

0.01%.

(i) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

Victory

Portfolios

III

For

a

Share

Outstanding

Throughout

Each

Period

Financial

Highlights

—

continued

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

California

Bond

Fund

Institutional

Shares

Year

Ended

February

28,

2026

Year

Ended

February

28,

2025

Year

Ended

February

29,

2024

Months

Ended

February

28,

2023(a)

Year

Ended

March

31,

2022

June

29,

2020(b)

through

March

31,

2021

Net

Asset

Value,

Beginning

of

Period

$10.38

$10.41

$10.16

$10.81

$11.48

$11.35

Investment

Activities:

Net

investment

income

(loss)(c)

0.36 0.33 0.33 0.30 0.28 0.21 Net

realized

and

unrealized

gains

(losses)

0.02(d)

(0.03)

0.26 (0.67)

(0.67)

0.13 Total

from

Investment

Activities

0.38 0.30 0.59 (0.37)

(0.39)

0.34 Distributions

to

Shareholders

from:

Net

investment

income

(0.36)

(0.33)

(0.34)

(0.28)

(0.28)

(0.21)

Total

Distributions

(0.36)

(0.33)

(0.34)

(0.28)

(0.28)

(0.21)

Net

Asset

Value,

End

of

Period

$10.40

$10.38

$10.41

$10.16

$10.81

$11.48

Total

Return(e)(f)

3.79%

2.97%

5.92%

(3.36)%

(3.50)%

3.01%

Ratios

to

Average

Net

Assets:

Net

Expenses(g)(h)(i)

0.48%(j)

0.51%(j)

0.52%(j)

0.51%

0.51%

0.50%

Net

Investment

Income

(Loss)(g)

3.54%

3.21%

3.22%

3.17%

2.43%

2.44%

Gross

Expenses(g)(i)

0.66%(j)

0.64%(j)

0.60%(j)

0.59%

0.58%

0.94%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$3,512

$3,020

$2,721

$1,515

$592

$911

Portfolio

Turnover(e)(k)

11%

11%

2%

19%

11%

32%

(a) Effective

February

28,

2023,

the

Fund's

fiscal

year-end

changed

from

March

to

February

or

February

during

leap

years.

(b) Commencement

of

operations.

(c) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(d) The

amount

shown

reflects

a

net

realized

and

unrealized

gain

per

share,

whereas

the

statement

of

operations

reflected

a

net

realized

and

unrealized

loss

for

the

period

for

the

Fund

in

total.

The

difference

in

realized

and

unrealized

gains

and

losses

for

the

Fund

versus

the

class

is

due

to

the

timing

of

sales

and

repurchases

of

the

class

in

relation

to

fluctuating

market

values

during

the

period.

(e) Not

annualized

for

periods

less

than

one

year.

(f) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(g) Annualized

for

periods

less

than

one

year.

(h) The

amount

of

any

waivers

or

reimbursements

and

the

amount

of

any

recoupment

are

calculated

without

regard

to

the

impact

of

any

performance

adjustment

to

the

Fund's

management

fee.

(i) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(j) 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%.

(k) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

Victory

Portfolios

III

Financial

Highlights

—

continued

For

a

Share

Outstanding

Throughout

Each

Period

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

California

Bond

Fund

Class

A

Year

Ended

February

28,

2026

Year

Ended

February

28,

2025

Year

Ended

February

29,

2024

Months

Ended

February

28,

2023(a)

Year

Ended

March

31,

2022

Year

Ended

March

31,

2021

Net

Asset

Value,

Beginning

of

Period

$10.37

$10.40

$10.15

$10.80

$11.47

$11.16

Investment

Activities:

Net

investment

income

(loss)(b)

0.33 0.31 0.30 0.26 0.25 0.25 Net

realized

and

unrealized

gains

(losses)

0.02(c)

(0.03)

0.26 (0.66)

(0.67)

0.31 Total

from

Investment

Activities

0.35 0.28 0.56 (0.40)

(0.42)

0.56 Distributions

to

Shareholders

from:

Net

investment

income

(0.33)

(0.31)

(0.31)

(0.25)

(0.25)

(0.25)

Total

Distributions

(0.33)

(0.31)

(0.31)

(0.25)

(0.25)

(0.25)

Net

Asset

Value,

End

of

Period

$10.39

$10.37

$10.40

$10.15

$10.80

$11.47

Total

Return(d)(e)

3.50%

2.69%

5.66%

(3.69)%

(3.78)%

5.01%

Ratios

to

Average

Net

Assets:

Net

Expenses(f)(g)

0.76%(h)

0.78%(h)

0.78%(h)

0.89%

0.79%

0.81%

Net

Investment

Income

(Loss)(f)

3.25%

2.95%

2.99%

2.73%

2.15%

2.15%

Gross

Expenses(f)(g)

1.63%(h)

1.52%(h)

0.86%(h)

0.97%

0.85%

0.88%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$831

$352

$432

$533

$1,098

$6,783

Portfolio

Turnover(d)(i)

11%

11%

2%

19%

11%

32%

(a) Effective

February

28,

2023,

the

Fund's

fiscal

year-end

changed

from

March

to

February

or

February

during

leap

years.

(b) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(c) The

amount

shown

reflects

a

net

realized

and

unrealized

gain

per

share,

whereas

the

statement

of

operations

reflected

a

net

realized

and

unrealized

loss

for

the

period

for

the

Fund

in

total.

The

difference

in

realized

and

unrealized

gains

and

losses

for

the

Fund

versus

the

class

is

due

to

the

timing

of

sales

and

repurchases

of

the

class

in

relation

to

fluctuating

market

values

during

the

period.

(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) Reflects

total

annual

operating

expenses

before

reductions

of

any

expenses

paid

indirectly.

The

Fund's

expenses

paid

indirectly

decreased

the

expense

ratios

by

less

than

0.01%.

(i) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

Victory

Portfolios

III

For

a

Share

Outstanding

Throughout

Each

Period

Financial

Highlights

—

continued

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Government

Securities

Fund

Fund

Shares

Year

Ended

February

28,

2026

Year

Ended

February

28,

2025

Year

Ended

February

29,

2024

Nine

Months

Ended

February

28,

2023(a)

Year

Ended

May

31,

2022

Year

Ended

May

31,

2021

Net

Asset

Value,

Beginning

of

Period

$8.89

$8.73

$8.76

$9.19

$10.03

$10.23

Investment

Activities:

Net

investment

income

(loss)(b)

0.33 0.32 0.28 0.15 0.15 0.21 Net

realized

and

unrealized

gains

(losses)

0.23 0.16 (0.02)

(0.42)

(0.71)

(0.15)

Total

from

Investment

Activities

0.56 0.48 0.26 (0.27)

(0.56)

0.06 Distributions

to

Shareholders

from:

Net

investment

income

(0.34)

(0.32)

(0.29)

(0.16)

(0.17)

(0.22)

Net

realized

gains

—

—

—

—

(0.11)

(0.04)

Total

Distributions

(0.34)

(0.32)

(0.29)

(0.16)

(0.28)

(0.26)

Net

Asset

Value,

End

of

Period

$9.11

$8.89

$8.73

$8.76

$9.19

$10.03

Total

Return(c)(d)

6.42%

5.65%

2.96%

(3.00)%

(5.71)%

0.56%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

0.48%

0.51%

0.53%

0.53%

0.42%

0.41%

Net

Investment

Income

(Loss)(e)

3.72%

3.61%

3.17%

2.20%

1.56%

2.04%

Gross

Expenses(e)(f)

0.48%

0.51%

0.53%

0.53%

0.42%

0.41%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$229,609

$227,803

$241,030

$255,105

$272,233

$327,111

Portfolio

Turnover(c)(g)

20%

20%

36%

27%

34%

15%

(a) Effective

February

28,

2023,

the

Fund's

fiscal

year-end

changed

from

May

to

February

or

February

during

leap

years.

(b) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(c) Not

annualized

for

periods

less

than

one

year.

(d) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(e) Annualized

for

periods

less

than

one

year.

(f) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(g) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

Victory

Portfolios

III

Financial

Highlights

—

continued

For

a

Share

Outstanding

Throughout

Each

Period

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Government

Securities

Fund

Institutional

Shares

Year

Ended

February

28,

2026

Year

Ended

February

28,

2025

Year

Ended

February

29,

2024

Nine

Months

Ended

February

28,

2023(a)

Year

Ended

May

31,

2022

Year

Ended

May

31,

2021

Net

Asset

Value,

Beginning

of

Period

$8.89

$8.73

$8.76

$9.20

$10.04

$10.23

Investment

Activities:

Net

investment

income

(loss)(b)

0.33 0.33 0.29 0.15 0.16 0.22 Net

realized

and

unrealized

gains

(losses)

0.24 0.16 (0.02)

(0.43)

(0.71)

(0.14)

Total

from

Investment

Activities

0.57 0.49 0.27 (0.28)

(0.55)

0.08 Distributions

to

Shareholders

from:

Net

investment

income

(0.35)

(0.33)

(0.30)

(0.16)

(0.18)

(0.23)

Net

realized

gains

—

—

—

—

(0.11)

(0.04)

Total

Distributions

(0.35)

(0.33)

(0.30)

(0.16)

(0.29)

(0.27)

Net

Asset

Value,

End

of

Period

$9.11

$8.89

$8.73

$8.76

$9.20

$10.04

Total

Return(c)(d)

6.51%

5.76%

3.08%

(3.03)%

(5.64)%

0.75%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

0.40%

0.41%

0.42%

0.42%

0.35%

0.32%

Net

Investment

Income

(Loss)(e)

3.81%

3.71%

3.29%

2.31%

1.61%

2.12%

Gross

Expenses(e)(f)

0.40%

0.41%

0.42%

0.42%

0.35%

0.32%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$881,649

$826,782

$754,424

$691,136

$771,104

$545,930

Portfolio

Turnover(c)(g)

20%

20%

36%

27%

34%

15%

(a) Effective

February

28,

2023,

the

Fund's

fiscal

year-end

changed

from

May

to

February

or

February

during

leap

years.

(b) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(c) Not

annualized

for

periods

less

than

one

year.

(d) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(e) Annualized

for

periods

less

than

one

year.

(f) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(g) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

Victory

Portfolios

III

For

a

Share

Outstanding

Throughout

Each

Period

Financial

Highlights

—

continued

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Government

Securities

Fund

Class

R6

Year

Ended

February

28,

2026

Year

Ended

February

28,

2025

Year

Ended

February

29,

2024

Nine

Months

Ended

February

28,

2023(a)

Year

Ended

May

31,

2022

Year

Ended

May

31,

2021

Net

Asset

Value,

Beginning

of

Period

$8.90

$8.73

$8.76

$9.20

$10.01

$10.22

Investment

Activities:

Net

investment

income

(loss)(b)

0.34 0.33 0.30 0.17 0.16 0.23 Net

realized

and

unrealized

gains

(losses)

0.23 0.18 (0.03)

(0.44)

(0.67)

(0.15)

Total

from

Investment

Activities

0.57 0.51 0.27 (0.27)

(0.51)

0.08 Distributions

to

Shareholders

from:

Net

investment

income

(0.36)

(0.34)

(0.30)

(0.17)

(0.19)

(0.25)

Net

realized

gains

—

—

—

—

(0.11)

(0.04)

Total

Distributions

(0.36)

(0.34)

(0.30)

(0.17)

(0.30)

(0.29)

Net

Asset

Value,

End

of

Period

$9.11

$8.90

$8.73

$8.76

$9.20

$10.01

Total

Return(c)(d)

6.50%

5.93%

3.14%

(2.96)%

(5.26)%

0.75%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

0.28%

0.37%(g)

0.37%(g)

0.34%(g)

0.26%(g)

0.31%

Net

Investment

Income

(Loss)(e)

3.93%

3.78%

3.49%

2.55%

1.65%

2.30%

Gross

Expenses(e)(f)

0.28%

0.37%

0.44%

1.81%

3.55%

0.46%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$99,611

$47,710

$17,551

$4,016

$531

$167

Portfolio

Turnover(c)(h)

20%

20%

36%

27%

34%

15%

(a) Effective

February

28,

2023,

the

Fund's

fiscal

year-end

changed

from

May

to

February

or

February

during

leap

years.

(b) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(c) Not

annualized

for

periods

less

than

one

year.

(d) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(e) Annualized

for

periods

less

than

one

year.

(f) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(g) Includes

impact

of

voluntary

waiver.

Without

this

voluntary

waiver,

the

net

expense

ratio

for

the

year

ended

May

31,

2022,

nine

months

ended

February

28,

2023,

year

ended

February

29,

2024,

and

year

ended

February

28,

2025,

would

have

been

0.22%,

0.15%,

less

than

0.01%

higher

and

less

than

0.01%

higher,

respectively.

(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

Growth

and

Tax

Strategy

Fund

Fund

Shares

Year

Ended

February

28,

2026

Year

Ended

February

28,

2025

Year

Ended

February

29,

2024

Nine

Months

Ended

February

28,

2023(a)

Year

Ended

May

31,

2022

Year

Ended

May

31,

2021

Net

Asset

Value,

Beginning

of

Period

$28.24

$26.01

$22.61

$23.66

$25.25

$20.96

Investment

Activities:

Net

investment

income

(loss)(b)

0.63 0.56 0.55 0.38 0.42 0.43 Net

realized

and

unrealized

gains

(losses)

2.20 2.30 3.38 (1.15)

(1.60)

4.29 Total

from

Investment

Activities

2.83 2.86 3.93 (0.77)

(1.18)

4.72 Distributions

to

Shareholders

from:

Net

investment

income

(0.59)

(0.63)

(0.53)

(0.28)

(0.41)

(0.43)

Total

Distributions

(0.59)

(0.63)

(0.53)

(0.28)

(0.41)

(0.43)

Net

Asset

Value,

End

of

Period

$30.48

$28.24

$26.01

$22.61

$23.66

$25.25

Total

Return(c)(d)

10.17%

11.15%

17.68%

(3.24)%

(4.80)%

22.79%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

0.52%(g)

0.50%(g)

0.51%(g)

0.54%

0.58%

0.59%

Net

Investment

Income

(Loss)(e)

2.19%

2.06%

2.31%

2.26%

1.64%

1.86%

Gross

Expenses(e)(f)

0.52%(g)

0.50%(g)

0.51%(g)

0.54%

0.58%

0.59%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$774,394

$746,342

$685,562

$620,529

$694,234

$701,841

Portfolio

Turnover(c)(h)

16%(i)

17%

13%

15%

14%

11%

(a) Effective

February

28,

2023,

the

Fund's

fiscal

year-end

changed

from

May

to

February

or

February

during

leap

years.

(b) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(c) Not

annualized

for

periods

less

than

one

year.

(d) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(e) Annualized

for

periods

less

than

one

year.

(f) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(g) Reflects

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%.

(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

For

a

Share

Outstanding

Throughout

Each

Period

Financial

Highlights

—

continued

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Growth

and

Tax

Strategy

Fund

Institutional

Shares

Year

Ended

February

28,

2026

Year

Ended

February

28,

2025

Year

Ended

February

29,

2024

Nine

Months

Ended

February

28,

2023(a)

Year

Ended

May

31,

2022

June

29,

2020(b)

through

May

31,

2021

Net

Asset

Value,

Beginning

of

Period

$28.21

$25.98

$22.59

$23.65

$25.24

$21.05

Investment

Activities:

Net

investment

income

(loss)(c)

0.62 0.55 0.54 0.38 0.42 0.40 Net

realized

and

unrealized

gains

(losses)

2.20 2.30 3.38 (1.16)

(1.60)

4.12 Total

from

Investment

Activities

2.82 2.85 3.92 (0.78)

(1.18)

4.52 Distributions

to

Shareholders

from:

Net

investment

income

(0.58)

(0.62)

(0.53)

(0.28)

(0.41)

(0.33)

Total

Distributions

(0.58)

(0.62)

(0.53)

(0.28)

(0.41)

(0.33)

Net

Asset

Value,

End

of

Period

$30.45

$28.21

$25.98

$22.59

$23.65

$25.24

Total

Return(d)(e)

10.14%

11.12%

17.63%

(3.28)%

(4.79)%

21.62%

Ratios

to

Average

Net

Assets:

Net

Expenses(f)(g)(h)

0.56%(i)

0.54%(i)

0.54%(i)

0.55%

0.57%

0.56%

Net

Investment

Income

(Loss)(f)

2.16%

2.03%

2.28%

2.25%

1.65%

1.80%

Gross

Expenses(f)(h)

0.56%(i)

0.55%(i)

0.54%(i)

0.57%

0.57%

0.59%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$80,874

$80,501

$79,867

$52,018

$64,446

$55,541

Portfolio

Turnover(d)(j)

16%(k)

17%

13%

15%

14%

11%

(a) Effective

February

28,

2023,

the

Fund's

fiscal

year-end

changed

from

May

to

February

or

February

during

leap

years.

(b) Commencement

of

operations.

(c) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(d) Not

annualized

for

periods

less

than

one

year.

(e) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(f) Annualized

for

periods

less

than

one

year.

(g) The

amount

of

any

waivers

or

reimbursements

and

the

amount

of

any

recoupment

are

calculated

without

regard

to

the

impact

of

any

performance

adjustment

to

the

Fund's

management

fee.

(h) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(i) Reflects

total

annual

operating

expenses

before

reductions

of

any

expenses

paid

indirectly.

The

Fund's

expenses

paid

indirectly

decreased

the

expense

ratios

by

less

than

0.01%.

(j) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

(k) Excludes

impact

of

in-kind

transactions.

Victory

Portfolios

III

Financial

Highlights

—

continued

For

a

Share

Outstanding

Throughout

Each

Period

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Growth

and

Tax

Strategy

Fund

Class

A

Year

Ended

February

28,

2026

Year

Ended

February

28,

2025

Year

Ended

February

29,

2024

Nine

Months

Ended

February

28,

2023(a)

Year

Ended

May

31,

2022

June

29,

2020(b)

through

May

31,

2021

Net

Asset

Value,

Beginning

of

Period

$28.14

$25.92

$22.54

$23.59

$25.22

$21.05

Investment

Activities:

Net

investment

income

(loss)(c)

0.54 0.47 0.47 0.33 0.36 0.31 Net

realized

and

unrealized

gains

(losses)

2.20 2.30 3.37 (1.16)

(1.62)

4.16 Total

from

Investment

Activities

2.74 2.77 3.84 (0.83)

(1.26)

4.47 Distributions

to

Shareholders

from:

Net

investment

income

(0.51)

(0.55)

(0.46)

(0.22)

(0.37)

(0.30)

Total

Distributions

(0.51)

(0.55)

(0.46)

(0.22)

(0.37)

(0.30)

Net

Asset

Value,

End

of

Period

$30.37

$28.14

$25.92

$22.54

$23.59

$25.22

Total

Return(d)(e)

9.85%

10.80%

17.29%

(3.50)%

(5.10)%

21.35%

Ratios

to

Average

Net

Assets:

Net

Expenses(f)(g)(h)

0.83%(i)

0.83%(i)

0.83%(i)

0.85%

0.86%

0.86%

Net

Investment

Income

(Loss)(f)

1.88%

1.74%

1.98%

1.97%

1.42%

1.38%

Gross

Expenses(f)(h)

0.90%(i)

0.91%(i)

0.93%(i)

1.06%

1.03%

13.45%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$21,168

$20,063

$20,154

$11,836

$9,754

$525

Portfolio

Turnover(d)(j)

16%(k)

17%

13%

15%

14%

11%

(a) Effective

February

28,

2023,

the

Fund's

fiscal

year-end

changed

from

May

to

February

or

February

during

leap

years.

(b) Commencement

of

operations.

(c) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(d) Not

annualized

for

periods

less

than

one

year.

(e) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

Excludes

any

applicable

sales

charges,

including

contingent

deferred

sales

charges.

Total

return

would

be

reduced

if

sales

charges

were

taken

into

account.

(f) Annualized

for

periods

less

than

one

year.

(g) The

amount

of

any

waivers

or

reimbursements

and

the

amount

of

any

recoupment

are

calculated

without

regard

to

the

impact

of

any

performance

adjustment

to

the

Fund's

management

fee.

(h) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(i) Reflects

total

annual

operating

expenses

before

reductions

of

any

expenses

paid

indirectly.

The

Fund's

expenses

paid

indirectly

decreased

the

expense

ratios

by

less

than

0.01%.

(j) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

(k) Excludes

impact

of

in-kind

transactions.

Victory

Portfolios

III

For

a

Share

Outstanding

Throughout

Each

Period

Financial

Highlights

—

continued

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Growth

and

Tax

Strategy

Fund

Class

C

Year

Ended

February

28,

2026

Year

Ended

February

28,

2025

Year

Ended

February

29,

2024

Nine

Months

Ended

February

28,

2023(a)

Year

Ended

May

31,

2022

June

29,

2020(b)

through

May

31,

2021

Net

Asset

Value,

Beginning

of

Period

$27.89

$25.70

$22.40

$23.46

$25.12

$21.05

Investment

Activities:

Net

investment

income

(loss)(c)

0.32 0.27 0.29 0.20 0.17 0.16 Net

realized

and

unrealized

gains

(losses)

2.18 2.28 3.33 (1.14)

(1.60)

4.13 Total

from

Investment

Activities

2.50 2.55 3.62 (0.94)

(1.43)

4.29 Distributions

to

Shareholders

from:

Net

investment

income

(0.32)

(0.36)

(0.32)

(0.12)

(0.23)

(0.22)

Total

Distributions

(0.32)

(0.36)

(0.32)

(0.12)

(0.23)

(0.22)

Net

Asset

Value,

End

of

Period

$30.07

$27.89

$25.70

$22.40

$23.46

$25.12

Total

Return(d)(e)

9.00%

10.00%

16.36%

(3.99)%

(5.78)%

20.47%

Ratios

to

Average

Net

Assets:

Net

Expenses(f)(g)(h)

1.57%(i)

1.58%(i)

1.58%(i)

1.59%

1.61%

1.60%

Net

Investment

Income

(Loss)(f)

1.14%

0.99%

1.24%

1.21%

0.66%

0.70%

Gross

Expenses(f)(h)

1.65%(i)

1.72%(i)

1.76%(i)

1.89%

1.67%

5.63%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$18,050

$15,397

$12,210

$5,619

$5,543

$1,221

Portfolio

Turnover(d)(j)

16%(k)

17%

13%

15%

14%

11%

(a) Effective

February

28,

2023,

the

Fund's

fiscal

year-end

changed

from

May

to

February

or

February

during

leap

years.

(b) Commencement

of

operations.

(c) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(d) Not

annualized

for

periods

less

than

one

year.

(e) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

Excludes

any

applicable

sales

charges,

including

contingent

deferred

sales

charges.

Total

return

would

be

reduced

if

sales

charges

were

taken

into

account.

(f) Annualized

for

periods

less

than

one

year.

(g) The

amount

of

any

waivers

or

reimbursements

and

the

amount

of

any

recoupment

are

calculated

without

regard

to

the

impact

of

any

performance

adjustment

to

the

Fund's

management

fee.

(h) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(i) Reflects

total

annual

operating

expenses

before

reductions

of

any

expenses

paid

indirectly.

The

Fund's

expenses

paid

indirectly

decreased

the

expense

ratios

by

less

than

0.01%.

(j) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

(k) Excludes

impact

of

in-kind

transactions.

Victory

Portfolios

III

Financial

Highlights

—

continued

For

a

Share

Outstanding

Throughout

Each

Period

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

New

York

Bond

Fund

Fund

Shares

Year

Ended

February

28,

2026

Year

Ended

February

28,

2025

Year

Ended

February

29,

2024

Months

Ended

February

28,

2023(a)

Year

Ended

March

31,

2022

Year

Ended

March

31,

2021

Net

Asset

Value,

Beginning

of

Period

$10.91

$10.85

$10.57

$11.39

$12.11

$11.80

Investment

Activities:

Net

investment

income

(loss)(b)

0.38 0.37 0.38 0.32 0.32 0.34 Net

realized

and

unrealized

gains

(losses)

(0.04)

0.06 0.28 (0.82)

(0.72)

0.31 Total

from

Investment

Activities

0.34 0.43 0.66 (0.50)

(0.40)

0.65 Distributions

to

Shareholders

from:

Net

investment

income

(0.38)

(0.37)

(0.38)

(0.32)

(0.32)

(0.34)

Total

Distributions

(0.38)

(0.37)

(0.38)

(0.32)

(0.32)

(0.34)

Net

Asset

Value,

End

of

Period

$10.87

$10.91

$10.85

$10.57

$11.39

$12.11

Total

Return(c)(d)

3.31%

4.08%

6.36%

(4.38)%

(3.40)%

5.61%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

0.65%(g)

0.66%(g)

0.63%(g)

0.67%

0.64%

0.66%

Net

Investment

Income

(Loss)(e)

3.63%

3.45%

3.55%

3.25%

2.65%

2.87%

Gross

Expenses(e)(f)

0.77%(g)

0.77%(g)

0.70%(g)

0.71%

0.64%

0.66%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$102,298

$111,708

$121,382

$139,084

$170,335

$207,085

Portfolio

Turnover(c)(h)

8%

4%

4%

15%

10%

19%

(a) Effective

February

28,

2023,

the

Fund's

fiscal

year-end

changed

from

March

to

February

or

February

during

leap

years.

(b) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(c) Not

annualized

for

periods

less

than

one

year.

(d) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(e) Annualized

for

periods

less

than

one

year.

(f) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(g) Reflects

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%.

(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

New

York

Bond

Fund

Institutional

Shares

Year

Ended

February

28,

2026

Year

Ended

February

28,

2025

Year

Ended

February

29,

2024

Months

Ended

February

28,

2023(a)

Year

Ended

March

31,

2022

June

29,

2020(b)

through

March

31,

2021

Net

Asset

Value,

Beginning

of

Period

$10.88

$10.82

$10.56

$11.38

$12.10

$11.94

Investment

Activities:

Net

investment

income

(loss)(c)

0.39 0.38 0.38 0.32 0.33 0.26 Net

realized

and

unrealized

gains

(losses)

(0.03)

0.06 0.26 (0.82)

(0.72)

0.16 Total

from

Investment

Activities

0.36 0.44 0.64 (0.50)

(0.39)

0.42 Distributions

to

Shareholders

from:

Net

investment

income

(0.39)

(0.38)

(0.38)

(0.32)

(0.33)

(0.26)

Total

Distributions

(0.39)

(0.38)

(0.38)

(0.32)

(0.33)

(0.26)

Net

Asset

Value,

End

of

Period

$10.85

$10.88

$10.82

$10.56

$11.38

$12.10

Total

Return(d)(e)

3.36%

4.12%

6.22%

(4.34)%

(3.39)%

3.55%

Ratios

to

Average

Net

Assets:

Net

Expenses(f)(g)(h)

0.60%(i)

0.63%(i)

0.60%(i)

0.61%

0.61%

0.61%

Net

Investment

Income

(Loss)(f)

3.68%

3.49%

3.56%

3.31%

2.72%

2.86%

Gross

Expenses(f)(h)

0.86%(i)

0.82%(i)

0.71%(i)

0.70%

0.65%

0.77%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$4,050

$4,585

$8,682

$20,352

$21,414

$2,958

Portfolio

Turnover(d)(j)

8%

4%

4%

15%

10%

19%

(a) Effective

February

28,

2023,

the

Fund's

fiscal

year-end

changed

from

March

to

February

or

February

during

leap

years.

(b) Commencement

of

operations.

(c) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(d) Not

annualized

for

periods

less

than

one

year.

(e) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(f) Annualized

for

periods

less

than

one

year.

(g) The

amount

of

any

waivers

or

reimbursements

and

the

amount

of

any

recoupment

are

calculated

without

regard

to

the

impact

of

any

performance

adjustment

to

the

Fund's

management

fee.

(h) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(i) Reflects

total

annual

operating

expenses

before

reductions

of

any

expenses

paid

indirectly.

The

Fund's

expenses

paid

indirectly

decreased

the

expense

ratios

by

less

than

0.01%.

(j) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

Victory

Portfolios

III

Financial

Highlights

—

continued

For

a

Share

Outstanding

Throughout

Each

Period

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Virginia

Bond

Fund

Fund

Shares

Year

Ended

February

28,

2026

Year

Ended

February

28,

2025

Year

Ended

February

29,

2024

Months

Ended

February

28,

2023(a)

Year

Ended

March

31,

2022

Year

Ended

March

31,

2021

Net

Asset

Value,

Beginning

of

Period

$10.53

$10.48

$10.24

$10.94

$11.61

$11.26

Investment

Activities:

Net

investment

income

(loss)(b)

0.34 0.31 0.31 0.29 0.26 0.27 Net

realized

and

unrealized

gains

(losses)

—(c)

0.05 0.26 (0.72)

(0.67)

0.35 Total

from

Investment

Activities

0.34 0.36 0.57 (0.43)

(0.41)

0.62 Distributions

to

Shareholders

from:

Net

investment

income

(0.34)

(0.31)

(0.33)

(0.27)

(0.26)

(0.27)

Total

Distributions

(0.34)

(0.31)

(0.33)

(0.27)

(0.26)

(0.27)

Net

Asset

Value,

End

of

Period

$10.53

$10.53

$10.48

$10.24

$10.94

$11.61

Total

Return(d)(e)

3.32%

3.47%

5.66%

(3.90)%

(3.64)%

5.53%

Ratios

to

Average

Net

Assets:

Net

Expenses(f)(g)

0.55%(h)

0.58%(h)

0.58%(h)

0.55%

0.53%

0.50%

Net

Investment

Income

(Loss)(f)

3.27%

2.94%

3.02%

3.01%

2.23%

2.32%

Gross

Expenses(f)(g)

0.56%(h)

0.59%(h)

0.59%(h)

0.56%

0.53%

0.50%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$440,625

$474,417

$495,681

$516,987

$639,231

$713,075

Portfolio

Turnover(d)(i)

6%

6%

5%

14%

8%

28%

(a) Effective

February

28,

2023,

the

Fund's

fiscal

year-end

changed

from

March

to

February

or

February

during

leap

years.

(b) 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) Reflects

total

annual

operating

expenses

before

reductions

of

any

expenses

paid

indirectly.

The

Fund's

expenses

paid

indirectly

decreased

the

expense

ratios

by

less

than

0.01%.

(i) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

Victory

Portfolios

III

For

a

Share

Outstanding

Throughout

Each

Period

Financial

Highlights

—

continued

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Virginia

Bond

Fund

Institutional

Shares

Year

Ended

February

28,

2026

Year

Ended

February

28,

2025

Year

Ended

February

29,

2024

Months

Ended

February

28,

2023(a)

Year

Ended

March

31,

2022

June

29,

2020(b)

through

March

31,

2021

Net

Asset

Value,

Beginning

of

Period

$10.53

$10.49

$10.24

$10.94

$11.61

$11.46

Investment

Activities:

Net

investment

income

(loss)(c)

0.34 0.31 0.32 0.31 0.26 0.20 Net

realized

and

unrealized

gains

(losses)

0.01 0.04 0.26 (0.73)

(0.67)

0.15 Total

from

Investment

Activities

0.35 0.35 0.58 (0.42)

(0.41)

0.35 Distributions

to

Shareholders

from:

Net

investment

income

(0.34)

(0.31)

(0.33)

(0.28)

(0.26)

(0.20)

Total

Distributions

(0.34)

(0.31)

(0.33)

(0.28)

(0.26)

(0.20)

Net

Asset

Value,

End

of

Period

$10.54

$10.53

$10.49

$10.24

$10.94

$11.61

Total

Return(d)(e)

3.45%

3.42%

5.81%

(3.86)%

(3.61)%

3.04%

Ratios

to

Average

Net

Assets:

Net

Expenses(f)(g)(h)

0.51%(i)

0.53%(i)

0.52%(i)

0.51%

0.50%

0.49%

Net

Investment

Income

(Loss)(f)

3.30%

2.99%

3.08%

3.26%

2.25%

2.26%

Gross

Expenses(f)(h)

0.60%(i)

0.61%(i)

0.59%(i)

0.57%

0.56%

0.58%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$24,552

$26,516

$26,490

$27,598

$10,469

$12,105

Portfolio

Turnover(d)(j)

6%

6%

5%

14%

8%

28%

(a) Effective

February

28,

2023,

the

Fund's

fiscal

year-end

changed

from

March

to

February

or

February

during

leap

years.

(b) Commencement

of

operations.

(c) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(d) Not

annualized

for

periods

less

than

one

year.

(e) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(f) Annualized

for

periods

less

than

one

year.

(g) The

amount

of

any

waivers

or

reimbursements

and

the

amount

of

any

recoupment

are

calculated

without

regard

to

the

impact

of

any

performance

adjustment

to

the

Fund's

management

fee.

(h) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(i) Reflects

total

annual

operating

expenses

before

reductions

of

any

expenses

paid

indirectly.

The

Fund's

expenses

paid

indirectly

decreased

the

expense

ratios

by

less

than

0.01%.

(j) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

Victory

Portfolios

III

Financial

Highlights

—

continued

For

a

Share

Outstanding

Throughout

Each

Period

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Virginia

Bond

Fund

Class

A

Year

Ended

February

28,

2026

Year

Ended

February

28,

2025

Year

Ended

February

29,

2024

Months

Ended

February

28,

2023(a)

Year

Ended

March

31,

2022

Year

Ended

March

31,

2021

Net

Asset

Value,

Beginning

of

Period

$10.52

$10.48

$10.23

$10.94

$11.60

$11.25

Investment

Activities:

Net

investment

income

(loss)(b)

0.31 0.29 0.29 0.26 0.23 0.24 Net

realized

and

unrealized

gains

(losses)

0.01 0.04 0.26 (0.72)

(0.66)

0.35 Total

from

Investment

Activities

0.32 0.33 0.55 (0.46)

(0.43)

0.59 Distributions

to

Shareholders

from:

Net

investment

income

(0.31)

(0.29)

(0.30)

(0.25)

(0.23)

(0.24)

Total

Distributions

(0.31)

(0.29)

(0.30)

(0.25)

(0.23)

(0.24)

Net

Asset

Value,

End

of

Period

$10.53

$10.52

$10.48

$10.23

$10.94

$11.60

Total

Return(c)(d)

3.17%

3.15%

5.53%

(4.20)%

(3.78)%

5.26%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

0.79%(g)

0.80%(g)

0.80%(g)

0.79%

0.77%

0.76%

Net

Investment

Income

(Loss)(e)

3.03%

2.72%

2.80%

2.77%

1.99%

2.06%

Gross

Expenses(e)(f)

0.90%(g)

0.91%(g)

0.87%(g)

0.85%

0.82%

0.81%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$8,062

$10,030

$11,331

$12,556

$16,614

$19,032

Portfolio

Turnover(c)(h)

6%

6%

5%

14%

8%

28%

(a) Effective

February

28,

2023,

the

Fund's

fiscal

year-end

changed

from

March

to

February

or

February

during

leap

years.

(b) 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) 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%.

(h) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

Notes

to

Financial

Statements

February

28,

2026

Victory

Portfolios

III

1. #### Organization:
Victory

Portfolios

III

(the

"Trust")

is

organized

as

a

Delaware

statutory

trust

and

is

registered

under

the Investment

Company

Act

of

1940,

as

amended

(the

"1940

Act"),

as

an

open-end

investment

company.

The

Trust

is

comprised

of

funds

and

is

authorized

to

issue

an

unlimited

number

of

shares,

which

are

units

of

beneficial

interest

with

no

par

value.

The

accompanying

financial

statements

are

those

of

the following five funds

(collectively,

the

"Funds"

and

individually,

a

"Fund").

Each

Fund

is

classified

as

diversified

under

the

1940

Act.

\*

Effective

January

30,

2025,

Class

A

was

liquidated.

Each

class

of

shares

of

a

Fund

has

substantially

identical

rights

and

privileges

except

with

respect

to

sales

charges,

fees

paid

under

distribution

plans,

expenses

allocable

exclusively

to

each

class

of

shares,

voting

rights

on

matters

solely

affecting

a

single

class

of

shares,

and

the

exchange

privilege

of

each

class

of

shares. Victory

Capital

Management

Inc.

("VCM"

or

the

"Adviser")

is

an

indirect

wholly

owned

subsidiary

of

Victory

Capital

Holdings,

Inc.,

a

publicly

traded

Delaware

corporation,

and

a

wholly

owned

direct

subsidiary

of

Victory

Capital

Operating,

LLC. Under

the

Trust's

organizational

documents,

its

officers

and

trustees

are

indemnified

against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Funds.

In

addition,

in

the

normal

course

of

business,

the

Funds

enter

into

contracts

with

their

vendors

and

others

that

provide

for

general

indemnifications.

The Funds'

maximum

exposure

under

these

arrangements

is

unknown,

as

this

would

involve

future

claims

that

may

be

made

against

the

Funds.

However,

based

on

experience,

the

Funds

expect

that

risk

of

loss

to

be

remote.

2. #### Significant

#### Accounting

#### Policies:
The

following

is

a

summary

of

significant

accounting

policies

followed

by

the Funds

in

the

preparation

of their

financial

statements. The

policies

are

in

conformity

with

U.S.

Generally

Accepted

Accounting

Principles

("GAAP").

The

preparation

of

financial

statements

in

accordance

with

GAAP

requires

the Adviser

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

and

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

income

and

expenses

for

the

period.

Actual

results

could

differ

from

those

estimates.

The

Funds

follow

the

specialized

accounting

and

reporting

requirements

under

GAAP

that

are

applicable

to

investment

companies

under

Accounting

Standards

Codification Topic

946. Investment

Valuation:

The

Funds

record

investments

at

fair

value.

Fair

value

is

defined

as

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

The

valuation

techniques

described

below

maximize

the

use

of

observable

inputs

and

minimize

the

use

of

unobservable

inputs

in

determining

fair

value.

The

inputs

used

for

valuing

the

Funds'

investments

are

summarized

in

the

three

broad

levels

listed

below:

Level

—

quoted

prices

(unadjusted)

in

active

markets

for

identical

securities

Level

—

other

significant

observable

inputs

(including

quoted

prices

for

similar

securities,

interest

rates,

or

credit

spreads,

applicable

to

those

securities,

etc.)

Level

—

significant

unobservable

inputs

(including

the

Adviser's

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

in

or

out

of

an

assigned

level

within

the

disclosure

hierarchy.

The

inputs

or

methodologies

used

for

valuation

techniques

are

not

necessarily

an

indication

of

the

risks

associated

with

entering

into

those

investments.

The

Adviser,

appointed

as the

valuation

designee

by the

Trust's

Board

of

Trustees

(the

"Board"),

has

established

the

Pricing

Committee

(the

"Committee"),

and

subject

to Board

oversight,

the

Committee

administers

and

oversees

the

Funds'

valuation

policies

and

procedures,

which are

approved

by

the

Board.

Portfolio

securities

listed

or

traded

on

securities

exchanges,

including

Exchange-Traded

Funds

("ETFs"),

American

Depositary

Receipts,

and

Rights,

are

valued

at

the

last

sale

price

on

the

exchange

or

system

where

the

security

is

principally

traded,

if

available,

or

at

the

Nasdaq

Official

Closing

Price.

If

there

have

been

no

sales

for

that

day

on

the

exchange

or

system,

then

a

security

is

valued

at

the

closing bid

quotation

on

the

exchange

or

system

where

the

security

is

principally

traded.

In

each

of

these

situations,

valuations

are

typically

categorized

as

Level

in

the

fair

value

hierarchy.

Investments

in

open-end

investment

companies,

other

than

ETFs, are

valued

at their

net

asset

value

("NAV").

These

valuations

are

typically

categorized

as

Level

1 in

the

fair

value

hierarchy.

Funds

(Legal

Name)

Funds

(Short

Name)

Investment

Share

Classes

Offered

Victory

California

Bond

Fund

California

Bond

Fund

Fund

Shares,

Institutional

Shares,

and

Class

A

Victory

Government

Securities

Fund

Government

Securities

Fund

Fund

Shares,

Institutional

Shares,

and

Class

R6

Victory

Growth

and

Tax

Strategy

Fund

Growth

and

Tax

Strategy

Fund

Fund

Shares,

Institutional

Shares,

Class

A,

and

Class

C

Victory

New

York

Bond

Fund\*

New

York

Bond

Fund

Fund

Shares

and

Institutional

Shares

Victory

Virginia

Bond

Fund

Virginia

Bond

Fund

Fund

Shares,

Institutional

Shares,

and

Class

A

Notes

to

Financial

Statements

—

continued

February

28,

2026

Victory

Portfolios

III

Debt

securities

are

valued

each

business

day

by

a

pricing

service

approved

by

the

valuation

designee

and

subject

to

the

oversight

of

the

Board.

The

pricing

service

uses

the

evaluated

bid

or market

quotes to

value

securities.

Debt

obligations

maturing

within

days

may

be

valued

at

amortized

cost,

provided

that

the

amortized

cost

represents

the

fair

value

of

such

securities.

These

valuations

are

typically

categorized

as

Level

in

the

fair

value

hierarchy.

Repurchase

agreements

are

valued

at

cost,

which

approximates

market

value.

In

the

event

that

price

quotations

or

valuations

are

not

readily

available,

investments

are

valued

at

fair

value

in

accordance

with

procedures

established

by

and

under

the

general

supervision

and

responsibility

of

the

Board.

These

valuations

are

typically

categorized

as

Level

or

Level

in

the

fair

value

hierarchy,

based

on

the

observability

of

inputs

used

to

determine

the

fair

value.

The

effect

of

fair

value

pricing

is

that

securities

may

not

be

priced

on

the

basis

of

quotations

from

the

primary

market

in

which

they

are

traded

and

the

actual

price

realized

from

the

sale

of

a

security

may

differ

materially

from

the

fair

value

price.

Valuing

these

securities

at

fair

value

is

intended

to

cause

each

Fund's

NAV to

be

more

reliable

than

it

otherwise

would

be.

A

summary

of

the

valuations

as

of

February

28,

2026,

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 February

28,

2026,

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.

Repurchase

Agreements:

The

Funds

may

enter

into

repurchase

agreements

with

commercial

banks

or

recognized

security

dealers

pursuant

to

the

terms

of

a

Master

Repurchase

Agreement.

A

repurchase

agreement

is

an

arrangement

wherein

the

Fund

purchases

securities

and

the

seller

agrees

to

repurchase

the

securities

at

an

agreed

upon

time

and

at

an

agreed

upon

price.

The

purchased

securities

are

marked-to-market

daily

to

ensure

their

value

is

equal

to

at

least

102%

of

principal

including

accrued

interest

and

are

held

by

the

Funds,

either

through

its

regular

custodian

or

through

a

special

"tri-party"

custodian

that

maintains

separate

accounts

for

both

the

Fund

and

its

counterparty,

until

maturity

of

the

repurchase

agreement.

Master

Level

Level

Level

Total

California

Bond

Fund

Municipal

Bonds

..............................................

$

—

$

401,559

$

—

$

401,559

Total

.......................................................

$

—

$

401,559

$

—

$

401,559

Government

Securities

Fund

Asset-Backed

Securities

.........................................

—

17,434

—

17,434

Collateralized

Mortgage

Obligations

................................

—

187,255

—

187,255

Corporate

Bonds

..............................................

—

18,474

—

18,474

Municipal

Bonds

..............................................

—

8,465

—

8,465

U.S.

Government

Agency

Mortgages

................................

—

591,077

—

591,077

U.S.

Treasury

Obligations

........................................

—

377,087

—

377,087

Investment

Companies

..........................................

3,136

—

—

3,136

Repurchase

Agreements

.........................................

—

12,000

—

12,000

Collateral

for

Securities

Loaned

...................................

—

—

Total

.......................................................

$

3,578

$

1,211,792

$

—

$

1,215,370

Growth

and

Tax

Strategy

Fund

Common

Stocks

...............................................

408,349

—

—

408,349

Rights

......................................................

—

—

Municipal

Bonds

..............................................

—

478,551

—

478,551

Exchange-Traded

Funds

.........................................

4,444

—

—

4,444

Collateral

for

Securities

Loaned

...................................

—

—

Total

.......................................................

$

413,133

$

478,551

$

$

891,685

New

York

Bond

Fund

Municipal

Bonds

..............................................

—

105,041

—

105,041

Total

.......................................................

$

—

$

105,041

$

—

$

105,041

Virginia

Bond

Fund

Municipal

Bonds

..............................................

—

447,141

—

447,141

Total

.......................................................

$

—

$

447,141

$

—

$

447,141

Notes

to

Financial

Statements

—

continued

February

28,

2026

Victory

Portfolios

III

Repurchase

Agreements

typically

contain

netting

provisions,

which

provide

for

the

net

settlement

of

all

transactions

and

collateral

with

the

Funds

through

a

single

payment

in

the

event

of

default

or

termination.

Repurchase

agreements

are

subject

to

credit

risk,

and

the

Fund's

Adviser

monitors

the

creditworthiness

of

sellers

with

which

the

Funds

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

February

28,

2026,

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

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.

Below-Investment-Grade

Securities:

Certain

Funds

may

invest

in

below-investment-grade

securities

(i.e.,

lower-quality,

"junk"

debt),

which

are

subject

to

various

risks.

Lower-

quality

debt

is

considered

to

be

speculative

because

it

is

less

certain

that

the

issuer

will

be

able

to

pay

interest

or

repay

the

principal

than

in

the

case

of

investment-grade

debt.

These

securities

can

involve

a

substantially

greater

risk

of

default

than

higher-rated

securities,

and

their

values

can

decline

significantly

over

short

periods

of

time.

Lower-quality

debt

securities

tend

to

be

more

sensitive

to

adverse

news

about

their

issuers,

the

market

and

the

economy

in

general,

than

higher-quality

debt

securities.

The

market

for

these

securities

can

be

less

liquid,

especially

during

periods

of

recession

or

general

market

decline.

Investment

Transactions

and

Related

Income:

Changes

in

holdings

of

investments

are

accounted

for

no

later

than

one

business

day

following

the

trade

date.

For

financial

reporting

purposes,

however,

investment

transactions

are

accounted

for

on

trade

date

or

the

last

business

day

of

the

reporting

period.

Interest

income

is

determined

Notes

to

Financial

Statements

—

continued

February

28,

2026

Victory

Portfolios

III

on

the

basis

of

coupon

interest

accrued

and

recorded

daily

using

the

effective

interest

method

which

adjusts,

where

applicable,

the

amortization

of

premiums

or

accretion

of

discounts. Dividend

income

is

recorded

on

the

ex-dividend

date.

Non-cash

dividends

included

in

income,

if

any,

are

recorded

at

the

fair

value

of

the

securities

received. Gains

or

losses

realized

on

sales

of

securities

are

recorded

on

the

identified

cost

basis.

Paydown

gains

or

losses

on

applicable

securities,

if

any,

are

recorded

as

components

of

Interest

income

on

the

Statements

of

Operations.

The Funds

may

receive

other

income

from

investments

in

loan

assignments

and/or

unfunded

commitments,

including

amendment

fees,

consent

fees,

and

commitment

fees.

These

fees

are

recorded

as

income

when

received.

These

amounts,

if

received,

are

included

in

Interest

income

on

the

Statements

of

Operations.

Securities

Lending:

The

Government

Securities

Fund

and

Growth

and

Tax

Strategy

Fund, through

a Securities

Lending

Agreement with

Citibank,

N.A.

("Citibank"), may

lend

their

securities

to

qualified

financial

institutions,

such

as

certain

broker-dealers

and

banks,

to

earn

additional

income,

net

of

income

retained

by

Citibank.

Borrowers

are

required

to

initially

secure

their

loans for

collateral

in

the

amount

of

at

least

102%

of

the

value

of

U.S.

securities

loaned

or

at

least

105%

of

the

value

of

non-U.S.

securities

loaned,

marked-to-market

daily.

Any

collateral

shortfalls

associated

with

increases

in

the

valuation

of

the

securities

loaned

are

generally

cured the

next

business

day.

The

collateral

can

be

received

in

the

form

of

cash

collateral

and/or

non-cash

collateral.

Non-cash

collateral

can

include

U.S.

Government

Securities and

other

securities

as

permitted

by

Securities

and

Exchange

Commission

("SEC")

guidelines.

The

cash

collateral

is

invested

in

short-term

instruments

or

cash

equivalents,

primarily

open-end

investment

companies,

as

noted

on

the

Funds'

Schedules

of

Portfolio

Investments.

The

Funds

effectively

do not

have

control

of

the

non-cash

collateral

and

therefore

it

is

not

disclosed

on

the

Funds'

Schedules

of

Portfolio

Investments.

Collateral

requirements

are

determined

daily

based

on

the

value

of

the

Funds'

securities

on

loan

as

of

the

end

of

the prior

business

day.

During

the

time

portfolio

securities

are

on

loan,

the

borrower

will

pay

the

Funds

any

dividends

or

interest

paid

on

such

securities

plus

any

fee

negotiated

between

the

parties

to

the

lending

agreement.

The

Funds

also

earn

a

return

from

the

collateral.

The

Funds

pay

Citibank

various

fees

in

connection

with

the

investment

of

cash

collateral

and

fees

based

on

the

investment

income

received

from

securities

lending

activities.

Securities

lending

income

(net

of

these

fees)

is

disclosed

on

the

Statements

of

Operations.

Loans

are

terminable

upon

demand

and

the

borrower

must

return

the

loaned

securities

within

the

lesser

of

one

standard

settlement

period

or

five

business

days. Although

risk

is

mitigated

by

the

collateral, a

Fund could

experience

a

delay

in

recovering

its

securities

and

possible

loss

of

income

or

value

if

the

borrower

fails

to

return

them.

In

addition,

there

is

a

risk that

the

value

of

the

short-term

investments

will

be

less

than

the

amount

of

cash

collateral

required

to

be

returned

to

the

borrower.

The

Funds'

agreement

with

Citibank

does

not

include

master

netting

provisions.

Non-cash

collateral

received

by

the

Funds

may

not

be

sold

or

repledged,

except

to

satisfy

borrower

default.

The

following

table

is

a

summary

of

the

Funds'

securities

lending

transactions

as

of

February

28,

2026

(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

February

or

February

for

leap

years.

For

the

year

ended

February

28,

2026,

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.

Value

of

Securities

on

Loan

Non-Cash

Collateral

Cash

Collateral

Government

Securities

Fund

.........................................

$

$

—

$

Growth

and

Tax

Strategy

Fund

.......................................

—

Notes

to

Financial

Statements

—

continued

February

28,

2026

Victory

Portfolios

III

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

year

ended

February

28,

2026,

are

included

in

the

table

below

(amounts

in

thousands).

Any

realized

gains

or

losses

from

in-kind

redemptions

are

reflected

on

the

Statements

of

Operations

as

net

realized

gains

(losses)

from

in-kind

redemptions.

4. #### Affiliated

#### Fund

#### Ownership:
The

Funds

offer

shares

for

investment

by

other

funds

including

VCM

affiliated

fund-of-funds.

The affiliated

fund-of-funds

do

not

invest

in

the

underlying

funds

for

the

purpose

of

exercising

management

or control;

however,

investments

by

affiliated

fund-of-funds

within

its

principal

investment

strategies

may

represent

a

significant

portion

of

an

underlying

fund's

assets,

and

together

with

the

investments

of

the

other

affiliated

fund-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

February

28,

2026,

certain

affiliated

fund-of-funds owned

total

outstanding

shares

of

the

Funds

as

follows:

5. #### Fees

#### and

#### Transactions

#### with

#### Affiliates

#### and

#### Related

#### Parties:
Investment

Advisory

Fees:

Investment

advisory

services

are

provided

to

the

Funds

by

the

Adviser,

which

is

a

New

York

corporation

registered

as

an

investment

adviser

with

the

SEC.

Under

the

terms

of

the

Investment

Advisory

Agreement,

the

Adviser

is

entitled

to

receive

a

base

fee

and

a

performance

adjustment. Each

Fund's

base

fee

is

accrued

daily

and

paid

monthly

at

an

annualized

rate

based

on

a

percentage

of

the

average

daily

net

assets

of

each

Fund. The

rates

at

which

the

Adviser

is

paid

by

each

Fund

are

included

in

the

table

below.

Amounts

incurred

and

paid

to

VCM

for

the

year ended

February

28,

2026,

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.

Excluding

U.S.

Government

Securities

U.S.

Government

Securities

Purchases

Sales

Purchases

Sales

California

Bond

Fund

.............................................

$

43,432

$

82,242

$

—

$

—

Government

Securities

Fund

........................................

12,608

7,325

286,988

215,009

Growth

and

Tax

Strategy

Fund

......................................

190,004

131,913

—

—

New

York

Bond

Fund

.............................................

8,536

21,614

—

—

Virginia

Bond

Fund

..............................................

27,817

63,104

—

—

Associated

with

In-Kind

Transactions

Purchases

Sales

Growth

and

Tax

Strategy

Fund

............................................................

$

—

$

108,730

Government

Securities

Fund

Ownership

%

Victory

Cornerstone

Conservative

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

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.

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.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

2.4 Victory

Target

Retirement

Income

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

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.

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.

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.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

12.4 Victory

Target

Retirement

2030

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

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.

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.

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.

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.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

17.2 Victory

Target

Retirement

2040

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

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.

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.

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.

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.

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.

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.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

9.8 Victory

Target

Retirement

2050

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

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.

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.

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.

.

.

.

.

.

.

3.8 Victory

Target

Retirement

2060

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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.

.

.

.

.

.

.

0.6 Adviser

Fee

Tier

Rates

First

$50

million

$50

million

but

not

over

$100

million

Over

$100

million

California

Bond

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

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.

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.

.

.

.

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.

.

.

.

.

.

.

.

.

.

.

.

0.50%

0.40%

0.30%

New

York

Bond

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

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.

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.

.

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.

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.

.

.

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.

.

.

.

.

0.50%

0.40%

0.30%

Virginia

Bond

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

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.

.

.

.

.

.

.

.

.

.

.

0.50%

0.40%

0.30%

Base

Rate

Government

Securities

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

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.

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.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.125%

Growth

and

Tax

Strategy

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.30%

Notes

to

Financial

Statements

—

continued

February

28,

2026

Victory

Portfolios

III

\*

The

Lipper

Composite

Index

is

comprised

of

51%

of

the

Lipper

General

&

Insured

Municipal

Debt

Funds

Index

and

49%

of

the

Lipper

Large-Cap

Core

Funds

Index.

The

performance

period

for each

share

class

consists

of

the

current

month

plus

the

previous

months.

The

following

table

is

utilized

to

determine

the

extent

of

the

performance

adjustment:

(a)

Based

on

the

difference

between

the average

annual

performance

of

the

relevant

share

class

of

the

Fund

and

its

relevant

Lipper

index,

rounded

to

the

nearest

basis

point.

Each

class'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.

For

the

year ended February

28,

2026,

performance adjustments were

(amounts

in

thousands):

The

Trust

relies

on

an

exemptive

order

granted

to

VCM

and

its

affiliated

funds

by

the

SEC

in

March

2019,

permitting

the

use

of

a

"manager-of-

managers"

structure

for

certain

funds.

Under

a

manager-of-managers

structure,

the

investment

adviser

may

select

(with

approval

of

the

Board

and

without

shareholder

approval)

one

or

more

subadvisers

to

manage

the

day-to-day

investment

of

a

fund's

assets.

For

the

year

ended

February

28,

2026,

the

Funds

had

no

subadvisers.

Administration

and

Servicing

Fees:

VCM

also

serves

as

the

Funds'

administrator

and

fund

accountant.

Under

the Fund

Administration,

Servicing and Accounting

Agreement,

VCM

is

paid an

administration

and

servicing

fee

that

is

accrued

daily

and

paid

monthly

at

an

annualized rate,

which

is

based

on

the

Funds' average

daily

net

assets as

follows:

Comparative

Index

California

Bond

Fund

..................................................

Lipper

California

Municipal

Debt

Funds

Government

Securities

Fund

.............................................

Lipper

Intermediate

U.S.

Government

Funds

Growth

and

Tax

Strategy

Fund

...........................................

Lipper

Composite

\*

New

York

Bond

Fund

..................................................

Lipper

New

York

Municipal

Debt

Funds

Virginia

Bond

Fund

...................................................

Lipper

Virginia

Municipal

Debt

Funds

Over/Under

Performance

Relative

to

Index

Annual

Adjustment

Rate

(in

basis points)

(a) (in

basis

points)

+/-

to

+/-

+/-

to

+/-

+/-

and

greater

+/-

Fund

Shares

Institutional

Shares

Class

A

Class

C

Class

R6

California

Bond

Fund

........................................

$

(163) (1) (—)(a)

N/A

N/A

as

annual

%

rate

..........................................

(0.04)%

(0.02)%

(0.04)%

N/A

N/A

Government

Securities

Fund

...................................

$

N/A

N/A

as

annual

%

rate

..........................................

0.05%

0.04%

N/A

N/A

0.02%

Growth

and

Tax

Strategy

Fund

.................................

$

(66) (7) (5) (6) N/A

as

annual

%

rate

..........................................

(0.01)%

(0.01)%

(0.03)%

(0.04)%

N/A

New

York

Bond

Fund

........................................

$

(3) (—)(a)

N/A

N/A

N/A

as

annual

%

rate

..........................................

(—)(b)

(0.01)%

N/A

N/A

N/A

Virginia

Bond

Fund

.........................................

$

(1) N/A

N/A

as

annual

%

rate

..........................................

0.01%

0.01%

(0.01)%

N/A

N/A

(a) Rounds

to

less

than

$1

thousand.

(b) Rounds

to

less

than

0.01%.

Notes

to

Financial

Statements

—

continued

February

28,

2026

Victory

Portfolios

III

Amounts

incurred

for

the

year

ended

February

28,

2026,

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,

including

costs

associated

with

Chief

Compliance

Officer

("CCO"),

and

implementing

new

reports

required

by

new

rules

adopted

by

the

SEC

under

the

1940

Act.

Amounts

incurred

for

the year

ended

February

28,

2026,

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

CCO,

and

other

resources

reasonably

necessary

to

provide

the

Trust

with

compliance

oversight

services

related

to

the

design,

administration,

and

oversight

of

a

compliance

program

for

the

Trust

in

accordance

with

Rule

38a-1

under

the

1940

Act.

The

CCO

is

an

employee

of

the

Adviser,

which

pays

the

compensation

of

the

CCO

and

support

staff.

The

funds

in

the

Trust

compensate

the

Adviser

for

these

services.

Amounts

incurred

for

the year

ended

February

28,

2026,

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

year

ended

February

28,

2026,

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

year ended

February

28,

2026,

are

reflected

on

the

Statements

of

Operations

as

Transfer

agent

fees.

Distributor/Underwriting

Services:

Victory

Capital

Services,

Inc.

(the

"Distributor"),

an

affiliate

of

the

Adviser,

serves

as

Distributor

for

the

continuous

offering

of

the

shares

of

the

Funds

pursuant

to

a

Distribution

Agreement

between

the

Distributor

and

the

Trust.

Pursuant

to

the

Distribution

and

Service

Plans

adopted

in

accordance

with

Rule

12b-1

under

the

1940

Act,

the

Distributor

may

receive

a

monthly

distribution

and

service

fee

up

to

the

annual

rate

shown

in

the

table

below:

Annual

Charge

Fund

Shares

Institutional

Shares

Class

A

Class

C

Class

R6

California

Bond

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.15%

0.10%

0.15%

N/A

N/A

Government

Securities

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.15%

0.10%

N/A

N/A

0.05%

Growth

and

Tax

Strategy

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.15%

0.10%

0.15%

0.15%

N/A

New

York

Bond

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.15%

0.10%

N/A

N/A

N/A

Virginia

Bond

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.15%

0.10%

0.15%

N/A

N/A

Fund

Shares

California

Bond

Fund

.......................................................................................

$25.50

Government

Securities

Fund

..................................................................................

$25.50

Growth

and

Tax

Strategy

Fund

................................................................................

$23.00

New

York

Bond

Fund

.......................................................................................

$25.50

Virginia

Bond

Fund

........................................................................................

$25.50

Institutional

Shares

Class

A

Class

C

Class

R6

California

Bond

Fund

.....................................................

0.10%

0.10%

N/A

N/A

Government

Securities

Fund

................................................

0.10%

N/A

N/A

0.01%

Growth

and

Tax

Strategy

Fund

..............................................

0.10%

0.10%

0.10%

N/A

New

York

Bond

Fund

.....................................................

0.10%

N/A

N/A

N/A

Virginia

Bond

Fund

......................................................

0.10%

0.10%

N/A

N/A

Class

A

Class

C

California

Bond

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.25%

N/A

Government

Securities

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

N/A

N/A

Growth

and

Tax

Strategy

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.25%

1.00%

New

York

Bond

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

N/A

N/A

Virginia

Bond

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.25%

N/A

\*

The

Lipper

Composite

Index

is

comprised

of

51%

of

the

Lipper

General

&

Insured

Municipal

Debt

Funds

Index

and

49%

of

the

Lipper

Large-Cap

Core

Funds

Index.

The

performance

period

for each

share

class

consists

of

the

current

month

plus

the

previous

months.

The

following

table

is

utilized

to

determine

the

extent

of

the

performance

adjustment:

(a)

Based

on

the

difference

between

the average

annual

performance

of

the

relevant

share

class

of

the

Fund

and

its

relevant

Lipper

index,

rounded

to

the

nearest

basis

point.

Each

class'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.

For

the

year ended February

28,

2026,

performance adjustments were

(amounts

in

thousands):

The

Trust

relies

on

an

exemptive

order

granted

to

VCM

and

its

affiliated

funds

by

the

SEC

in

March

2019,

permitting

the

use

of

a

"manager-of-

managers"

structure

for

certain

funds.

Under

a

manager-of-managers

structure,

the

investment

adviser

may

select

(with

approval

of

the

Board

and

without

shareholder

approval)

one

or

more

subadvisers

to

manage

the

day-to-day

investment

of

a

fund's

assets.

For

the

year

ended

February

28,

2026,

the

Funds

had

no

subadvisers.

Administration

and

Servicing

Fees:

VCM

also

serves

as

the

Funds'

administrator

and

fund

accountant.

Under

the Fund

Administration,

Servicing and Accounting

Agreement,

VCM

is

paid an

administration

and

servicing

fee

that

is

accrued

daily

and

paid

monthly

at

an

annualized rate,

which

is

based

on

the

Funds' average

daily

net

assets as

follows:

Comparative

Index

California

Bond

Fund

..................................................

Lipper

California

Municipal

Debt

Funds

Government

Securities

Fund

.............................................

Lipper

Intermediate

U.S.

Government

Funds

Growth

and

Tax

Strategy

Fund

...........................................

Lipper

Composite

\*

New

York

Bond

Fund

..................................................

Lipper

New

York

Municipal

Debt

Funds

Virginia

Bond

Fund

...................................................

Lipper

Virginia

Municipal

Debt

Funds

Over/Under

Performance

Relative

to

Index

Annual

Adjustment

Rate

(in

basis points)

(a) (in

basis

points)

+/-

to

+/-

+/-

to

+/-

+/-

and

greater

+/-

Fund

Shares

Institutional

Shares

Class

A

Class

C

Class

R6

California

Bond

Fund

........................................

$

(163) (1) (—)(a)

N/A

N/A

as

annual

%

rate

..........................................

(0.04)%

(0.02)%

(0.04)%

N/A

N/A

Government

Securities

Fund

...................................

$

N/A

N/A

as

annual

%

rate

..........................................

0.05%

0.04%

N/A

N/A

0.02%

Growth

and

Tax

Strategy

Fund

.................................

$

(66) (7) (5) (6) N/A

as

annual

%

rate

..........................................

(0.01)%

(0.01)%

(0.03)%

(0.04)%

N/A

New

York

Bond

Fund

........................................

$

(3) (—)(a)

N/A

N/A

N/A

as

annual

%

rate

..........................................

(—)(b)

(0.01)%

N/A

N/A

N/A

Virginia

Bond

Fund

.........................................

$

(1) N/A

N/A

as

annual

%

rate

..........................................

0.01%

0.01%

(0.01)%

N/A

N/A

(a) Rounds

to

less

than

$1

thousand.

(b) Rounds

to

less

than

0.01%.

Notes

to

Financial

Statements

—

continued

February

28,

2026

Victory

Portfolios

III

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

year

ended

February

28,

2026,

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

year

ended

February

28,

2026,

the

Distributor

received

the

following

from

commissions

earned

in

connection with

sales

of

Class

A

(amounts

in

thousands):

Other

Fees:

Citibank

serves

as

the

Funds'

custodian.

The

Funds

pay

Citibank

a

fee

for

providing

these

services.

Amounts

incurred

for

the year

ended

February

28,

2026,

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

February

28,

2026,

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

February

28,

2026. For

the

year ended

February

28,

2026,

the

following

recoupment

amounts

were

paid

to

the

Adviser

(amounts

in

thousands):

As

of February

28,

2026,

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):

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 year

ended

February

28,

2026. 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

principal

risks

that

you

may

assume

as

an

investor

in

each

Fund. Each

Fund's

prospectus

contains

unaudited

information

regarding

the

Fund's

principal

risks.

Please

refer

to

that

document

when

considering

the

Fund's

principal

risks.

The

Funds

may

be

subject

to

other

risks

in

addition

to

these

identified

risks.

Amount

California

Bond

Fund

..................................................................................

$

Growth

and

Tax

Strategy

Fund

...........................................................................

In

effect

until

June

30,

2026

Fund

Shares

Institutional

Shares

Class

A

Class

C

Class

R6

California

Bond

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.54%

0.50%

0.80%

N/A

N/A

Government

Securities

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.48%

0.39%

N/A

N/A

0.35%

Growth

and

Tax

Strategy

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.61%

0.57%

0.86%

1.61%

N/A

New

York

Bond

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.65%

0.61%

N/A

N/A

N/A

Virginia

Bond

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.54%

0.50%

0.80%

N/A

N/A

Amount

Government

Securities

Fund

.............................................................................

$

Growth

and

Tax

Strategy

Fund

...........................................................................

February

28,

2027

February

29,

2028

February

28,

2029

Total

California

Bond

Fund

..................................................

$

$

$

$

Growth

and

Tax

Strategy

Fund

...........................................

New

York

Bond

Fund

..................................................

Virginia

Bond

Fund

...................................................

Notes

to

Financial

Statements

—

continued

February

28,

2026

Victory

Portfolios

III

![](epub609155211591680.jpg)

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.

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

tax-exempt

securities,

and

other

market

factors.

Bond

prices

generally

are

linked

to

the

prevailing

market

interest

rates.

In

general,

when

interest

rates

rise,

bond

prices

fall;

conversely,

when

interest

rates

fall,

bond

prices

rise.

The

price

volatility

of

a

bond

also

depends

on

its

duration.

Generally,

the

longer

the

duration

of

a

bond,

the

greater

is

its

sensitivity

to

interest

rates.

To

compensate

investors

for

this

higher

interest

rate

risk,

bonds

with

longer

durations

generally

offer

higher

yields

than

bonds

with

shorter

durations.

The

ability

of

an

issuer

of

a

debt

security

to

repay

principal

prior

to

a

security's

maturity

can

increase

the

security's

sensitivity

to

interest

rate

changes.

Decisions

by

the

U.S.

Federal

Reserve regarding

interest

rate

and

monetary

policy,

which

can

be

difficult

to

predict

and

sometimes

change

direction

suddenly

in

response

to

economic

and

market

events,

can

have

a

significant

effect

on

the

value

of

fixed-income

securities

as

well

as

the

overall

strength

of

the

U.S.

economy.

Precise

interest

rate

predictions

are

difficult

to

make,

and

interest

rates

may

change

unexpectedly

and

dramatically

in

response

to

extreme

changes

in

market

or

economic

conditions.

As

a

result,

the

value

of

fixed-income

securities

may

vary

widely

under

certain

market

conditions.

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.

Liquidity Risk

— Market

developments

and

other

factors,

including

a

general

rise

in

interest

rates,

have

the

potential

to

cause

investors

to

move

out

of

fixed-income

securities

on

a

large

scale,

which

may

increase

redemptions

from

mutual

funds

that

hold

large

amounts

of

fixed-income

securities.

Such

a

move,

coupled

with

a

reduction

in

the

ability

or

willingness

of

dealers

and

other

institutional

investors

to

buy

or

hold

fixed-

income

securities,

may

result

in

decreased

liquidity

and

increased

volatility

in

the

fixed-income

markets.

Heavy

redemptions

of

fixed-income

mutual

funds

and

decreased

liquidity

from

fixed-income

securities

could

hurt

the

Fund's

performance.

In

addition,

significant

securities

market

disruptions,

including

economic,

financial

and

public

health

crises,

may

lead

to

dislocation

in

the

market

for

a

variety

of

fixed-income

securities

(including

municipal

obligations),

which

can

decrease

liquidity

and

sharply

reduce

returns.

Changes

in

government

or

central

bank

monetary

policy

may

have

a

substantial

and

immediate

impact

on

interest

rates,

which

could

result

in

losses

to

the

Fund.

State-Specific

Risk

— Funds,

along

with

their

state-specific

risks,

are

detailed

below:

California

Bond

Fund

—

Because

the

Fund

invests

in

California

tax-exempt

securities,

the

Fund

is

more

susceptible

to

adverse

economic,

political,

and

regulatory

changes

affecting

tax-exempt

securities

issuers

in

California,

such

as

changes

to

state

laws

and

policies,

economic

issues

that

affect

critical

industries,

large

employers,

or

weakened

real

estate

prices,

and

existing

debt

levels

and

state

budget

priorities.

In

addition,

other

economic

conditions,

such

as

inflation,

exacerbate

some

or

all

of

these

risks.

The

Fund's

performance

will

be

affected

by

Notes

to

Financial

Statements

—

continued

February

28,

2026

Victory

Portfolios

III

the

fiscal

and

economic

health

of

California

and

its

municipalities

and

their

ability

to

issue

and

repay

debt.

The

Fund

is

more

vulnerable

to

unfavorable

developments

in

California

than

are

funds

that

invest

in

municipal

securities

of

multiple

states.

New

York

Bond

Fund — Because

the

Fund

invests

primarily

in

New

York

tax-exempt

securities,

the

Fund

is

more

susceptible

to

adverse

economic,

political,

and

regulatory

changes

affecting

tax-exempt

securities

issuers

in

New

York

to

pay

interest

or

repay

principal,

which

may

impact

the

Fund's

performance.

The

Fund

is

more

vulnerable

to

unfavorable

developments

in

New

York

than

are

funds

that

invest

in

municipal

securities

of

many

states.

While

New

York

State's

economy

is

broad,

it

does

have

concentrations

in

the

financial

services

industry

and

may

be

sensitive

to

economic

problems

affecting

that

industry.

Certain

issuers

of

New

York

municipal

bonds

have

experienced

serious

financial

difficulties

in

the

past,

and

reoccurrence

of

these

difficulties

may

impair

the

ability

of

certain

New

York

issuers

to

pay

principal

or

interest

on

their

obligations.

The

financial

health

of

New

York

City

affects

that

of

New

York

State;

when

New

York

City

experiences

financial

difficulty,

there

may

be

an

adverse

affect

on

New

York

municipal

bonds

held

by

the

Fund.

The

growth

rate

of

New

York

State

has

at

times

been

somewhat

slower

than

the

nation

overall.

The

economic

and

financial

condition

of

New

York

State

also

may

be

affected

by

various

financial,

social,

economic,

and

political

factors.

In

addition,

lingering

economic

affects

regarding

and

other

economic

conditions,

such

as

inflation,

exacerbate

some

or

all

of

these

risks.

Virginia

Bond

Fund — Because

the

Fund

invests

in

Virginia

tax-exempt

securities,

the

Fund

is

more

susceptible

to

adverse

economic,

political,

and

regulatory

changes

affecting

tax-exempt

securities

issuers

in

Virginia,

such

as

changes

to

state

laws

and

policies,

economic

issues

that

affect

critical

industries,

large

employers,

or

weakened

real

estate

prices,

and

existing

debt

levels

and

state

budget

priorities.

In

addition,

other

economic

conditions,

such

as

inflation,

exacerbate

some

or

all

of

these

risks.

The

Fund's

performance

will

be

affected

by

the

fiscal

and

economic

health

of

Virginia

and

its

municipalities

and

their

ability

to

issue

and

repay

debt.

The

Fund

is

more

vulnerable

to

unfavorable

developments

in

Virginia

than

are

funds

that

invest

in

municipal

securities

of

multiple

states.

Prepayment

and

Extension

Risk

— Mortgage-backed

securities

make

regularly

scheduled

payments

of

principal

along

with

interest

payments.

In

addition,

mortgagors

generally

have

the

option

of

paying

off

their

mortgages

without

penalty

at

any

time.

For

example,

when

a

mortgaged

property

is

sold,

the

old

mortgage

is

usually

prepaid.

Also,

when

interest

rates

fall,

the

mortgagor

may

refinance

the

mortgage

and

prepay

the

old

mortgage.

A

homeowner's

default

on

the

mortgage

also

may

cause

a

prepayment

of

the

mortgage.

This

unpredictability

of

the

mortgage's

cash

flow

is

called

prepayment

risk.

For

the

investor,

prepayment

risk

usually

means

that

principal

is

received

at

the

least

opportune

time.

For

example,

when

interest

rates

fall,

homeowners

may

find

it

advantageous

to

refinance

their

mortgages

and

prepay

principal.

In

this

case,

the

investor

is

forced

to

reinvest

the

principal

at

the

current

lower

rate.

On

the

other

hand,

when

interest

rates

rise,

homeowners

generally

will

not

refinance

their

mortgages

and

prepayments

will

fall.

This

causes

the

average

life

of

the

mortgage

to

extend

and

be

more

sensitive

to

interest

rates,

which

is

called

extension

risk.

In

addition,

the

amount

of

principal

the

investor

has

to

invest

in

these

higher

interest

rates

is

reduced.

Equity

Securities

Risk

—

The

values

of

the

equity

securities

in

which a

Fund

invests

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.

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.

For

the

interim

period

covered

by

this

report

prior

to

June

24,

2025,

$40

million

of

the

Line

of

Credit

was

reserved

for

use

by

the

Victory

Floating

Rate

Fund,

another

series

of

the

Victory

Funds

Complex,

with

Victory

Floating

Rate

Fund

paying

the

related

commitment

fees

for

that

amount.

The

purpose

of

the

Line

of

Credit

is

to

meet

temporary

or

emergency

cash

needs.

For

the year

ended

February

28,

2026,

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

year

ended

February

28,

2026,

were

as

follows

(amounts

in

thousands):

Amount

Outstanding

at

February

28,

2026

Average

Borrowing\*

Average

Interest

Rate\*

Maximum

Borrowing

During

the

Period

Government

Securities

Fund

.................................

$

—

$

800

5.43%

$

800

Growth

and

Tax

Strategy

Fund

...............................

—

900

5.45%

900

Notes

to

Financial

Statements

—

continued

February

28,

2026

Victory

Portfolios

III

\*

Based

on

the

number

of

days

borrowings

were

outstanding

for

the

year

ended

February

28,

2026. 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

year

ended

February

28,

2026,

were

as

follows

(amounts

in

thousands):

\*

Based

on

the

number

of

days

borrowings

were

outstanding

for

the

year

ended

February

28,

2026. 8. #### Federal

#### Income

#### Tax

#### Information:
Dividends

from

net

investment

income, if

any,

are

declared

and

paid

as

noted

in

the

table

below.

Distributable

net

realized

gains,

if

any,

are

declared

and distributed

at

least

annually

from

each

Fund.

The

amounts

of

dividends

from

net

investment

income

and

distributions

from

net

realized

gains

(collectively,

distributions

to

shareholders)

are

determined

in

accordance

with

federal

income

tax

regulations,

which

may

differ

from

GAAP.

To

the

extent

these

"book/tax"

differences

are

permanent

in

nature

(e.g.,

net

operating

loss

and

distribution

reclassification),

such

amounts

are

reclassified

within

the

components

of

net

assets

based

on

their

federal

tax-basis

treatment;

temporary

differences

(e.g.,

wash

sales)

do

not

require

reclassification.

To

the

extent

dividends

and

distributions

exceed

net

investment

income

and

net

realized

gains

for

tax

purposes,

they

are

reported

as

distributions

of

capital.

Net

investment

losses

incurred

by

the

Funds

may

be

reclassified

as

an

offset

to

capital

on

the

accompanying

Statements

of

Assets

and

Liabilities.

As

of

February

28,

2026,

on

the

Statements

of

Assets

and

Liabilities,

as

a

result

of

permanent

book-to-tax

differences,

reclassification

adjustments

were

as

follows

(amounts

in

thousands):

The

tax

character

of

distributions

paid

during

the

tax

years

ended,

as

noted

below,

were

as

follows

(total

distributions

paid

may

differ

from

the

Statements

of

Changes

in

Net

Assets

because,

for

tax

purposes,

dividends

are

recognized

when

actually

paid)

(amounts

in

thousands):

Borrower

or

Lender

Amount

Outstanding

at

February

28,

2026

Average

Borrowing\*

Average

Interest

Rate\*

Maximum

Borrowing

During

the

Period

Government

Securities

Fund

........................

Borrower

$

—

$

1,031

4.87%

$

1,031

Growth

and

Tax

Strategy

Fund

......................

Borrower

—

1,884

4.86%

3,407

Declared

Paid

California

Bond

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Daily

Monthly

Government

Securities

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Daily

Monthly

Growth

and

Tax

Strategy

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Quarterly

Quarterly

New

York

Bond

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Daily

Monthly

Virginia

Bond

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Daily

Monthly

Total

Accumulated

Earnings

(Loss)

Capital

Growth

and

Tax

Strategy

Fund

.................................................................

$

(102,556)

$

102,556

Year

Ended

February

28,

2026

Distributions

Paid

From:

Ordinary

Income

Total

Taxable

Distributions

Tax-Exempt

Income

Total

Distributions

Paid

California

Bond

Fund

........................................

$

—

$

—

$

14,594

$

14,594

Government

Securities

Fund

...................................

43,941

43,941

—

43,941

Growth

and

Tax

Strategy

Fund

.................................

3,886

3,886

13,454

17,340

New

York

Bond

Fund

........................................

—

—

3,871

3,871

Virginia

Bond

Fund

.........................................

—

—

15,314

15,314

Notes

to

Financial

Statements

—

continued

February

28,

2026

Victory

Portfolios

III

As

of

February

28,

2026,

the

components

of

accumulated

earnings

(loss)

on

a

tax

basis

were

as

follows

(amounts

in

thousands):

\*

The

difference

between

the

book-basis

and

tax-basis

unrealized

appreciation

(depreciation)

is

attributable

primarily

to

tax

deferral

of

losses

on

wash

sales,

REIT

adjustments,

defaulted

bond

accruals

and

market

discount.

As

of February

28,

2026,

the

Funds

had

net

capital

loss

carryforwards

as

shown

in

the

table

below

(amounts

in

thousands).

It

is

unlikely

that

the

Board

will

authorize

a

distribution

of

capital

gains

realized

in

the

future

until

the

capital

loss

carryforwards

have

been

used.

As

of February

28,

2026,

the

cost

basis

for

federal

income

tax

purposes,

gross

unrealized

appreciation,

gross

unrealized

depreciation,

and

net

unrealized

appreciation

(depreciation)

for

investments were

as

follows

(amounts

in

thousands):

In

this

reporting

period,

the

Funds

adopted

the

Financial

Accounting

Standards

Board

("FASB")

Accounting

Standards

Update

2023-09,

"Income

Taxes

(Topic

740)

Improvements

to

Income

Tax

Disclosures"

("ASU

2023-09").

Adoption

of

the

new

standard

by

the

Funds

impacted

financial

statement

disclosures

only

and

did

not

affect

the

Funds'

financial

position

or

results

of

operations.

A

disaggregation

of

income

taxes

paid

by

jurisdiction

is

presented

when

significant

income

taxes

are

paid.

Income

taxes

paid

by

the

Funds

for

the

year

ended

February

28,

2026 were

determined

to

not

be

significant.

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

predetermined

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

Year

Ended

February

28,

2025

Distributions

Paid

From:

Ordinary

Income

Total

Taxable

Distributions

Tax-Exempt

Income

Total

Distributions

Paid

California

Bond

Fund

........................................

$

—

$

—

$

15,008

$

15,008

Government

Securities

Fund

...................................

39,669

39,669

—

39,669

Growth

and

Tax

Strategy

Fund

.................................

4,367

4,367

14,765

19,132

New

York

Bond

Fund

........................................

—

—

4,246

4,246

Virginia

Bond

Fund

.........................................

—

—

15,329

15,329

Undistributed

Ordinary

Income

Undistributed

Tax-Exempt

Income

Distributions

Payable

Accumulated

Earnings

(Loss)

Accumulated

Capital

and

Other

Losses

Unrealized

Appreciation

(Depreciation)\*

Total

Accumulated

Earnings

(Loss)

California

Bond

Fund

..

$

—

$

980

$

(1,047)

$

(67) $

(20,966)

$

(1,704)

$

(22,737)

Government

Securities

Fund

............

2,276

—

(3,583)

(1,307)

(42,336)

(787) (44,430)

Growth

and

Tax

Strategy

Fund

............

3,480

2,421

—

5,901

(2,201)

301,804

305,504

New

York

Bond

Fund

..

—

(268) 62

(7,060)

(4,892)

(11,890)

Virginia

Bond

Fund

...

—

3,119

(1,085)

2,034

(19,155)

(29,685)

(46,806)

Short-Term

Amount

Long-Term

Amount

Total

California

Bond

Fund

...................................................

$

(5,454)

$

(15,512)

$

(20,966)

Government

Securities

Fund

..............................................

(10,689)

(31,647)

(42,336)

Growth

and

Tax

Strategy

Fund

............................................

(2,201)

—

(2,201)

New

York

Bond

Fund

...................................................

(2,486)

(4,574)

(7,060)

Virginia

Bond

Fund

....................................................

(2,349)

(16,806)

(19,155)

Cost

of

Investments

for

Federal

Tax

Purposes

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

California

Bond

Fund

.................................

$

403,263

$

6,605

$

(8,309)

$

(1,704)

Government

Securities

Fund

............................

1,216,157

18,951

(19,738)

(787) Growth

and

Tax

Strategy

Fund

..........................

589,881

318,426

(16,622)

301,804

New

York

Bond

Fund

.................................

109,933

(5,324)

(4,892)

Virginia

Bond

Fund

..................................

476,826

2,760

(32,445)

(29,685)

Notes

to

Financial

Statements

—

continued

February

28,

2026

Victory

Portfolios

III

within

each

Fund's

financial

statements.

Segment

assets

are

reflected

on

the

accompanying

Statements

of

Assets

and

Liabilities

as

"total

assets"

and

significant

segment

expenses

are

listed

on

the

accompanying

Statements

of

Operations.

Report

of

Independent

Registered

Public

Accounting

Firm

![](epub609168096493568.jpg)

To

the

Shareholders

and

the

Board

of

Trustees

of

Victory

Portfolios

III

Opinion

on

the

Financial

Statements

We

have

audited

the

accompanying

statements

of

assets

and

liabilities,

including

the

schedules

of

portfolio

investments,

of

Victory

California

Bond

Fund,

Victory

Government

Securities

Fund,

Victory

Growth

and

Tax

Strategy

Fund,

Victory

New

York

Bond

Fund,

and

Victory

Virginia

Bond

Fund

(the

"Funds"),

each

a

series

of

Victory

Portfolios

III,

as

of

February

28,

2026,

the

related

statements

of

operations,

the

statements

of

changes

in

net

assets,

and

the

financial

highlights

for

the

year

then

ended,

and

the

related

notes

(collectively

referred

to

as

the

"financial

statements").

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

each

of

the

Funds

as

of

February

28,

2026,

the

results

of

their

operations,

the

changes

in

their

net

assets,

and

the

financial

highlights

for

the

year

then

ended,

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

The

Funds'

financial

statements

and

financial

highlights

for

the

years

or

periods

ended

February

28,

2025,

and

prior,

were

audited

by

other

auditors

whose

report

dated

April

24,

2025,

expressed

unqualified

opinions

on

those

financial

statements

and

financial

highlights.

Basis

for

Opinion

These

financial

statements

are

the

responsibility

of

the

Funds'

management.

Our

responsibility

is

to

express

an

opinion

on

the

Funds'

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

("PCAOB")

and

are

required

to

be

independent

with

respect

to

the

Funds

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

February

28,

2026,

by

correspondence

with

the

custodian

and

brokers;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

We

have

served

as

the

auditor

of

one

or

more

investment

companies

advised

by

Victory

Capital

Management

Inc.

since

2015. COHEN

&

COMPANY,

LTD.

Cleveland,

Ohio

April

24,

2026

Supplemental

Information

February

28,

2026

Victory

Portfolios

III

(Unaudited)

Additional Information

Additional

Federal

Income

Tax

Information

For

the

fiscal

year

ended

February

28,

2026,

the

Funds

hereby

designate

the

maximum

amount

allowable

of

their

net

taxable

income

as

qualified

dividends

taxed

at

individual

net

capital

gain

rates.

Shareholders

will

be

notified

via

IRS

Form

1099

of

the

amounts

for

use

in

preparing

their

income

tax

return.

Dividends

qualified

for

corporate

dividends

received

deductions

of:

For

the

year

ended

February

28,

2026,

the

following

Funds

designated tax-exempt

distributions

in

the

amount

of

(in

thousands):

Percent

Growth

and

Tax

Strategy

Fund

.........................................................................

100%

Amount

California

Bond

Fund

...............................................................................

$

14,594

Growth

and

Tax

Strategy

Fund

........................................................................

13,454

New

York

Bond

Fund

...............................................................................

3,871

Virginia

Bond

Fund

................................................................................

15,314

Victory

Portfolios

III

(Unaudited)

Supplemental

Information

—

continued

February

28,

2026

Considerations

of

the

Board

in

Continuing

the

Investment

Advisory

Agreement

Victory

California

Bond

Fund

Victory

Government

Securities

Fund

Victory

Growth

&

Tax

Strategy

Fund

Victory

New

York

Bond

Fund

Victory

Virginia

Bond

Fund

(each,

a

"Fund"

and

collectively,

the

"Funds")

At

a

meeting

of

the

Board

of

Trustees

(the

"Board")

of

Victory

Portfolios

III

(the

"Trust")

held

on

December

10-11,

2025,

the

Board,

including

the

Trustees

who

are

not

"interested

persons"

(as

that

term

is

defined

in

the

Investment

Company

Act

of

1940,

as

amended)

of

the

Trust

(the

"Independent

Trustees"),

approved

for

an

annual

period

the

continuance

of

the

Investment

Advisory

Agreement

(the

"Advisory

Agreement")

between

the

Trust

and

Victory

Capital

Management

Inc.

(the

"Adviser")

with

respect

to

the

Funds.

Prior

to

the

December

10-11,

2025,

meeting

at

which

the

Advisory

Agreement

was

approved,

the

Independent

Trustees

also

discussed

and

considered

information

regarding

the

proposed

continuation

of

the

Advisory

Agreement

at

a

meeting

held

on

November

17,

2025. In

advance

of

the

foregoing

meetings,

the

Trustees

requested,

received

and

considered

a

variety

of

information

relating

to

the

Advisory

Agreement

and

the

Adviser,

and

were

given

the

opportunity

to

ask

questions

and

request

additional

information

from

management.

The

information

provided

to

the

Board

included,

among

other

things:

(i) a

separate

report

prepared

by

an

independent

third

party

of

mutual

fund

data,

which

provided

a

statistical

analysis

comparing

each

Fund's

investment

performance,

expenses,

and

fees

to

comparable

investment

companies;

(ii) information

concerning

the

services

rendered

to

the

Funds,

as

well

as

information

regarding

the

Adviser's

revenues

and

costs

of

providing

services

to

the

Funds

and

compensation

paid

to

affiliates

of

the

Adviser;

and

(iii) information

about

the

Adviser's

operations

and

personnel.

Prior

to

voting,

the

Independent

Trustees

reviewed

the

proposed

continuance

of

the

Advisory

Agreement

with

management

and

with

experienced

independent

counsel

retained

by

the

Independent

Trustees

("Independent

Counsel")

and

received

materials

from

such

Independent

Counsel

discussing

the

legal

standards

for

their

consideration

of

the

proposed

continuation

of

the

Advisory

Agreement

with

respect

to

each

Fund.

The

Independent

Trustees

also

reviewed

the

proposed

continuation

of

the

Advisory

Agreement

with

respect

to

the

Funds

in

private

sessions

with

Independent

Counsel

at

which

no

representatives

of

management

were

present.

At

each

regularly

scheduled

meeting

of

the

Board

and

its

committees,

the

Board

receives

and

reviews,

among

other

things,

information

concerning

each

Fund's

performance

and

related

services

provided

by

the

Adviser.

At

the

meeting

at

which

the

renewal

of

the

Advisory

Agreement

is

considered,

particular

focus

is

given

to

information

concerning

Fund

performance,

fees

and

total

expenses

as

compared

to

comparable

investment

companies,

and

the

Adviser's

profitability

with

respect

to

each

Fund.

However,

the

Board

noted

that

the

evaluation

process

with

respect

to

the

Adviser

is

an

ongoing

one.

In

this

regard,

the

Board's

and

its

committees'

consideration

of

the

Advisory

Agreement

included

information

previously

received

at

such

meetings.

The

Board

also

recognized

that

the

contractual

arrangements

for

the

Funds

have

been

reviewed

by

the

Board

and

discussed

with

the

Adviser

in

prior

years

and

that

the

Board's

conclusions

may

be

based,

in

part,

on

its

consideration

of

these

same

arrangements

in

prior

years.

ADVISORY

AGREEMENT

After

full

consideration

of

a

variety

of

factors,

the

Board,

including

the

Independent

Trustees,

voted

to

approve

the

Advisory

Agreement.

In

approving

the

Advisory

Agreement,

the

Trustees

did

not

identify

any

single

factor

as

controlling,

and

each

Trustee

may

have

attributed

different

weights

to

various

factors.

Throughout

their

deliberations,

the

Independent

Trustees

were

represented

and

assisted

by

Independent

Counsel.

Nature,

Extent,

and

Quality

of

Services

–

In

considering

the

nature,

extent,

and

quality

of

the

services

provided

by

the

Adviser

under

the

Advisory

Agreement,

the

Board

reviewed

information

provided

by

the

Adviser

relating

to

its

operations

and

personnel.

The

Board

considered

that

the

Adviser

manages

the

Funds'

assets

directly

through

one

or

more

investment

franchises,

and

in

doing

so,

continuously

supervises

the

investment

and

reinvestment

of

cash

and

securities

comprising

the

Funds'

assets.

The

Board

also

considered

that

the

Adviser

monitors

pertinent

economic,

statistical,

and

financial

data

to

determine

which

issuers

and

securities

to

include

in

the

Funds'

portfolios

as

part

of

a

continuous

investment

program.

The

Board

also

took

into

account

its

knowledge

of

the

Adviser's

management

and

the

quality

of

the

performance

of

the

Adviser's

duties

through

Board

meetings,

discussions,

and

reports

during

the

preceding

year.

The

Board

considered

the

fees

paid

to

the

Adviser

and

the

services

provided

to

the

Funds

by

the

Adviser

under

the

Advisory

Agreement,

as

well

as

other

services

provided

by

the

Adviser

and

its

affiliates

under

other

agreements,

and

the

personnel

who

provide

these

services.

In

addition

to

the

investment

advisory

services

provided

to

the

Funds,

the

Adviser

and

its

affiliates

provide

administrative

services,

transfer

agency

services,

shareholder

services,

oversight

of

Fund

accounting,

marketing

services,

assistance

in

meeting

legal

and

regulatory

requirements,

and

other

services

necessary

for

the

operation

of

the

Funds

and

the

Trust.

The

Board

considered

the

scope

of

services

provided

by,

and

the

undertakings

required

of,

the

Adviser

in

connection

with

those

services,

including,

among

other

things,

maintaining

(i) its

own

and

the

Funds'

compliance

programs,

(ii) risk

management

programs,

(iii) liquidity

risk

management

program,

(iv) derivatives

risk

management

program,

and

(v) cybersecurity

programs,

each

of

which

had

expanded

over

time

as

a

result

of

regulatory,

market,

and

other

developments.

The

Board

also

considered

the

significant

risks

assumed

by

the

Adviser

in

connection

with

the

services

provided

to

the

Funds,

including

investment,

operational,

enterprise,

litigation,

regulatory

and

compliance

risks.

The

Board

considered

the

Adviser's

management

style

and

the

performance

of

the

Adviser's

duties

under

the

Advisory

Agreement.

The

Board

considered

the

level

and

depth

of

knowledge

of

the

Adviser,

including

the

professional

experience

and

qualifications

of

its

senior

and

investment

personnel,

as

well

as

current

staffing

levels.

The

allocation

of

the

Funds'

brokerage,

including

the

Adviser's

process

for

monitoring

"best

Supplemental

Information

—

continued

February

28,

2026

Victory

Portfolios

III

(Unaudited)

execution,"

also

was

considered.

The

Adviser's

role

in

coordinating

the

activities

of

the

Funds'

other

service

providers

was

also

considered.

The

Board

also

considered

the

Adviser's

risk

management

processes.

The

Board

considered

the

Adviser's

financial

condition

and

that

it

had

the

financial

wherewithal

to

continue

to

provide

the

same

scope

and

high

quality

of

services

under

the

Advisory

Agreement.

In

reviewing

the

Advisory

Agreement,

the

Board

focused

on

the

experience,

resources,

and

strengths

of

the

Adviser

and

its

affiliates

in

managing

the

Funds,

as

well

as

the

other

funds

in

the

Trust.

The

Board

also

reviewed

the

compliance

and

administrative

services

provided

to

the

Funds

by

the

Adviser

and

its

affiliates,

including

the

Adviser's

oversight

of

the

Funds'

day-to-day

operations

and

oversight

of

Fund

accounting.

The

Trustees,

guided

also

by

information

obtained

from

their

experiences

as

Trustees

of

the

Trust,

also

focused

on

the

quality

of

the

Adviser's

compliance

and

administrative

staff.

Expenses

and

Performance

–

In

connection

with

its

consideration

of

the

Advisory

Agreement,

the

Board

evaluated

each

Fund's

advisory

fees

and

total

expense

ratio

as

compared

to

other

open-end

investment

companies

deemed

to

be

comparable

to

the

Fund

as

determined

by

the

independent

third

party

in

its

report.

Each

Fund's

expenses

were

compared

to

(i) a

group

of

investment

companies

chosen

by

the

independent

third

party

to

be

comparable

to

the

Fund

based

upon

certain

factors,

including

fund

type,

comparability

of

investment

objective

and

classification,

sales

load

type,

asset

size,

and

expense

components

(the

"expense

group")

and

(ii) a

larger

group

of

investment

companies

with

the

same

investment

classification/objective

as

the

Fund

regardless

of

asset

size,

excluding

outliers

(the

"expense

universe").

Victory

California

Bond

Fund

Among

other

data,

the

Board

noted

that

the

Fund's

net

management

fee

rate

as

represented

by

Fund

Shares

–

which

includes

advisory

and

administrative

services

and

the

effects

of

any

performance

adjustment,

as

well

as

any

fee

waivers

and

reimbursements

-

was

above

the

medians

of

its

expense

group

and

its

expense

universe.

The

data

indicated

that

the

Fund's

total

expenses,

including

after

any

reimbursements,

were

equal

to

the

median

of

its

expense

group

and

above

the

median

of

its

expense

universe.

The

Board

also

took

into

account

the

Adviser's

current

undertakings

to

maintain

expense

limitations

for

the

Fund.

The

Board

took

into

account

the

various

other

services

provided

to

the

Fund

by

the

Adviser

and

its

affiliates

as

described

above

and

noted

the

high

quality

of

services

received

by

the

Fund.

The

Board

further

took

into

account

management's

representations

regarding

its

belief

that

the

Fund's

pricing

is

competitive.

Victory

Government

Securities

Fund

Among

other

data,

the

Board

noted

that

the

Fund's

net

management

fee

rate

as

represented

by

Fund

Shares

–

which

includes

advisory

and

administrative

services

and

the

effects

of

any

performance

adjustment

–

was

equal

to

the

median

of

its

expense

group

and

was

above

the

median

of

its

expense

universe.

The

data

indicated

that

the

Fund's

total

expenses

were

below

the

medians

of

its

expense

group

and

its

expense

universe.

The

Board

also

took

into

account

the

Adviser's

current

undertakings

to

maintain

expense

limitations

for

the

Fund.

The

Board

took

into

account

the

various

other

services

provided

to

the

Fund

by

the

Adviser

and

its

affiliates

as

described

above

and

noted

the

high

quality

of

services

received

by

the

Fund.

Victory

Growth

&

Tax

Strategy

Fund

Among

other

data,

the

Board

noted

that

the

Fund's

net

management

fee

rate

–

which

includes

advisory

and

administrative

services

and

the

effects

of

any

performance

adjustment,

as

well

as

any

fee

waivers

and

reimbursements

–

was

below

the

medians

of

its

expense

group

and

its

expense

universe.

The

data

indicated

that

the

Fund's

total

expenses,

including

after

any

reimbursements,

were

below

the

medians

of

its

expense

group

and

its

expense

universe.

The

Board

also

took

into

account

the

Adviser's

current

undertakings

to

maintain

expense

limitations

for

the

Fund.

The

Board

took

into

account

the

various

other

services

provided

to

the

Fund

by

the

Adviser

and

its

affiliates

as

described

above

and

noted

the

high

quality

of

services

received

by

the

Fund.

Victory

New

York

Bond

Fund

Among

other

data,

the

Board

noted

that

the

Fund's

net

management

fee

rate

as

represented

by

Fund

Shares

–

which

includes

advisory

and

administrative

services

and

the

effects

of

any

performance

adjustment,

as

well

as

any

fee

waivers

and

reimbursements

–

was

above

the

median

of

its

expense

group

and

was

below

the

median

of

its

expense

universe.

The

data

indicated

that

the

Fund's

total

expenses,

including

after

any

reimbursements,

were

below

the

medians

of

its

expense

group

and

its

expense

universe.

The

Board

also

took

into

account

the

Adviser's

current

undertakings

to

maintain

expense

limitations

for

the

Fund.

The

Board

took

into

account

the

various

other

services

provided

to

the

Fund

by

the

Adviser

and

its

affiliates

as

described

above

and

noted

the

high

quality

of

services

received

by

the

Fund.

Victory

Virginia

Bond

Fund

This

comparison

indicated

that,

among

other

data,

the

Fund's

performance

was

below

the

average

of

its

performance

universe

and

its

Lipper

index

for

the

one-year

period

ended

June

30,

2025,

and

was

above

the

average

of

its

performance

universe

and

its

Lipper

index

for

the

three-,

five-

and

ten-year

periods

ended

June

30,

2025. The

Board

took

into

account

management's

discussion

of

the

Fund's

performance,

including

the

reasons

for

the

Fund's

underperformance

for

certain

periods.

As

part

of

its

consideration,

the

Board

received

a

description

of,

and

factored

into

its

evaluation

of

each

Fund's

expenses

and

performance,

the

potential

limitations

inherent

in

the

methodology

used

by

the

independent

third

party

for

developing

and

constructing

peer

groups

and

determining,

from

year

to

year,

which

mutual

funds

should

be

included

in

which

peer

groups,

among

other

things.

In

this

regard,

the

Board

also

noted

that

the

methodology

may

result

in

each

Fund's

being

included

in

one

peer

group

one

year

and

in

a

different

peer

group

the

next,

and

in

similar

funds

being

included

in

different

peer

groups.

The

Board

also

noted

that

the

number

of

mutual

funds

included

in

a

peer

group

may

be

relatively

small

and

may

differ

significantly

from

peer

group

to

peer

group

and

from

year

to

year

and

that

the

constituent

mutual

funds

included

in

a

peer

group

also

may

differ

from

year

to

year,

which,

among

other

factors,

can

limit

the

relevance

of

the

comparisons.

While

recognizing

Supplemental

Information

—

continued

February

28,

2026

Victory

Portfolios

III

(Unaudited)

these

inherent

limitations,

the

Board

believed

the

independent

analysis

conducted

by

the

third

party

provided

a

useful

measure

of

comparative

expenses

and

performance.

Compensation

and

Profitability

–

The

Board

took

into

consideration

the

level

and

method

of

computing

each

Fund's

management

fee.

The

information

considered

by

the

Board

included

operating

profit

margin

information

for

the

Adviser's

business

as

a

whole.

The

Board

also

received

and

considered

profitability

information

related

to

the

management

revenues

from

each

Fund.

This

information

included

a

review

of

the

methodology

used

in

the

allocation

of

certain

costs

to

each

Fund.

In

considering

the

profitability

data

with

respect

to

the

Funds,

the

Trustees

noted

that

the

Adviser

waived

a

portion

of

its

management

fee

and/or

reimbursed

certain

expenses

with

respect

to

certain

Funds.

The

Trustees

reviewed

the

profitability

of

the

Adviser's

relationship

with

each

Fund

before

tax

expenses.

The

Board

was

also

provided

with

a

profitability

analysis

of

other

publicly

traded

asset

managers

prepared

by

an

independent

information

service.

In

reviewing

the

overall

profitability

of

the

management

fee

to

the

Adviser,

the

Board

also

considered

the

fact

that

the

Adviser

and

its

affiliates

provide

transfer

agency

services,

shareholder

servicing

and

administrative

services

to

each

Fund

for

which

they

receive

compensation.

The

Trustees

recognized

that

the

Adviser

should

be

entitled

to

earn

a

reasonable

level

of

profits

in

exchange

for

the

level

of

services

it

provides

to

each

Fund

and

the

entrepreneurial

and

other

risks

that

it

assumes

as

Adviser.

Economies

of

Scale

–

The

Board

noted

that

the

Victory

California

Bond

Fund,

the

Victory

New

York

Bond

Fund

and

the

Victory

Virginia

Bond

Fund

have

advisory

fee

breakpoints

that

allow

the

Funds

to

participate

in

economies

of

scale

and

that

such

economies

were

currently

reflected

in

the

advisory

fee.

With

respect

to

the

other

Funds,

the

Board

considered

whether

there

should

be

changes

in

the

management

fee

rate

or

structure

in

order

to

enable

the

Funds

to

participate

in

any

economies

of

scale.

The

Board

also

considered

the

fee

waiver

and/or

expense

limitation

arrangements

by

the

Adviser.

The

Board

also

considered

the

effect

of

the

change

in

size,

if

any,

of

each

of

the

Funds'

classes

on

its

performance

and

fees,

noting

that

the

Funds

may

realize

other

economies

of

scale

if

assets

increase

proportionally

more

than

expenses.

The

Board

also

considered

the

Adviser's

reinvestment

in

the

business

in

the

form

of

adding

to

its

investment

capabilities

and

resources,

improvements

in

technology,

and

customer

service.

The

Board

determined

that

the

current

investment

management

fee

structure

was

reasonable.

Other

Benefits

–

The

Board

also

considered

the

potential

direct

and

indirect

benefits

to

the

Adviser

from

its

relationship

with

the

Trust,

including

that

the

Adviser

may

derive

reputational

and

other

benefits

from

its

association

with

each

Fund.

These

potential

benefits

included,

among

other

things,

the

opportunity

to

offer

additional

products

and

services

to

each

Fund's

shareholders.

Conclusions

–

The

Board

reached

the

following

conclusions

regarding

each

Fund's

Advisory

Agreement

with

the

Adviser:

(i) the

Adviser

has

demonstrated

that

it

possesses

the

capability

and

resources

to

perform

the

duties

required

of

it

under

the

Advisory

Agreement;

(ii) the

overall

performance

of

each

Fund

is

reasonable

in

relation

to

the

performance

of

funds

with

similar

investment

objectives

and

to

relevant

indices

and

the

Adviser

is

appropriately

monitoring

each

Fund's

performance,

as

applicable;

(iii) each

Fund's

advisory

fees

are

reasonable

in

relation

to

those

of

similar

funds

and

to

the

services

to

be

provided

by

the

Adviser;

and

(iv) the

Adviser's

and

its

affiliates'

level

of

profitability

from

their

relationship

with

each

Fund

is

reasonable

in

light

of

the

nature

and

high

quality

of

services

provided

by

the

Adviser

and

its

affiliates

and

the

type

of

fund.

Based

on

its

conclusions,

the

Board

determined

that

continuation

of

the

Advisory

Agreement

would

be

in

the

best

interests

of

each

Fund

and

its

shareholders.

Victory

Funds

P.O.

Box

182593

Columbus,

Ohio

43218-2593

Visit

our

website

at:

vcm.com

Call

Victory

at:

(800) 235-8396

VP3-MuniGov-0426

February

28,

2026

Annual:

Full

Financials

Victory

Emerging

Markets

Fund

Victory

Global

Equity

Income

Fund

Victory

International

Fund

Victory

Precious

Metals

and

Minerals

Fund

Victory

Sustainable

World

Fund

Victory

Target

Managed

Allocation

Fund

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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* 

*Emerging* 

*Markets* 

*Fund*

#### 2
*Victory* 

*Global* 

*Equity* 

*Income* 

*Fund*

#### 11
*Victory* 

*International* 

*Fund*

#### 16
*Victory* 

*Precious* 

*Metals* 

*and* 

*Minerals* 

*Fund*

#### 30
*Victory* 

*Sustainable* 

*World* 

*Fund*

#### 32
*Victory* 

*Target* 

*Managed* 

*Allocation* 

*Fund*

#### 43

#### Financial

#### Statements

#### (Form

#### N-CSR

#### Item

#### 7)
*Statements* 

*of* 

*Assets* 

*and* 

*Liabilities*

#### 52
*Statements* 

*of* 

*Operations*

#### 54
*Statements* 

*of* 

*Changes* 

*in* 

*Net* 

*Assets*

#### 56
*Financial* 

*Highlights*

#### 60

#### Notes

#### to

#### Financial

#### Statements

#### (Form

#### N-CSR

#### Item

#### 7)

#### 73

#### Report

#### of

#### Independent

#### Registered

#### Public

#### Accounting

#### Firm

#### (Form

#### N-CSR

#### Item

#### 7)

#### 86

#### Supplemental

#### Information
(Unaudited)

*Additional* 

*Federal* 

*Income* 

*Tax* 

*Information*

#### 87
*Advisory* 

*Contract* 

*Approval* 

*(Form* 

*N-CSR* 

*Item* 

*11)*

#### 88

#### Schedule

#### of

#### Portfolio

#### Investments
February

28,

2026

Victory

Portfolios

III

#### Victory

#### Emerging

#### Markets

#### Fund

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

Value

(000) Common

Stocks

(97.6%)

Belgium

(0.9%):

Materials

(0.9%):

Titan

SA

.............................................................

110,052

$

6,828

Brazil

(5.6%):

Consumer

Discretionary

(0.6%):

Cyrela

Brazil

Realty

SA

Empreendimentos

e

Participacoes

.........................

91,500

548

Cyrela

Brazil

Realty

SA

Empreendimentos

e

Participacoes

,

Preference

Shares

(a) .........

17,353

Vibra

Energia

SA

.......................................................

488,958

2,854

Vivara

Participacoes

SA

..................................................

123,500

750

4,251

Consumer

Staples

(0.8%):

M

Dias

Branco

SA

......................................................

78,100

Raia

Drogasil

SA

.......................................................

1,083,090

5,299

Tres

Tentos

Agroindustrial

SA

..............................................

146,047

6,143

Energy

(1.3%):

Brava

Energia

(a) .......................................................

130,231

Petroleo

Brasileiro

SA

-

Petrobras

,

ADR

......................................

126,502

2,104

PRIO

SA

(a) ...........................................................

696,900

7,408

9,986

Financials

(1.8%):

Banco

Bradesco

SA

,

Preference

Shares

.......................................

1,256,100

5,182

Banco

do

Brasil

SA

.....................................................

616,990

3,244

Banco

do

Estado

do

Rio

Grande

do

Sul

SA

,

Preference

Shares

.......................

169,100

613

BB

Seguridade

Participacoes

SA

............................................

180,600

1,222

Pagseguro

Digital

Ltd.

,

Class

A

.............................................

270,128

2,866

13,127

Industrials

(0.2%):

Motiva

Infraestrutura

de

Mobilidade

SA

.......................................

574,720

1,867

Materials

(0.4%):

Vale

SA

,

Class

B

,

ADR

...................................................

162,986

2,800

Utilities

(0.5%):

Equatorial

SA

.........................................................

465,700

3,826

42,000

Chile

(0.2%):

Financials

(0.1%):

Banco

Itau

Chile

SA

.....................................................

20,933

501

Real

Estate

(0.1%):

Parque

Arauco

SA

......................................................

162,424

772

1,273

China

(15.6%):

Communication

Services

(3.5%):

Kuaishou

Technology

,

Class

B

(b) ...........................................

388,600

3,082

NetEase,

Inc.

..........................................................

118,600

2,672

Tencent

Holdings

Ltd.

...................................................

311,563

20,499

26,253

Consumer

Discretionary

(2.2%):

Degrees

International

Ltd.

.............................................

770,000

555

BYD

Co.

Ltd.

.........................................................

427,200

5,150

Fuyao

Glass

Industry

Group

Co.

Ltd.

,

Class

H

(b) ................................

428,000

3,552

Midea

Group

Co.

Ltd.

,

Class

A

.............................................

263,100

3,015

Pop

Mart

International

Group

Ltd.

(b) (c) .......................................

120,400

3,542

TravelSky

Technology

Ltd.

,

Class

H

.........................................

333,000

16,270

Consumer

Staples

(0.8%):

Guoquan

Food

Shanghai

Co.

Ltd.

,

Class

H

.....................................

1,268,953

662

Victory

Portfolios

III

#### Victory

#### Emerging

#### Markets

#### Fund

#### Schedule

#### of

#### Portfolio

#### Investments
*—* 

*continued*

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

JD

Health

International,

Inc.

(a) (b) ...........................................

398,400

2,884

Tingyi

Cayman

Islands

Holding

Corp.

........................................

1,596,000

2,665

6,211

Financials

(5.0%):

Agricultural

Bank

of

China

Ltd.

,

Class

H

......................................

6,144,000

4,160

Bank

of

China

Ltd.

,

Class

H

...............................................

10,114,000

5,985

China

Construction

Bank

Corp.

,

Class

H

......................................

9,063,000

9,221

China

Merchants

Bank

Co.

Ltd.

,

Class

H

......................................

612,000

3,807

PICC

Property

&

Casualty

Co.

Ltd.

,

Class

H

...................................

3,014,000

6,219

Ping

An

Insurance

Group

Co.

of

China

Ltd.

(c) ..................................

902,500

7,808

37,200

Health

Care

(1.1%):

3SBio,

Inc.

(a) (b) .......................................................

141,500

Shanghai

Conant

Optical

Co.

Ltd.

,

Class

H

....................................

154,800

1,220

Sinopharm

Group

Co.

Ltd.

,

Class

H

..........................................

944,799

2,547

WuXi

AppTec

Co.

Ltd.

,

Class

H

(b) ..........................................

241,900

3,671

Zylox-Tonbridge

Medical

Technology

Co.

Ltd.

,

Class

H

(b) .........................

174,500

8,323

Industrials

(0.8%):

China

Communications

Services

Corp.

Ltd.

,

Class

H

..............................

696,000

Contemporary

Amperex

Technology

Co.

Ltd.

,

Class

A

............................

47,000

2,339

Harbin

Electric

Co.

Ltd.

,

Class

H

............................................

308,000

1,105

Kanzhun

Ltd.

,

ADR

.....................................................

142,304

2,288

6,127

Information

Technology

(0.6%):

GDS

Holdings

Ltd.

,

Class

A

(a) .............................................

155,700

806

Lenovo

Group

Ltd.

(c) ....................................................

1,582,000

1,953

Xiaomi

Corp.

,

Class

B

(a) (b) (c) .............................................

313,600

1,387

4,146

Materials

(1.5%):

Anhui

Conch

Cement

Co.

Ltd.

,

Class

H

.......................................

276,000

865

Zijin

Mining

Group

Co.

Ltd.

,

Class

H

........................................

1,776,000

10,166

11,031

Utilities

(0.1%):

Beijing

Jingneng

Clean

Energy

Co.

Ltd.

,

Class

H

................................

1,462,000

116,004

Czech

Republic

(0.3%):

Industrials

(0.3%):

CSG

NV

(a) ...........................................................

53,206

2,001

Greece

(1.1%):

Consumer

Discretionary

(0.2%):

OPAP

SA

.............................................................

87,994

1,645

Financials

(0.9%):

National

Bank

of

Greece

SA

...............................................

351,228

5,713

Optima

Bank

SA

.......................................................

43,407

501

6,214

7,859

Hong

Kong

(4.2%):

Consumer

Discretionary

(3.3%):

Alibaba

Group

Holding

Ltd.

,

Class

W

........................................

1,245,804

22,546

Bosideng

International

Holdings

Ltd.

.........................................

2,734,000

1,695

24,241

Consumer

Staples

(0.2%):

Want

Want

China

Holdings

Ltd.

............................................

2,111,000

1,321

Energy

(0.1%):

CGN

Mining

Co.

Ltd.

(c) ..................................................

1,385,000

868

Health

Care

(0.1%):

China

Medical

System

Holdings

Ltd.

(c) .......................................

291,000

541

Victory

Portfolios

III

#### Victory

#### Emerging

#### Markets

#### Fund

#### Schedule

#### of

#### Portfolio

#### Investments
*—* 

*continued*

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Materials

(0.1%):

Nine

Dragons

Paper

Holdings

Ltd.

(a) .........................................

600,901

676

Real

Estate

(0.0%):(d)

China

Jinmao

Holdings

Group

Ltd.

..........................................

1,724,000

Utilities

(0.4%):

Kunlun

Energy

Co.

Ltd.

..................................................

2,884,000

3,092

31,089

Hungary

(0.7%):

Communication

Services

(0.1%):

Magyar

Telekom

Telecommunications

PLC

....................................

147,271

1,000

Financials

(0.6%):

OTP

Bank

Nyrt

........................................................

32,924

4,063

5,063

India

(12.1%):

Communication

Services

(0.7%):

Bharti

Airtel

Ltd.

.......................................................

82,455

1,707

Indus

Towers

Ltd.

(a) ....................................................

642,242

3,218

Just

Dial

Ltd.

(a) ........................................................

35,401

5,139

Consumer

Discretionary

(0.9%):

ASK

Automotive

Ltd.

....................................................

121,840

558

Ceat

Ltd.

.............................................................

10,275

Leela

Palaces

Hotels

&

Resorts

Ltd.

(a) .......................................

97,800

Lumax

Auto

Technologies

Ltd.

.............................................

33,367

645

Mahindra

&

Mahindra

Ltd.

................................................

88,345

3,302

Sansera

Engineering

Ltd.

(b) ...............................................

26,466

683

SKY

Gold

and

Diamonds

Ltd.

(a) ............................................

112,638

6,522

Energy

(1.0%):

Mangalore

Refinery

&

Petrochemicals

Ltd.

(a) ..................................

246,664

534

Reliance

Industries

Ltd.

..................................................

442,288

6,788

7,322

Financials

(4.2%):

Angel

One

Ltd.

........................................................

125,730

Axis

Bank

Ltd.

........................................................

150,626

2,294

Bajaj

Finance

Ltd.

......................................................

101,363

1,112

Can

Fin

Homes

Ltd.

.....................................................

57,366

533

City

Union

Bank

Ltd.

....................................................

210,347

655

ICICI

Bank

Ltd.

........................................................

64,538

981

ICICI

Bank

Ltd.

,

ADR

...................................................

118,068

3,602

LIC

Housing

Finance

Ltd.

.................................................

88,308

523

Nippon

Life

India

Asset

Management

Ltd.

(b) ...................................

519,762

5,324

Nuvama

Wealth

Management

Ltd.

...........................................

28,568

Power

Finance

Corp.

Ltd.

.................................................

1,127,979

5,137

State

Bank

of

India

......................................................

105,711

1,398

The

Karur

Vysya

Bank

Ltd.

................................................

307,207

1,102

Union

Bank

of

India

Ltd.

.................................................

3,547,275

7,897

31,272

Health

Care

(0.3%):

Acutaas

Chemicals

Ltd.

..................................................

24,646

585

Ajanta

Pharma

Ltd.

.....................................................

16,334

538

Strides

Pharma

Science

Ltd.

...............................................

46,209

Yatharth

Hospital

&

Trauma

Care

Services

Ltd.

(a) ...............................

67,787

530

2,087

Industrials

(1.7%):

Adani

Ports

&

Special

Economic

Zone

Ltd.

....................................

219,188

3,670

Bharat

Electronics

Ltd.

...................................................

809,782

3,965

eClerx

Services

Ltd.

.....................................................

9,542

Engineers

India

Ltd.

.....................................................

200,908

Escorts

Kubota

Ltd.

.....................................................

13,912

538

Victory

Portfolios

III

#### Victory

#### Emerging

#### Markets

#### Fund

#### Schedule

#### of

#### Portfolio

#### Investments
*—* 

*continued*

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

GE

Vernova

T&D

India

Ltd.

...............................................

21,668

917

J

Kumar

Infraprojects

Ltd.

................................................

95,698

556

Kalpataru

Projects

International

Ltd.

.........................................

63,614

868

Sagility

Ltd.

...........................................................

1,416,240

617

Transport

Corp.

of

India

Ltd.

...............................................

33,012

VRL

Logistics

Ltd.

......................................................

175,487

536

12,854

Information

Technology

(1.3%):

Coforge

Ltd.

..........................................................

26,705

Infosys

Ltd.

...........................................................

238,920

3,424

Persistent

Systems

Ltd.

...................................................

46,080

2,405

Syrma

Sgs

Technology

Ltd.

...............................................

51,306

Tata

Consultancy

Services

Ltd.

.............................................

81,426

2,367

Zensar

Technologies

Ltd.

.................................................

53,053

9,341

Materials

(1.3%):

Hindalco

Industries

Ltd.

..................................................

565,045

5,751

National

Aluminium

Co.

Ltd.

..............................................

331,562

1,294

UPL

Ltd.

.............................................................

249,437

1,750

Welspun

Corp.

Ltd.

.....................................................

74,549

678

9,473

Real

Estate

(0.0%):(d)

Sunteck

Realty

Ltd.

.....................................................

86,039

Utilities

(0.7%):

CESC

Ltd.

............................................................

276,391

Power

Grid

Corp.

of

India

Ltd.

.............................................

1,329,418

4,372

VA

Tech

Wabag

Ltd.

.....................................................

28,647

5,251

89,641

Indonesia

(1.6%):

Communication

Services

(0.5%):

PT

Telkom

Indonesia

Persero

Tbk

,

ADR

(c) ....................................

165,226

3,514

Consumer

Staples

(0.1%):

PT

Cisarua

Mountain

Dairy

Tbk

............................................

1,253,400

PT

Japfa

Comfeed

Indonesia

Tbk

...........................................

5,248,000

744

1,131

Financials

(0.7%):

PT

Bank

Mandiri

Persero

Tbk

..............................................

9,162,980

2,877

PT

Bank

Rakyat

Indonesia

Persero

Tbk

.......................................

8,510,346

1,981

4,858

Health

Care

(0.0%):(d)

PT

Kalbe

Farma

Tbk

....................................................

5,367,100

Materials

(0.1%):

Aneka

Tambang

Tbk

....................................................

4,294,500

1,117

Real

Estate

(0.1%):

PT

Ciputra

Development

Tbk

..............................................

8,602,100

Utilities

(0.1%):

PT

Perusahaan

Gas

Negara

Tbk

.............................................

4,042,100

576

11,944

Luxembourg

(0.2%):

Materials

(0.2%):

Ternium

SA

,

ADR

(c) ....................................................

43,758

1,902

Malaysia

(0.4%):

Industrials

(0.1%):

Zetrix

Ai

Bhd

..........................................................

4,346,900

917

Materials

(0.2%):

Malayan

Cement

Bhd

....................................................

579,500

1,281

Victory

Portfolios

III

#### Victory

#### Emerging

#### Markets

#### Fund

#### Schedule

#### of

#### Portfolio

#### Investments
*—* 

*continued*

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Real

Estate

(0.1%):

Matrix

Concepts

Holdings

Bhd

.............................................

1,132,800

Sunway

Real

Estate

Investment

Trust

.........................................

753,700

893

3,091

Mexico

(3.6%):

Communication

Services

(0.5%):

America

Movil

SAB

de

CV

,

ADR

...........................................

130,078

3,385

Consumer

Staples

(0.3%):

Kimberly-Clark

de

Mexico

SAB

de

CV

,

Class

A

.................................

890,800

2,236

Energy

(0.8%):

Vista

Energy

SAB

de

CV

,

ADR

(a) ...........................................

106,463

6,147

Financials

(1.8%):

Gentera

SAB

de

CV

.....................................................

2,386,299

6,949

Grupo

Financiero

Banorte

SAB

de

CV

,

Class

O

.................................

582,003

6,638

13,587

Materials

(0.1%):

GCC

SAB

de

CV

.......................................................

79,065

920

Real

Estate

(0.1%):

Concentradora

Fibra

Danhos

SA

de

CV

(c) .....................................

316,339

503

26,778

Philippines

(0.1%):

Financials

(0.0%):(d)

Security

Bank

Corp.

.....................................................

291,760

Utilities

(0.1%):

Manila

Water

Co.,

Inc.

...................................................

684,400

852

Poland

(0.6%):

Financials

(0.1%):

Alior

Bank

SA

.........................................................

12,795

Industrials

(0.4%):

Benefit

Systems

SA

(a) (c) .................................................

2,021

2,187

InPost

SA

(a) ..........................................................

48,760

875

3,062

Utilities

(0.1%):

Tauron

Polska

Energia

SA

(a) ..............................................

212,182

699

4,190

Russian

Federation

(0.0%):

Communication

Services

(0.0%):

Mobile

TeleSystems

PJSC

,

ADR

(a) (e) (f) ......................................

253,826

—

Energy

(0.0%):

Gazprom

PJSC

(a) (e) (f) ...................................................

1,087,480

—

Rosneft

Oil

Co.

PJSC

,

GDR

(a) (e) (f) .........................................

457,159

—

—

Financials

(0.0%):

Moscow

Exchange

MICEX-RTS

PJSC

(a) (e) (f) ..................................

196,760

—

Sberbank

of

Russia

PJSC

(a) (e) (f) ...........................................

687,954

—

Sberbank

of

Russia

PJSC

,

ADR

(a) (e) (f) .......................................

329,652

—

—

—

Saudi

Arabia

(1.4%):

Communication

Services

(0.4%):

Etihad

Etisalat

Co.

......................................................

180,150

3,084

Consumer

Discretionary

(0.1%):

United

Electronics

Co.

...................................................

24,800

546

Victory

Portfolios

III

#### Victory

#### Emerging

#### Markets

#### Fund

#### Schedule

#### of

#### Portfolio

#### Investments
*—* 

*continued*

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Financials

(0.8%):

Saudi

Awwal

Bank

......................................................

653,788

5,952

Industrials

(0.1%):

Riyadh

Cables

Group

Co.

.................................................

16,985

533

Real

Estate

(0.0%):(d)

Arabian

Centres

Co.

(b) ...................................................

69,074

10,448

Singapore

(0.1%):

Communication

Services

(0.1%):

JOYY,

Inc.

,

ADR

.......................................................

7,510

South

Africa

(3.1%):

Consumer

Staples

(0.1%):

Tiger

Brands

Ltd.

.......................................................

22,213

Energy

(0.1%):

Exxaro

Resources

Ltd.

...................................................

41,346

515

Financials

(1.3%):

Sanlam

Ltd.

...........................................................

831,539

5,557

Santam

Ltd.

...........................................................

20,642

568

Standard

Bank

Group

Ltd.

................................................

190,954

3,847

9,972

Industrials

(0.3%):

Bidvest

Group

Ltd.

......................................................

148,553

2,354

Materials

(1.2%):

Harmony

Gold

Mining

Co.

Ltd.

.............................................

225,183

5,126

Kumba

Iron

Ore

Ltd.

....................................................

55,631

1,287

Northam

Platinum

Holdings

Ltd.

............................................

33,707

923

Pan

African

Resources

PLC

...............................................

735,368

1,777

9,113

Real

Estate

(0.1%):

Growthpoint

Properties

Ltd.

...............................................

432,694

511

22,910

South

Korea

(18.6%):

Communication

Services

(0.1%):

Netmarble

Corp.

(b) .....................................................

9,751

Consumer

Discretionary

(1.3%):

Hyundai

Mobis

Co.

Ltd.

..................................................

8,492

3,053

Kia

Corp.

............................................................

41,493

5,925

Silicon2

Co.

Ltd.

(a) .....................................................

21,285

649

9,627

Consumer

Staples

(0.9%):

Apr

Corp.

(a) ..........................................................

22,610

4,907

D'Alba

Global

Co.

Ltd.

(a) .................................................

16,773

1,978

6,885

Financials

(2.3%):

Hana

Financial

Group,

Inc.

................................................

119,944

10,147

JB

Financial

Group

Co.

Ltd.

...............................................

38,650

852

KIWOOM

Securities

Co.

Ltd.

..............................................

4,964

1,605

Shinhan

Financial

Group

Co.

Ltd.

...........................................

66,890

4,500

17,104

Health

Care

(0.2%):

Classys,

Inc.

(a) ........................................................

14,201

576

Daewoong

Pharmaceutical

Co.

Ltd.

..........................................

3,779

HK

inno

N

Corp.

(a) .....................................................

13,511

507

1,545

Industrials

(2.3%):

Hanwha

Aerospace

Co.

Ltd.

...............................................

10,414

8,658

Hanwha

Corp.

(a) .......................................................

5,824

553

HD

Hyundai

Electric

Co.

Ltd.

..............................................

5,767

4,211

Victory

Portfolios

III

#### Victory

#### Emerging

#### Markets

#### Fund

#### Schedule

#### of

#### Portfolio

#### Investments
*—* 

*continued*

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

HD-Hyundai

Marine

Engine

(a) .............................................

14,050

853

Iljin

Electric

Co.

Ltd.

....................................................

13,354

830

Samsung

E&A

Co.

Ltd.

..................................................

51,981

1,315

Sanil

Electric

Co.

Ltd.

...................................................

6,860

794

17,214

Information

Technology

(11.3%):

Douzone

Bizon

Co.

Ltd.

..................................................

10,761

885

IsuPetasys

Co.

Ltd.

......................................................

12,289

1,094

LEENO

Industrial,

Inc.

...................................................

11,712

868

LG

Innotek

Co.

Ltd.

.....................................................

3,703

821

PSK,

Inc.

.............................................................

14,840

662

Samsung

Electronics

Co.

Ltd.

..............................................

208,456

31,204

SK

hynix,

Inc.

.........................................................

65,087

48,132

83,666

Materials

(0.2%):

Hyosung

TNC

Corp.

.....................................................

1,864

552

OCI

Holdings

Co.

Ltd.

...................................................

3,468

Poongsan

Corp.

(a) ......................................................

10,047

807

1,725

138,122

Taiwan

(22.9%):

Consumer

Discretionary

(0.8%):

Lion

Travel

Service

Co.

Ltd.

...............................................

87,000

Minth

Group

Ltd.

.......................................................

822,000

4,595

Tong

Yang

Industry

Co.

Ltd.

...............................................

282,000

895

5,977

Consumer

Staples

(0.1%):

Charoen

Pokphand

Enterprise

..............................................

93,000

Financials

(0.6%):

CTBC

Financial

Holding

Co.

Ltd.

...........................................

2,604,000

4,633

Health

Care

(0.4%):

Bora

Pharmaceuticals

Co.

Ltd.

.............................................

166,170

2,691

Lotus

Pharmaceutical

Co.

Ltd.

.............................................

52,000

3,154

Industrials

(0.4%):

Bizlink

Holding,

Inc.

....................................................

21,504

950

China

Airlines

Ltd.

......................................................

1,415,000

946

Sunonwealth

Electric

Machine

Industry

Co.

Ltd.

.................................

225,000

1,087

2,983

Information

Technology

(20.5%):

ASE

Technology

Holding

Co.

Ltd.

,

ADR

......................................

228,602

5,553

ASE

Technology

Holding

Co.

Ltd.

...........................................

453,000

5,459

AURAS

Technology

Co.

Ltd.

..............................................

20,894

755

Chenbro

Micom

Co.

Ltd.

.................................................

56,000

1,614

Chroma

ATE,

Inc.

......................................................

21,000

913

Delta

Electronics,

Inc.

...................................................

176,000

7,938

Elite

Material

Co.

Ltd.

...................................................

116,000

8,885

Ennoconn

Corp.

........................................................

37,000

Genius

Electronic

Optical

Co.

Ltd.

..........................................

33,000

Getac

Holdings

Corp.

....................................................

118,000

Gold

Circuit

Electronics

Ltd.

...............................................

56,000

1,455

Hon

Hai

Precision

Industry

Co.

Ltd.

.........................................

526,000

4,024

King

Slide

Works

Co.

Ltd.

................................................

4,000

King

Yuan

Electronics

Co.

Ltd.

.............................................

133,000

1,369

MediaTek,

Inc.

.........................................................

181,000

11,152

MPI

Corp.

............................................................

18,000

1,666

Nanya

Technology

Corp.

(a) ...............................................

165,000

1,465

Novatek

Microelectronics

Corp.

............................................

93,000

1,161

Phison

Electronics

Corp.

..................................................

27,000

1,595

Quanta

Computer,

Inc.

...................................................

383,000

3,516

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

.................................

1,327,000

82,818

Victory

Portfolios

III

#### Victory

#### Emerging

#### Markets

#### Fund

#### Schedule

#### of

#### Portfolio

#### Investments
*—* 

*continued*

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Taiwan

Union

Technology

Corp.

............................................

73,000

1,249

Tripod

Technology

Corp.

.................................................

91,000

1,124

Winbond

Electronics

Corp.

(a) ..............................................

222,000

845

Wiwynn

Corp.

.........................................................

50,000

6,285

152,494

Materials

(0.1%):

Nan

Pao

Resins

Chemical

Co.

Ltd.

..........................................

59,000

617

170,312

Thailand

(1.7%):

Communication

Services

(0.5%):

Advanced

Info

Service

PCL,

NVDR

.........................................

335,600

4,101

Consumer

Discretionary

(0.1%):

Com7

PCL,

NVDR

.....................................................

928,800

720

Energy

(0.2%):

PTT

Exploration

&

Production

PCL

,

Class

F

...................................

272,500

1,205

Financials

(0.1%):

Thanachart

Capital

PCL,

NVDR

............................................

250,600

Health

Care

(0.6%):

Bumrungrad

Hospital

PCL,

NVDR

..........................................

701,800

4,798

Industrials

(0.1%):

CH

Karnchang

PCL,

NVDR

...............................................

1,211,500

686

Utilities

(0.1%):

Gunkul

Engineering

PCL,

NVDR

...........................................

7,180,600

573

12,573

Turkey

(0.3%):

Consumer

Staples

(0.3%):

BIM

Birlesik

Magazalar

A/S

...............................................

134,373

2,048

Health

Care

(0.0%):(d)

MLP

Saglik

Hizmetleri

A/S

,

Class

B

(a) (b) .....................................

50,071

500

2,548

United

Arab

Emirates

(1.0%):

Industrials

(0.1%):

Air

Arabia

PJSC

........................................................

859,100

1,266

Real

Estate

(0.9%):

Emaar

Development

PJSC

................................................

1,235,034

6,506

7,772

United

Kingdom

(0.4%):

Consumer

Discretionary

(0.1%):

Pepco

Group

NV

.......................................................

73,256

605

Consumer

Staples

(0.3%):

Unilever

PLC

.........................................................

28,687

2,107

2,712

United

States

(0.7%):

Consumer

Discretionary

(0.2%):

SharkNinja,

Inc.

(a) ......................................................

13,270

1,630

Energy

(0.3%):

SLB

Ltd.

.............................................................

50,284

2,582

Information

Technology

(0.2%):

EPAM

Systems,

Inc.

(a) ...................................................

8,590

1,211

5,423

Uruguay

(0.2%):

Consumer

Discretionary

(0.2%):

Arcos

Dorados

Holdings,

Inc.

,

Class

A

........................................

165,078

1,453

Total

Common

Stocks

(Cost

$455,523)

725,236

Victory

Portfolios

III

#### Victory

#### Emerging

#### Markets

#### Fund

#### Schedule

#### of

#### Portfolio

#### Investments
*—* 

*continued*

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Name

Acquisition

Date

Cost

Gazprom

PJSC

.............................................

7/28/2021

$

4,261

Mobile

TeleSystems

PJSC

,

ADR

.................................

4/4/2016

2,117

Moscow

Exchange

MICEX-RTS

PJSC

............................

5/4/2020

Rosneft

Oil

Co.

PJSC

,

GDR

....................................

3/6/2020

2,920

Sberbank

of

Russia

PJSC

......................................

3/2/2015

800

Sberbank

of

Russia

PJSC

,

ADR

..................................

11/11/2020

4,362

Exchange-Traded

Funds

(0.8%)

United

States

(0.8%):

iShares

Core

MSCI

Emerging

Markets

ETF

....................................

63,475

4,872

iShares

MSCI

Emerging

Markets

Small-Cap

ETF

(c) ..............................

9,505

714

5,586

Total

Exchange-Traded

Funds

(Cost

$5,183)

5,586

Collateral

for

Securities

Loaned

(0.6%)^

United

States

(0.6%):

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares

,

.59

%

(g) ........

1,175,693

1,176

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares

,

.60

%

(g) ............

1,247,327

1,247

Invesco

Government

&

Agency

Portfolio,

Institutional

Shares

,

.60

%

(g) ...............

1,175,693

1,176

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares

,

.59

%

(g) .

1,104,058

1,104

Total

Collateral

for

Securities

Loaned

(Cost

$4,703)

4,703

Total

Investments

(Cost

$465,409)

—

99.0%

735,525

Other

assets

in

excess

of

liabilities

—

1.0%

7,758

NET

ASSETS

-

100.00%

$

743,283

^

Purchased

with

cash

collateral

from

securities

on

loan.

(a) Non-income

producing

security.

(b) Rule

144A

security

or

other

security

that

is

restricted

as

to

resale

to

institutional

investors.

As

of

February

28,

2026,

the

fair

value

of

these

securities

was

$26,199

(thousands)

and

amounted

to

3.5%

of

net

assets.

(c) All

or

a

portion

of

this

security

is

on

loan.

(d) Amount

represents

less

than

0.05%

of

net

assets.

(e) Security

was

fair

valued

based

upon

procedures

approved

by

the

Board

of

Trustees

and

represents

0.0%

of

net

assets

as

of

February

28,

2026. 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

February

28,

2026

(amounts

in

thousands):

(g) Rate

disclosed

is

the

daily

yield

on

February

28,

2026. ADR

—

American

Depositary

Receipt

ETF

—

Exchange-Traded

Fund

GDR

—

Global

Depositary

Receipt

NVDR

—

Non-Voting

Depository

Receipt

PCL

—

Public

Company

Limited

PLC

—

Public

Limited

Company

#### Schedule

#### of

#### Portfolio

#### Investments
February

28,

2026

Victory

Portfolios

III

#### Victory

#### Global

#### Equity

#### Income

#### Fund

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

Value

(000) Common

Stocks

(99.5%)

Australia

(1.6%):

Consumer

Staples

(0.3%):

Coles

Group

Ltd.

.......................................................

17,307

$

Financials

(0.3%):

QBE

Insurance

Group

Ltd.

................................................

16,950

Industrials

(0.4%):

Computershare

Ltd.

.....................................................

12,619

Utilities

(0.6%):

Origin

Energy

Ltd.

......................................................

52,667

1,251

Bermuda

(0.2%):

Financials

(0.2%):

Everest

Group

Ltd.

......................................................

622

Canada

(6.7%):

Consumer

Discretionary

(0.7%):

Gildan

Activewear,

Inc.

..................................................

8,192

558

Energy

(2.0%):

Canadian

Natural

Resources

Ltd.

............................................

8,807

Cenovus

Energy,

Inc.

....................................................

6,566

Suncor

Energy,

Inc.

.....................................................

18,982

1,073

1,604

Financials

(1.9%):

Canadian

Imperial

Bank

of

Commerce

........................................

12,344

1,247

Sun

Life

Financial,

Inc.

..................................................

4,577

1,547

Materials

(2.1%):

Kinross

Gold

Corp.

.....................................................

34,384

1,271

Nutrien

Ltd.

...........................................................

4,811

1,633

5,342

China

(1.4%):

Industrials

(1.4%):

Yangzijiang

Shipbuilding

Holdings

Ltd.

.......................................

327,800

1,121

France

(3.6%):

Health

Care

(0.2%):

Sanofi

SA

............................................................

1,923

Industrials

(1.7%):

Cie

de

Saint-Gobain

SA

..................................................

7,824

793

Eiffage

SA

............................................................

2,996

516

1,309

Utilities

(1.7%):

Engie

SA

.............................................................

39,867

1,362

2,859

Germany

(4.7%):

Communication

Services

(0.8%):

Deutsche

Telekom

AG

...................................................

17,129

688

Financials

(1.3%):

Allianz

SE

,

Registered

Shares

..............................................

2,308

1,036

Industrials

(1.2%):

Deutsche

Post

AG

......................................................

8,611

507

GEA

Group

AG

........................................................

5,776

955

Victory

Portfolios

III

#### Victory

#### Global

#### Equity

#### Income

#### Fund

#### Schedule

#### of

#### Portfolio

#### Investments
*—* 

*continued*

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Materials

(1.4%):

Heidelberg

Materials

AG

.................................................

4,978

1,109

3,788

Hong

Kong

(1.7%):

Consumer

Staples

(1.0%):

WH

Group

Ltd.

(a) ......................................................

621,000

781

Industrials

(0.7%):

Techtronic

Industries

Co.

Ltd.

..............................................

35,000

567

1,348

Ireland

(2.1%):

Financials

(0.6%):

Bank

of

Ireland

Group

PLC

...............................................

23,666

Information

Technology

(1.5%):

Accenture

PLC

,

Class

A

..................................................

1,455

TE

Connectivity

PLC

....................................................

4,079

939

1,242

1,705

Italy

(1.1%):

Utilities

(1.1%):

Enel

SpA

.............................................................

71,857

864

Japan

(9.3%):

Consumer

Discretionary

(0.7%):

Isuzu

Motors

Ltd.

.......................................................

30,700

572

Financials

(2.4%):

SBI

Holdings,

Inc.

......................................................

27,400

586

Sompo

Holdings,

Inc.

....................................................

16,900

671

Tokio

Marine

Holdings,

Inc.

...............................................

16,600

689

1,946

Health

Care

(0.4%):

Shionogi

&

Co.

Ltd.

.....................................................

12,900

Industrials

(3.3%):

Fujikura

Ltd.

..........................................................

11,100

1,896

Komatsu

Ltd.

..........................................................

14,400

691

2,587

Materials

(1.3%):

Nitto

Denko

Corp.

......................................................

31,900

740

Shin-Etsu

Chemical

Co.

Ltd.

...............................................

8,300

1,067

Utilities

(1.2%):

Tokyo

Gas

Co.

Ltd.

.....................................................

19,200

942

7,419

Netherlands

(2.2%):

Communication

Services

(1.4%):

Koninklijke

KPN

NV

....................................................

191,587

1,089

Consumer

Staples

(0.8%):

Koninklijke

Ahold

Delhaize

NV

............................................

13,863

685

1,774

Portugal

(0.8%):

Energy

(0.8%):

Galp

Energia

SGPS

SA

...................................................

28,116

610

Singapore

(0.5%):

Financials

(0.5%):

Oversea-Chinese

Banking

Corp.

Ltd.

.........................................

24,100

Spain

(4.8%):

Energy

(0.3%):

Repsol

SA

............................................................

9,647

Victory

Portfolios

III

#### Victory

#### Global

#### Equity

#### Income

#### Fund

#### Schedule

#### of

#### Portfolio

#### Investments
*—* 

*continued*

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Financials

(3.2%):

Banco

Bilbao

Vizcaya

Argentaria

SA

.........................................

64,010

1,482

Banco

Santander

SA

.....................................................

84,517

1,066

2,548

Utilities

(1.3%):

Iberdrola

SA

..........................................................

44,513

1,051

3,817

Sweden

(0.4%):

Information

Technology

(0.4%):

Telefonaktiebolaget

LM

Ericsson

,

Class

B

.....................................

25,381

Switzerland

(6.0%):

Consumer

Staples

(1.3%):

Coca-Cola

HBC

AG

(b) ...................................................

16,258

1,055

Health

Care

(3.0%):

Novartis

AG

,

Registered

Shares

.............................................

7,744

1,302

Roche

Holding

AG

......................................................

2,354

1,121

2,423

Information

Technology

(0.6%):

Logitech

International

SA

,

Class

R

..........................................

5,368

Materials

(1.1%):

Glencore

PLC

(b) .......................................................

48,514

Holcim

AG

(b) .........................................................

5,357

843

4,814

United

Kingdom

(5.7%):

Consumer

Staples

(2.3%):

Imperial

Brands

PLC

....................................................

10,966

Reckitt

Benckiser

Group

PLC

..............................................

2,636

Tesco

PLC

............................................................

167,625

1,085

1,808

Energy

(1.2%):

BP

PLC

..............................................................

40,298

Shell

PLC

............................................................

16,748

701

962

Financials

(1.7%):

HSBC

Holdings

PLC

....................................................

72,113

1,348

Industrials

(0.5%):

Intertek

Group

PLC

.....................................................

6,655

4,542

United

States

(46.7%):

Communication

Services

(0.4%):

Verizon

Communications,

Inc.

..............................................

6,817

Consumer

Discretionary

(1.8%):

Best

Buy

Co.,

Inc.

......................................................

6,114

Lowe's

Cos.,

Inc.

.......................................................

1,607

The

TJX

Cos.,

Inc.

......................................................

1,859

Williams-Sonoma,

Inc.

...................................................

1,656

1,445

Consumer

Staples

(4.4%):

Altria

Group,

Inc.

.......................................................

10,062

695

Colgate-Palmolive

Co.

...................................................

4,250

Kimberly-Clark

Corp.

....................................................

5,331

594

Philip

Morris

International,

Inc.

.............................................

4,706

879

Sysco

Corp.

...........................................................

4,313

Target

Corp.

..........................................................

1,848

The

Clorox

Co.

........................................................

2,483

3,508

Victory

Portfolios

III

#### Victory

#### Global

#### Equity

#### Income

#### Fund

#### Schedule

#### of

#### Portfolio

#### Investments
*—* 

*continued*

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Energy

(3.7%):

Devon

Energy

Corp.

.....................................................

12,350

538

EOG

Resources,

Inc.

....................................................

6,910

857

Marathon

Petroleum

Corp.

................................................

2,630

521

Ovintiv,

Inc.

..........................................................

7,769

Valero

Energy

Corp.

.....................................................

3,017

618

2,927

Financials

(8.3%):

American

Express

Co.

...................................................

1,243

American

Financial

Group,

Inc.

.............................................

4,623

615

Ameriprise

Financial,

Inc.

.................................................

1,081

508

Capital

One

Financial

Corp.

...............................................

1,998

Cincinnati

Financial

Corp.

................................................

2,647

Fidelity

National

Financial,

Inc.

............................................

12,078

639

Interactive

Brokers

Group,

Inc.

,

Class

A

.......................................

5,720

JPMorgan

Chase

&

Co.

..................................................

2,333

701

Synchrony

Financial

.....................................................

10,709

740

The

Goldman

Sachs

Group,

Inc.

............................................

826

710

The

PNC

Financial

Services

Group,

Inc.

......................................

1,978

The

Western

Union

Co.

(c) .................................................

18,329

W.R.

Berkley

Corp.

.....................................................

7,257

520

6,645

Health

Care

(7.9%):

AbbVie,

Inc.

..........................................................

5,018

1,165

Bristol-Myers

Squibb

Co.

.................................................

12,738

794

Cardinal

Health,

Inc.

....................................................

2,041

Gilead

Sciences,

Inc.

....................................................

6,802

1,013

Johnson

&

Johnson

.....................................................

4,552

1,131

McKesson

Corp.

.......................................................

Merck

&

Co.,

Inc.

......................................................

4,545

563

The

Cigna

Group

.......................................................

1,318

UnitedHealth

Group,

Inc.

.................................................

1,075

6,304

Industrials

(4.6%):

Booz

Allen

Hamilton

Holding

Corp.

,

Class

A

...................................

1,341

C.H.

Robinson

Worldwide,

Inc.

.............................................

3,709

687

EMCOR

Group,

Inc.

....................................................

923

669

Expeditors

International

of

Washington,

Inc.

....................................

2,680

Lockheed

Martin

Corp.

...................................................

1,084

713

Masco

Corp.

..........................................................

7,025

503

Owens

Corning

........................................................

2,830

United

Parcel

Service,

Inc.

,

Class

B

..........................................

2,372

3,687

Information

Technology

(11.4%):

Apple,

Inc.

...........................................................

5,813

1,536

Applied

Materials,

Inc.

...................................................

3,422

1,274

Cisco

Systems,

Inc.

.....................................................

18,436

1,465

Cognizant

Technology

Solutions

Corp.

,

Class

A

.................................

7,076

HP,

Inc.

..............................................................

22,233

KLA

Corp.

...........................................................

795

1,212

Lam

Research

Corp.

.....................................................

4,926

1,152

NetApp,

Inc.

..........................................................

6,779

671

QUALCOMM,

Inc.

.....................................................

6,027

858

9,046

Materials

(3.8%):

CF

Industries

Holdings,

Inc.

...............................................

7,121

709

LyondellBasell

Industries

NV

,

Class

A

........................................

1,218

Nucor

Corp.

...........................................................

3,060

541

Packaging

Corp.

of

America

...............................................

2,139

Reliance,

Inc.

..........................................................

1,400

Steel

Dynamics,

Inc.

.....................................................

3,775

730

2,989

Victory

Portfolios

III

#### Victory

#### Global

#### Equity

#### Income

#### Fund

#### Schedule

#### of

#### Portfolio

#### Investments
*—* 

*continued*

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Utilities

(0.4%):

OGE

Energy

Corp.

......................................................

6,612

37,218

Total

Common

Stocks

(Cost

$53,890)

79,382

Collateral

for

Securities

Loaned

(0.2%)^

United

States

(0.2%):

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares

,

.59

%

(d) ........

45,363

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares

,

.60

%

(d) ............

45,363

Invesco

Government

&

Agency

Portfolio,

Institutional

Shares

,

.60

%

(d) ...............

45,363

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares

,

.59

%

(d) .

45,363

Total

Collateral

for

Securities

Loaned

(Cost

$181)

Total

Investments

(Cost

$54,071)

—

99.7%

79,563

Other

assets

in

excess

of

liabilities

—

0.3%

NET

ASSETS

-

100.00%

$

79,760

^

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

February

28,

2026,

the

fair

value

of

these

securities

was

$781

(thousands)

and

amounted

to

1.0%

of

net

assets.

(b) Non-income

producing

security.

(c) All

or

a

portion

of

this

security

is

on

loan.

(d) Rate

disclosed

is

the

daily

yield

on

February

28,

2026. PLC

—

Public

Limited

Company

#### Schedule

#### of

#### Portfolio

#### Investments
February

28,

2026

Victory

Portfolios

III

#### Victory

#### International

#### Fund

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

Value

(000) Common

Stocks

(98.3%)

Australia

(4.4%):

Consumer

Discretionary

(0.5%):

Aristocrat

Leisure

Ltd.

...................................................

386,487

$

13,210

Financials

(0.7%):

ANZ

Group

Holdings

Ltd.

................................................

149,655

4,258

Macquarie

Group

Ltd.

...................................................

89,555

13,588

QBE

Insurance

Group

Ltd.

................................................

110,779

1,720

19,566

Health

Care

(0.2%):

CSL

Ltd.

.............................................................

35,266

3,691

Industrials

(0.5%):

Brambles

Ltd.

.........................................................

373,772

6,664

Qantas

Airways

Ltd.

.....................................................

803,222

5,684

12,348

Materials

(1.8%):

BHP

Group

Ltd.

........................................................

789,385

32,023

Northern

Star

Resources

Ltd.

..............................................

375,414

8,227

Orica

Ltd.

............................................................

261,443

4,538

Rio

Tinto

Ltd.

.........................................................

26,626

3,165

47,953

Real

Estate

(0.7%):

Charter

Hall

Group

......................................................

288,362

4,525

Goodman

Group

.......................................................

63,445

1,305

Scentre

Group

.........................................................

4,925,676

13,386

19,216

115,984

Austria

(0.7%):

Financials

(0.7%):

BAWAG

Group

AG

(a) (b) .................................................

94,102

14,574

Erste

Group

Bank

AG

....................................................

31,237

3,707

18,281

Information

Technology

(0.0%):(c)

ams-OSRAM

AG

(a) .....................................................

41,510

18,743

Belgium

(0.5%):

Communication

Services

(0.0%):(c)

Proximus

SADP

........................................................

101,749

839

Consumer

Staples

(0.2%):

Anheuser-Busch

InBev

SA

................................................

62,306

5,066

Financials

(0.1%):

Ageas

SA

............................................................

43,368

3,219

Materials

(0.2%):

Titan

SA

.............................................................

36,091

2,239

Umicore

SA

...........................................................

138,900

2,960

5,199

14,323

Brazil

(1.4%):

Communication

Services

(0.1%):

Telefonica

Brasil

SA

.....................................................

380,677

3,207

Consumer

Discretionary

(0.1%):

Lojas

Renner

SA

.......................................................

549,295

1,670

Raizen

SA

,

Preference

Shares

(a) ............................................

792,100

Ultrapar

Participacoes

SA

.................................................

341,414

1,718

3,485

Victory

Portfolios

III

#### Victory

#### International

#### Fund

#### Schedule

#### of

#### Portfolio

#### Investments
*—* 

*continued*

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

Value

(000) Consumer

Staples

(0.5%):

Ambev

SA

............................................................

1,030,890

$

3,272

Natura

Cosmeticos

SA

(a) .................................................

888,824

1,580

Raia

Drogasil

SA

.......................................................

1,578,764

7,724

12,576

Energy

(0.2%):

PRIO

SA

(a) ...........................................................

454,200

4,828

Financials

(0.3%):

Banco

Bradesco

SA

,

Preference

Shares

.......................................

492,100

2,031

Banco

Bradesco

SA

,

ADR

................................................

1,270,159

5,195

7,226

Utilities

(0.2%):

Equatorial

SA

.........................................................

573,700

4,713

36,035

Canada

(3.0%):

Consumer

Discretionary

(0.0%):(c)

Gildan

Activewear,

Inc.

(d) ................................................

22,241

1,516

Energy

(0.5%):

Headwater

Exploration,

Inc.

...............................................

237,136

2,184

Suncor

Energy,

Inc.

.....................................................

36,427

2,058

Whitecap

Resources,

Inc.

.................................................

812,976

8,118

12,360

Financials

(0.5%):

Bank

of

Montreal

.......................................................

15,231

2,192

Brookfield

Corp.

,

Class

A

.................................................

32,119

1,409

Canadian

Imperial

Bank

of

Commerce

........................................

35,231

3,560

Fairfax

Financial

Holdings

Ltd.

.............................................

2,070

3,563

Royal

Bank

of

Canada

...................................................

18,886

3,158

13,882

Industrials

(0.4%):

Element

Fleet

Management

Corp.

...........................................

300,066

7,148

Finning

International,

Inc.

.................................................

40,006

2,697

9,845

Information

Technology

(0.4%):

Celestica,

Inc.

(a) .......................................................

31,154

8,652

Shopify,

Inc.

,

Class

A

(a) ..................................................

10,027

1,211

9,863

Materials

(1.1%):

Barrick

Mining

Corp.

....................................................

56,372

2,861

DPM

Metals,

Inc.

.......................................................

154,890

6,707

Lundin

Mining

Corp.

....................................................

460,527

14,675

Nutrien

Ltd.

...........................................................

74,800

5,620

29,863

Utilities

(0.1%):

Algonquin

Power

&

Utilities

Corp.

(d) ........................................

492,858

3,447

80,776

China

(1.6%):

Communication

Services

(0.4%):

Baidu,

Inc.

,

Class

A

(a) ...................................................

184,967

2,873

Kuaishou

Technology

,

Class

B

(b) ...........................................

155,000

1,229

Tencent

Holdings

Ltd.

...................................................

91,600

6,027

10,129

Consumer

Discretionary

(0.4%):

BYD

Co.

Ltd.

.........................................................

130,800

1,577

Fuyao

Glass

Industry

Group

Co.

Ltd.

,

Class

H

(b) ................................

704,400

5,845

JD.com,

Inc.

,

Class

A

....................................................

147,339

1,956

Victory

Portfolios

III

#### Victory

#### International

#### Fund

#### Schedule

#### of

#### Portfolio

#### Investments
*—* 

*continued*

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

Value

(000) Pop

Mart

International

Group

Ltd.

(b) .........................................

48,200

$

1,418

10,796

Consumer

Staples

(0.2%):

China

Mengniu

Dairy

Co.

Ltd.

.............................................

968,017

1,995

JD

Health

International,

Inc.

(a) (b) ...........................................

157,700

1,141

Tingyi

Cayman

Islands

Holding

Corp.

........................................

632,000

1,056

4,192

Financials

(0.3%):

Agricultural

Bank

of

China

Ltd.

,

Class

H

......................................

2,386,000

1,615

Bank

of

China

Ltd.

,

Class

H

...............................................

4,028,000

2,384

China

Construction

Bank

Corp.

,

Class

H

......................................

1,949,000

1,983

PICC

Property

&

Casualty

Co.

Ltd.

,

Class

H

...................................

1,216,000

2,509

8,491

Health

Care

(0.1%):

3SBio,

Inc.

(a) (b) .......................................................

734,500

2,071

WuXi

AppTec

Co.

Ltd.

,

Class

H

(b) ..........................................

95,700

1,452

3,523

Industrials

(0.1%):

Kanzhun

Ltd.

,

ADR

.....................................................

163,616

2,631

Materials

(0.1%):

Zijin

Mining

Group

Co.

Ltd.

,

Class

H

........................................

562,000

3,217

42,979

Denmark

(0.8%):

Consumer

Discretionary

(0.1%):

Pandora

A/S

..........................................................

49,931

3,948

Financials

(0.3%):

Jyske

Bank

A/S

,

Registered

Shares

..........................................

45,098

6,760

Health

Care

(0.4%):

Genmab

A/S

(a) ........................................................

17,063

5,024

Novo

Nordisk

A/S

,

Class

B

................................................

130,034

4,919

9,943

Industrials

(0.0%):(c)

Vestas

Wind

Systems

A/S

.................................................

54,344

1,389

22,040

Finland

(1.1%):

Financials

(0.7%):

Nordea

Bank

Abp

.......................................................

931,496

18,024

Industrials

(0.2%):

Konecranes

Oyj

........................................................

46,845

5,530

Information

Technology

(0.2%):

Nokia

Oyj

............................................................

590,585

4,532

28,086

France

(8.7%):

Communication

Services

(0.5%):

Orange

SA

............................................................

434,503

9,360

Publicis

Groupe

SA

.....................................................

52,275

4,654

14,014

Consumer

Discretionary

(1.0%):

LVMH

Moet

Hennessy

Louis

Vuitton

SE

......................................

31,450

20,096

Renault

SA

...........................................................

71,294

2,696

Sodexo

SA

(d) .........................................................

18,876

1,033

Valeo

SE

.............................................................

101,402

1,462

25,287

Consumer

Staples

(0.9%):

Carrefour

SA

..........................................................

159,916

3,033

Victory

Portfolios

III

#### Victory

#### International

#### Fund

#### Schedule

#### of

#### Portfolio

#### Investments
*—* 

*continued*

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

Value

(000) L'Oreal

SA

...........................................................

44,421

$

20,811

23,844

Energy

(0.9%):

Gaztransport

Et

Technigaz

SA

..............................................

33,809

7,721

Technip

Energies

NV

....................................................

131,017

5,676

TotalEnergies

SE

.......................................................

102,983

8,248

Vallourec

SACA

(d) .....................................................

80,124

1,875

23,520

Financials

(0.9%):

AXA

SA

.............................................................

105,290

5,148

BNP

Paribas

SA

........................................................

87,813

9,859

Societe

Generale

SA

.....................................................

107,751

9,337

24,344

Health

Care

(0.5%):

BioMerieux

(d) .........................................................

13,878

1,640

Ipsen

SA

.............................................................

27,769

5,420

Sanofi

SA

............................................................

71,053

6,949

14,009

Industrials

(2.8%):

Cie

de

Saint-Gobain

SA

..................................................

28,993

2,938

Eiffage

SA

............................................................

107,928

18,610

Rexel

SA

.............................................................

330,872

14,328

Safran

SA

............................................................

77,657

31,273

Schneider

Electric

SE

....................................................

15,431

5,043

SPIE

SA

.............................................................

30,211

1,870

74,062

Information

Technology

(0.2%):

Capgemini

SE

.........................................................

32,154

4,063

Materials

(0.4%):

Arkema

SA

...........................................................

150,711

10,975

Real

Estate

(0.2%):

Klepierre

SA

..........................................................

141,685

5,962

Utilities

(0.4%):

Engie

SA

.............................................................

271,202

9,264

Veolia

Environnement

SA

.................................................

55,208

2,338

11,602

231,682

Germany

(6.7%):

Communication

Services

(0.2%):

CTS

Eventim

AG

&

Co.

KGaA

(d) ...........................................

70,708

5,726

Consumer

Discretionary

(0.9%):

Aumovio

SE

(a) ........................................................

24,905

1,235

Continental

AG

........................................................

22,833

1,967

Mercedes-Benz

Group

AG

................................................

19,668

1,361

Volkswagen

AG

,

Preference

Shares

..........................................

131,521

15,637

Zalando

SE

(a) (b) (d) .....................................................

145,841

3,545

23,745

Consumer

Staples

(0.2%):

Henkel

AG

&

Co.

KGaA

,

Preference

Shares

....................................

56,599

5,551

Financials

(1.4%):

Allianz

SE

,

Registered

Shares

..............................................

79,533

35,714

Muenchener

Rueckversicherungs-Gesellschaft

AG

in

Muenchen

,

Registered

Shares

.......

4,653

3,036

38,750

Health

Care

(0.2%):

Fresenius

Medical

Care

AG

...............................................

23,858

1,111

Victory

Portfolios

III

#### Victory

#### International

#### Fund

#### Schedule

#### of

#### Portfolio

#### Investments
*—* 

*continued*

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

Value

(000) Fresenius

SE

&

Co.

KGaA

................................................

60,926

$

3,652

4,763

Industrials

(2.0%):

Brenntag

SE

(d) ........................................................

20,270

1,246

Daimler

Truck

Holding

AG

................................................

72,837

3,675

GEA

Group

AG

........................................................

19,705

1,528

MTU

Aero

Engines

AG

..................................................

3,686

1,589

Siemens

AG

,

Registered

Shares

.............................................

130,191

37,641

Siemens

Energy

AG

.....................................................

33,009

6,392

52,071

Information

Technology

(0.6%):

SAP

SE

..............................................................

74,823

15,030

Materials

(0.6%):

BASF

SE

............................................................

69,419

3,976

Evonik

Industries

AG

(d) ..................................................

116,826

2,031

Heidelberg

Materials

AG

.................................................

42,189

9,399

Wacker

Chemie

AG

(d) ...................................................

11,787

1,124

16,530

Utilities

(0.6%):

E.ON

SE

(d) ...........................................................

105,722

2,459

RWE

AG

.............................................................

222,508

14,312

16,771

178,937

Greece

(0.3%):

Financials

(0.3%):

National

Bank

of

Greece

SA

...............................................

543,718

8,844

Hong

Kong

(2.6%):

Consumer

Discretionary

(0.4%):

Alibaba

Group

Holding

Ltd.

,

Class

W

........................................

419,376

7,590

Galaxy

Entertainment

Group

Ltd.

...........................................

299,000

1,591

Yue

Yuen

Industrial

Holdings

Ltd.

...........................................

528,059

1,253

10,434

Consumer

Staples

(0.0%):(c)

WH

Group

Ltd.

(b) ......................................................

138,400

Financials

(1.3%):

AIA

Group

Ltd.

........................................................

2,170,400

23,944

BOC

Hong

Kong

Holdings

Ltd.

............................................

477,500

2,731

Hong

Kong

Exchanges

&

Clearing

Ltd.

.......................................

31,000

1,656

Prudential

PLC

........................................................

380,494

5,827

34,158

Industrials

(0.1%):

CK

Hutchison

Holdings

Ltd.

...............................................

318,847

2,625

Real

Estate

(0.6%):

CK

Asset

Holdings

Ltd.

..................................................

2,623,980

16,649

Utilities

(0.2%):

Kunlun

Energy

Co.

Ltd.

..................................................

3,980,000

4,266

68,306

India

(1.3%):

Consumer

Discretionary

(0.0%):(c)

Mahindra

&

Mahindra

Ltd.

................................................

34,656

1,295

Energy

(0.1%):

Reliance

Industries

Ltd.

..................................................

176,419

2,708

Financials

(0.6%):

Canara

Bank

..........................................................

838,804

1,452

Nippon

Life

India

Asset

Management

Ltd.

(b) ...................................

463,777

4,751

Power

Finance

Corp.

Ltd.

.................................................

1,267,887

5,774

Victory

Portfolios

III

#### Victory

#### International

#### Fund

#### Schedule

#### of

#### Portfolio

#### Investments
*—* 

*continued*

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

Value

(000) Union

Bank

of

India

Ltd.

.................................................

1,437,751

$

3,201

15,178

Industrials

(0.1%):

Adani

Ports

&

Special

Economic

Zone

Ltd.

....................................

89,015

1,490

Bharat

Electronics

Ltd.

...................................................

327,807

1,605

3,095

Information

Technology

(0.2%):

Coforge

Ltd.

..........................................................

132,850

1,739

Infosys

Ltd.

...........................................................

96,755

1,387

Persistent

Systems

Ltd.

...................................................

18,332

957

4,083

Materials

(0.2%):

Hindalco

Industries

Ltd.

..................................................

225,193

2,292

National

Aluminium

Co.

Ltd.

..............................................

1,049,026

4,093

6,385

Utilities

(0.1%):

Power

Grid

Corp.

of

India

Ltd.

.............................................

533,062

1,753

34,497

Indonesia

(0.2%):

Financials

(0.1%):

PT

Bank

Negara

Indonesia

Persero

Tbk

.......................................

7,204,526

1,889

Materials

(0.1%):

Aneka

Tambang

Tbk

....................................................

12,579,000

3,272

5,161

Ireland

(1.3%):

Financials

(0.6%):

AIB

Group

PLC

........................................................

392,150

4,070

Bank

of

Ireland

Group

PLC

...............................................

614,251

11,959

16,029

Industrials

(0.4%):

AerCap

Holdings

NV

....................................................

54,028

8,074

DCC

PLC

............................................................

38,111

2,657

10,731

Materials

(0.3%):

James

Hardie

Industries

PLC

(a) ............................................

355,530

8,689

35,449

Italy

(2.3%):

Consumer

Discretionary

(0.2%):

Lottomatica

Group

SpA

..................................................

99,303

2,403

PRADA

SpA

..........................................................

368,300

2,088

4,491

Energy

(0.2%):

Eni

SpA

.............................................................

223,214

5,213

Financials

(1.1%):

Banca

Mediolanum

SpA

..................................................

81,754

1,753

Banco

BPM

SpA

.......................................................

973,940

14,345

BPER

Banca

SpA

.......................................................

228,509

3,218

UniCredit

SpA

.........................................................

100,700

8,574

27,890

Information

Technology

(0.1%):

Reply

SpA

............................................................

30,345

3,246

Utilities

(0.7%):

Enel

SpA

.............................................................

1,599,916

19,238

60,078

Victory

Portfolios

III

#### Victory

#### International

#### Fund

#### Schedule

#### of

#### Portfolio

#### Investments
*—* 

*continued*

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

Value

(000) Japan

(20.0%):

Communication

Services

(0.5%):

Dentsu

Group,

Inc.

(a) ....................................................

96,240

$

1,816

Hakuhodo

DY

Holdings,

Inc.

(d) ............................................

111,880

839

Kakaku.com,

Inc.

.......................................................

283,500

3,126

Konami

Group

Corp.

....................................................

43,900

5,859

Nippon

Television

Holdings,

Inc.

............................................

41,175

896

12,536

Consumer

Discretionary

(4.1%):

Asics

Corp.

...........................................................

817,600

25,058

Honda

Motor

Co.

Ltd.

...................................................

341,788

3,424

Isuzu

Motors

Ltd.

.......................................................

22,762

Koito

Manufacturing

Co.

Ltd.

..............................................

145,420

2,622

Nikon

Corp.

...........................................................

74,910

956

Nissan

Motor

Co.

Ltd.

(a) .................................................

521,562

1,437

Open

House

Group

Co.

Ltd.

...............................................

122,700

9,082

Rinnai

Corp.

..........................................................

50,196

1,308

Sega

Sammy

Holdings,

Inc.

...............................................

71,040

1,189

Sony

Group

Corp.

......................................................

153,600

3,531

Stanley

Electric

Co.

Ltd.

..................................................

59,641

1,258

Subaru

Corp.

..........................................................

104,391

1,958

Sumitomo

Electric

Industries

Ltd.

...........................................

238,800

15,781

Suzuki

Motor

Corp.

.....................................................

114,300

1,729

Toyota

Motor

Corp.

.....................................................

1,631,100

39,523

109,280

Consumer

Staples

(0.7%):

Asahi

Group

Holdings

Ltd.

................................................

301,700

3,285

MatsukiyoCocokara

&

Co.

................................................

254,100

4,203

Toyo

Suisan

Kaisha

Ltd.

..................................................

121,800

9,582

Tsuruha

Holdings,

Inc.

...................................................

90,945

1,533

18,603

Financials

(3.3%):

Dai-ichi

Life

Holdings,

Inc.

...............................................

104,166

1,069

Japan

Post

Insurance

Co.

Ltd.

..............................................

109,700

3,581

Mizuho

Financial

Group,

Inc.

..............................................

742,350

33,122

ORIX

Corp.

...........................................................

153,700

5,395

Resona

Holdings,

Inc.

....................................................

352,742

4,305

Sumitomo

Mitsui

Financial

Group,

Inc.

.......................................

165,640

6,251

Sumitomo

Mitsui

Trust

Group,

Inc.

..........................................

129,120

4,503

T&D

Holdings,

Inc.

.....................................................

203,225

5,474

The

Chiba

Bank

Ltd.

....................................................

265,080

3,943

Tokio

Marine

Holdings,

Inc.

...............................................

505,000

20,975

88,618

Health

Care

(2.0%):

Alfresa

Holdings

Corp.

...................................................

62,039

1,066

Eisai

Co.

Ltd.

..........................................................

61,227

2,062

Hoya

Corp.

...........................................................

118,200

21,352

Otsuka

Holdings

Co.

Ltd.

.................................................

41,300

2,846

Shionogi

&

Co.

Ltd.

.....................................................

970,546

22,919

Sysmex

Corp.

.........................................................

97,200

918

Takeda

Pharmaceutical

Co.

Ltd.

............................................

62,063

2,323

53,486

Industrials

(5.0%):

Amada

Co.

Ltd.

........................................................

62,640

1,042

Central

Japan

Railway

Co.

................................................

196,300

5,794

Fuji

Electric

Co.

Ltd.

....................................................

269,500

23,889

Fujikura

Ltd.

..........................................................

87,000

14,857

Hino

Motors

Ltd.

(a) .....................................................

154,923

ITOCHU

Corp.

........................................................

320,000

4,634

Japan

Airlines

Co.

Ltd.

...................................................

61,661

1,274

JGC

Holdings

Corp.

.....................................................

103,202

1,635

Victory

Portfolios

III

#### Victory

#### International

#### Fund

#### Schedule

#### of

#### Portfolio

#### Investments
*—* 

*continued*

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

Value

(000) Kubota

Corp.

..........................................................

231,990

$

4,716

MISUMI

Group,

Inc.

....................................................

497,900

10,026

Mitsubishi

Heavy

Industries

Ltd.

............................................

732,800

23,362

Nippon

Yusen

KK

......................................................

296,100

10,168

Obayashi

Corp.

........................................................

339,500

9,585

Persol

Holdings

Co.

Ltd.

..................................................

893,750

1,428

Recruit

Holdings

Co.

Ltd.

.................................................

24,700

1,075

Sanwa

Holdings

Corp.

...................................................

599,500

15,867

Sumitomo

Heavy

Industries

Ltd.

............................................

35,532

1,401

THK

Co.

Ltd.

.........................................................

34,045

1,226

Yamato

Holdings

Co.

Ltd.

.................................................

114,650

1,405

133,838

Information

Technology

(2.9%):

Alps

Alpine

Co.

Ltd.

....................................................

12,571

Disco

Corp.

...........................................................

49,800

23,946

Fujitsu

Ltd.

...........................................................

620,500

13,834

Horiba

Ltd.

...........................................................

6,850

920

Ibiden

Co.

Ltd.

.........................................................

164,400

9,998

NEC

Corp.

...........................................................

91,700

2,542

Oracle

Corp.

..........................................................

116,600

7,040

Rohm

Co.

Ltd.

.........................................................

180,660

3,314

SCREEN

Holdings

Co.

Ltd.

...............................................

20,400

2,974

Tokyo

Seimitsu

Co.

Ltd.

..................................................

39,400

4,337

Yokogawa

Electric

Corp.

.................................................

186,400

7,436

76,529

Materials

(0.3%):

Asahi

Kasei

Corp.

......................................................

524,100

6,177

Mitsubishi

Gas

Chemical

Co.,

Inc.

...........................................

54,720

1,529

Taiheiyo

Cement

Corp.

...................................................

26,567

764

8,470

Real

Estate

(1.1%):

Daiwa

House

Industry

Co.

Ltd.

.............................................

137,200

4,952

Mitsubishi

Estate

Co.

Ltd.

.................................................

104,409

3,521

Sumitomo

Realty

&

Development

Co.

Ltd.

....................................

575,300

19,451

27,924

Utilities

(0.1%):

Kyushu

Electric

Power

Co.,

Inc.

............................................

247,200

3,186

532,470

Luxembourg

(0.1%):

Communication

Services

(0.0%):(c)

RTL

Group

SA

(d) ......................................................

22,117

967

Materials

(0.1%):

ArcelorMittal

SA

.......................................................

43,751

2,866

3,833

Mexico

(0.5%):

Communication

Services

(0.2%):

America

Movil

SAB

de

CV

,

ADR

...........................................

165,226

4,299

Energy

(0.2%):

Vista

Energy

SAB

de

CV

,

ADR

(a) ...........................................

99,970

5,772

Financials

(0.1%):

Gentera

SAB

de

CV

.....................................................

856,936

2,496

12,567

Netherlands

(6.0%):

Communication

Services

(0.5%):

Koninklijke

KPN

NV

....................................................

2,413,043

13,716

Consumer

Discretionary

(0.1%):

Prosus

NV

(a) ..........................................................

53,787

2,765

Victory

Portfolios

III

#### Victory

#### International

#### Fund

#### Schedule

#### of

#### Portfolio

#### Investments
*—* 

*continued*

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

Value

(000) Consumer

Staples

(0.2%):

Heineken

NV

..........................................................

40,626

$

3,762

Koninklijke

Ahold

Delhaize

NV

............................................

52,702

2,604

6,366

Financials

(2.1%):

ABN

AMRO

Bank

NV

,

Class

CV

(b) .........................................

153,206

5,131

Euronext

NV

(b) ........................................................

40,352

6,666

ING

Groep

NV

........................................................

1,144,326

33,014

NN

Group

NV

.........................................................

152,683

12,522

57,333

Health

Care

(0.3%):

Argenx

SE

(a) ..........................................................

3,071

2,376

Koninklijke

Philips

NV

..................................................

154,981

4,966

7,342

Industrials

(0.3%):

Randstad

NV

(d) ........................................................

46,536

1,534

Wolters

Kluwer

NV

.....................................................

65,675

5,305

6,839

Information

Technology

(2.5%):

ASML

Holding

NV

.....................................................

42,027

61,120

BE

Semiconductor

Industries

NV

...........................................

21,503

4,818

65,938

160,299

New

Zealand

(0.4%):

Health

Care

(0.4%):

Fisher

&

Paykel

Healthcare

Corp.

Ltd.

........................................

409,727

10,012

Norway

(1.0%):

Industrials

(0.6%):

Kongsberg

Gruppen

ASA

.................................................

421,034

17,079

Materials

(0.4%):

Norsk

Hydro

ASA

......................................................

1,060,200

9,840

26,919

Portugal

(0.2%):

Energy

(0.2%):

Galp

Energia

SGPS

SA

...................................................

224,485

4,871

Russian

Federation

(0.0%):

Communication

Services

(0.0%):

Mobile

TeleSystems

PJSC

,

ADR

(a) (e) (f) ......................................

177,615

—

Energy

(0.0%):

Gazprom

PJSC

,

ADR

(a) (e) (f) ..............................................

153,287

—

LUKOIL

PJSC

,

ADR

(a) (e) (f) ..............................................

34,917

—

—

Financials

(0.0%):

Sberbank

of

Russia

PJSC

(a) (e) (f) ...........................................

564,350

—

Sberbank

of

Russia

PJSC

,

ADR

(a) (e) (f) .......................................

505,824

—

—

—

Saudi

Arabia

(0.1%):

Communication

Services

(0.0%):(c)

Etihad

Etisalat

Co.

......................................................

71,571

1,225

Financials

(0.1%):

Saudi

Awwal

Bank

......................................................

260,307

2,370

3,595

Singapore

(1.1%):

Consumer

Discretionary

(0.0%):(c)

Sea

Ltd.

,

ADR

(a) .......................................................

12,455

1,351

Victory

Portfolios

III

#### Victory

#### International

#### Fund

#### Schedule

#### of

#### Portfolio

#### Investments
*—* 

*continued*

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

Value

(000) Financials

(0.6%):

DBS

Group

Holdings

Ltd.

.................................................

64,130

$

2,889

Singapore

Exchange

Ltd.

.................................................

905,800

13,011

15,900

Industrials

(0.4%):

Singapore

Technologies

Engineering

Ltd.

......................................

1,300,200

10,234

Information

Technology

(0.1%):

ASMPT

Ltd.

..........................................................

123,671

1,763

29,248

South

Africa

(0.4%):

Communication

Services

(0.1%):

MTN

Group

Ltd.

.......................................................

311,969

4,060

Financials

(0.2%):

Old

Mutual

Ltd.

........................................................

2,195,632

2,273

Sanlam

Ltd.

...........................................................

327,543

2,189

4,462

Materials

(0.1%):

Harmony

Gold

Mining

Co.

Ltd.

.............................................

91,174

2,076

10,598

South

Korea

(2.9%):

Communication

Services

(0.3%):

KT

Corp.

.............................................................

65,142

2,899

SK

Telecom

Co.

Ltd.

....................................................

82,429

4,557

7,456

Consumer

Discretionary

(0.3%):

Coway

Co.

Ltd.

(a) ......................................................

10,101

574

Hankook

Tire

&

Technology

Co.

Ltd.

........................................

21,231

1,075

Hyundai

Mobis

Co.

Ltd.

..................................................

7,056

2,537

Kia

Corp.

............................................................

16,279

2,325

LG

Electronics,

Inc.

.....................................................

8,174

827

7,338

Consumer

Staples

(0.1%):

Apr

Corp.

(a) ..........................................................

9,004

1,954

Financials

(0.7%):

Hana

Financial

Group,

Inc.

................................................

49,074

4,151

KB

Financial

Group,

Inc.

.................................................

28,778

3,177

KIWOOM

Securities

Co.

Ltd.

..............................................

19,941

6,449

Shinhan

Financial

Group

Co.

Ltd.

...........................................

81,739

5,498

19,275

Industrials

(0.8%):

Hanwha

Aerospace

Co.

Ltd.

...............................................

4,182

3,477

Hanwha

Corp.

(a) .......................................................

61,225

5,815

HD

Hyundai

Electric

Co.

Ltd.

..............................................

11,769

8,593

Samsung

E&A

Co.

Ltd.

..................................................

191,630

4,845

22,730

Information

Technology

(0.7%):

Samsung

Electronics

Co.

Ltd.

..............................................

49,295

7,379

SK

hynix,

Inc.

.........................................................

14,984

11,081

18,460

77,213

Spain

(2.8%):

Consumer

Discretionary

(0.1%):

Industria

de

Diseno

Textil

SA

..............................................

47,297

3,158

Energy

(0.1%):

Repsol

SA

............................................................

102,979

2,330

Victory

Portfolios

III

#### Victory

#### International

#### Fund

#### Schedule

#### of

#### Portfolio

#### Investments
*—* 

*continued*

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

Value

(000) Financials

(1.7%):

Banco

Bilbao

Vizcaya

Argentaria

SA

.........................................

1,293,149

$

29,949

Banco

Santander

SA

.....................................................

589,624

7,436

Bankinter

SA

..........................................................

523,675

8,689

46,074

Industrials

(0.6%):

Aena

SME

SA

(b) .......................................................

503,344

15,863

Real

Estate

(0.2%):

Merlin

Properties

Socimi

SA

...............................................

205,030

3,620

Utilities

(0.1%):

Iberdrola

SA

..........................................................

138,317

3,265

74,310

Sweden

(1.8%):

Communication

Services

(0.3%):

Telia

Co.

AB

..........................................................

1,370,241

7,037

Consumer

Staples

(0.2%):

Essity

AB

,

Class

B

......................................................

153,220

4,868

Financials

(0.2%):

Avanza

Bank

Holding

AB

.................................................

84,185

3,069

Swedbank

AB

,

Class

A

(d) .................................................

63,653

2,446

5,515

Industrials

(0.9%):

Atlas

Copco

AB

,

Class

B

.................................................

1,108,223

20,782

SKF

AB

,

B

Shares

(d) ....................................................

119,315

3,412

24,194

Information

Technology

(0.1%):

Telefonaktiebolaget

LM

Ericsson

,

Class

B

.....................................

314,447

3,636

Materials

(0.1%):

Boliden

AB

(a) .........................................................

45,210

3,585

48,835

Switzerland

(8.3%):

Consumer

Discretionary

(0.3%):

On

Holding

AG

,

Class

A

(a) ................................................

105,548

4,906

The

Swatch

Group

AG

,

Class

BR

(d) .........................................

11,530

2,950

7,856

Consumer

Staples

(2.0%):

Coca-Cola

HBC

AG

(a) ...................................................

374,464

24,303

Nestle

SA

,

Registered

Shares

..............................................

269,701

29,473

53,776

Financials

(1.0%):

Partners

Group

Holding

AG

...............................................

5,586

6,209

UBS

Group

AG

........................................................

414,049

17,207

Zurich

Insurance

Group

AG

...............................................

4,984

3,760

27,176

Health

Care

(4.0%):

Galenica

AG

(b) ........................................................

21,156

2,642

Novartis

AG

,

Registered

Shares

.............................................

292,767

49,236

Roche

Holding

AG

......................................................

95,468

45,442

Sandoz

Group

AG

(d) ....................................................

103,668

9,134

106,454

Industrials

(0.5%):

ABB

Ltd.

,

Registered

Shares

...............................................

61,682

5,746

Adecco

Group

AG

......................................................

52,265

1,470

Sulzer

AG

,

Registered

Shares

..............................................

18,868

4,168

11,384

Victory

Portfolios

III

#### Victory

#### International

#### Fund

#### Schedule

#### of

#### Portfolio

#### Investments
*—* 

*continued*

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

Value

(000) Information

Technology

(0.3%):

Logitech

International

SA

,

Class

R

..........................................

87,317

$

8,012

Materials

(0.2%):

Amrize

Ltd.

(a) .........................................................

29,107

1,868

Holcim

AG

(a) .........................................................

33,991

3,125

4,993

219,651

Taiwan

(2.2%):

Consumer

Discretionary

(0.2%):

Minth

Group

Ltd.

.......................................................

818,000

4,572

Financials

(0.1%):

CTBC

Financial

Holding

Co.

Ltd.

...........................................

1,043,000

1,856

Health

Care

(0.0%):(c)

Bora

Pharmaceuticals

Co.

Ltd.

.............................................

60,387

978

Information

Technology

(1.9%):

Delta

Electronics,

Inc.

...................................................

70,000

3,157

Elite

Material

Co.

Ltd.

...................................................

178,000

13,635

Hon

Hai

Precision

Industry

Co.

Ltd.

.........................................

211,000

1,614

King

Yuan

Electronics

Co.

Ltd.

.............................................

381,000

3,921

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

.................................

331,000

20,658

Wiwynn

Corp.

.........................................................

59,000

7,416

50,401

57,807

Thailand

(0.5%):

Communication

Services

(0.1%):

Advanced

Info

Service

PCL,

NVDR

.........................................

135,600

1,657

Financials

(0.2%):

Bangkok

Bank

PCL

,

Class

F

...............................................

302,400

1,726

Kasikornbank

PCL

......................................................

751,095

4,856

6,582

Health

Care

(0.2%):

Bumrungrad

Hospital

PCL,

NVDR

..........................................

685,600

4,687

12,926

Turkey

(0.0%):(c)

Consumer

Staples

(0.0%):(c)

Coca-Cola

Icecek

A/S

....................................................

172,392

United

Arab

Emirates

(0.3%):

Communication

Services

(0.0%):(c)

VEON

Ltd.

,

ADR

(a) .....................................................

11,519

644

Real

Estate

(0.3%):

Emaar

Development

PJSC

................................................

1,332,710

7,021

7,665

United

Kingdom

(12.5%):

Communication

Services

(0.4%):

Autotrader

Group

PLC

(b) .................................................

431,704

2,859

BT

Group

PLC

........................................................

1,319,068

3,844

Informa

PLC

..........................................................

145,475

1,643

WPP

PLC

............................................................

345,296

1,276

9,622

Consumer

Discretionary

(0.6%):

Burberry

Group

PLC

(a) ..................................................

110,283

1,724

Inchcape

PLC

.........................................................

227,001

2,723

Kingfisher

PLC

........................................................

514,558

2,588

Next

PLC

............................................................

55,812

10,169

17,204

Victory

Portfolios

III

#### Victory

#### International

#### Fund

#### Schedule

#### of

#### Portfolio

#### Investments
*—* 

*continued*

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

Value

(000) Consumer

Staples

(1.5%):

British

American

Tobacco

PLC

.............................................

165,570

$

10,337

Imperial

Brands

PLC

....................................................

419,461

18,784

J

Sainsbury

PLC

.......................................................

282,378

1,327

Reckitt

Benckiser

Group

PLC

..............................................

49,543

4,364

Tate

&

Lyle

PLC

.......................................................

193,197

979

Unilever

PLC

.........................................................

61,419

4,512

40,303

Energy

(2.0%):

BP

PLC

..............................................................

1,997,128

12,942

Harbour

Energy

PLC

....................................................

494,819

1,697

Shell

PLC

............................................................

936,023

39,196

53,835

Financials

(3.0%):

3i

Group

PLC

.........................................................

62,721

2,801

Barclays

PLC

.........................................................

3,961,155

24,039

HSBC

Holdings

PLC

....................................................

1,966,208

36,743

ICG

PLC

.............................................................

87,035

1,959

Standard

Chartered

PLC

..................................................

619,753

15,285

80,827

Health

Care

(1.6%):

AstraZeneca

PLC

.......................................................

36,165

7,609

GSK

PLC

............................................................

1,098,793

32,643

Hikma

Pharmaceuticals

PLC

...............................................

73,875

1,310

41,562

Industrials

(1.0%):

easyJet

PLC

...........................................................

467,178

2,920

Howden

Joinery

Group

PLC

...............................................

871,482

11,354

IMI

PLC

.............................................................

118,114

4,582

International

Consolidated

Airlines

Group

SA

...................................

283,997

1,617

RELX

PLC

...........................................................

49,113

1,715

Rolls-Royce

Holdings

PLC

................................................

293,926

5,285

27,473

Materials

(1.4%):

Anglo

American

PLC

....................................................

46,639

2,327

Endeavour

Mining

PLC

..................................................

113,437

8,163

Mondi

PLC

...........................................................

166,435

1,989

Rio

Tinto

PLC

.........................................................

238,510

23,625

36,104

Real

Estate

(0.3%):

Land

Securities

Group

PLC

...............................................

224,594

1,951

LondonMetric

Property

PLC

...............................................

528,788

1,526

The

British

Land

Co.

PLC

................................................

765,016

4,205

The

UNITE

Group

PLC

..................................................

176,581

1,196

8,878

Utilities

(0.7%):

Centrica

PLC

..........................................................

4,900,164

13,138

Drax

Group

PLC

.......................................................

209,357

2,501

National

Grid

PLC

......................................................

103,227

1,931

17,570

333,378

United

States

(0.3%):

Consumer

Discretionary

(0.3%):

Carnival

PLC

..........................................................

265,787

8,396

Total

Common

Stocks

(Cost

$1,491,375)

2,616,793

Exchange-Traded

Funds

(0.1%)

United

States

(0.1%):

iShares

Core

MSCI

EAFE

ETF

.............................................

20,972

2,062

Victory

Portfolios

III

#### Victory

#### International

#### Fund

#### Schedule

#### of

#### Portfolio

#### Investments
*—* 

*continued*

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Name

Acquisition

Date

Cost

Gazprom

PJSC

,

ADR

.........................................

1/21/2016

$

LUKOIL

PJSC

,

ADR

.........................................

12/29/2015

2,087

Mobile

TeleSystems

PJSC

,

ADR

.................................

1/28/2022

1,372

Sberbank

of

Russia

PJSC

......................................

7/15/2019

2,134

Sberbank

of

Russia

PJSC

,

ADR

..................................

1/15/2016

556

Security

Description

Shares

Value

(000) iShares

Core

MSCI

Emerging

Markets

ETF

....................................

3,800

$

Vanguard

FTSE

All-World

ex-US

Small-Cap

ETF

...............................

2,305

2,723

Total

Exchange-Traded

Funds

(Cost

$2,417)

2,723

Collateral

for

Securities

Loaned

(0.9%)^

United

States

(0.9%):

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares

,

.59

%

(g) ........

6,148,927

6,149

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares

,

.60

%

(g) ............

6,109,230

6,109

Invesco

Government

&

Agency

Portfolio,

Institutional

Shares

,

.60

%

(g) ...............

6,148,927

6,149

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares

,

.59

%

(g) .

6,188,625

6,189

Total

Collateral

for

Securities

Loaned

(Cost

$24,596)

24,596

Total

Investments

(Cost

$1,518,388)

—

99.3%

2,644,112

Other

assets

in

excess

of

liabilities

—

0.7%

17,774

NET

ASSETS

-

100.00%

$

2,661,886

^

Purchased

with

cash

collateral

from

securities

on

loan.

(a) Non-income

producing

security.

(b) Rule

144A

security

or

other

security

that

is

restricted

as

to

resale

to

institutional

investors.

As

of

February

28,

2026,

the

fair

value

of

these

securities

was

$69,361

(thousands)

and

amounted

to

2.6%

of

net

assets.

(c) Amount

represents

less

than

0.05%

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

February

28,

2026. 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

February

28,

2026

(amounts

in

thousands):

(g) Rate

disclosed

is

the

daily

yield

on

February

28,

2026. 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
February

28,

2026

Victory

Portfolios

III

#### Victory

#### Precious

#### Metals

#### and

#### Minerals

#### Fund

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

Value

(000) Common

Stocks

(98.8%)

Australia

(9.9%):

Materials

(9.9%):

Evolution

Mining

Ltd.

...................................................

3,186,387

$

37,796

Northern

Star

Resources

Ltd.

..............................................

1,538,613

33,719

Perseus

Mining

Ltd.

(a) ...................................................

7,115,122

30,578

Ramelius

Resources

Ltd.

.................................................

6,173,742

20,279

Regis

Resources

Ltd.

....................................................

2,815,426

19,052

West

African

Resources

Ltd.

(b) .............................................

2,444,634

6,103

Westgold

Resources

Ltd.

..................................................

1,065,782

5,915

153,442

Canada

(53.4%):

Materials

(53.4%):

Agnico

Eagle

Mines

Ltd.

.................................................

779,327

195,777

B2Gold

Corp.

.........................................................

4,609,846

28,324

Barrick

Mining

Corp.

....................................................

1,618,357

82,115

DPM

Metals,

Inc.

.......................................................

1,718,611

74,420

Franco-Nevada

Corp.

....................................................

60,434

16,893

IAMGOLD

Corp.

(b) ....................................................

2,130,244

52,340

K92

Mining,

Inc.

(b) .....................................................

352,936

8,508

Kinross

Gold

Corp.

.....................................................

3,085,769

114,142

Lundin

Gold,

Inc.

.......................................................

556,248

52,436

Nautilus

Minerals,

Inc.

(b) (c) ...............................................

5,757,622

—

New

Gold,

Inc.

(b) ......................................................

1,508,845

20,267

OceanaGold

Corp.

......................................................

902,563

38,388

OR

Royalties,

Inc.

......................................................

150,150

7,115

Orla

Mining

Ltd.

.......................................................

316,166

6,835

Torex

Gold

Resources,

Inc.

................................................

1,007,325

61,382

Wesdome

Gold

Mines

Ltd.

(b) ..............................................

579,593

11,397

Wheaton

Precious

Metals

Corp.

.............................................

341,473

55,649

825,988

China

(3.4%):

Materials

(3.4%):

Zijin

Mining

Group

Co.

Ltd.

,

Class

H

........................................

9,148,000

52,363

Russian

Federation

(0.0%):

Materials

(0.0%):

Polyus

PJSC

(b) (c) (d) ....................................................

620,880

—

South

Africa

(11.5%):

Materials

(11.5%):

Gold

Fields

Ltd.

,

ADR

...................................................

2,139,741

125,902

Harmony

Gold

Mining

Co.

Ltd.

.............................................

1,901,584

43,291

Pan

African

Resources

PLC

...............................................

3,991,963

9,645

178,838

United

Kingdom

(9.9%):

Materials

(9.9%):

Anglogold

Ashanti

PLC

(Johannesburg

Stock

Exchange)

...........................

858,680

109,906

Endeavour

Mining

PLC

..................................................

599,719

43,157

153,063

United

States

(10.7%):

Materials

(10.7%):

Newmont

Corp.

........................................................

827,901

107,627

Royal

Gold,

Inc.

........................................................

191,845

57,513

165,140

Total

Common

Stocks

(Cost

$306,725)

1,528,834

Exchange-Traded

Funds

(1.1%)

United

States

(1.1%):

iShares

MSCI

Global

Gold

Miners

ETF

.......................................

32,528

3,234

Victory

Portfolios

III

#### Victory

#### Precious

#### Metals

#### and

#### Minerals

#### Fund

#### Schedule

#### of

#### Portfolio

#### Investments
*—* 

*continued*

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Name

Acquisition

Date

Cost

Polyus

PJSC

...............................................

7/11/2019

$

6,442

VanEck

Gold

Miners

ETF

.................................................

113,673

13,168

16,402

Total

Exchange-Traded

Funds

(Cost

$8,175)

16,402

Collateral

for

Securities

Loaned

(0.0%)^(e)

United

States

(0.0%):(e)

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares

,

.59

%

(f) ........

29,133

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares

,

.60

%

(f) ............

58,267

Invesco

Government

&

Agency

Portfolio,

Institutional

Shares

,

.60

%

(f) ................

29,133

Total

Collateral

for

Securities

Loaned

(Cost

$117)

Total

Investments

(Cost

$315,017)

—

99.9%

1,545,353

Other

assets

in

excess

of

liabilities

—

0.1%

1,467

NET

ASSETS

-

100.00%

$

1,546,820

^

Purchased

with

cash

collateral

from

securities

on

loan.

(a) All

or

a

portion

of

this

security

is

on

loan.

(b) Non-income

producing

security.

(c) Security

was

fair

valued

based

upon

procedures

approved

by

the

Board

of

Trustees

and

represents

0.0%

of

net

assets

as

of

February

28,

2026. 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) The

following

table

details

the

earliest

acquisition

date

and

cost

of

the

Fund's

restricted

securities

due

to

trading

restrictions

at

February

28,

2026

(amounts

in

thousands):

(e) Amount

represents

less

than

0.05%

of

net

assets.

(f) Rate

disclosed

is

the

daily

yield

on

February

28,

2026. ADR

—

American

Depositary

Receipt

ETF

—

Exchange-Traded

Fund

PLC

—

Public

Limited

Company

#### Schedule

#### of

#### Portfolio

#### Investments
February

28,

2026

Victory

Portfolios

III

#### Victory

#### Sustainable

#### World

#### Fund

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

Value

(000) Common

Stocks

(98.5%)

Australia

(0.8%):

Consumer

Discretionary

(0.4%):

Aristocrat

Leisure

Ltd.

...................................................

190,699

$

6,518

Financials

(0.1%):

ANZ

Group

Holdings

Ltd.

................................................

50,090

1,425

QBE

Insurance

Group

Ltd.

................................................

32,018

1,922

Industrials

(0.1%):

Brambles

Ltd.

.........................................................

34,190

610

Qantas

Airways

Ltd.

.....................................................

84,296

596

1,206

Materials

(0.1%):

Northern

Star

Resources

Ltd.

..............................................

48,220

1,057

Rio

Tinto

Ltd.

.........................................................

7,943

944

2,001

Real

Estate

(0.1%):

Charter

Hall

Group

......................................................

32,456

509

Goodman

Group

.......................................................

19,782

916

12,563

Austria

(0.7%):

Financials

(0.7%):

BAWAG

Group

AG

(a) (b) .................................................

75,853

11,747

Belgium

(0.2%):

Consumer

Staples

(0.2%):

Anheuser-Busch

InBev

SA

................................................

18,834

1,532

Anheuser-Busch

InBev

SA

,

ADR

(c) .........................................

16,335

1,322

2,854

Canada

(2.4%):

Consumer

Staples

(0.5%):

George

Weston

Ltd.

.....................................................

103,509

7,599

Financials

(0.2%):

Fairfax

Financial

Holdings

Ltd.

.............................................

1,500

2,582

Information

Technology

(0.3%):

Constellation

Software,

Inc.

...............................................

2,436

4,509

Materials

(1.1%):

Agnico

Eagle

Mines

Ltd.

.................................................

55,808

14,020

Barrick

Mining

Corp.

....................................................

40,987

2,079

Teck

Resources

Ltd.

,

Class

B

..............................................

23,516

1,385

17,484

Utilities

(0.3%):

Atco

Ltd.

,

Class

I

.......................................................

111,476

5,301

37,475

China

(1.3%):

Communication

Services

(0.7%):

Tencent

Holdings

Ltd.

...................................................

170,283

11,204

Consumer

Staples

(0.0%):(d)

Tsingtao

Brewery

Co.

Ltd.

,

Class

H

..........................................

118,000

798

Financials

(0.6%):

Industrial

&

Commercial

Bank

of

China

Ltd.

,

Class

H

.............................

10,973,370

9,026

21,028

Denmark

(0.3%):

Financials

(0.1%):

Danske

Bank

A/S

.......................................................

26,056

1,360

Victory

Portfolios

III

#### Victory

#### Sustainable

#### World

#### Fund

#### Schedule

#### of

#### Portfolio

#### Investments
*—* 

*continued*

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Health

Care

(0.2%):

Genmab

A/S

(a) ........................................................

1,922

566

Novo

Nordisk

A/S

,

Class

B

................................................

17,016

644

Novo

Nordisk

A/S

,

ADR

..................................................

48,668

1,822

3,032

Industrials

(0.0%):(d)

Vestas

Wind

Systems

A/S

.................................................

16,195

4,806

Finland

(0.0%):(d)

Industrials

(0.0%):(d)

Konecranes

Oyj

........................................................

4,562

539

France

(2.5%):

Communication

Services

(0.1%):

Orange

SA

............................................................

42,050

906

Publicis

Groupe

SA

.....................................................

5,819

518

1,424

Consumer

Discretionary

(0.2%):

LVMH

Moet

Hennessy

Louis

Vuitton

SE

......................................

5,045

3,224

Energy

(0.6%):

Gaztransport

Et

Technigaz

SA

..............................................

32,975

7,530

Technip

Energies

NV

....................................................

13,351

578

Vallourec

SACA

.......................................................

23,885

559

8,667

Financials

(0.3%):

AXA

SA

.............................................................

18,919

925

BNP

Paribas

SA

........................................................

14,139

1,587

Edenred

SE

(c) .........................................................

93,588

2,163

4,675

Health

Care

(0.2%):

BioMerieux

...........................................................

4,135

Ipsen

SA

.............................................................

3,510

685

Sanofi

SA

............................................................

13,994

1,368

2,542

Industrials

(1.0%):

Eiffage

SA

............................................................

47,966

8,271

Rexel

SA

.............................................................

135,708

5,877

Schneider

Electric

SE

(c) ..................................................

4,627

1,512

SPIE

SA

.............................................................

9,121

564

16,224

Information

Technology

(0.0%):(d)

Capgemini

SE

.........................................................

4,246

537

Real

Estate

(0.0%):(d)

Klepierre

SA

..........................................................

10,220

Utilities

(0.1%):

Engie

SA

.............................................................

22,462

767

Veolia

Environnement

SA

.................................................

15,973

677

1,444

39,167

Germany

(1.5%):

Consumer

Staples

(0.1%):

Henkel

AG

&

Co.

KGaA

,

Preference

Shares

(c) ..................................

8,260

810

Financials

(0.1%):

Allianz

SE

,

Registered

Shares

..............................................

1,536

690

Muenchener

Rueckversicherungs-Gesellschaft

AG

in

Muenchen

,

Registered

Shares

.......

1,386

904

1,594

Health

Care

(0.0%):(d)

Fresenius

Medical

Care

AG

...............................................

7,131

Victory

Portfolios

III

#### Victory

#### Sustainable

#### World

#### Fund

#### Schedule

#### of

#### Portfolio

#### Investments
*—* 

*continued*

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Industrials

(0.9%):

GEA

Group

AG

........................................................

5,864

Hensoldt

AG

(c) ........................................................

41,273

3,620

MTU

Aero

Engines

AG

..................................................

1,098

Siemens

AG

,

Registered

Shares

.............................................

28,184

8,149

Siemens

Energy

AG

.....................................................

9,622

1,863

14,560

Information

Technology

(0.0%):(d)

SAP

SE

..............................................................

2,520

506

Materials

(0.4%):

Heidelberg

Materials

AG

.................................................

21,147

4,711

thyssenkrupp

AG

.......................................................

114,766

1,416

6,127

Utilities

(0.0%):(d)

E.ON

SE

.............................................................

31,998

745

24,674

Hong

Kong

(0.1%):

Consumer

Discretionary

(0.0%):(d)

Alibaba

Group

Holding

Ltd.

,

Class

W

........................................

Galaxy

Entertainment

Group

Ltd.

...........................................

85,000

Financials

(0.1%):

BOC

Hong

Kong

Holdings

Ltd.

............................................

139,000

795

Hong

Kong

Exchanges

&

Clearing

Ltd.

.......................................

9,400

502

1,297

1,751

Indonesia

(0.4%):

Communication

Services

(0.4%):

PT

Telkom

Indonesia

Persero

Tbk

...........................................

33,579,438

7,088

Ireland

(1.2%):

Consumer

Staples

(0.1%):

Kerry

Group

PLC

,

Class

A

................................................

13,232

1,176

Financials

(0.1%):

Bank

of

Ireland

Group

PLC

...............................................

103,753

2,020

Health

Care

(0.3%):

Medtronic

PLC

........................................................

46,795

4,570

Industrials

(0.7%):

AerCap

Holdings

NV

....................................................

6,719

1,004

Eaton

Corp.

PLC

.......................................................

24,788

9,318

Experian

PLC

.........................................................

17,916

674

10,996

Materials

(0.0%):(d)

CRH

PLC

............................................................

9,446

1,130

19,892

Israel

(0.5%):

Health

Care

(0.3%):

Teva

Pharmaceutical

Industries

Ltd.

,

ADR

(a) ...................................

143,000

4,842

Information

Technology

(0.2%):

Check

Point

Software

Technologies

Ltd.

(a) ....................................

15,500

2,357

7,199

Italy

(1.1%):

Consumer

Discretionary

(0.0%):(d)

PRADA

SpA

..........................................................

109,400

620

Financials

(0.5%):

Banca

Mediolanum

SpA

..................................................

24,676

529

FinecoBank

Banca

Fineco

SpA

.............................................

243,363

5,727

Victory

Portfolios

III

#### Victory

#### Sustainable

#### World

#### Fund

#### Schedule

#### of

#### Portfolio

#### Investments
*—* 

*continued*

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Nexi

SpA

(b) (c) ........................................................

205,456

839

7,095

Information

Technology

(0.0%):(d)

Reply

SpA

............................................................

3,316

Materials

(0.1%):

Buzzi

SpA

............................................................

20,054

1,156

Utilities

(0.5%):

Enel

SpA

.............................................................

643,835

7,742

16,968

Japan

(6.6%):

Communication

Services

(0.6%):

Kakaku.com,

Inc.

.......................................................

355,691

3,922

Konami

Group

Corp.

....................................................

7,200

961

Nintendo

Co.

Ltd.

......................................................

73,800

4,174

9,057

Consumer

Discretionary

(1.0%):

Asics

Corp.

...........................................................

24,400

748

Bridgestone

Corp.

......................................................

67,100

1,620

Open

House

Group

Co.

Ltd.

...............................................

54,100

4,004

Sony

Group

Corp.

......................................................

220,500

5,069

Subaru

Corp.

..........................................................

64,500

1,210

Sumitomo

Electric

Industries

Ltd.

...........................................

27,600

1,824

Suzuki

Motor

Corp.

.....................................................

34,500

522

Toyota

Motor

Corp.

.....................................................

51,400

1,246

16,243

Consumer

Staples

(0.4%):

Asahi

Group

Holdings

Ltd.

................................................

34,600

MatsukiyoCocokara

&

Co.

................................................

30,100

Toyo

Suisan

Kaisha

Ltd.

..................................................

74,749

5,880

6,755

Financials

(1.2%):

Mizuho

Financial

Group,

Inc.

..............................................

313,811

14,002

ORIX

Corp.

...........................................................

19,274

677

Sumitomo

Mitsui

Financial

Group,

Inc.

.......................................

113,025

4,265

Tokio

Marine

Holdings,

Inc.

...............................................

18,800

781

19,725

Health

Care

(1.2%):

Hoya

Corp.

...........................................................

80,402

14,524

Olympus

Corp.

........................................................

249,000

2,440

Otsuka

Holdings

Co.

Ltd.

.................................................

12,500

862

Shionogi

&

Co.

Ltd.

.....................................................

35,700

843

18,669

Industrials

(1.2%):

Central

Japan

Railway

Co.

................................................

25,300

747

Fuji

Electric

Co.

Ltd.

....................................................

115,900

10,274

Fujikura

Ltd.

..........................................................

10,200

1,742

ITOCHU

Corp.

........................................................

96,345

1,395

Mitsubishi

Electric

Corp.

.................................................

42,100

1,602

Mitsui

&

Co.

Ltd.

.......................................................

40,700

1,526

Obayashi

Corp.

........................................................

30,400

858

Recruit

Holdings

Co.

Ltd.

.................................................

7,400

18,466

Information

Technology

(1.0%):

Disco

Corp.

...........................................................

14,200

6,828

FUJIFILM

Holdings

Corp.

................................................

74,700

1,536

Ibiden

Co.

Ltd.

.........................................................

18,400

1,119

NEC

Corp.

...........................................................

28,000

776

Oracle

Corp.

..........................................................

58,500

3,532

SCREEN

Holdings

Co.

Ltd.

...............................................

6,100

889

Victory

Portfolios

III

#### Victory

#### Sustainable

#### World

#### Fund

#### Schedule

#### of

#### Portfolio

#### Investments
*—* 

*continued*

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Yokogawa

Electric

Corp.

.................................................

20,900

834

15,514

Materials

(0.0%):(d)

Asahi

Kasei

Corp.

......................................................

54,900

647

Real

Estate

(0.0%):(d)

Daiwa

House

Industry

Co.

Ltd.

.............................................

12,600

105,531

Luxembourg

(0.1%):

Materials

(0.1%):

ArcelorMittal

SA

.......................................................

13,065

856

Macau

(0.1%):

Consumer

Discretionary

(0.1%):

Sands

China

Ltd.

.......................................................

368,000

831

Mexico

(0.1%):

Financials

(0.1%):

Grupo

Financiero

Banorte

SAB

de

CV

,

Class

O

.................................

127,400

1,453

Netherlands

(1.7%):

Consumer

Discretionary

(0.1%):

Prosus

NV

(a) ..........................................................

16,150

830

Consumer

Staples

(0.0%):(d)

Koninklijke

Ahold

Delhaize

NV

............................................

15,027

742

Financials

(0.2%):

ABN

AMRO

Bank

NV

,

Class

CV

(b) .........................................

36,391

1,219

Euronext

NV

(b) ........................................................

5,250

867

NN

Group

NV

.........................................................

7,698

631

2,717

Health

Care

(0.0%):(d)

Argenx

SE

(a) ..........................................................

928

718

Information

Technology

(1.4%):

ASML

Holding

NV

.....................................................

14,873

21,630

26,637

New

Zealand

(0.4%):

Health

Care

(0.4%):

Fisher

&

Paykel

Healthcare

Corp.

Ltd.

........................................

273,934

6,694

Norway

(0.6%):

Industrials

(0.5%):

Kongsberg

Gruppen

ASA

.................................................

198,758

8,062

Materials

(0.1%):

Norsk

Hydro

ASA

......................................................

142,614

1,324

9,386

Portugal

(0.0%):(d)

Energy

(0.0%):(d)

Galp

Energia

SGPS

SA

...................................................

25,532

554

Russian

Federation

(0.0%):

Energy

(0.0%):

Gazprom

PJSC

(a) (e) (f) ...................................................

303,950

—

Rosneft

Oil

Co.

PJSC

,

GDR

(a) (e) (f) .........................................

124,892

—

—

Financials

(0.0%):

Sberbank

of

Russia

PJSC

,

ADR

(a) (e) (f) .......................................

91,313

—

—

Singapore

(0.9%):

Consumer

Discretionary

(0.0%):(d)

Sea

Ltd.

,

ADR

(a) .......................................................

3,771

Financials

(0.8%):

DBS

Group

Holdings

Ltd.

.................................................

20,595

928

Victory

Portfolios

III

#### Victory

#### Sustainable

#### World

#### Fund

#### Schedule

#### of

#### Portfolio

#### Investments
*—* 

*continued*

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Singapore

Exchange

Ltd.

.................................................

807,727

11,602

12,530

Industrials

(0.1%):

Singapore

Technologies

Engineering

Ltd.

......................................

86,600

682

13,621

South

Korea

(1.9%):

Consumer

Discretionary

(0.4%):

Kia

Corp.

............................................................

42,019

6,001

Financials

(0.3%):

Hana

Financial

Group,

Inc.

................................................

31,906

2,699

KB

Financial

Group,

Inc.

.................................................

27,939

3,084

5,783

Information

Technology

(1.2%):

Samsung

Electronics

Co.

Ltd.

..............................................

124,700

18,666

30,450

Spain

(1.6%):

Consumer

Discretionary

(0.1%):

Industria

de

Diseno

Textil

SA

..............................................

14,092

941

Energy

(0.0%):(d)

Repsol

SA

............................................................

31,602

715

Financials

(1.1%):

Banco

Bilbao

Vizcaya

Argentaria

SA

.........................................

559,067

12,948

Banco

de

Sabadell

SA

...................................................

344,407

1,297

Banco

Santander

SA

.....................................................

174,518

2,201

Bankinter

SA

..........................................................

44,127

732

17,178

Industrials

(0.3%):

Aena

SME

SA

(b) .......................................................

167,035

5,264

Utilities

(0.1%):

Iberdrola

SA

..........................................................

40,932

966

25,064

Sweden

(0.6%):

Communication

Services

(0.1%):

Telia

Co.

AB

..........................................................

165,043

847

Consumer

Staples

(0.0%):(d)

Essity

AB

,

Class

B

......................................................

20,349

647

Financials

(0.0%):(d)

Swedbank

AB

,

Class

A

(c) .................................................

17,532

674

Industrials

(0.4%):

Atlas

Copco

AB

,

Class

B

.................................................

334,987

6,282

Materials

(0.1%):

Boliden

AB

(a) .........................................................

13,463

1,067

9,517

Switzerland

(4.0%):

Consumer

Discretionary

(0.0%):(d)

On

Holding

AG

,

Class

A

(a) ................................................

10,800

502

Consumer

Staples

(0.7%):

Coca-Cola

HBC

AG

(a) ...................................................

15,354

996

Nestle

SA

,

Registered

Shares

..............................................

99,299

10,852

11,848

Financials

(1.1%):

Chubb

Ltd.

...........................................................

30,827

10,508

Partners

Group

Holding

AG

...............................................

3,688

4,099

UBS

Group

AG

........................................................

40,388

1,678

Zurich

Insurance

Group

AG

...............................................

1,471

1,110

17,395

Victory

Portfolios

III

#### Victory

#### Sustainable

#### World

#### Fund

#### Schedule

#### of

#### Portfolio

#### Investments
*—* 

*continued*

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Health

Care

(1.5%):

Lonza

Group

AG

,

Registered

Shares

.........................................

6,056

4,213

Novartis

AG

,

Registered

Shares

.............................................

16,608

2,793

Roche

Holding

AG

......................................................

33,686

16,035

Sandoz

Group

AG

......................................................

8,912

785

23,826

Industrials

(0.1%):

ABB

Ltd.

,

Registered

Shares

...............................................

18,489

1,722

Information

Technology

(0.4%):

Logitech

International

SA

,

Class

R

..........................................

63,274

5,806

Materials

(0.2%):

Amrize

Ltd.

(a) .........................................................

30,506

1,976

Holcim

AG

(a) .........................................................

10,256

943

2,919

64,018

Taiwan

(3.6%):

Financials

(0.7%):

Cathay

Financial

Holding

Co.

Ltd.

...........................................

4,666,000

11,835

Information

Technology

(2.9%):

Lite-On

Technology

Corp.

................................................

1,141,000

6,229

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

.................................

630,000

39,319

45,548

57,383

United

Kingdom

(4.5%):

Communication

Services

(0.0%):(d)

Informa

PLC

..........................................................

43,692

Consumer

Discretionary

(0.7%):

InterContinental

Hotels

Group

PLC

..........................................

17,627

2,422

Next

PLC

............................................................

34,812

6,343

Persimmon

PLC

........................................................

132,222

2,681

11,446

Consumer

Staples

(0.6%):

Imperial

Brands

PLC

....................................................

183,296

8,208

Unilever

PLC

.........................................................

18,520

1,361

9,569

Energy

(0.2%):

Harbour

Energy

PLC

....................................................

149,603

513

Shell

PLC

............................................................

17,956

752

Shell

PLC

,

ADR

.......................................................

31,911

2,665

3,930

Financials

(1.3%):

3i

Group

PLC

.........................................................

18,936

846

Barclays

PLC

.........................................................

154,817

940

HSBC

Holdings

PLC

....................................................

659,921

12,332

London

Stock

Exchange

Group

PLC

,

ADR

(a) ..................................

105,800

3,169

Standard

Chartered

PLC

..................................................

130,048

3,207

20,494

Health

Care

(0.3%):

AstraZeneca

PLC

.......................................................

11,030

2,321

GSK

PLC

............................................................

63,390

1,883

4,204

Industrials

(0.7%):

Howden

Joinery

Group

PLC

...............................................

618,966

8,064

International

Consolidated

Airlines

Group

SA

...................................

84,544

RELX

PLC

...........................................................

14,624

511

Rolls-Royce

Holdings

PLC

................................................

86,303

1,552

10,608

Victory

Portfolios

III

#### Victory

#### Sustainable

#### World

#### Fund

#### Schedule

#### of

#### Portfolio

#### Investments
*—* 

*continued*

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Materials

(0.6%):

Rio

Tinto

PLC

.........................................................

100,773

9,982

Real

Estate

(0.0%):(d)

LondonMetric

Property

PLC

...............................................

159,617

Utilities

(0.1%):

Drax

Group

PLC

.......................................................

56,741

678

National

Grid

PLC

......................................................

30,774

575

1,253

72,440

United

States

(58.8%):

Communication

Services

(5.4%):

Alphabet,

Inc.

,

Class

A

...................................................

15,332

4,780

Alphabet,

Inc.

,

Class

C

...................................................

161,524

50,303

Meta

Platforms,

Inc.

,

Class

A

..............................................

31,711

20,554

Netflix,

Inc.

(a) .........................................................

100,972

9,718

85,355

Consumer

Discretionary

(6.2%):

Amazon.com,

Inc.

(a) ....................................................

155,798

32,718

Booking

Holdings,

Inc.

...................................................

1,700

7,207

Carnival

Corp.

.........................................................

174,427

5,503

Darden

Restaurants,

Inc.

..................................................

17,609

3,766

Deckers

Outdoor

Corp.

(a) .................................................

34,355

4,029

eBay,

Inc.

............................................................

14,878

1,352

Hilton

Worldwide

Holdings,

Inc.

............................................

7,409

2,310

Mattel,

Inc.

(a) .........................................................

125,400

2,125

McDonald's

Corp.

......................................................

44,147

15,057

PulteGroup,

Inc.

........................................................

58,381

8,010

Tesla,

Inc.

(a) ..........................................................

25,292

10,180

The

TJX

Cos.,

Inc.

......................................................

29,545

4,776

Toll

Brothers,

Inc.

......................................................

12,500

1,965

98,998

Consumer

Staples

(2.6%):

BJ's

Wholesale

Club

Holdings,

Inc.

(a) ........................................

37,914

3,746

Colgate-Palmolive

Co.

...................................................

142,104

14,088

Keurig

Dr.

Pepper,

Inc.

...................................................

44,800

1,357

Mondelez

International,

Inc.

,

Class

A

.........................................

32,800

2,020

PepsiCo,

Inc.

..........................................................

85,626

14,534

The

J.M.

Smucker

Co.

...................................................

12,388

1,436

The

Procter

&

Gamble

Co.

................................................

14,200

2,374

U.S.

Foods

Holding

Corp.

(a) ...............................................

24,400

2,357

41,912

Energy

(3.3%):

APA

Corp.

............................................................

269,089

8,172

Baker

Hughes

Co.

,

Class

A

................................................

43,686

2,851

ConocoPhillips

Co.

.....................................................

43,699

4,958

Enterprise

Products

Partners

LP

.............................................

91,300

3,300

Expand

Energy

Corp.

....................................................

23,319

2,517

Exxon

Mobil

Corp.

.....................................................

164,256

25,049

HF

Sinclair

Corp.

.......................................................

24,689

1,235

Ovintiv,

Inc.

..........................................................

26,257

1,328

Valero

Energy

Corp.

.....................................................

15,569

3,186

52,596

Financials

(8.4%):

Bank

of

America

Corp.

...................................................

291,149

14,508

Cboe

Global

Markets,

Inc.

................................................

10,800

3,237

Citigroup,

Inc.

.........................................................

31,400

3,460

Citizens

Financial

Group,

Inc.

..............................................

24,076

1,449

Corpay,

Inc.

(a) .........................................................

10,700

3,479

Intercontinental

Exchange,

Inc.

.............................................

23,453

3,849

Jackson

Financial,

Inc.

,

Class

A

.............................................

68,404

7,489

JPMorgan

Chase

&

Co.

..................................................

57,560

17,285

KeyCorp

.............................................................

180,500

3,744

Victory

Portfolios

III

#### Victory

#### Sustainable

#### World

#### Fund

#### Schedule

#### of

#### Portfolio

#### Investments
*—* 

*continued*

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

MarketAxess

Holdings,

Inc.

...............................................

6,400

1,229

Mastercard,

Inc.

,

Class

A

.................................................

39,356

20,355

PayPal

Holdings,

Inc.

....................................................

74,060

3,422

Regions

Financial

Corp.

..................................................

95,822

2,667

Rocket

Cos.,

Inc.

,

Class

A

.................................................

75,600

1,375

S&P

Global,

Inc.

.......................................................

19,970

8,824

State

Street

Corp.

.......................................................

20,289

2,610

Synchrony

Financial

.....................................................

83,021

5,738

The

PNC

Financial

Services

Group,

Inc.

......................................

36,625

7,777

The

Progressive

Corp.

...................................................

20,888

4,463

U.S.

Bancorp

..........................................................

93,236

5,096

Unum

Group

..........................................................

133,922

9,606

Wells

Fargo

&

Co.

......................................................

36,171

2,946

134,608

Health

Care

(6.3%):

AbbVie,

Inc.

..........................................................

20,368

4,727

Amgen,

Inc.

...........................................................

23,326

9,054

Bristol-Myers

Squibb

Co.

.................................................

17,457

1,089

Cardinal

Health,

Inc.

....................................................

25,464

5,837

CVS

Health

Corp.

......................................................

30,300

2,421

Dexcom,

Inc.

(a) ........................................................

69,067

5,072

Elevance

Health,

Inc.

....................................................

4,640

1,485

Eli

Lilly

&

Co.

.........................................................

17,561

18,474

GE

HealthCare

Technologies,

Inc.

...........................................

17,000

1,433

Gilead

Sciences,

Inc.

....................................................

74,981

11,168

IDEXX

Laboratories,

Inc.

(a) ...............................................

13,556

8,903

Johnson

&

Johnson

.....................................................

77,972

19,370

Pfizer,

Inc.

............................................................

58,895

1,628

Regeneron

Pharmaceuticals,

Inc.

............................................

2,600

2,032

The

Cigna

Group

.......................................................

13,000

3,768

Vertex

Pharmaceuticals,

Inc.

(a) .............................................

6,399

3,179

99,640

Industrials

(6.0%):

AMETEK,

Inc.

........................................................

14,000

3,349

CACI

International,

Inc.

,

Class

A

(a) .........................................

3,900

2,380

Caterpillar,

Inc.

........................................................

23,499

17,456

CSX

Corp.

............................................................

40,071

1,711

Curtiss-Wright

Corp.

....................................................

18,104

12,679

Delta

Air

Lines,

Inc.

.....................................................

101,170

6,647

Dover

Corp.

...........................................................

10,800

2,435

EMCOR

Group,

Inc.

....................................................

3,556

2,577

FedEx

Corp.

..........................................................

10,100

3,909

Generac

Holdings,

Inc.

(a) .................................................

10,548

2,377

Honeywell

International,

Inc.

..............................................

14,400

3,508

Leidos

Holdings,

Inc.

....................................................

12,000

2,101

Regal

Rexnord

Corp.

....................................................

12,018

2,656

Rockwell

Automation,

Inc.

................................................

13,548

5,520

RTX

Corp.

............................................................

12,800

2,593

SS&C

Technologies

Holdings,

Inc.

..........................................

17,700

1,333

Uber

Technologies,

Inc.

(a) ................................................

60,411

4,556

Union

Pacific

Corp.

.....................................................

12,500

3,312

United

Rentals,

Inc.

.....................................................

2,059

1,729

Vertiv

Holdings

Co.

,

Class

A

...............................................

50,646

12,909

95,737

Information

Technology

(15.6%):

Adobe,

Inc.

(a) .........................................................

20,461

5,369

Advanced

Micro

Devices,

Inc.

(a) ............................................

32,549

6,517

Amphenol

Corp.

,

Class

A

.................................................

8,800

1,285

Analog

Devices,

Inc.

....................................................

8,200

2,918

Apple,

Inc.

...........................................................

204,234

53,955

Applied

Materials,

Inc.

...................................................

3,200

1,191

Autodesk,

Inc.

(a) .......................................................

5,916

1,455

Broadcom,

Inc.

........................................................

43,641

13,946

Cisco

Systems,

Inc.

.....................................................

128,791

10,234

Victory

Portfolios

III

#### Victory

#### Sustainable

#### World

#### Fund

#### Schedule

#### of

#### Portfolio

#### Investments
*—* 

*continued*

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Fortinet,

Inc.

(a) ........................................................

142,571

11,267

International

Business

Machines

Corp.

........................................

17,494

4,202

Micron

Technology,

Inc.

..................................................

26,027

10,733

Microsoft

Corp.

........................................................

106,842

41,961

NetApp,

Inc.

..........................................................

28,589

2,831

NVIDIA

Corp.

.........................................................

329,529

58,389

QUALCOMM,

Inc.

.....................................................

9,837

1,400

Salesforce,

Inc.

........................................................

29,749

5,795

Texas

Instruments,

Inc.

...................................................

58,311

12,368

Zebra

Technologies

Corp.

(a) ...............................................

11,200

2,508

248,324

Materials

(1.3%):

Alcoa

Corp.

...........................................................

120,517

7,482

Freeport-McMoRan,

Inc.

.................................................

126,893

8,639

Newmont

Corp.

........................................................

18,077

2,350

PPG

Industries,

Inc.

.....................................................

20,900

2,576

21,047

Real

Estate

(1.4%):

Equity

LifeStyle

Properties,

Inc.

............................................

38,200

2,566

Prologis,

Inc.

..........................................................

64,799

9,238

Simon

Property

Group,

Inc.

...............................................

53,771

10,961

22,765

Utilities

(2.3%):

American

Electric

Power

Co.,

Inc.

...........................................

32,276

4,319

Constellation

Energy

Corp.

................................................

19,101

6,301

Edison

International

.....................................................

115,016

8,596

Eversource

Energy

......................................................

40,867

3,115

Exelon

Corp.

..........................................................

127,238

6,295

FirstEnergy

Corp.

.......................................................

53,590

2,742

National

Fuel

Gas

Co.

...................................................

61,829

5,628

36,996

937,978

Total

Common

Stocks

(Cost

$946,816)

1,570,164

Warrants

(0.0%)

Canada

(0.0%):

Information

Technology

(0.0%):

Constellation

Software,

Inc.

,

expiring

3/31/40

(a) (e) ...............................

5,434

—

Total

Warrants

(Cost

$–)

—

Exchange-Traded

Funds

(0.1%)

United

States

(0.1%):

iShares

Core

MSCI

EAFE

ETF

.............................................

15,877

1,561

Total

Exchange-Traded

Funds

(Cost

$1,550)

1,561

Collateral

for

Securities

Loaned

(0.6%)^

United

States

(0.6%):

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares

,

.59

%

(g) ........

2,346,572

2,347

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares

,

.60

%

(g) ............

2,354,499

2,354

Invesco

Government

&

Agency

Portfolio,

Institutional

Shares

,

.60

%

(g) ...............

2,346,572

2,346

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares

,

.59

%

(g) .

2,338,645

2,339

Total

Collateral

for

Securities

Loaned

(Cost

$9,386)

9,386

Total

Investments

(Cost

$957,752)

—

99.2%

1,581,111

Other

assets

in

excess

of

liabilities

—

0.8%

13,439

NET

ASSETS

-

100.00%

$

1,594,550

^

Purchased

with

cash

collateral

from

securities

on

loan.

(a) Non-income

producing

security.

(b) Rule

144A

security

or

other

security

that

is

restricted

as

to

resale

to

institutional

investors.

As

of

February

28,

2026,

the

fair

value

of

these

securities

was

$19,936

(thousands)

and

amounted

to

1.3%

of

net

assets.

(c) All

or

a

portion

of

this

security

is

on

loan.

(d) Amount

represents

less

than

0.05%

of

net

assets.

Victory

Portfolios

III

#### Victory

#### Sustainable

#### World

#### Fund

#### Schedule

#### of

#### Portfolio

#### Investments
*—* 

*continued*

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Name

Acquisition

Date

Cost

Gazprom

PJSC

.............................................

8/13/2021

$

1,231

Rosneft

Oil

Co.

PJSC

,

GDR

....................................

4/6/2021

964

Sberbank

of

Russia

PJSC

,

ADR

..................................

3/26/2021

1,405

(e) Security

was

fair

valued

based

upon

procedures

approved

by

the

Board

of

Trustees

and

represents

0.0%

of

net

assets

as

of

February

28,

2026. 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

February

28,

2026

(amounts

in

thousands):

(g) Rate

disclosed

is

the

daily

yield

on

February

28,

2026. ADR

—

American

Depositary

Receipt

ETF

—

Exchange-Traded

Fund

GDR

—

Global

Depositary

Receipt

LP

—

Limited

Partnership

PLC

—

Public

Limited

Company

#### Schedule

#### of

#### Portfolio

#### Investments
February

28,

2026

Victory

Portfolios

III

#### Victory

#### Target

#### Managed

#### Allocation

#### Fund

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

Value

(000) Common

Stocks

(86.8%)

Australia

(1.0%):

Energy

(0.2%):

Santos

Ltd.

...........................................................

72,162

$

Financials

(0.3%):

Commonwealth

Bank

of

Australia

...........................................

3,233

Westpac

Banking

Corp.

..................................................

11,302

743

Real

Estate

(0.5%):

Scentre

Group

.........................................................

198,471

539

Vicinity

Ltd.

..........................................................

401,491

700

1,239

2,330

Canada

(17.7%):

Communication

Services

(0.3%):

Rogers

Communications,

Inc.

,

Class

B

........................................

11,767

Consumer

Discretionary

(0.6%):

Canadian

Tire

Corp.

Ltd.

,

Class

A

...........................................

2,852

Dollarama,

Inc.

........................................................

4,843

713

Magna

International,

Inc.

.................................................

5,429

1,455

Consumer

Staples

(0.8%):

Alimentation

Couche-Tard,

Inc.

.............................................

10,445

634

George

Weston

Ltd.

.....................................................

2,545

Loblaw

Cos.

Ltd.

.......................................................

7,572

Metro,

Inc.

,

Class

A

.....................................................

5,015

1,529

Energy

(3.9%):

ARC

Resources

Ltd.

.....................................................

17,240

Cameco

Corp.

.........................................................

6,145

727

Canadian

Natural

Resources

Ltd.

............................................

32,007

1,400

Cenovus

Energy,

Inc.

....................................................

22,871

510

Enbridge,

Inc.

.........................................................

29,923

1,590

Imperial

Oil

Ltd.

.......................................................

3,268

Keyera

Corp.

..........................................................

10,853

Pembina

Pipeline

Corp.

..................................................

14,495

637

Suncor

Energy,

Inc.

.....................................................

20,613

1,165

TC

Energy

Corp.

.......................................................

14,324

921

Tourmaline

Oil

Corp.

....................................................

10,337

Whitecap

Resources,

Inc.

.................................................

40,293

8,953

Financials

(6.8%):

Bank

of

Montreal

.......................................................

9,547

1,374

Brookfield

Corp.

,

Class

A

.................................................

31,551

1,384

Canadian

Imperial

Bank

of

Commerce

........................................

12,195

1,232

Fairfax

Financial

Holdings

Ltd.

.............................................

535

Great-West

Lifeco,

Inc.

...................................................

6,447

iA

Financial

Corp.,

Inc.

...................................................

3,111

Intact

Financial

Corp.

....................................................

3,302

638

Manulife

Financial

Corp.

.................................................

24,752

881

National

Bank

of

Canada

.................................................

6,226

869

Power

Corp.

of

Canada

...................................................

10,405

523

Royal

Bank

of

Canada

...................................................

17,451

2,918

Sun

Life

Financial,

Inc.

..................................................

9,233

605

The

Bank

of

Nova

Scotia

.................................................

15,635

1,186

The

Toronto-Dominion

Bank

...............................................

22,800

2,221

TMX

Group

Ltd.

.......................................................

11,281

15,412

Victory

Portfolios

III

#### Victory

#### Target

#### Managed

#### Allocation

#### Fund

#### Schedule

#### of

#### Portfolio

#### Investments
*—* 

*continued*

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Industrials

(1.3%):

Canadian

National

Railway

Co.

.............................................

7,178

806

Canadian

Pacific

Kansas

City

Ltd.

...........................................

12,301

1,077

GFL

Environmental,

Inc.

.................................................

6,145

Thomson

Reuters

Corp.

..................................................

3,102

WSP

Global,

Inc.

.......................................................

2,626

2,899

Information

Technology

(1.6%):

Celestica,

Inc.

(a) .......................................................

1,598

CGI,

Inc.

.............................................................

5,472

Constellation

Software,

Inc.

...............................................

691

Shopify,

Inc.

,

Class

A

(a) ..................................................

16,574

2,001

3,536

Materials

(2.4%):

Agnico

Eagle

Mines

Ltd.

.................................................

4,299

1,080

Barrick

Mining

Corp.

....................................................

16,260

825

CCL

Industries,

Inc.

,

Class

B

..............................................

5,782

First

Quantum

Minerals

Ltd.

(a) .............................................

11,015

Franco-Nevada

Corp.

....................................................

1,540

Kinross

Gold

Corp.

.....................................................

11,806

Lundin

Mining

Corp.

....................................................

8,999

Nutrien

Ltd.

...........................................................

7,045

530

Teck

Resources

Ltd.

,

Class

B

..............................................

7,506

Wheaton

Precious

Metals

Corp.

.............................................

4,318

704

5,466

39,720

Denmark

(0.1%):

Health

Care

(0.1%):

Genmab

A/S

(a) ........................................................

979

France

(1.8%):

Consumer

Discretionary

(0.2%):

LVMH

Moet

Hennessy

Louis

Vuitton

SE

......................................

619

Energy

(0.3%):

TotalEnergies

SE

.......................................................

7,419

594

Health

Care

(0.2%):

Sanofi

SA

............................................................

4,352

Industrials

(0.7%):

Airbus

SE

............................................................

2,993

650

Schneider

Electric

SE

....................................................

1,668

545

Vinci

SA

.............................................................

2,444

1,601

Materials

(0.1%):

Air

Liquide

SA

........................................................

1,468

Utilities

(0.3%):

Veolia

Environnement

SA

.................................................

18,790

795

4,120

Germany

(1.2%):

Financials

(0.6%):

Allianz

SE

,

Registered

Shares

..............................................

1,815

815

Deutsche

Boerse

AG

....................................................

1,267

1,161

Industrials

(0.2%):

Siemens

AG

,

Registered

Shares

.............................................

1,752

506

Information

Technology

(0.4%):

Infineon

Technologies

AG

.................................................

8,949

SAP

SE

..............................................................

2,428

970

2,637

Victory

Portfolios

III

#### Victory

#### Target

#### Managed

#### Allocation

#### Fund

#### Schedule

#### of

#### Portfolio

#### Investments
*—* 

*continued*

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Hong

Kong

(2.3%):

Communication

Services

(0.2%):

HKT

Trust

&

HKT

Ltd.

,

Class

SS

...........................................

227,000

Financials

(0.4%):

AIA

Group

Ltd.

........................................................

36,400

Hong

Kong

Exchanges

&

Clearing

Ltd.

.......................................

9,400

502

904

Industrials

(0.5%):

CK

Hutchison

Holdings

Ltd.

...............................................

36,500

MTR

Corp.

Ltd.

........................................................

93,500

Swire

Pacific

Ltd.

,

Class

A

................................................

34,500

1,117

Real

Estate

(1.0%):

CK

Asset

Holdings

Ltd.

..................................................

97,500

619

Henderson

Land

Development

Co.

Ltd.

.......................................

116,000

524

Link

REIT

............................................................

103,800

513

Sun

Hung

Kai

Properties

Ltd.

..............................................

41,500

772

2,428

Utilities

(0.2%):

Hong

Kong

&

China

Gas

Co.

Ltd.

...........................................

500,000

5,293

Ireland

(0.7%):

Industrials

(0.5%):

Eaton

Corp.

PLC

.......................................................

1,188

Experian

PLC

.........................................................

11,610

Trane

Technologies

PLC

..................................................

607

1,165

Information

Technology

(0.2%):

Accenture

PLC

,

Class

A

..................................................

1,717

1,523

Italy

(0.4%):

Financials

(0.4%):

FinecoBank

Banca

Fineco

SpA

.............................................

11,731

Intesa

Sanpaolo

SpA

.....................................................

79,890

548

UniCredit

SpA

.........................................................

4,000

1,165

Japan

(12.4%):

Communication

Services

(0.9%):

KDDI

Corp.

...........................................................

37,400

643

LY

Corp.

.............................................................

186,900

Nintendo

Co.

Ltd.

......................................................

4,600

SoftBank

Corp.

........................................................

497,200

680

2,045

Consumer

Discretionary

(2.4%):

Bridgestone

Corp.

......................................................

45,700

1,103

Denso

Corp.

..........................................................

41,700

598

Fast

Retailing

Co.

Ltd.

...................................................

600

Honda

Motor

Co.

Ltd.

...................................................

43,600

Sony

Group

Corp.

......................................................

36,300

835

Sumitomo

Electric

Industries

Ltd.

...........................................

6,500

Suzuki

Motor

Corp.

.....................................................

20,500

Toyota

Motor

Corp.

.....................................................

60,300

1,461

5,437

Consumer

Staples

(0.1%):

Japan

Tobacco,

Inc.

.....................................................

8,400

Financials

(2.4%):

Daiwa

Securities

Group,

Inc.

...............................................

77,900

819

Mitsubishi

UFJ

Financial

Group,

Inc.

.........................................

66,100

1,227

Mizuho

Financial

Group,

Inc.

..............................................

18,800

839

Nomura

Holdings,

Inc.

...................................................

76,700

712

Victory

Portfolios

III

#### Victory

#### Target

#### Managed

#### Allocation

#### Fund

#### Schedule

#### of

#### Portfolio

#### Investments
*—* 

*continued*

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Sumitomo

Mitsui

Financial

Group,

Inc.

.......................................

24,800

936

Tokio

Marine

Holdings,

Inc.

...............................................

21,100

876

5,409

Health

Care

(0.6%):

Hoya

Corp.

...........................................................

4,200

759

Takeda

Pharmaceutical

Co.

Ltd.

............................................

16,500

618

1,377

Industrials

(3.1%):

FANUC

Corp.

.........................................................

11,800

534

Hitachi

Ltd.

...........................................................

27,100

887

ITOCHU

Corp.

........................................................

70,200

1,016

Komatsu

Ltd.

..........................................................

10,500

504

Marubeni

Corp.

........................................................

17,700

677

Mitsubishi

Corp.

.......................................................

38,700

1,306

Mitsubishi

Electric

Corp.

.................................................

11,500

Mitsubishi

Heavy

Industries

Ltd.

............................................

22,200

708

Recruit

Holdings

Co.

Ltd.

.................................................

9,800

Sumitomo

Corp.

........................................................

17,800

756

7,252

Information

Technology

(2.4%):

Advantest

Corp.

........................................................

5,200

901

Canon,

Inc.

...........................................................

21,100

638

Disco

Corp.

...........................................................

900

FUJIFILM

Holdings

Corp.

................................................

18,100

Fujitsu

Ltd.

...........................................................

22,600

504

Keyence

Corp.

.........................................................

900

Murata

Manufacturing

Co.

Ltd.

.............................................

18,000

Shimadzu

Corp.

........................................................

18,800

523

TDK

Corp.

...........................................................

26,300

Tokyo

Electron

Ltd.

.....................................................

2,700

760

5,387

Materials

(0.3%):

Shin-Etsu

Chemical

Co.

Ltd.

...............................................

16,100

634

Real

Estate

(0.2%):

Mitsubishi

Estate

Co.

Ltd.

.................................................

15,700

529

28,392

Netherlands

(1.2%):

Communication

Services

(0.2%):

Universal

Music

Group

NV

................................................

17,470

Consumer

Staples

(0.0%):(b)

The

Magnum

Ice

Cream

Co.

NV

(a) ..........................................

980

Financials

(0.3%):

ING

Groep

NV

........................................................

21,899

632

Information

Technology

(0.7%):

ASM

International

NV

...................................................

ASML

Holding

NV

.....................................................

786

1,143

1,522

2,563

Singapore

(0.7%):

Consumer

Discretionary

(0.2%):

Genting

Singapore

Ltd.

...................................................

856,700

Consumer

Staples

(0.2%):

Wilmar

International

Ltd.

.................................................

152,700

Financials

(0.3%):

DBS

Group

Holdings

Ltd.

.................................................

14,800

667

1,575

Spain

(0.3%):

Financials

(0.3%):

Banco

Bilbao

Vizcaya

Argentaria

SA

.........................................

14,877

Victory

Portfolios

III

#### Victory

#### Target

#### Managed

#### Allocation

#### Fund

#### Schedule

#### of

#### Portfolio

#### Investments
*—* 

*continued*

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Banco

Santander

SA

.....................................................

40,100

506

850

Sweden

(1.2%):

Communication

Services

(0.2%):

Spotify

Technology

SA

(a) .................................................

684

Consumer

Staples

(0.2%):

Essity

AB

,

Class

B

......................................................

13,197

Financials

(0.2%):

L

E

Lundbergforetagen

AB

,

Class

B

.........................................

7,530

Industrials

(0.5%):

Atlas

Copco

AB

,

Class

B

.................................................

19,705

Epiroc

AB

,

Class

B

.....................................................

9,427

Sandvik

AB

...........................................................

7,895

962

Information

Technology

(0.1%):

Telefonaktiebolaget

LM

Ericsson

,

Class

B

.....................................

24,782

2,513

Switzerland

(2.3%):

Consumer

Discretionary

(0.2%):

Cie

Financiere

Richemont

SA

,

Registered

Shares

................................

2,181

Consumer

Staples

(0.2%):

Nestle

SA

,

Registered

Shares

..............................................

4,647

508

Financials

(0.7%):

Partners

Group

Holding

AG

...............................................

Swiss

Re

AG

..........................................................

2,108

UBS

Group

AG

........................................................

9,714

Zurich

Insurance

Group

AG

...............................................

738

557

1,670

Health

Care

(0.6%):

Novartis

AG

,

Registered

Shares

.............................................

4,534

763

Roche

Holding

AG

......................................................

1,494

711

1,474

Industrials

(0.2%):

ABB

Ltd.

,

Registered

Shares

...............................................

4,761

Materials

(0.4%):

Holcim

AG

(a) .........................................................

3,785

Sika

AG

,

Registered

Shares

................................................

1,666

692

5,232

United

Kingdom

(3.0%):

Communication

Services

(0.2%):

Vodafone

Group

PLC

....................................................

309,887

Consumer

Discretionary

(0.2%):

Next

PLC

............................................................

2,381

Consumer

Staples

(0.3%):

British

American

Tobacco

PLC

.............................................

8,154

509

Unilever

PLC

.........................................................

4,356

829

Energy

(0.3%):

Shell

PLC

............................................................

16,087

674

Financials

(0.9%):

Barclays

PLC

.........................................................

57,858

HSBC

Holdings

PLC

....................................................

35,579

665

Lloyds

Banking

Group

PLC

...............................................

256,475

London

Stock

Exchange

Group

PLC

.........................................

2,938

1,716

Victory

Portfolios

III

#### Victory

#### Target

#### Managed

#### Allocation

#### Fund

#### Schedule

#### of

#### Portfolio

#### Investments
*—* 

*continued*

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Health

Care

(0.5%):

AstraZeneca

PLC

.......................................................

3,462

728

GSK

PLC

............................................................

13,141

1,118

Industrials

(0.2%):

Rolls-Royce

Holdings

PLC

................................................

22,017

Utilities

(0.4%):

United

Utilities

Group

PLC

................................................

50,641

949

6,593

United

States

(40.5%):

Communication

Services

(4.5%):

Alphabet,

Inc.

,

Class

C

...................................................

7,958

2,478

Alphabet,

Inc.

,

Class

A

...................................................

8,427

2,627

AT&T,

Inc.

...........................................................

23,279

652

Meta

Platforms,

Inc.

,

Class

A

..............................................

3,560

2,308

Netflix,

Inc.

(a) .........................................................

8,247

794

Take-Two

Interactive

Software,

Inc.

(a) ........................................

1,613

The

Walt

Disney

Co.

....................................................

4,330

Verizon

Communications,

Inc.

..............................................

15,850

795

10,454

Consumer

Discretionary

(5.0%):

Amazon.com,

Inc.

(a) ....................................................

14,498

3,045

Booking

Holdings,

Inc.

...................................................

Chipotle

Mexican

Grill,

Inc.

,

Class

A

(a) .......................................

9,364

Ford

Motor

Co.

........................................................

42,961

605

Hilton

Worldwide

Holdings,

Inc.

............................................

2,030

633

Marriott

International,

Inc.

,

Class

A

..........................................

1,220

McDonald's

Corp.

......................................................

2,052

700

NIKE,

Inc.

,

Class

B

.....................................................

5,850

O'Reilly

Automotive,

Inc.

(a) ...............................................

5,700

535

Restaurant

Brands

International,

Inc.

.........................................

6,475

Ross

Stores,

Inc.

.......................................................

2,460

506

Tesla,

Inc.

(a) ..........................................................

4,366

1,757

The

Home

Depot,

Inc.

...................................................

1,780

678

The

TJX

Cos.,

Inc.

......................................................

4,510

729

11,172

Consumer

Staples

(2.6%):

Church

&

Dwight

Co.,

Inc.

................................................

5,811

609

Costco

Wholesale

Corp.

..................................................

760

768

Keurig

Dr.

Pepper,

Inc.

...................................................

15,907

PepsiCo,

Inc.

..........................................................

3,961

672

Philip

Morris

International,

Inc.

.............................................

3,140

587

The

Coca-Cola

Co.

......................................................

9,691

790

The

Kroger

Co.

........................................................

6,990

The

Procter

&

Gamble

Co.

................................................

5,977

999

Walmart,

Inc.

..........................................................

5,831

746

6,130

Energy

(1.0%):

Chevron

Corp.

.........................................................

4,445

830

Exxon

Mobil

Corp.

.....................................................

6,295

960

The

Williams

Cos.,

Inc.

..................................................

6,820

510

2,300

Financials

(5.0%):

Ameriprise

Financial,

Inc.

.................................................

1,061

Bank

of

America

Corp.

...................................................

10,551

526

Berkshire

Hathaway,

Inc.

,

Class

B

(a) .........................................

1,368

691

BlackRock,

Inc.

........................................................

519

Brookfield

Asset

Management

Ltd.

,

Class

A

(c) ..................................

8,177

Brown

&

Brown,

Inc.

....................................................

6,226

Equitable

Holdings,

Inc.

..................................................

12,141

Fiserv,

Inc.

(a) ..........................................................

7,074

Intercontinental

Exchange,

Inc.

.............................................

3,589

589

Victory

Portfolios

III

#### Victory

#### Target

#### Managed

#### Allocation

#### Fund

#### Schedule

#### of

#### Portfolio

#### Investments
*—* 

*continued*

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

JPMorgan

Chase

&

Co.

..................................................

2,716

816

Mastercard,

Inc.

,

Class

A

.................................................

1,605

830

Moody's

Corp.

.........................................................

882

MSCI,

Inc.

,

Class

A

.....................................................

735

S&P

Global,

Inc.

.......................................................

871

The

Charles

Schwab

Corp.

................................................

5,796

552

The

Goldman

Sachs

Group,

Inc.

............................................

1,033

888

The

Progressive

Corp.

...................................................

2,963

633

Visa,

Inc.

,

Class

A

......................................................

3,643

1,166

Wells

Fargo

&

Co.

......................................................

6,056

11,186

Health

Care

(4.0%):

AbbVie,

Inc.

..........................................................

3,212

745

Amgen,

Inc.

...........................................................

1,219

Bristol-Myers

Squibb

Co.

.................................................

7,053

Danaher

Corp.

.........................................................

2,493

525

Eli

Lilly

&

Co.

.........................................................

1,211

1,274

Gilead

Sciences,

Inc.

....................................................

3,418

509

Intuitive

Surgical,

Inc.

(a) .................................................

1,192

600

Johnson

&

Johnson

.....................................................

2,808

698

McKesson

Corp.

.......................................................

595

588

Merck

&

Co.,

Inc.

......................................................

4,254

527

Pfizer,

Inc.

............................................................

23,682

655

Thermo

Fisher

Scientific,

Inc.

..............................................

1,131

589

UnitedHealth

Group,

Inc.

.................................................

1,722

505

Veeva

Systems,

Inc.

,

Class

A

(a) .............................................

2,268

Vertex

Pharmaceuticals,

Inc.

(a) .............................................

804

8,940

Industrials

(3.5%):

3M

Co.

..............................................................

3,392

561

Broadridge

Financial

Solutions,

Inc.

.........................................

1,832

Caterpillar,

Inc.

........................................................

961

714

Cintas

Corp.

..........................................................

1,545

Copart,

Inc.

(a) .........................................................

8,438

Cummins,

Inc.

.........................................................

1,001

584

GE

Vernova,

Inc.

.......................................................

711

621

General

Electric

Co.

.....................................................

2,313

792

Honeywell

International,

Inc.

..............................................

2,433

593

Parker-Hannifin

Corp.

...................................................

607

613

Quanta

Services,

Inc.

....................................................

904

509

RB

Global,

Inc.

........................................................

3,614

RTX

Corp.

............................................................

3,340

677

TransDigm

Group,

Inc.

...................................................

Uber

Technologies,

Inc.

(a) ................................................

4,867

7,792

Information

Technology

(12.7%):

Adobe,

Inc.

(a) .........................................................

1,376

Advanced

Micro

Devices,

Inc.

(a) ............................................

3,240

649

Amphenol

Corp.

,

Class

A

.................................................

3,286

Apple,

Inc.

...........................................................

22,980

6,071

Applied

Materials,

Inc.

...................................................

2,041

760

Arista

Networks,

Inc.

(a) ..................................................

1,674

Autodesk,

Inc.

(a) .......................................................

1,216

Broadcom,

Inc.

........................................................

7,121

2,275

Cisco

Systems,

Inc.

.....................................................

7,396

588

Dynatrace,

Inc.

(a) ......................................................

7,878

International

Business

Machines

Corp.

........................................

2,304

553

Intuit,

Inc.

............................................................

663

Keysight

Technologies,

Inc.

(a) .............................................

1,397

KLA

Corp.

...........................................................

587

Lam

Research

Corp.

.....................................................

3,212

751

Microsoft

Corp.

........................................................

10,508

4,127

NVIDIA

Corp.

.........................................................

37,333

6,615

Oracle

Corp.

..........................................................

2,994

Victory

Portfolios

III

#### Victory

#### Target

#### Managed

#### Allocation

#### Fund

#### Schedule

#### of

#### Portfolio

#### Investments
*—* 

*continued*

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Palantir

Technologies,

Inc.

,

Class

A

(a) ........................................

4,244

582

Palo

Alto

Networks,

Inc.

(a) ................................................

1,841

QUALCOMM,

Inc.

.....................................................

3,363

Salesforce,

Inc.

........................................................

2,555

ServiceNow,

Inc.

(a) .....................................................

2,674

Snowflake,

Inc.

,

Class

A

(a) ................................................

1,293

Texas

Instruments,

Inc.

...................................................

2,870

609

28,706

Materials

(0.9%):

Linde

PLC

............................................................

953

Southern

Copper

Corp.

...................................................

1,960

The

Sherwin-Williams

Co.

................................................

1,490

540

Vulcan

Materials

Co.

....................................................

1,865

578

2,030

Real

Estate

(1.0%):

CBRE

Group,

Inc.

,

Class

A

(a) ..............................................

2,788

Extra

Space

Storage,

Inc.

.................................................

5,133

775

Prologis,

Inc.

..........................................................

5,528

788

1,975

Utilities

(0.3%):

Public

Service

Enterprise

Group,

Inc.

.........................................

6,665

574

91,259

Total

Common

Stocks

(Cost

$149,534)

196,053

Exchange-Traded

Funds

(8.3%)

United

States

(8.3%):

iShares

Core

MSCI

Emerging

Markets

ETF

....................................

138,075

10,599

VanEck

Gold

Miners

ETF

.................................................

71,655

8,300

18,899

Total

Exchange-Traded

Funds

(Cost

$10,838)

18,899

Collateral

for

Securities

Loaned

(0.2%)^

United

States

(0.2%):

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares

,

.59

%

(d) ........

101,188

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares

,

.60

%

(d) ............

103,211

Invesco

Government

&

Agency

Portfolio,

Institutional

Shares

,

.60

%

(d) ...............

101,188

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares

,

.59

%

(d) .

99,164

Total

Collateral

for

Securities

Loaned

(Cost

$405)

Total

Investments

(Cost

$160,777)

—

95.3%

215,357

Other

assets

in

excess

of

liabilities

—

4.7%

10,552

NET

ASSETS

-

100.00%

$

225,909

^

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) Rate

disclosed

is

the

daily

yield

on

February

28,

2026. ETF

—

Exchange-Traded

Fund

PLC

—

Public

Limited

Company

REIT

—

Real

Estate

Investment

Trust

Victory

Portfolios

III

#### Victory

#### Target

#### Managed

#### Allocation

#### Fund

#### Schedule

#### of

#### Portfolio

#### Investments
*—* 

*continued*

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Futures

Contracts

Purchased

Number

of

Contracts

Expiration

Date

Notional

Amount

(000) Value

(000) Unrealized

Appreciation

(Depreciation)

(000) E-Mini

MSCI

Emerging

Markets

Index

Futures

..........................

3/20/26

$

10,292

$

11,948

$

1,656

E-Mini

S&P

500

Futures

..............

3/20/26

25,486

25,489

Tokyo

Price

Index

Futures

............

3/12/26

12,931

14,942

2,011

$

3,670

Futures

Contracts

Sold

Number

of

Contracts

Expiration

Date

Notional

Amount

(000) Value

(000) Unrealized

Appreciation

(Depreciation)

(000) E-Mini

Russell

2000

Index

Futures

......

3/20/26

$

10,853

$

11,198

$

(345)

Euro

Stoxx

Futures

...............

3/20/26

14,792

15,558

(766)

FTSE

Index

Futures

..............

3/20/26

14,804

16,605

(1,801)

$

(2,912)

Total

unrealized

appreciation

$

3,670

Total

unrealized

depreciation

(2,912)

Total

net

unrealized

appreciation

(depreciation)

$

758

#### Statements

#### of

#### Assets

#### and

#### Liabilities
February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Portfolios

III

*(Amounts* 

*in* 

*Thousands,* 

*Except* 

*Per* 

*Share* 

*Amounts)*

Victory

Emerging

Markets

Fund

Victory

Global

Equity

Income

Fund

Victory

International

Fund

Assets:

Investments,

at

value

(Cost

$465,409,

$54,071

and

$1,518,388)

$

735,525(a)

$

79,563(b)

$

2,644,112(c)

Foreign

currency,

at

value

(Cost

$123,

$—

and

$2,865)

—

3,041

Cash

15,260

25,478

Receivables:

Dividends,

interest,

and

securities

lending

income

1,443

3,035

Capital

shares

issued

Investments

sold

4,834

—

7,899

From

Adviser

—

Reclaims

13,569

Prepaid

expenses

Total

Assets

757,440

80,063

2,697,434

Liabilities:

Payables:

Collateral

received

on

loaned

securities

4,703

24,596

Investments

purchased

6,763

—

6,406

Capital

shares

redeemed

563

Accrued

foreign

capital

gains

taxes

1,584

—

1,658

Accrued

expenses

and

other

payables:

Investment

advisory

fees

574

1,606

Administration

fees

Custodian

fees

Transfer

agent

fees

Compliance

fees

—(d)

—(d)

Trustees'

fees

Other

accrued

expenses

Total

Liabilities

14,157

35,548

Commitments

and

contingencies

(Note

5)

Net

Assets:

Capital

460,194

54,072

1,536,039

Total

accumulated

earnings

(loss)

283,089

25,688

1,125,847

Net

Assets

$

743,283

$

79,760

$

2,661,886

Net

Assets:

Fund

Shares

$

331,643

$

79,760

$

1,559,420

Institutional

Shares

411,640

—

1,084,517

Class

R6

—

—

17,949

Total

$

743,283

$

79,760

$

2,661,886

Shares

(unlimited

number

of

shares

authorized

with

a

par

value

of

$0.001

per

share):

Fund

Shares

11,395

5,949

45,550

Institutional

Shares

14,183

—

31,810

Class

R6

—

—

517

Total

25,578

5,949

77,877

Net

asset

value,

offering

and

redemption

price

per

share:(e)

Fund

Shares

$

29.10 $

13.41 $

34.24 Institutional

Shares

29.02 —

34.09 Class

R6

—

—

34.69 (a) Includes

$16,372

thousand

of

securities

on

loan.

(b) Includes

$175

thousand

of

securities

on

loan.

(c) Includes

$23,356

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
February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Portfolios

III

*(Amounts* 

*in* 

*Thousands,* 

*Except* 

*Per* 

*Share* 

*Amounts)*

Victory

Precious

Metals

and

Minerals

Fund

Victory

Sustainable

World

Fund

Victory

Target

Managed

Allocation

Fund

Assets:

Investments,

at

value

(Cost

$315,017,

$957,752

and

$160,777)

$

1,545,353(a)

$

1,581,111(b)

$

215,357(c)

Foreign

currency,

at

value

(Cost

$—,

$2,033

and

$24)

—

2,041

Cash

2,493

10,965

1,500

Deposit

with

broker

for

futures

contracts

—

—

8,321

Receivables:

Dividends,

interest,

and

securities

lending

income

584

1,237

Capital

shares

issued

1,072

—

Investments

sold

—

9,353

10,248

From

Adviser

—

Variation

margin

on

open

futures

contracts

—

—

Reclaims

—

2,436

Prepaid

expenses

—(d)

Total

Assets

1,549,538

1,607,213

236,400

Liabilities:

Payables:

Collateral

received

on

loaned

securities

9,386

Investments

purchased

—

1,708

9,667

Capital

shares

redeemed

1,472

—

Variation

margin

on

open

futures

contracts

—

—

Accrued

expenses

and

other

payables:

Investment

advisory

fees

802

953

Administration

fees

Custodian

fees

Transfer

agent

fees

Compliance

fees

—(d)

Trustees'

fees

12b-1

fees

—

Other

accrued

expenses

Total

Liabilities

2,718

12,663

10,491

Commitments

and

contingencies

(Note

5)

Net

Assets:

Capital

1,036,485

944,583

137,064

Total

accumulated

earnings

(loss)

510,335

649,967

88,845

Net

Assets

$

1,546,820

$

1,594,550

$

225,909

Net

Assets:

Fund

Shares

$

1,388,009

$

1,579,929

$

225,909

Institutional

Shares

53,103

8,540

—

Class

A

105,708

6,081

—

Total

$

1,546,820

$

1,594,550

$

225,909

Shares

(unlimited

number

of

shares

authorized

with

no

par

value):

Fund

Shares

21,599

47,475

18,660

Institutional

Shares

807

—

Class

A

1,673

—

Total

24,079

47,913

18,660

Net

asset

value,

offering

and

redemption

price

per

share:(e)

Fund

Shares

$

64.26 $

33.28 $

12.11 Institutional

Shares

65.77 33.40 —

Class

A

63.21 33.35 —

Maximum

Sales

Charge

—

Class

A

5.75%

5.75%

–%

Maximum

offering

price

(100%/(100%-maximum

sales

charge)

of

net

asset

value

adjusted

to

the

nearest

cent)

per

share

—

Class

A

$

67.07 $

35.38 $

—

(a) Includes

$112

thousand

of

securities

on

loan.

(b) Includes

$8,893

thousand

of

securities

on

loan.

(c) Includes

$378

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

#### Operations
For

the

Year

Ended

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Portfolios

III

*(Amounts* 

*in* 

*Thousands)*

Victory

Emerging

Markets

Fund

Victory

Global

Equity

Income

Fund

Victory

International

Fund

Investment

Income:

Dividends

$

17,480

$

2,181

$

84,158

Interest

813

Securities

lending

(net

of

fees)

Foreign

tax

withholding

(2,213)

(114) (8,989)

Total

Income

15,726

2,076

76,150

Expenses:

Investment

advisory

fees

6,131

19,094

Administration

fees

—

Fund

Shares

2,023

Administration

fees

—

Institutional

Shares

—

1,155

Administration

fees

—

Class

R6

—

—

Sub-Administration

fees

Custodian

fees

643

Transfer

agent

fees

—

Fund

Shares

1,197

Transfer

agent

fees

—

Institutional

Shares

—

1,202

Transfer

agent

fees

—

Class

R6

—

—

Trustees'

fees

Compliance

fees

Legal

and

audit

fees

State

registration

and

filing

fees

Interfund

lending

fees

—

Line

of

credit

fees

—

Other

expenses

Recoupment

of

prior

expenses

waived/reimbursed

by

Adviser

—

Total

Expenses

8,562

724

26,270

Expenses

waived/reimbursed

by

Adviser

(175) (28) (189) Net

Expenses

8,387

696

26,081

Net

Investment

Income

(Loss)

7,339

1,380

50,069

Realized/Unrealized

Gains

(Losses)

from

Investments:

Net

realized

gains

(losses)

from

investment

securities

and

foreign

currency

transactions

73,394

1,143

288,436

Foreign

taxes

on

realized

gains

(732) —

(317) Net

realized

gains

(losses)

from

in-kind

redemptions

—

—

—(a)

Net

change

in

unrealized

appreciation/depreciation

on

investment

securities

and

foreign

currency

translations

189,015

17,888

509,744

Net

change

in

accrued

foreign

taxes

on

unrealized

gains

(1,309)

—

(1,372)

Net

realized/unrealized

gains

(losses)

on

investments

260,368

19,031

796,491

Change

in

net

assets

resulting

from

operations

$

267,707

$

20,411

$

846,560

(a) Rounds

to

less

than

$1

thousand.

#### Statements

#### of

#### Operations
For

the

Year

Ended

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Portfolios

III

*(Amounts* 

*in* 

*Thousands)*

Victory

Precious

Metals

and

Minerals

Fund

Victory

Sustainable

World

Fund

Victory

Target

Managed

Allocation

Fund

Investment

Income:

Dividends

$

15,069

$

29,412

$

7,106

Interest

614

Securities

lending

(net

of

fees)

Foreign

tax

withholding

(1,244)

(2,310)

(559) Total

Income

13,967

27,750

6,862

Expenses:

Investment

advisory

fees

7,136

11,226

1,870

Administration

fees

—

Fund

Shares

1,262

2,173

Administration

fees

—

Institutional

Shares

—

Administration

fees

—

Class

A

—

Sub-Administration

fees

12b-1

fees

—

Class

A

—

Custodian

fees

Transfer

agent

fees

—

Fund

Shares

841

1,101

Transfer

agent

fees

—

Institutional

Shares

—

Transfer

agent

fees

—

Class

A

—

Trustees'

fees

Compliance

fees

Legal

and

audit

fees

State

registration

and

filing

fees

—(a)

Interfund

lending

fees

—

—

Line

of

credit

fees

—

—

Other

expenses

Recoupment

of

prior

expenses

waived/reimbursed

by

Adviser

—

—

Total

Expenses

10,004

15,147

2,521

Expenses

waived/reimbursed

by

Adviser

(13) (35) (93) Net

Expenses

9,991

15,112

2,428

Net

Investment

Income

(Loss)

3,976

12,638

4,434

Realized/Unrealized

Gains

(Losses)

from

Investments:

Net

realized

gains

(losses)

from

investment

securities

and

foreign

currency

transactions

78,036

147,653

88,402

Foreign

taxes

on

realized

gains

—

(282) —

Net

realized

gains

(losses)

from

futures

contracts

—

—

(3,849)

Net

change

in

unrealized

appreciation/depreciation

on

investment

securities

and

foreign

currency

translations

960,746

162,227

(29,303)

Net

change

in

accrued

foreign

taxes

on

unrealized

gains

—

—

Net

change

in

unrealized

appreciation/depreciation

on

futures

contracts

—

—

(2,059)

Net

realized/unrealized

gains

(losses)

on

investments

1,038,782

309,729

53,191

Change

in

net

assets

resulting

from

operations

$

1,042,758

$

322,367

$

57,625

(a) Rounds

to

less

than

$1

thousand.

*(Amounts* 

*in* 

*Thousands)*

Victory

Portfolios

III

#### Statements

#### of

#### Changes

#### in

#### Net

#### Assets
*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Emerging

Markets

Fund

Victory

Global

Equity

Income

Fund

Victory

International

Fund

Year

Ended

February

28,

2026

Year

Ended

February

28,

2025

Year

Ended

February

28,

2026

Year

Ended

February

28,

2025

Year

Ended

February

28,

2026

Year

Ended

February

28,

2025

From

Investment

Activities:

Operations:

Net

Investment

Income

(Loss)

$

7,339

$

10,139

$

1,380

$

1,023

$

50,069

$

52,080

Net

realized

gains

(losses)

72,662

44,954

1,143

13,332

288,119

147,159

Net

change

in

unrealized

appreciation/depreciation

187,706

(25,505)

17,888

(5,814)

508,372

28,830

Change

in

net

assets

resulting

from

operations

267,707

29,588

20,411

8,541

846,560

228,069

Distributions

to

Shareholders:

Fund

Shares

(23,723)

(7,247)

(7,689)

(12,804)

(157,086)

(60,606)

Institutional

Shares

(30,520)

(9,008)

—

—

(112,921)

(67,409)

Class

A

—

—

—

—

—

—

(a) Class

R6

—

—

—

—

(1,223)

(210)

Change

in

net

assets

resulting

from

distributions

to

shareholders

(54,243)

(16,255)

(7,689)

(12,804)

(271,230)

(128,225)

Change

in

net

assets

resulting

from

capital

transactions

29,403

(32,887)

3,341

6,794

(329,026)

(224,063)

Change

in

net

assets

242,867

(19,554)

16,063

2,531

246,304

(124,219)

Net

Assets:

Beginning

of

period

500,416

519,970

63,697

61,166

2,415,582

2,539,801

End

of

period

$

743,283

$

500,416

$

79,760

$

63,697

$

2,661,886

$

2,415,582

(a) Class

A

activity

is

for

the

period

March

1,

2024,

to

March

28,

2024

(date

of

termination).

*(Amounts* 

*in* 

*Thousands)*

Victory

Portfolios

III

#### Statements

#### of

#### Changes

#### in

#### Net

#### Assets
(continued)

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Emerging

Markets

Fund

Victory

Global

Equity

Income

Fund

Victory

International

Fund

Year

Ended

February

28,

2026

Year

Ended

February

28,

2025

Year

Ended

February

28,

2026

Year

Ended

February

28,

2025

Year

Ended

February

28,

2026

Year

Ended

February

28,

2025

Capital

Transactions:

Fund

Shares

Proceeds

from

shares

issued

$

19,754

$

12,672

$

7,644

$

3,981

$

79,083

$

50,853

Distributions

reinvested

23,322

7,144

7,601

12,737

154,213

59,450

Cost

of

shares

redeemed

(41,171)

(37,393)

(11,904)

(9,924)

(184,563)

(182,641)

Total

Fund

Shares

$

1,905

$

(17,577)

$

3,341

$

6,794

$

48,733

$

(72,338)

Institutional

Shares

Proceeds

from

shares

issued

$

68,383

$

21,094

$

—

$

—

$

60,812

$

108,519

Distributions

reinvested

30,461

9,000

—

—

112,728

67,341

Cost

of

shares

redeemed

(71,346)

(45,404)

—

—

(559,788)

(330,610)

Total

Institutional

Shares

$

27,498

$

(15,310)

$

—

$

—

$

(386,248)

$

(154,750)

Class

A

Proceeds

from

shares

issued

$

—

$

—

$

—

$

—

$

—

$

—

(a) (b) Distributions

reinvested

—

—

—

—

—

—

(b) Cost

of

shares

redeemed

—

—

—

—

—

(556)

(b) Total

Class

A

$

—

$

—

$

—

$

—

$

—

$

(556)

Class

R6

Proceeds

from

shares

issued

$

—

$

—

$

—

$

—

$

10,153

$

4,244

Distributions

reinvested

—

—

—

—

1,150

Cost

of

shares

redeemed

—

—

—

—

(2,814)

(873)

Total

Class

R6

$

—

$

—

$

—

$

—

$

8,489

$

3,581

Change

in

net

assets

resulting

from

capital

transactions

$

29,403

$

(32,887)

$

3,341

$

6,794

$

(329,026)

$

(224,063)

Share

Transactions:

Fund

Shares

Issued

784

601

635

2,526

1,835

Reinvested

936

633

1,158

5,017

2,273

Redeemed

(1,687)

(1,773)

(995)

(809)

(5,927)

(6,601)

Total

Fund

Shares

(816)

671

1,616

(2,493)

Institutional

Shares

Issued

2,813

1,013

—

—

2,061

3,959

Reinvested

1,225

—

—

3,682

2,587

Redeemed

(2,849)

(2,139)

—

—

(17,764)

(12,009)

Total

Institutional

Shares

1,189

(676)

—

—

(12,021)

(5,463)

Class

A

Issued

—

—

—

—

—

—

(b) (c) Reinvested

—

—

—

—

—

—

(b) Redeemed

—

—

—

—

—

(20)

(b) Total

Class

A

—

—

—

—

—

(20)

Class

R6

Issued

—

—

—

—

Reinvested

—

—

—

—

Redeemed

—

—

—

—

(89)

(32)

Total

Class

R6

—

—

—

—

Change

in

Shares

1,222

(1,492)

671

(10,149)

(7,839)

(a) Rounds

to

less

than

$1

thousand.

(b) Class

A

activity

is

for

the

period

March

1,

2024,

to

March

28,

2024

(date

of

termination).

(c) Rounds

to

less

than

thousand

shares.

*(Amounts* 

*in* 

*Thousands)*

Victory

Portfolios

III

#### Statements

#### of

#### Changes

#### in

#### Net

#### Assets
(continued)

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Precious

Metals

and

Minerals

Fund

Victory

Sustainable

World

Fund

Victory

Target

Managed

Allocation

Fund

Year

Ended

February

28,

2026

Year

Ended

February

28,

2025

Year

Ended

February

28,

2026

Year

Ended

February

28,

2025

Year

Ended

February

28,

2026

Year

Ended

February

28,

2025

From

Investment

Activities:

Operations:

Net

Investment

Income

(Loss)

$

3,976

$

2,729

$

12,638

$

11,948

$

4,434

$

4,929

Net

realized

gains

(losses)

78,036

(3,838)

147,371

110,834

84,553

35,222

Net

change

in

unrealized

appreciation/depreciation

960,746

216,752

162,358

54,281

(31,362)

9,563

Change

in

net

assets

resulting

from

operations

1,042,758

215,643

322,367

177,063

57,625

49,714

Distributions

to

Shareholders:

Fund

Shares

(2,507)

—

(161,361)

(88,532)

(19,698)

(7,680)

Institutional

Shares

(127)

—

(903)

(398)

—

—

Class

A

(92)

—

(608)

(300)

—

—

Change

in

net

assets

resulting

from

distributions

to

shareholders

(2,726)

—

(162,872)

(89,230)

(19,698)

(7,680)

Change

in

net

assets

resulting

from

capital

transactions

(66,711)

(60,661)

36,454

(32,989)

(291,066)

(56,052)

Change

in

net

assets

973,321

154,982

195,949

54,844

(253,139)

(14,018)

Net

Assets:

Beginning

of

period

573,499

418,517

1,398,601

1,343,757

479,048

493,066

End

of

period

$

1,546,820

$

573,499

$

1,594,550

$

1,398,601

$

225,909

$

479,048

*(Amounts* 

*in* 

*Thousands)*

Victory

Portfolios

III

#### Statements

#### of

#### Changes

#### in

#### Net

#### Assets
(continued)

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Precious

Metals

and

Minerals

Fund

Victory

Sustainable

World

Fund

Victory

Target

Managed

Allocation

Fund

Year

Ended

February

28,

2026

Year

Ended

February

28,

2025

Year

Ended

February

28,

2026

Year

Ended

February

28,

2025

Year

Ended

February

28,

2026

Year

Ended

February

28,

2025

Capital

Transactions:

Fund

Shares

Proceeds

from

shares

issued

$

193,601

$

39,885

$

60,655

$

58,105

$

—

$

—

Distributions

reinvested

2,449

—

158,706

87,299

19,698

7,680

Cost

of

shares

redeemed

(261,856)

(97,851)

(184,836)

(180,331)

(310,764)

(63,732)

Total

Fund

Shares

$

(65,806)

$

(57,966)

$

34,525

$

(34,927)

$

(291,066)

$

(56,052)

Institutional

Shares

Proceeds

from

shares

issued

$

7,042

$

2,984

$

4,276

$

3,896

$

—

$

—

Distributions

reinvested

—

866

—

—

Cost

of

shares

redeemed

(24,789)

(4,983)

(3,656)

(2,787)

—

—

Total

Institutional

Shares

$

(17,620)

$

(1,999)

$

1,486

$

1,498

$

—

$

—

Class

A

Proceeds

from

shares

issued

$

42,829

$

8,748

$

642

$

790

$

—

$

—

Distributions

reinvested

—

—

—

Cost

of

shares

redeemed

(26,206)

(9,444)

(696)

(584)

—

—

Total

Class

A

$

16,715

$

(696)

$

$

$

—

$

—

Change

in

net

assets

resulting

from

capital

transactions

$

(66,711)

$

(60,661)

$

36,454

$

(32,989)

$

(291,066)

$

(56,052)

Share

Transactions:

Fund

Shares

Issued

5,462

2,008

1,908

1,917

—

—

Reinvested

—

5,022

2,858

1,700

723

Redeemed

(7,304)

(4,945)

(5,825)

(5,955)

(26,991)

(5,978)

Total

Fund

Shares

(1,791)

(2,937)

1,105

(1,180)

(25,291)

(5,255)

Institutional

Shares

Issued

—

—

Reinvested

—

—

—

Redeemed

(518)

(246)

(115)

(92)

—

—

Total

Institutional

Shares

(347)

(100)

—

—

Class

A

Issued

1,085

—

—

Reinvested

—

—

—

Redeemed

(652)

(472)

(22)

(19)

—

—

Total

Class

A

(39)

—

—

Change

in

Shares

(1,703)

(3,076)

1,162

(1,117)

(25,291)

(5,255)

Victory

Portfolios

III

#### Financial

#### Highlights
*For* 

*a* 

*Share* 

*Outstanding* 

*Throughout* 

*Each* 

*Period*

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Emerging

Markets

Fund

Fund

Shares

Year

Ended

February

28,

2026

Year

Ended

February

28,

2025

Year

Ended

February

29,

2024

Nine

Months

Ended

February

28,

2023(a)

Year

Ended

May

31,

2022

Year

Ended

May

31,

2021

Net

Asset

Value,

Beginning

of

Period

$20.58

$20.15

$17.82

$20.00

$24.66

$16.16

Investment

Activities:

Net

investment

income

(loss)(b)

0.28 0.39 0.30 0.34 0.30 0.16 Net

realized

and

unrealized

gains

(losses)

10.44 0.68 2.39 (2.22)

(4.81)

8.57 Total

from

Investment

Activities

10.72 1.07 2.69 (1.88)

(4.51)

8.73 Distributions

to

Shareholders

from:

Net

investment

income

(0.67)

(0.64)

(0.36)

(0.30)

(0.15)

(0.23)

Net

realized

gains

(1.53)

—

—

—

—

—

Total

Distributions

(2.20)

(0.64)

(0.36)

(0.30)

(0.15)

(0.23)

Net

Asset

Value,

End

of

Period

$29.10

$20.58

$20.15

$17.82

$20.00

$24.66

Total

Return(c)(d)

54.10%

5.40%

15.18%

(9.36)%

(18.33)%

54.25%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

1.50%

1.52%

1.52%

1.48%

1.47%

1.45%

Net

Investment

Income

(Loss)(e)

1.13%

1.83%

1.57%

2.53%

1.35%

0.77%

Gross

Expenses(e)(f)

1.51%

1.56%

1.59%

1.57%

1.47%

1.47%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$331,643

$233,793

$245,320

$234,472

$276,456

$372,624

Portfolio

Turnover(c)(g)

84%

74%

62%

45%

54%

73%(h)

(a) Effective

February

28,

2023,

the

Fund's

fiscal

year-end

changed

from

May

to

February

or

February

during

leap

years.

(b) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(c) Not

annualized

for

periods

less

than

one

year.

(d) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(e) Annualized

for

periods

less

than

one

year.

(f) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(g) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

(h) Reflects

a

return

to

normal

trading

levels

after

a

prior

year

transition.

Victory

Portfolios

III

*For* 

*a* 

*Share* 

*Outstanding* 

*Throughout* 

*Each* 

*Period*

#### Financial

#### Highlights
*—* 

*continued*

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Emerging

Markets

Fund

Institutional

Shares

Year

Ended

February

28,

2026

Year

Ended

February

28,

2025

Year

Ended

February

29,

2024

Nine

Months

Ended

February

28,

2023(a)

Year

Ended

May

31,

2022

Year

Ended

May

31,

2021

Net

Asset

Value,

Beginning

of

Period

$20.52

$20.09

$17.77

$19.97

$24.62

$16.14

Investment

Activities:

Net

investment

income

(loss)(b)

0.32 0.42 0.34 0.35 0.35 0.20 Net

realized

and

unrealized

gains

(losses)

10.42 0.69 2.38 (2.21)

(4.80)

8.55 Total

from

Investment

Activities

10.74 1.11 2.72 (1.86)

(4.45)

8.75 Distributions

to

Shareholders

from:

Net

investment

income

(0.71)

(0.68)

(0.40)

(0.34)

(0.20)

(0.27)

Net

realized

gains

(1.53)

—

—

—

—

—

Total

Distributions

(2.24)

(0.68)

(0.40)

(0.34)

(0.20)

(0.27)

Net

Asset

Value,

End

of

Period

$29.02

$20.52

$20.09

$17.77

$19.97

$24.62

Total

Return(c)(d)

54.39%

5.61%

15.38%

(9.26)%

(18.15)%

54.46%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

1.32%

1.34%

1.32%

1.30%

1.28%

1.26%

Net

Investment

Income

(Loss)(e)

1.30%

2.01%

1.82%

2.60%

1.59%

0.96%

Gross

Expenses(e)(f)

1.37%

1.40%

1.38%

1.37%

1.31%

1.29%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$411,640

$266,623

$274,650

$375,826

$398,909

$400,408

Portfolio

Turnover(c)(g)

84%

74%

62%

45%

54%

73%(h)

(a) Effective

February

28,

2023,

the

Fund's

fiscal

year-end

changed

from

May

to

February

or

February

during

leap

years.

(b) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(c) Not

annualized

for

periods

less

than

one

year.

(d) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(e) Annualized

for

periods

less

than

one

year.

(f) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(g) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

(h) Reflects

a

return

to

normal

trading

levels

after

a

prior

year

transition.

Victory

Portfolios

III

#### Financial

#### Highlights
*—* 

*continued*

*For* 

*a* 

*Share* 

*Outstanding* 

*Throughout* 

*Each* 

*Period*

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Global

Equity

Income

Fund

Fund

Shares

Year

Ended

February

28,

2026

Year

Ended

February

28,

2025

Year

Ended

February

29,

2024

Months

Ended

February

28,

2023(a)

Year

Ended

March

31,

2022

Year

Ended

March

31,

2021

Net

Asset

Value,

Beginning

of

Period

$11.22

$12.22

$10.59

$12.35

$12.03

$8.42

Investment

Activities:

Net

investment

income

(loss)(b)

0.24 0.20 0.22 0.19 0.21 0.17 Net

realized

and

unrealized

gains

(losses)

3.35 1.48 1.77 (1.04)

1.27 3.61 Total

from

Investment

Activities

3.59 1.68 1.99 (0.85)

1.48 3.78 Distributions

to

Shareholders

from:

Net

investment

income

(0.25)

(0.24)

(0.25)

(0.19)

(0.23)

(0.17)

Net

realized

gains

(1.15)

(2.44)

(0.11)

(0.72)

(0.93)

—

Total

Distributions

(1.40)

(2.68)

(0.36)

(0.91)

(1.16)

(0.17)

Net

Asset

Value,

End

of

Period

$13.41

$11.22

$12.22

$10.59

$12.35

$12.03

Total

Return(c)(d)

33.73%

14.63%

19.11%

(6.86)%

12.28%

45.23%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

1.02%

1.03%

1.02%

1.05%

1.04%

1.03%

Net

Investment

Income

(Loss)(e)

2.03%

1.64%

1.97%

1.84%

1.63%

1.65%

Gross

Expenses(e)(f)

1.07%

1.18%

1.19%

1.26%

1.15%

1.18%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$79,760

$63,697

$61,166

$56,391

$64,374

$69,690

Portfolio

Turnover(c)

16%

83%

43%

28%

31%

46%(g)

(a) Effective

February

28,

2023,

the

Fund's

fiscal

year-end

changed

from

March

to

February

or

February

during

leap

years.

(b) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(c) Not

annualized

for

periods

less

than

one

year.

(d) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(e) Annualized

for

periods

less

than

one

year.

(f) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(g) Reflects

a

return

to

normal

trading

levels

after

a

prior

year

transition

or

asset

allocation

shift.

Victory

Portfolios

III

*For* 

*a* 

*Share* 

*Outstanding* 

*Throughout* 

*Each* 

*Period*

#### Financial

#### Highlights
*—* 

*continued*

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

International

Fund

Fund

Shares

Year

Ended

February

28,

2026

Year

Ended

February

28,

2025

Year

Ended

February

29,

2024

Nine

Months

Ended

February

28,

2023(a)

Year

Ended

May

31,

2022

Year

Ended

May

31,

2021

Net

Asset

Value,

Beginning

of

Period

$27.50

$26.55

$23.70

$24.21

$29.46

$21.53

Investment

Activities:

Net

investment

income

(loss)(b)

0.58 0.56 0.49(c)

0.26(d)

0.59 0.49 Net

realized

and

unrealized

gains

(losses)

9.88 1.80 2.85 (0.11)

(3.43)

7.94 Total

from

Investment

Activities

10.46 2.36 3.34 0.15 (2.84)

8.43 Distributions

to

Shareholders

from:

Net

investment

income

(0.75)

(1.15)

(0.49)

(0.34)

(0.51)

(0.50)

Net

realized

gains

(2.97)

(0.26)

—

(0.32)

(1.90)

—

Total

Distributions

(3.72)

(1.41)

(0.49)

(0.66)

(2.41)

(0.50)

Net

Asset

Value,

End

of

Period

$34.24

$27.50

$26.55

$23.70

$24.21

$29.46

Total

Return(e)(f)

39.90%

9.19%

14.14%(c)

0.73%(d)

(10.51)%

39.52%

Ratios

to

Average

Net

Assets:

Net

Expenses(g)(h)

1.07%

1.06%

1.08%

1.02%

1.02%

1.01%

Net

Investment

Income

(Loss)(g)

1.88%

2.02%

1.99%(c)

1.53%(d)

2.12%

1.94%

Gross

Expenses(g)(h)

1.07%

1.06%

1.09%

1.04%

1.02%

1.03%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$1,559,420

$1,208,181

$1,232,525

$1,205,144

$1,301,727

$1,608,436

Portfolio

Turnover(e)(i)

42%(j)

42%

34%

29%

34%

67%(k)

(a) Effective

February

28,

2023,

the

Fund's

fiscal

year-end

changed

from

May

to

February

or

February

during

leap

years.

(b) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(c) Includes

net

investment

income

received

on

EU

Reclaims

during

the

year

ended

February

29,

2024. Without

these

amounts

the

net

investment

income

(loss)

per

share,

net

investment

income

(loss)

ratio,

and

total

return

would

have

been

less

by

0.02,

0.07%,

and

0.07%,

respectively.

(d) Includes

net

investment

income

received

on

EU

Reclaims

during

the

nine

months

ended

February

28,

2023. Without

these

amounts

the

net

investment

income

(loss)

per

share,

net

investment

income

(loss)

ratio,

and

total

return

would

have

been

less

by

0.07,

0.42%,

and

0.29%,

respectively.

(e) Not

annualized

for

periods

less

than

one

year.

(f) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(g) Annualized

for

periods

less

than

one

year.

(h) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(i) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

(j) Excludes

impact

of

in-kind

transactions.

(k) Reflects

a

return

to

normal

trading

levels

after

a

prior

year

transition.

Victory

Portfolios

III

#### Financial

#### Highlights
*—* 

*continued*

*For* 

*a* 

*Share* 

*Outstanding* 

*Throughout* 

*Each* 

*Period*

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

International

Fund

Institutional

Shares

Year

Ended

February

28,

2026

Year

Ended

February

28,

2025

Year

Ended

February

29,

2024

Nine

Months

Ended

February

28,

2023(a)

Year

Ended

May

31,

2022

Year

Ended

May

31,

2021

Net

Asset

Value,

Beginning

of

Period

$27.38

$26.44

$23.61

$24.13

$29.36

$21.46

Investment

Activities:

Net

investment

income

(loss)(b)

0.66 0.57 0.50(c)

0.26(d)

0.61 0.51 Net

realized

and

unrealized

gains

(losses)

9.79 1.80 2.83 (0.10)

(3.41)

7.91 Total

from

Investment

Activities

10.45 2.37 3.33 0.16 (2.80)

8.42 Distributions

to

Shareholders

from:

Net

investment

income

(0.75)

(1.17)

(0.50)

(0.36)

(0.53)

(0.52)

Net

realized

gains

(2.99)

(0.26)

—

(0.32)

(1.90)

—

Total

Distributions

(3.74)

(1.43)

(0.50)

(0.68)

(2.43)

(0.52)

Net

Asset

Value,

End

of

Period

$34.09

$27.38

$26.44

$23.61

$24.13

$29.36

Total

Return(e)(f)

40.01%

9.27%

14.19%(c)

0.78%(d)

(10.43)%

39.61%

Ratios

to

Average

Net

Assets:

Net

Expenses(g)(h)

1.00%

1.00%

1.01%

0.95%

0.94%

0.94%

Net

Investment

Income

(Loss)(g)

2.13%

2.06%

2.05%(c)

1.58%(d)

2.20%

2.00%

Gross

Expenses(g)(h)

1.01%

1.01%

1.02%

0.97%

0.95%

0.95%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$1,084,517

$1,200,150

$1,303,421

$1,260,267

$1,278,976

$1,644,340

Portfolio

Turnover(e)(i)

42%(j)

42%

34%

29%

34%

67%(k)

(a) Effective

February

28,

2023,

the

Fund's

fiscal

year-end

changed

from

May

to

February

or

February

during

leap

years.

(b) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(c) Includes

net

investment

income

received

on

EU

Reclaims

during

the

year

ended

February

29,

2024. Without

these

amounts

the

net

investment

income

(loss)

per

share,

net

investment

income

(loss)

ratio,

and

total

return

would

have

been

less

by

0.02,

0.07%,

and

0.07%,

respectively.

(d) Includes

net

investment

income

received

on

EU

Reclaims

during

the

nine

months

ended

February

28,

2023. Without

these

amounts

the

net

investment

income

(loss)

per

share,

net

investment

income

(loss)

ratio,

and

total

return

would

have

been

less

by

0.07,

0.42%,

and

0.29%,

respectively.

(e) Not

annualized

for

periods

less

than

one

year.

(f) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(g) Annualized

for

periods

less

than

one

year.

(h) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(i) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

(j) Excludes

impact

of

in-kind

transactions.

(k) Reflects

a

return

to

normal

trading

levels

after

a

prior

year

transition.

Victory

Portfolios

III

*For* 

*a* 

*Share* 

*Outstanding* 

*Throughout* 

*Each* 

*Period*

#### Financial

#### Highlights
*—* 

*continued*

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

International

Fund

Class

R6

Year

Ended

February

28,

2026

Year

Ended

February

28,

2025

Year

Ended

February

29,

2024

Nine

Months

Ended

February

28,

2023(a)

Year

Ended

May

31,

2022

Year

Ended

May

31,

2021

Net

Asset

Value,

Beginning

of

Period

$27.82

$26.84

$23.95

$24.53

$29.65

$21.52

Investment

Activities:

Net

investment

income

(loss)(b)

0.61 0.55 0.43(c)

0.33(d)

0.80 0.49 Net

realized

and

unrealized

gains

(losses)

10.05 1.90 3.00 (0.11)

(3.36)

8.19 Total

from

Investment

Activities

10.66 2.45 3.43 0.22 (2.56)

8.68 Distributions

to

Shareholders

from:

Net

investment

income

(0.81)

(1.21)

(0.54)

(0.48)

(0.66)

(0.55)

Net

realized

gains

(2.98)

(0.26)

—

(0.32)

(1.90)

—

Total

Distributions

(3.79)

(1.47)

(0.54)

(0.80)

(2.56)

(0.55)

Net

Asset

Value,

End

of

Period

$34.69

$27.82

$26.84

$23.95

$24.53

$29.65

Total

Return(e)(f)

40.15%

9.44%

14.39%(c)

1.01%(d)

(9.53)%

40.78%

Ratios

to

Average

Net

Assets:

Net

Expenses(g)(h)

0.86%

0.85%

0.87%

0.61%

0.31%

0.80%

Net

Investment

Income

(Loss)(g)

1.91%

1.93%

1.70%(c)

1.92%(d)

2.87%

1.95%

Gross

Expenses(g)(h)

1.05%

1.37%

2.40%

9.88%

3.83%

1.22%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$17,949

$7,251

$3,318

$232

$227

$28

Portfolio

Turnover(e)(i)

42%(j)

42%

34%

29%

34%

67%(k)

(a) Effective

February

28,

2023,

the

Fund's

fiscal

year-end

changed

from

May

to

February

or

February

during

leap

years.

(b) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(c) Includes

net

investment

income

received

on

EU

Reclaims

during

the

year

ended

February

29,

2024. Without

these

amounts

the

net

investment

income

(loss)

per

share,

net

investment

income

(loss)

ratio,

and

total

return

would

have

been

less

by

0.02,

0.07%,

and

0.07%,

respectively.

(d) Includes

net

investment

income

received

on

EU

Reclaims

during

the

nine

months

ended

February

28,

2023. Without

these

amounts

the

net

investment

income

(loss)

per

share,

net

investment

income

(loss)

ratio,

and

total

return

would

have

been

less

by

0.07,

0.42%,

and

0.29%,

respectively.

(e) Not

annualized

for

periods

less

than

one

year.

(f) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(g) Annualized

for

periods

less

than

one

year.

(h) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(i) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

(j) Excludes

impact

of

in-kind

transactions.

(k) Reflects

a

return

to

normal

trading

levels

after

a

prior

year

transition.

Victory

Portfolios

III

#### Financial

#### Highlights
*—* 

*continued*

*For* 

*a* 

*Share* 

*Outstanding* 

*Throughout* 

*Each* 

*Period*

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Precious

Metals

and

Minerals

Fund

Fund

Shares

Year

Ended

February

28,

2026

Year

Ended

February

28,

2025

Year

Ended

February

29,

2024

Nine

Months

Ended

February

28,

2023(a)

Year

Ended

May

31,

2022

Year

Ended

May

31,

2021

Net

Asset

Value,

Beginning

of

Period

$22.24

$14.50

$15.64

$18.14

$22.57

$19.34

Investment

Activities:

Net

investment

income

(loss)(b)

0.17 0.10 0.19 0.15 0.19 0.09 Net

realized

and

unrealized

gains

(losses)

41.97 7.64 (0.91)

(2.50)

(4.46)

3.15 Total

from

Investment

Activities

42.14 7.74 (0.72)

(2.35)

(4.27)

3.24 Distributions

to

Shareholders

from:

Net

investment

income

(0.12)

—

(0.42)

(0.15)

(0.16)

(0.01)

Total

Distributions

(0.12)

—

(0.42)

(0.15)

(0.16)

(0.01)

Net

Asset

Value,

End

of

Period

$64.26

$22.24

$14.50

$15.64

$18.14

$22.57

Total

Return(c)(d)

189.68%

53.38%

(5.03)%

(12.97)%

(18.93)%

16.69%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

1.04%

1.14%

1.18%

1.19%

1.12%

1.12%

Net

Investment

Income

(Loss)(e)

0.44%

0.51%

1.11%

1.31%

0.97%

0.41%

Gross

Expenses(e)(f)

1.04%

1.14%

1.18%

1.19%

1.12%

1.12%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$1,388,009

$520,123

$381,656

$439,330

$533,574

$697,969

Portfolio

Turnover(c)(g)

15%

1%

9%

4%

8%

7%

(a) Effective

February

28,

2023,

the

Fund's

fiscal

year-end

changed

from

May

to

February

or

February

during

leap

years.

(b) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(c) Not

annualized

for

periods

less

than

one

year.

(d) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(e) Annualized

for

periods

less

than

one

year.

(f) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(g) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

Victory

Portfolios

III

*For* 

*a* 

*Share* 

*Outstanding* 

*Throughout* 

*Each* 

*Period*

#### Financial

#### Highlights
*—* 

*continued*

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Precious

Metals

and

Minerals

Fund

Institutional

Shares

Year

Ended

February

28,

2026

Year

Ended

February

28,

2025

Year

Ended

February

29,

2024

Nine

Months

Ended

February

28,

2023(a)

Year

Ended

May

31,

2022

Year

Ended

May

31,

2021

Net

Asset

Value,

Beginning

of

Period

$22.75

$14.82

$15.97

$18.53

$23.06

$19.76

Investment

Activities:

Net

investment

income

(loss)(b)

0.19 0.13 0.21 0.17 0.22 0.12 Net

realized

and

unrealized

gains

(losses)

42.96 7.80 (0.91)

(2.54)

(4.56)

3.22 Total

from

Investment

Activities

43.15 7.93 (0.70)

(2.37)

(4.34)

3.34 Distributions

to

Shareholders

from:

Net

investment

income

(0.13)

—

(0.45)

(0.19)

(0.19)

(0.04)

Total

Distributions

(0.13)

—

(0.45)

(0.19)

(0.19)

(0.04)

Net

Asset

Value,

End

of

Period

$65.77

$22.75

$14.82

$15.97

$18.53

$23.06

Total

Return(c)(d)

189.85%

53.51%

(4.83)%

(12.85)%

(18.84)%

16.90%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

1.01%

1.01%

1.00%

0.98%

0.98%

0.99%

Net

Investment

Income

(Loss)(e)

0.49%

0.64%

1.22%

1.44%

1.13%

0.55%

Gross

Expenses(e)(f)

1.04%

1.10%

1.09%

1.12%

1.05%

1.05%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$53,103

$26,256

$18,580

$19,681

$20,602

$26,338

Portfolio

Turnover(c)(g)

15%

1%

9%

4%

8%

7%

(a) Effective

February

28,

2023,

the

Fund's

fiscal

year-end

changed

from

May

to

February

or

February

during

leap

years.

(b) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(c) Not

annualized

for

periods

less

than

one

year.

(d) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(e) Annualized

for

periods

less

than

one

year.

(f) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(g) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

Victory

Portfolios

III

#### Financial

#### Highlights
*—* 

*continued*

*For* 

*a* 

*Share* 

*Outstanding* 

*Throughout* 

*Each* 

*Period*

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Precious

Metals

and

Minerals

Fund

Class

A

Year

Ended

February

28,

2026

Year

Ended

February

28,

2025

Year

Ended

February

29,

2024

Nine

Months

Ended

February

28,

2023(a)

Year

Ended

May

31,

2022

Year

Ended

May

31,

2021

Net

Asset

Value,

Beginning

of

Period

$21.91

$14.31

$15.44

$17.91

$22.29

$19.13

Investment

Activities:

Net

investment

income

(loss)(b)

0.02 0.06 0.16 0.13 0.14 0.04 Net

realized

and

unrealized

gains

(losses)

41.34 7.54 (0.90)

(2.47)

(4.39)

3.12 Total

from

Investment

Activities

41.36 7.60 (0.74)

(2.34)

(4.25)

3.16 Distributions

to

Shareholders

from:

Net

investment

income

(0.06)

—

(0.39)

(0.13)

(0.13)

—

Total

Distributions

(0.06)

—

(0.39)

(0.13)

(0.13)

—

Net

Asset

Value,

End

of

Period

$63.21

$21.91

$14.31

$15.44

$17.91

$22.29

Total

Return(c)(d)

188.85%

53.11%

(5.20)%

(13.08)%

(19.08)%

16.52%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

1.35%

1.34%

1.34%

1.31%

1.31%

1.31%

Net

Investment

Income

(Loss)(e)

0.06%

0.29%

0.95%

1.17%

0.74%

0.21%

Gross

Expenses(e)(f)

1.35%

1.40%

1.41%

1.40%

1.34%

1.34%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$105,708

$27,120

$18,281

$23,124

$28,203

$26,282

Portfolio

Turnover(c)(g)

15%

1%

9%

4%

8%

7%

(a) Effective

February

28,

2023,

the

Fund's

fiscal

year-end

changed

from

May

to

February

or

February

during

leap

years.

(b) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(c) Not

annualized

for

periods

less

than

one

year.

(d) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

Excludes

any

applicable

sales

charges,

including

contingent

deferred

sales

charges.

Total

return

would

be

reduced

if

sales

charges

were

taken

into

account.

(e) Annualized

for

periods

less

than

one

year.

(f) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(g) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

Victory

Portfolios

III

*For* 

*a* 

*Share* 

*Outstanding* 

*Throughout* 

*Each* 

*Period*

#### Financial

#### Highlights
*—* 

*continued*

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Sustainable

World

Fund

Fund

Shares

Year

Ended

February

28,

2026

Year

Ended

February

28,

2025

Year

Ended

February

29,

2024

Nine

Months

Ended

February

28,

2023(a)

Year

Ended

May

31,

2022

Year

Ended

May

31,

2021

Net

Asset

Value,

Beginning

of

Period

$29.92

$28.07

$22.59

$23.70

$31.03

$23.38

Investment

Activities:

Net

investment

income

(loss)(b)

0.28 0.27 0.23 0.16 0.25 0.23 Net

realized

and

unrealized

gains

(losses)

6.76 3.55 5.52 (0.65)

(2.36)

8.74 Total

from

Investment

Activities

7.04 3.82 5.75 (0.49)

(2.11)

8.97 Distributions

to

Shareholders

from:

Net

investment

income

(0.29)

(0.54)

(0.27)

(0.09)

(0.27)

(0.18)

Net

realized

gains

(3.39)

(1.43)

—

(0.53)

(4.95)

(1.14)

Total

Distributions

(3.68)

(1.97)

(0.27)

(0.62)

(5.22)

(1.32)

Net

Asset

Value,

End

of

Period

$33.28

$29.92

$28.07

$22.59

$23.70

$31.03

Total

Return(c)(d)

24.29%

13.54%

25.55%

(2.01)%

(8.90)%

39.07%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

1.03%

1.07%

1.08%

1.09%

1.05%

1.05%

Net

Investment

Income

(Loss)(e)

0.87%

0.85%

0.93%

0.95%

0.87%

0.86%

Gross

Expenses(e)(f)

1.03%

1.07%

1.08%

1.09%

1.05%

1.05%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$1,579,929

$1,387,165

$1,334,778

$1,163,680

$1,272,993

$1,507,963

Portfolio

Turnover(c)(g)

50%

32%

32%

23%

37%(h)

88%

(a) Effective

February

28,

2023,

the

Fund's

fiscal

year-end

changed

from

May

to

February

or

February

during

leap

years.

(b) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(c) Not

annualized

for

periods

less

than

one

year.

(d) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(e) Annualized

for

periods

less

than

one

year.

(f) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(g) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

(h) Reflects

a

return

to

normal

trading

levels

after

a

prior

year

subadvisor

termination.

Victory

Portfolios

III

#### Financial

#### Highlights
*—* 

*continued*

*For* 

*a* 

*Share* 

*Outstanding* 

*Throughout* 

*Each* 

*Period*

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Sustainable

World

Fund

Institutional

Shares

Year

Ended

February

28,

2026

Year

Ended

February

28,

2025

Year

Ended

February

29,

2024

Nine

Months

Ended

February

28,

2023(a)

Year

Ended

May

31,

2022

Year

Ended

May

31,

2021

Net

Asset

Value,

Beginning

of

Period

$30.02

$28.17

$22.66

$23.78

$31.10

$23.42

Investment

Activities:

Net

investment

income

(loss)(b)

0.28 0.26 0.25 0.17 0.31 0.24 Net

realized

and

unrealized

gains

(losses)

6.80 3.58 5.55 (0.65)

(2.41)

8.77 Total

from

Investment

Activities

7.08 3.84 5.80 (0.48)

(2.10)

9.01 Distributions

to

Shareholders

from:

Net

investment

income

(0.31)

(0.56)

(0.29)

(0.11)

(0.27)

(0.19)

Net

realized

gains

(3.39)

(1.43)

—

(0.53)

(4.95)

(1.14)

Total

Distributions

(3.70)

(1.99)

(0.29)

(0.64)

(5.22)

(1.33)

Net

Asset

Value,

End

of

Period

$33.40

$30.02

$28.17

$22.66

$23.78

$31.10

Total

Return(c)(d)

24.33%

13.57%

25.67%

(1.96)%

(8.87)%

39.17%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

1.01%

1.02%

1.02%(g)

1.00%

1.00%

0.99%

Net

Investment

Income

(Loss)(e)

0.86%

0.85%

1.02%

1.01%

1.10%

0.87%

Gross

Expenses(e)(f)

1.29%

1.44%

1.66%

1.49%

1.29%

1.27%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$8,540

$6,357

$4,631

$4,140

$5,301

$2,660

Portfolio

Turnover(c)(h)

50%

32%

32%

23%

37%(i)

88%

(a) Effective

February

28,

2023,

the

Fund's

fiscal

year-end

changed

from

May

to

February

or

February

during

leap

years.

(b) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(c) Not

annualized

for

periods

less

than

one

year.

(d) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(e) Annualized

for

periods

less

than

one

year.

(f) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(g) Includes

fees

associated

with

the

Fund's

closing

agreement

on

EU

reclaims.

If

these

fees

had

not

been

included,

the

net

expense

ratio

would

have

been

(0.01)%

lower.

(h) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

(i) Reflects

a

return

to

normal

trading

levels

after

a

prior

year

subadvisor

termination.

Victory

Portfolios

III

*For* 

*a* 

*Share* 

*Outstanding* 

*Throughout* 

*Each* 

*Period*

#### Financial

#### Highlights
*—* 

*continued*

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Sustainable

World

Fund

Class

A

Year

Ended

February

28,

2026

Year

Ended

February

28,

2025

Year

Ended

February

29,

2024

Nine

Months

Ended

February

28,

2023(a)

Year

Ended

May

31,

2022

Year

Ended

May

31,

2021

Net

Asset

Value,

Beginning

of

Period

$30.00

$28.15

$22.66

$23.77

$31.06

$23.40

Investment

Activities:

Net

investment

income

(loss)(b)

0.17 0.17 0.16 0.11 0.19 0.15 Net

realized

and

unrealized

gains

(losses)

6.78 3.57 5.54 (0.65)

(2.40)

8.76 Total

from

Investment

Activities

6.95 3.74 5.70 (0.54)

(2.21)

8.91 Distributions

to

Shareholders

from:

Net

investment

income

(0.21)

(0.46)

(0.21)

(0.04)

(0.13)

(0.11)

Net

realized

gains

(3.39)

(1.43)

—

(0.53)

(4.95)

(1.14)

Total

Distributions

(3.60)

(1.89)

(0.21)

(0.57)

(5.08)

(1.25)

Net

Asset

Value,

End

of

Period

$33.35

$30.00

$28.15

$22.66

$23.77

$31.06

Total

Return(c)(d)

23.89%

13.21%

25.22%

(2.19)%

(9.18)%

38.73%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

1.36%

1.37%

1.36%

1.35%

1.32%

1.32%

Net

Investment

Income

(Loss)(e)

0.52%

0.54%

0.66%

0.68%

0.67%

0.53%

Gross

Expenses(e)(f)

1.64%

1.77%

1.90%

1.83%

1.68%

1.62%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$6,081

$5,079

$4,348

$4,336

$4,176

$2,890

Portfolio

Turnover(c)(g)

50%

32%

32%

23%

37%(h)

88%

(a) Effective

February

28,

2023,

the

Fund's

fiscal

year-end

changed

from

May

to

February

or

February

during

leap

years.

(b) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(c) Not

annualized

for

periods

less

than

one

year.

(d) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

Excludes

any

applicable

sales

charges,

including

contingent

deferred

sales

charges.

Total

return

would

be

reduced

if

sales

charges

were

taken

into

account.

(e) Annualized

for

periods

less

than

one

year.

(f) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(g) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

(h) Reflects

a

return

to

normal

trading

levels

after

a

prior

year

subadvisor

termination.

Victory

Portfolios

III

#### Financial

#### Highlights
*—* 

*continued*

*For* 

*a* 

*Share* 

*Outstanding* 

*Throughout* 

*Each* 

*Period*

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Target

Managed

Allocation

Fund

Year

Ended

February

28,

2026

Year

Ended

February

28,

2025

Year

Ended

February

29,

2024

Months

Ended

February

28,

2023(a)

Year

Ended

March

31,

2022

Year

Ended

March

31,

2021

Net

Asset

Value,

Beginning

of

Period

$10.90

$10.02

$8.64

$10.76

$12.23

$8.98

Investment

Activities:

Net

investment

income

(loss)(b)

0.14 0.11 0.13 0.14 0.13 0.11 Net

realized

and

unrealized

gains

(losses)

1.86 0.94 1.38 (1.88)

1.44 3.84 Total

from

Investment

Activities

2.00 1.05 1.51 (1.74)

1.57 3.95 Distributions

to

Shareholders

from:

Net

investment

income

(0.42)

(0.17)

(0.13)

(0.01)

(0.13)

(0.09)

Net

realized

gains

(0.37)

—

—

(0.37)

(2.91)

(0.61)

Total

Distributions

(0.79)

(0.17)

(0.13)

(0.38)

(3.04)

(0.70)

Net

Asset

Value,

End

of

Period

$12.11

$10.90

$10.02

$8.64

$10.76

$12.23

Total

Return(c)(d)

18.81%

10.52%

17.62%

(16.21)%

12.85%

44.39%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

0.65%

0.65%

0.65%

0.69%

0.65%

0.64%

Net

Investment

Income

(Loss)(e)

1.19%

1.00%

1.48%

1.62%

1.06%

0.96%

Gross

Expenses(e)(f)

0.67%

0.66%

0.65%

0.69%

0.65%

0.64%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$225,909

$479,048

$493,066

$436,212

$520,361

$529,613

Portfolio

Turnover(c)

147%

182%

148%(g)

314%(h)

152%(i)

202%(i)

(a) Effective

February

28,

2023,

the

Fund's

fiscal

year-end

changed

from

March

to

February

or

February

during

leap

years.

(b) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(c) Not

annualized

for

periods

less

than

one

year.

(d) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(e) Annualized

for

periods

less

than

one

year.

(f) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(g) Reflects

a

return

to

normal

trading

levels

after

a

prior

year

investment

strategy

change.

(h) Reflects

increased

trading

activity

due

to

an

investment

strategy

change

that

was

effective

December

23,

2022. (i) Reflects

overall

decrease

in

purchases

and

sales

of

securities.

#### Notes

#### to

#### Financial

#### Statements
February

28,

2026

Victory

Portfolios

III

1. #### Organization:
Victory

Portfolios

III

(the

"Trust")

is

organized

as

a

Delaware

statutory

trust

and

is

registered

under

the Investment

Company

Act

of

1940,

as

amended

(the

"1940

Act"),

as

an

open-end

investment

company.

The

Trust

is

comprised

of

funds

and

is

authorized

to

issue

an

unlimited

number

of

shares,

which

are

units

of

beneficial

interest

with

no

par

value.

The

accompanying

financial

statements

are

those

of

the following six funds

(collectively,

the

"Funds"

and

individually,

a

"Fund").

Each

Fund

is

classified

as

diversified

under

the

1940

Act,

with

the

exception

of

the

Precious

Metals

and

Minerals

Fund

which

is

classified

as

non-diversified.

Each

class

of

shares

of

a

Fund

has

substantially

identical

rights

and

privileges

except

with

respect

to

sales

charges,

fees

paid

under

distribution

plans,

expenses

allocable

exclusively

to

each

class

of

shares,

voting

rights

on

matters

solely

affecting

a

single

class

of

shares,

and

the

exchange

privilege

of

each

class

of

shares. Victory

Capital

Management

Inc.

("VCM"

or

the

"Adviser")

is

an

indirect

wholly

owned

subsidiary

of

Victory

Capital

Holdings,

Inc.,

a

publicly

traded

Delaware

corporation,

and

a

wholly

owned

direct

subsidiary

of

Victory

Capital

Operating,

LLC. Under

the

Trust's

organizational

documents,

its

officers

and

trustees

are

indemnified

against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Funds.

In

addition,

in

the

normal

course

of

business,

the

Funds

enter

into

contracts

with

their

vendors

and

others

that

provide

for

general

indemnifications.

The Funds'

maximum

exposure

under

these

arrangements

is

unknown,

as

this

would

involve

future

claims

that

may

be

made

against

the

Funds.

However,

based

on

experience,

the

Funds

expect

that

risk

of

loss

to

be

remote.

2. #### Significant

#### Accounting

#### Policies:
The

following

is

a

summary

of

significant

accounting

policies

followed

by

the Funds

in

the

preparation

of their

financial

statements. The

policies

are

in

conformity

with

U.S.

Generally

Accepted

Accounting

Principles

("GAAP").

The

preparation

of

financial

statements

in

accordance

with

GAAP

requires

the Adviser

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

and

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

income

and

expenses

for

the

period.

Actual

results

could

differ

from

those

estimates.

The

Funds

follow

the

specialized

accounting

and

reporting

requirements

under

GAAP

that

are

applicable

to

investment

companies

under

Accounting

Standards

Codification

Topic

946. #### Investment

#### Valuation:
The

Funds

record

investments

at

fair

value.

Fair

value

is

defined

as

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

The

valuation

techniques

described

below

maximize

the

use

of

observable

inputs

and

minimize

the

use

of

unobservable

inputs

in

determining

fair

value.

The

inputs

used

for

valuing

the

Funds'

investments

are

summarized

in

the

three

broad

levels

listed

below:

Level

—

quoted

prices

(unadjusted)

in

active

markets

for

identical

securities

Level

—

other

significant

observable

inputs

(including

quoted

prices

for

similar

securities,

interest

rates,

or

credit

spreads,

applicable

to

those

securities,

etc.)

Level

—

significant

unobservable

inputs

(including

the

Adviser's

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

in

or

out

of

an

assigned

level

within

the

disclosure

hierarchy.

The

inputs

or

methodologies

used

for

valuation

techniques

are

not

necessarily

an

indication

of

the

risks

associated

with

entering

into

those

investments.

The

Adviser,

appointed

as the

valuation

designee

by the

Trust's

Board

of

Trustees

(the

"Board"),

has

established

the

Pricing

Committee

(the

"Committee"),

and

subject

to Board

oversight,

the

Committee

administers

and

oversees

the

Funds'

valuation

policies

and

procedures,

which are

approved

by

the

Board.

Portfolio

securities

listed

or

traded

on

securities

exchanges,

including

Exchange-Traded

Funds

("ETFs")

and

American

Depositary

Receipts,

are

valued

at

the

last

sale

price

on

the

exchange

or

system

where

the

security

is

principally

traded,

if

available,

or

at

the

Nasdaq

Official

Closing

Price.

If

there

have

been

no

sales

for

that

day

on

the

exchange

or

system,

then

a

security

is

valued

at

the

closing bid

quotation

on

the

exchange

or

system

where

the

security

is

principally

traded.

In

each

of

these

situations,

valuations

are

typically

categorized

as

Level

in

the

fair

value

hierarchy.

Investments

in

open-end

investment

companies,

other

than

ETFs, are

valued

at their

net

asset

value

("NAV").

These

valuations

are

typically

categorized

as

Level

1 in

the

fair

value

hierarchy.

Futures

contracts

are

valued

at

the

settlement

price

established

each

day

by

the

board

of

trade

or

an

exchange

on

which

they

are

traded.

These

valuations

are

typically

categorized

as

Level

in

the

fair

value

hierarchy.

Funds

(Legal

Name)

Funds

(Short

Name)

Investment

Share

Classes

Offered

Victory

Emerging

Markets

Fund

Emerging

Markets

Fund

Fund

Shares

and

Institutional

Shares

Victory

Global

Equity

Income

Fund

Global

Equity

Income

Fund

Fund

Shares

Victory

International

Fund

International

Fund

Fund

Shares,

Institutional

Shares,

and

Class

R6

Victory

Precious

Metals

and

Minerals

Fund

Precious

Metals

and

Minerals

Fund

Fund

Shares,

Institutional

Shares,

and

Class

A

Victory

Sustainable

World

Fund

Sustainable

World

Fund

Fund

Shares,

Institutional

Shares,

and

Class

A

Victory

Target

Managed

Allocation

Fund

Target

Managed

Allocation

Fund

Fund

Shares

#### Notes

#### to

#### Financial

#### Statements
*—* 

*continued*

February

28,

2026

Victory

Portfolios

III

In

the

event

that

price

quotations

or

valuations

are

not

readily

available,

investments

are

valued

at

fair

value

in

accordance

with

procedures

established

by

and

under

the

general

supervision

and

responsibility

of

the

Board.

These

valuations

are

typically

categorized

as

Level

or

Level

in

the

fair

value

hierarchy,

based

on

the

observability

of

inputs

used

to

determine

the

fair

value.

The

effect

of

fair

value

pricing

is

that

securities

may

not

be

priced

on

the

basis

of

quotations

from

the

primary

market

in

which

they

are

traded

and

the

actual

price

realized

from

the

sale

of

a

security

may

differ

materially

from

the

fair

value

price.

Valuing

these

securities

at

fair

value

is

intended

to

cause

each

Fund's

NAV to

be

more

reliable

than

it

otherwise

would

be.

The

principal

exchanges

and

markets

for

non-U.S.

equity

securities

have

closing

times

prior

to

the

close

of

the

New

York

Stock

Exchange.

However,

the

value

of

these

securities

may

be

influenced

by

changes

in

global

markets

occurring

after

the

closing

times

of

the

local

exchanges

and

markets

up

to

the

time

the

Funds

determine

their

net

asset

values.

Consequently,

each

Fund

uses

a

fair

value

model

developed

by

an

independent

pricing

service

to

value

non-U.S.

equity

securities.

On

a

daily

basis,

the

pricing

service

recommends

changes,

based

on

a

proprietary

model,

to

the

closing

market

prices

of

each

non-U.S.

security

held

by

each

Fund

to

reflect

the

security's

fair

value

at

the

time

the

Funds

determine

their

net

asset

values.

These

recommendations

are

applied

in

accordance

with

the

Adviser's

(the

valuation

designee's)

valuation

procedures.

These

valuations

are

typically

categorized

as

Level

in

the

fair

value

hierarchy.

A

summary

of

the

valuations

as

of

February

28,

2026,

based

upon

the

three

levels

defined

above,

is

included

in

the

table

below

while

the

breakdown,

by

category,

of

investments

is

disclosed

on

the

Schedules

of

Portfolio

Investments

(amounts

in

thousands):

Level

Level

Level

Total

Emerging

Markets

Fund

Common

Stocks

...............................................

$

94,963

$

630,273

$

—(a)

$

725,236

Exchange-Traded

Funds

.........................................

5,586

—

—

5,586

Collateral

for

Securities

Loaned

...................................

4,703

—

—

4,703

Total

.......................................................

$

105,252

$

630,273

$

—(a)

$

735,525

Global

Equity

Income

Fund

Common

Stocks

...............................................

44,012

35,370

—

79,382

Collateral

for

Securities

Loaned

...................................

—

—

Total

.......................................................

$

44,193

$

35,370

$

—

$

79,563

International

Fund

Common

Stocks

...............................................

161,538

2,455,255

—(a)

2,616,793

Exchange-Traded

Funds

.........................................

2,723

—

—

2,723

Collateral

for

Securities

Loaned

...................................

24,596

—

—

24,596

Total

.......................................................

$

188,857

$

2,455,255

$

—(a)

$

2,644,112

Precious

Metals

and

Minerals

Fund

Common

Stocks

...............................................

1,166,103

362,731

—(a)

1,528,834

Exchange-Traded

Funds

.........................................

16,402

—

—

16,402

Collateral

for

Securities

Loaned

...................................

—

—

Total

.......................................................

$

1,182,622

$

362,731

$

—(a)

$

1,545,353

Sustainable

World

Fund

Common

Stocks

...............................................

1,020,814

549,350

—(a)

1,570,164

Warrants

....................................................

—

—

—(a)

—(a)

Exchange-Traded

Funds

.........................................

1,561

—

—

1,561

Collateral

for

Securities

Loaned

...................................

9,386

—

—

9,386

Total

.......................................................

$

1,031,761

$

549,350

$

—(a)

$

1,581,111

Target

Managed

Allocation

Fund

Common

Stocks

...............................................

132,433

63,620

—

196,053

Exchange-Traded

Funds

.........................................

18,899

—

—

18,899

Collateral

for

Securities

Loaned

...................................

—

—

Total

.......................................................

$

151,737

$

63,620

$

—

$

215,357

Other

Financial

Investments:\*

Assets:

Futures

Contracts

..............................................

3,670

—

—

3,670

Liabilities:

Futures

Contracts

..............................................

(2,912)

—

—

(2,912)

Total

.......................................................

$

758

$

—

$

—

$

758

\*

Futures

Contracts

are

presented

at

the

unrealized

appreciation

(depreciation)

on

the

investment.

(a) Zero

market

value

securities.

#### Notes

#### to

#### Financial

#### Statements
*—* 

*continued*

February

28,

2026

Victory

Portfolios

III

As

of February

28,

2026,

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:
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

year

ended February

28,

2026,

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

February

28,

2026

(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.

Assets

Liabilities

Futures

contracts\*

Futures

contracts\*

Equity

Risk

Exposure:

3,670,000

(2,912,000)

Target

Managed

Allocation

Fund

...........................................................

$

3,670

$

2,912

#### Notes

#### to

#### Financial

#### Statements
*—* 

*continued*

February

28,

2026

Victory

Portfolios

III

The

following

table

presents the

effect

of

derivative

instruments

on

the

Statements

of

Operations,

categorized

by

risk

exposure,

for

the year

ended

February

28,

2026 (amounts

in

thousands):

All

open

derivative

positions

at

year end

are

reflected

on

each

respective

Fund's

Schedule

of

Portfolio

Investments.

The

underlying

face

value

of

open

derivative

positions

relative

to

each

Fund's

net

assets

at

year end

is

generally

representative

of

the

notional

amount

of

open

positions

to

net

assets

throughout

the

year.

#### Investment

#### Transactions

#### and

#### Related

#### Income:
Changes

in

holdings

of

investments

are

accounted

for

no

later

than

one

business

day

following

the

trade

date.

For

financial

reporting

purposes,

however,

investment

transactions

are

accounted

for

on

trade

date

or

the

last

business

day

of

the

reporting

period.

Interest

income

is

determined

on

the

basis

of

coupon

interest

accrued

and

recorded

daily

using

the

effective

interest

method

which

adjusts,

where

applicable,

the

amortization

of

premiums

or

accretion

of

discounts. Dividend

income

is

recorded

on

the

ex-dividend

date.

Non-cash

dividends

included

in

income,

if

any,

are

recorded

at

the

fair

value

of

the

securities

received. Gains

or

losses

realized

on

sales

of

securities

are

recorded

on

the

identified

cost

basis.

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

February

28,

2026

(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

Net

realized

gains

(losses)

from

futures

contracts

Net

change

in

unrealized

appreciation/

depreciation

on

futures

contracts

Equity

Risk

Exposure:

(3,849,000)

(2,059,000)

Target

Managed

Allocation

Fund

.......................................................

$

(3,849)

$

(2,059)

Value

of

Securities

on

Loan

Non-Cash

Collateral

Cash

Collateral

Emerging

Markets

Fund

............................................

$

16,372

$

12,652

$

4,703

Global

Equity

Income

Fund

.........................................

—

International

Fund

................................................

23,356

—

24,596

Precious

Metals

and

Minerals

Fund

....................................

—

Sustainable

World

Fund

............................................

8,893

—

9,386

Target

Managed

Allocation

Fund

......................................

—

#### Notes

#### to

#### Financial

#### Statements
*—* 

*continued*

February

28,

2026

Victory

Portfolios

III

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

Emerging

Markets

Fund,

International

Fund,

and

Sustainable

World

Fund

filed

for

additional

European

Union

("EU")

reclaims

related

to

prior

years.

These

EU

reclaims

are

recorded

when

the

amount

is

known

and

there

are

no

significant

uncertainties

on

collectability. For

the year ended

February

28,

2026,

the

International

Fund

recognized

$5

thousand

related

to

EU

reclaims.

These

EU

reclaims

are

reflected

on

the

Statements

of

Operations

as

a

reduction

to

Foreign

tax

withholding

expense.

#### Federal

#### Income

#### Taxes:
Each

Fund

intends

to

continue

to

qualify

as

a

regulated

investment

company

by

complying

with

the

provisions

available

to

certain

investment

companies,

as

defined

in

applicable

sections

of

the

Internal

Revenue

Code,

and

to

make

distributions

of

net

investment

income

and

net

realized

gains

sufficient

to

relieve

it

from

all,

or

substantially

all,

federal

income

taxes.

Accordingly,

no

provision

for

federal

income

taxes

is

required

in

the

financial

statements.

The

Funds

have

a

tax

year

end

of

February

or

February

for

leap

years.

For

the

year

ended

February

28,

2026,

the

Funds

did

not

incur

any

income

tax,

interest,

or

penalties,

and

have

recorded

no

liability

for

net

unrecognized

tax

benefits

relating

to

uncertain

tax

positions.

Management

of

the

Funds

has

reviewed

tax

positions

taken

in

tax

years

that

remain

subject

to

examination

by

all

major

tax

jurisdictions,

including

federal

(i.e.,

the

last

four

tax

years,

which

includes

the

current

fiscal

tax

year

end).

Management

believes

that

there

is

no

tax

liability

resulting

from

unrecognized

tax

benefits

related

to

uncertain

tax

positions

taken.

#### Allocations:
Expenses

directly

attributable

to a

Fund

are

charged

to that

Fund,

while

expenses

that

are

attributable

to

more

than

one

fund

in

the

Trust,

or

jointly

with

an

affiliated

trust,

are

allocated

among

the

respective

funds

in

the

Trust

and/or

an

affiliated

trust

based

upon

net

assets

or

another

appropriate

basis.

Income,

expenses

(other

than

class-specific

expenses

such

as

transfer

agent

fees,

state

registration

fees,

printing

fees,

and

12b-1

fees),

and

realized

and

unrealized

gains

or

losses

on

investments

are

allocated

to

each

class

of

shares

based

on

its

relative

net

assets

on

the

date

income

is

earned

or

expenses

and

realized

and

unrealized

gains

and

losses

are

incurred.

#### Cross-Trade

#### Transactions:
Pursuant

to

Rule

17a-7

under

the

1940

Act,

the

Funds

may

engage

in

cross-trades,

which

are

securities

transactions

with

affiliated

investment

companies

and

advisory

accounts

managed

by

the

Adviser

and

any

applicable

sub-adviser

under

specified

conditions

outlined

in

the

valuation

policies

and

procedures

adopted

by

the

Board.

In

addition,

as

defined

under

the

valuation

policies

and

procedures,

each

transaction

must

be

effected

at

the

independent

current

market

price.

For

the year

ended

February

28,

2026,

the

Funds

below

engaged

in

the

following

securities

transactions

with

affiliated

funds,

which

resulted

in

the

following

net

realized

gains

(losses)

(amounts

in

thousands):

#### Fees

#### Paid

#### Indirectly:
Expense

offsets

to

custody

fees

that

arise

from

credits

on

cash

balances

maintained

on

deposit

are

reflected

on

the

Statements

of

Operations,

as

applicable,

as

Fees

paid

indirectly.

3. #### Purchases

#### and

#### Sales:
Purchases

and sales

of

securities

(excluding

securities

maturing

less

than

one

year

from

acquisition)

for

the

year

ended

February

28,

2026,

were

as

follows

(amounts

in

thousands):

Purchases

Sales

Net

Realized

Gains

(Losses)

International

Fund

..........................................................

$

$

–

$

–

Excluding

U.S.

Government

Securities

Purchases

Sales

Emerging

Markets

Fund

.....................................................................

$

496,325

$

515,721

Global

Equity

Income

Fund

..................................................................

10,654

13,760

International

Fund

.........................................................................

1,035,234

1,589,859

Precious

Metals

and

Minerals

Fund

.............................................................

136,423

202,435

Sustainable

World

Fund

.....................................................................

720,959

834,372

Target

Managed

Allocation

Fund

...............................................................

522,086

825,879

#### Notes

#### to

#### Financial

#### Statements
*—* 

*continued*

February

28,

2026

Victory

Portfolios

III

4. #### Affiliated

#### Fund

#### Ownership:
The

Funds

offer

shares

for

investment

by

other

funds

including

VCM

affiliated

fund-of-funds.

The affiliated

fund-of-funds

do

not

invest

in

the

underlying

funds

for

the

purpose

of

exercising

management

or control;

however,

investments

by

affiliated

fund-of-funds

within

its

principal

investment

strategies

may

represent

a

significant

portion

of

an

underlying

fund's

assets,

and

together

with

the

investments

of

the

other

affiliated

fund-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

February

28,

2026,

certain

affiliated

fund-of-funds owned

total

outstanding

shares

of

the

Funds

as

follows:

\*

Rounds

to

0.00%

5. #### Fees

#### and

#### Transactions

#### with

#### Affiliates

#### and

#### Related

#### Parties:

#### Investment

#### Advisory

#### Fees:
Investment

advisory

services

are

provided

to

the

Funds

by

the

Adviser,

which

is

a

New

York

corporation

registered

as

an

investment

adviser

with

the

Securities

and

Exchange

Commission

("SEC").

Under

the

terms

of

the

Investment

Advisory

Agreement,

the

Adviser

is

entitled

to

receive

a

base

fee

and

a

performance

adjustment

(Target

Managed

Allocation

Fund

is

excluded

from

the

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

year ended

February

28,

2026,

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.\*

Emerging

Markets

Fund

Ownership

%

Victory

Cornerstone

Conservative

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

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.

.

.

.

.

.

.

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.

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.

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.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.0\*

Victory

Cornerstone

Equity

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

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.

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.

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.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

1.6 Victory

Target

Retirement

Income

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

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.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.9 Victory

Target

Retirement

2030

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

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.

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.

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.

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.

.

.

.

.

.

2.1 Victory

Target

Retirement

2040

Fund

.

.

.

.

.

.

.

.

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.

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.

.

.

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.

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.

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.

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.

.

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.

.

.

.

.

.

.

.

.

2.4 Victory

Target

Retirement

2050

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

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.

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.

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.

.

.

.

.

.

.

.

.

2.0 Victory

Target

Retirement

2060

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

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.

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.

.

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.

.

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.

.

.

.

.

.

.

.

.

.

0.5 International

Fund

Ownership

%

Victory

Cornerstone

Conservative

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

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.

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.

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.

.

.

.

.

.

.

0.3 Victory

Cornerstone

Equity

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

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.

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.

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.

.

.

.

.

.

.

.

.

1.3 Precious

Metals

and

Minerals

Fund

Ownership

%

Victory

Cornerstone

Conservative

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

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.

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.

.

.

.

.

.

.

0.1 Victory

Cornerstone

Equity

Fund

.

.

.

.

.

.

.

.

.

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.

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.

.

0.1 Victory

Target

Retirement

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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.

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.

.

0.3 Victory

Target

Retirement

2030

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

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.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.5 Victory

Target

Retirement

2040

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

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.

.

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.

.

.

.

.

.

.

.

.

.

.

.

0.8 Victory

Target

Retirement

2050

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

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.

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.

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.

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.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.5 Victory

Target

Retirement

2060

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

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.

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.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.1 Target

Managed

Allocation

Fund

Ownership

%

Victory

Target

Retirement

Income

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

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.

.

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.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

7.2 Victory

Target

Retirement

2030

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

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.

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.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

20.3 Victory

Target

Retirement

2040

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

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.

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.

.

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.

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.

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.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

38.7 Victory

Target

Retirement

2050

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

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.

.

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.

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.

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.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

29.2 Victory

Target

Retirement

2060

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

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.

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.

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.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

4.6 Base

Rate

Emerging

Markets

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

1.00%

Global

Equity

Income

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.50%

International

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.75%

Precious

Metals

and

Minerals

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.75%

Sustainable

World

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.75%

Target

Managed

Allocation

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.50%

Comparative

Index

Emerging

Markets

Fund

................................................

Lipper

Emerging

Markets

Fund

#### Notes

#### to

#### Financial

#### Statements
*—* 

*continued*

February

28,

2026

Victory

Portfolios

III

\*

Target

Managed

Allocation

Fund

is

excluded

from

the

performance

adjustment.

Each

Index

tracks

the

total

return

performance

of

the

largest

funds

within

the

respective

Index.

The

performance

period

for each

share

class

consists

of

the

current

month

plus

the

previous

months.

The

following

table

is

utilized

to

determine

the

extent

of

the

performance

adjustment:

(a)

Based

on

the

difference

between

the

average

annual

performance

of the relevant

share

class

of

the

Fund

and

its

relevant

Lipper

Index,

rounded

to

the

nearest

basis

point

.

Each

class'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.

For

the

year ended February

28,

2026,

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.

VCM

entered

into

an

Investment

Subadvisory

Agreement

with

Lazard

Asset

Management

LLC

("Lazard"),

under

which

Lazard

directs

the

investment

and

reinvestment

of

a

portion

of

the

Emerging

Markets

Fund's

assets

(as

allocated

from

time

to

time

by

VCM).

This

arrangement

provides

for

monthly

fees

that

are

paid

by

VCM

(not

the

Fund)

to

the

subadviser.

VCM

entered

into

an

Investment

Subadvisory

Agreement

with

Wellington

Management

Company

LLP

("Wellington

Management").

Wellington

Management

directs

the

investment

and

reinvestment

of

a

portion

of

the

International

Fund's

assets

(as

allocated

from

time

to

time

by

VCM).

This

arrangement

provides

for

monthly

fees

that

are

paid

by

VCM

(not

the

Fund)

to

the

subadviser.

#### Administration

#### and

#### Servicing

#### Fees:
VCM

also

serves

as

the

Funds'

administrator

and

fund

accountant.

Under

the Fund

Administration,

Servicing and Accounting

Agreement,

VCM

is

paid an

administration

and

servicing

fee

that

is

accrued

daily

and

paid

monthly

at

an

annualized rate,

which

is

based

on

the

Funds' average

daily

net

assets as

follows:

Comparative

Index

Global

Equity

Income

Fund

.............................................

Lipper

Global

Equity

Income

Funds

International

Fund

....................................................

Lipper

International

Funds

Precious

Metals

and

Minerals

Fund

........................................

Lipper

Precious

Metals

Equity

Funds

Sustainable

World

Fund

................................................

Lipper

Global

Funds

Over/Under

Performance

Relative

to

Index

Annual

Adjustment

Rate

(in

basis points)

(a) (in

basis

points)

+/-

to

+/-

+/-

to

700

+/-

+/-

701

and

greater

+/-

Fund

Shares

Institutional

Shares

Class

A

Class

R6

Emerging

Markets

Fund

.................................................

$

N/A

N/A

as

annual

%

rate

.....................................................

0.02%

0.03%

N/A

N/A

Global

Equity

Income

Fund

..............................................

$

N/A

N/A

N/A

as

annual

%

rate

.....................................................

0.02%

N/A

N/A

N/A

International

Fund

.....................................................

$

N/A

as

annual

%

rate

.....................................................

0.01%

0.01%

N/A

0.01%

Precious

Metals

and

Minerals

Fund

.........................................

$

N/A

as

annual

%

rate

.....................................................

0.01%

0.01%

0.01%

N/A

Sustainable

World

Fund

.................................................

$

N/A

as

annual

%

rate

.....................................................

0.02%

0.01%

0.01%

N/A

#### Notes

#### to

#### Financial

#### Statements
*—* 

*continued*

February

28,

2026

Victory

Portfolios

III

Amounts

incurred

for

the

year

ended

February

28,

2026,

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,

including

costs

associated

with

Chief

Compliance

Officer

("CCO"),

and

implementing

new

reports

required

by

new

rules

adopted

by

the

SEC

under

the

1940

Act.

Amounts

incurred

for

the year

ended

February

28,

2026,

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

CCO,

and

other

resources

reasonably

necessary

to

provide

the

Trust

with

compliance

oversight

services

related

to

the

design,

administration,

and

oversight

of

a

compliance

program

for

the

Trust

in

accordance

with

Rule

38a-1

under

the

1940

Act.

The

CCO

is

an

employee

of

the

Adviser,

which

pays

the

compensation

of

the

CCO

and

support

staff.

The

funds

in

the

Trust

compensate

the

Adviser

for

these

services.

Amounts

incurred

for

the year

ended

February

28,

2026,

are

reflected

on

the

Statements

of

Operations

as

Compliance

fees.

#### Transfer

#### Agency

#### Fees:
Victory

Capital

Transfer

Agency,

Inc.

("VCTA"),

an

affiliate

of

the

Adviser, provides

transfer

agent

services

to

the

Fund

Shares based

on

an

annual

charge

of

$23

per

shareholder

account

plus

out-of-pocket

expenses,

except

for

the

Target

Managed

Allocation

Fund

which

pays

a

monthly

fee,

accrued

daily

at

an

annualized

rate

of

0.05%

of

average

daily

net

assets,

plus

out

of

pocket

expenses. VCTA

pays

a

portion

of

these

fees

to

certain

intermediaries

for

the

administration

and

servicing

of

accounts

that

are

held

with

such

intermediaries.

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

year ended

February

28,

2026,

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. Amounts

incurred

for

the

year

ended

February

28,

2026,

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

year

ended

February

28,

2026,

the

Distributor

received

the

following

from

commissions

earned

in

connection with

sales

of

Class

A

(amounts

in

thousands):

Annual

Charge

Fund

Shares

Institutional

Shares

Class

A

Class

R6

Emerging

Markets

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.15%

0.10%

N/A

N/A

Global

Equity

Income

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.15%

N/A

N/A

N/A

International

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.15%

0.10%

N/A

0.05%

Precious

Metals

and

Minerals

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.15%

0.10%

0.15%

N/A

Sustainable

World

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.15%

0.10%

0.15%

N/A

Target

Managed

Allocation

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.05%

N/A

N/A

N/A

Fund

Shares

Institutional

Shares

Class

A

Class

R6

Emerging

Markets

Fund

...................................................

N/A

0.10%

N/A

N/A

Global

Equity

Income

Fund

................................................

N/A

N/A

N/A

N/A

International

Fund

.......................................................

N/A

0.10%

N/A

0.01%

Precious

Metals

and

Minerals

Fund

...........................................

N/A

0.10%

0.10%

N/A

Sustainable

World

Fund

...................................................

N/A

0.10%

0.10%

N/A

Target

Managed

Allocation

Fund

.............................................

0.05%

N/A

N/A

N/A

Class

A

Precious

Metals

and

Minerals

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.25%

Sustainable

World

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.25%

Amount

Precious

Metals

and

Minerals

Fund

........................................................................

$

#### Notes

#### to

#### Financial

#### Statements
*—* 

*continued*

February

28,

2026

Victory

Portfolios

III

#### Other

#### Fees:
Citibank

serves

as

the

Funds'

custodian.

The

Funds

pay

Citibank

a

fee

for

providing

these

services.

Amounts

incurred

for

the year

ended

February

28,

2026,

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

February

28,

2026,

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

February

28,

2026,

the

Funds

had

no

amounts

available

to

be

repaid

to

the

Adviser.

The

Funds

have

not

recorded

any

amounts

available

to

be

repaid

as

a

liability

due

to

an

assessment

that

such

repayments

are

not

probable

at

February

28,

2026. For

the

year ended

February

28,

2026,

the

following

recoupment

amounts

were

paid

to

the

Adviser

(amounts

in

thousands):

As

of February

28,

2026,

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):

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 year

ended

February

28,

2026. 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

principal

risks

that

you

may

assume

as

an

investor

in

each

Fund. Each

Fund's

prospectus

contains

unaudited

information

regarding

the

Fund's

principal

risks.

Please

refer

to

that

document

when

considering

the

Fund's

principal

risks.

The

Funds

may

be

subject

to

other

risks

in

addition

to

these

identified

risks.

In

effect

until

June

30,

2026

Fund

Shares

Institutional

Shares

Class

A

Class

R6

Emerging

Markets

Fund

...................................................

1.48%

1.29%

N/A

N/A

Global

Equity

Income

Fund

................................................

1.00%

N/A

N/A

N/A

International

Fund

.......................................................

1.06%

0.99%

N/A

0.85%

Precious

Metals

and

Minerals

Fund

...........................................

1.27%

1.00%

1.34%

N/A

Sustainable

World

Fund

...................................................

1.09%

1.00%

1.35%

N/A

Target

Managed

Allocation

Fund

.............................................

0.65%

N/A

N/A

N/A

Amount

Emerging

Markets

Fund

................................................................................

$

International

Fund

....................................................................................

Precious

Metals

and

Minerals

Fund

........................................................................

February

28,

2027

February

29,

2028

February

28,

2029

Total

Emerging

Markets

Fund

...................................

$

$

$

$

834

Global

Equity

Income

Fund

................................

International

Fund

.......................................

531

Precious

Metals

and

Minerals

Fund

...........................

Sustainable

World

Fund

...................................

Target

Managed

Allocation

Fund

.............................

#### Notes

#### to

#### Financial

#### Statements
*—* 

*continued*

February

28,

2026

Victory

Portfolios

III

![](epub609262585774080.jpg)

#### Equity

#### Securities

#### Risk
—

The

values

of

the

equity

securities

in

which a

Fund

invests

may

decline

in

response

to

developments

affecting

individual

companies

and/or

general

market

economic,

and

political

conditions,

and

other

factors. A

company's

earnings

or

dividends

may

not

increase

as

expected

due

to

poor

management

decisions,

competitive

pressures,

breakthroughs

in

technology,

reliance

on

suppliers,

labor

problems

or

shortages,

corporate

restructurings,

fraudulent

disclosures,

natural

disasters,

military

confrontations,

war,

terrorism,

public

health

crises,

or

other

events,

conditions,

and

factors.

Price

changes

may

be

temporary

or

may

last

for

extended

periods.

Equity

securities

have

the

lowest

priority,

and

the

greatest

risk,

with

respect

to

dividends

and

any

liquidation

payments

in

the

event

of

an

issuer's

bankruptcy.

#### General

#### Market

#### Risk
—

Overall

market

risks

may

affect

the

value

of

the

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.

#### 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.

#### Portfolio

#### Reallocation

#### Risk
— The

frequent

changes

in

the

allocation

of

the

Fund's

portfolio

holdings

will

result

in

higher

portfolio

turnover.

In

purchasing

and

selling

securities

in

order

to

reallocate

the

portfolio,

the

Fund

will

pay

more

brokerage

commissions

than

it

would

without

a

reallocation

policy.

In

addition,

the

Fund

may

have

a

higher

proportion

of

capital

gains

and

a

potentially

lower

return

than

a

fund

that

does

not

reallocate

from

time

to

time.

#### Emerging

#### Markets

#### Risk
—

Foreign

securities

risk

can

be

particularly

heightened

because

investments

in

emerging

market

countries

generally

are

more

volatile

than

investments

in

developed

markets.

Emerging

market

countries

are

less

economically

diverse

and

mature

than

more

developed

countries

and

tend

to

be

politically

less

stable.

The

governments

of

emerging

market

countries

may

be

more

likely

to

impose

capital

controls,

nationalize

a

company

or

industry,

place

restrictions

on

foreign

ownership

and

on

withdrawing

sale

proceeds

of

securities

from

the

country,

intervene

in

the

financial

markets,

and/or

impose

burdensome

taxes

that

could

adversely

affect

security

prices.

In

addition,

the

economies

of

emerging

market

countries

may

be

dependent

on

relatively

few

industries

that

are

more

susceptible

to

local

and

global

changes.

Emerging

market

countries

may

also

have

less

developed

legal

and

accounting

systems,

and

their

legal

systems

may

deal

with

issuer

bankruptcies

and

defaults

differently

than

U.S.

law

would.

#### Natural

#### Resources

#### and

#### Precious

#### Metals

#### Risk
—

Because

of

commodity

price

volatility

and

the

increased

impact

such

volatility

has

on

the

profitability

of

precious

metals

and

minerals

and

natural

resources

industries,

there

are

additional

risks

involved

in

investing

in

the

securities

of

companies

in

these

industries.

The

natural

resources

and

precious

metals

and

minerals

industries

can

be

significantly

affected

by

global

economic,

financial,

and

political

developments.

Investments

related

to

natural

resources

and

precious

metals

and

minerals

may

fluctuate

in

price

significantly

over

short

periods

of

time.

However,

because

the

market

action

of

such

securities

has

tended

to

move

independently

of

the

broader

financial

markets,

the

addition

of

these

securities

to

a

portfolio

may

reduce

overall

fluctuations

in

portfolio

value.

#### Notes

#### to

#### Financial

#### Statements
*—* 

*continued*

February

28,

2026

Victory

Portfolios

III

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.

For

the

interim

period

covered

by

this

report

prior

to

June

24,

2025,

$40

million

of

the

Line

of

Credit

was

reserved

for

use

by

the

Victory

Floating

Rate

Fund,

another

series

of

the

Victory

Funds

Complex,

with

Victory

Floating

Rate

Fund

paying

the

related

commitment

fees

for

that

amount.

The

purpose

of

the

Line

of

Credit

is

to

meet

temporary

or

emergency

cash

needs.

For

the year

ended

February

28,

2026,

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

year

ended

February

28,

2026,

were

as

follows

(amounts

in

thousands):

\*

Based

on

the

number

of

days

borrowings

were

outstanding

for

the

year

ended

February

28,

2026. #### 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

year

ended

February

28,

2026,

were

as

follows

(amounts

in

thousands):

\*

Based

on

the

number

of

days

borrowings

were

outstanding

for

the

year

ended

February

28,

2026. 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.

Amount

Outstanding

at

February

28,

2026

Average

Borrowing\*

Average

Interest

Rate\*

Maximum

Borrowing

During

the

Period

Emerging

Markets

Fund

....................................

$

—

$

15,407

5.01%

$

69,200

International

Fund

........................................

—

1,438

5.16%

3,700

Sustainable

World

Fund

....................................

—

3,300

5.38%

10,500

Borrower

or

Lender

Amount

Outstanding

at

February

28,

2026

Average

Borrowing\*

Average

Interest

Rate\*

Maximum

Borrowing

During

the

Period

Emerging

Markets

Fund

...........................

Borrower

$

—

$

1,922

4.80%

$

2,665

International

Fund

...............................

Borrower

—

4,214

4.72%

13,136

Precious

Metals

and

Minerals

Fund

...................

Borrower

—

3,703

4.82%

15,115

Declared

Paid

Emerging

Markets

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Annually

Annually

Global

Equity

Income

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Quarterly

Quarterly

International

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Annually

Annually

Precious

Metals

and

Minerals

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Annually

Annually

Sustainable

World

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Annually

Annually

Target

Managed

Allocation

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Annually

Annually

#### Notes

#### to

#### Financial

#### Statements
*—* 

*continued*

February

28,

2026

Victory

Portfolios

III

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,

utilized

earnings

and

profits

distributions

to

shareholders

on

redemption

of

shares

as

part

of

the

dividends

paid

deduction

for

income

tax

purposes),

such

amounts

are

reclassified

within

the

components

of

net

assets

based

on

their

federal

tax-basis

treatment;

temporary

differences

(e.g.,

wash

sales)

do

not

require

reclassification.

To

the

extent

dividends

and

distributions

exceed

net

investment

income

and

net

realized

gains

for

tax

purposes,

they

are

reported

as

distributions

of

capital.

Net

investment

losses

incurred

by

the

Funds

may

be

reclassified

as

an

offset

to

capital

on

the

accompanying

Statements

of

Assets

and

Liabilities.

As

of

February

28,

2026,

on

the

Statements

of

Assets

and

Liabilities,

as

a

result

of

permanent

book-to-tax

differences,

reclassification

adjustments

were

as

follows

(amounts

in

thousands):

The

tax

character

of

distributions

paid

during

the

tax

years

ended,

as

noted

below,

were

as

follows

(total

distributions

paid

may

differ

from

the

Statements

of

Changes

in

Net

Assets

because,

for

tax

purposes,

dividends

are

recognized

when

actually

paid)

(amounts

in

thousands):

As

of

February

28,

2026,

the

components

of

accumulated

earnings

(loss)

on

a

tax

basis

were

as

follows

(amounts

in

thousands):

\*

Qualified

late-year

losses

are

comprised

of

post-October

capital

losses

incurred

after

October

and

certain

late-year

ordinary

losses.

Late-

year

ordinary

losses

represent

ordinary

losses

incurred

after

December

and

specified

losses

incurred

after

October

31. These

losses

are

deemed

to

arise

on

the

first

day

of

the

Fund's

next

taxable

year.

\*\*

The

difference

between

the

book-basis

and

tax-basis

unrealized

appreciation

(depreciation)

is

attributable

primarily

to

tax

deferral

of

losses

on

wash

sales,

partnership

adjustments,

REIT

adjustments,

passive

foreign

investment

company

adjustments

and

mark

to

market

on

future

contracts.

Total

Accumulated

Earnings

(Loss)

Capital

Emerging

Markets

Fund

......................................................................

$

(3,217)

$

3,217

Global

Equity

Income

Fund

...................................................................

(67) 67

International

Fund

..........................................................................

(29,744)

29,744

Sustainable

World

Fund

......................................................................

(4,133)

4,133

Target

Managed

Allocation

Fund

................................................................

(9,041)

9,041

Year

Ended

February

28,

2026

Distributions

Paid

From:

Ordinary

Income

Net

Long-

Term

Capital

Gains

Total

Distributions

Paid

Emerging

Markets

Fund

.........................................................

$

24,253

$

29,990

$

54,243

Global

Equity

Income

Fund

......................................................

1,890

5,799

7,689

International

Fund

.............................................................

90,012

181,218

271,2

Precious

Metals

and

Minerals

Fund

.................................................

2,726

—

2,726

Sustainable

World

Fund

.........................................................

14,072

148,800

162,872

Target

Managed

Allocation

Fund

...................................................

9,253

10,445

19,698

Year

Ended

February

28,

2025

Distributions

Paid

From:

Ordinary

Income

Net

Long-Term

Capital

Gains

Total

Distributions

Paid

Emerging

Markets

Fund

.....................................................

$

16,255

$

—

$

16,255

Global

Equity

Income

Fund

..................................................

3,097

9,707

12,804

International

Fund

.........................................................

105,439

22,786

128,225

Sustainable

World

Fund

.....................................................

26,220

63,010

89,230

Target

Managed

Allocation

Fund

...............................................

7,680

—

7,680

Undistributed

Ordinary

Income

Undistributed

Long-Term

Capital

Gains

Accumulated

Earnings

(Loss)

Other

Earnings

(Loss)

Accumulated

Capital

and

Other

Losses

Qualified

Late-Year

Losses\*

Unrealized

Appreciation

(Depreciation)\*\*

Total

Accumulated

Earnings

(Loss)

Emerging

Markets

Fund

$

2,931

$

23,867

$

26,798

$

(1,559)

$

—

$

—

$

257,850

$

283,089

Global

Equity

Income

Fund

............

—

—

25,489

25,688

International

Fund

....

4,073

51,851

55,924

1,440

—

—

1,068,483

1,125,847

Precious

Metals

and

Minerals

Fund

.....

3,868

—

3,868

—

(718,914)

—

1,225,381

510,335

Sustainable

World

Fund

2,087

34,360

36,447

—

—

613,294

649,967

Target

Managed

Allocation

Fund

....

—

33,770

33,770

(456) —

(365) 55,896

88,845

#### Notes

#### to

#### Financial

#### Statements
*—* 

*continued*

February

28,

2026

Victory

Portfolios

III

As

of February

28,

2026,

the

Funds

had

net

capital

loss

carryforwards

as

shown

in

the

table

below

(amounts

in

thousands).

It

is

unlikely

that

the

Board

will

authorize

a

distribution

of

capital

gains

realized

in

the

future

until

the

capital

loss

carryforwards

have

been

used.

During

the

tax

year

ended

February

28,

2026,

the

following

Funds

utilized

capital

loss

carryforwards

(amounts

in

thousands):

As

of February

28,

2026,

the

cost

basis

for

federal

income

tax

purposes,

gross

unrealized

appreciation,

gross

unrealized

depreciation,

and

net

unrealized

appreciation

(depreciation)

for

investments were

as

follows

(amounts

in

thousands):

In

this

reporting

period,

the

Funds

adopted

the

Financial

Accounting

Standards

Board

("FASB")

Accounting

Standards

Update

2023-09,

"Income

Taxes

(Topic

740)

Improvements

to

Income

Tax

Disclosures"

("ASU

2023-09").

Adoption

of

the

new

standard

by

the

Funds

impacted

financial

statement

disclosures

only

and

did

not

affect

the

Funds'

financial

position

or

results

of

operations.

A

disaggregation

of

income

taxes

paid

by

jurisdiction

is

presented

when

significant

income

taxes

are

paid.

Income

taxes

paid

by

the

Funds

for

the

year

ended

February

28,

2026 were

determined

to

not

be

significant.

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

predetermined

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. #### Subsequent

#### Event:
On

March

17,

2026,

the

Board,

upon

recommendation

of

the

Adviser,

has

approved

a

change

in

the

name

of

the

Victory

Sustainable

World

Fund.

Effective

at

the

start

of

business

on

July

1,

2026

(the

"Effective

Date"),

the

Fund will

be renamed

to

Victory

World

Equity

Fund.

The

Fund's

investment

objectives,

principal

investment

strategies,

principal

risks,

ticker

symbol

and

management

have

not

changed.

On

the

Effective

Date,

references

to

the

current

name

of

the

Fund

in

the

summary

prospectus,

statutory

prospectus,

and

SAI

will

be

replaced

with

the

new

name.

Short-Term

Amount

Long-Term

Amount

Total

Precious

Metals

and

Minerals

Fund

.........................................

$

—

$

(718,914)

$

(718,914)

Amount

Emerging

Markets

Fund

................................................................................

$

(6,009)

Precious

Metals

and

Minerals

Fund

........................................................................

(78,254)

Target

Managed

Allocation

Fund

..........................................................................

(27,902)

Cost

of

Investments

for

Federal

Tax

Purposes

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

Emerging

Markets

Fund

...............................

$

477,675

$

295,671

$

(37,821)

$

257,850

Global

Equity

Income

Fund

............................

54,074

26,955

(1,466)

25,489

International

Fund

...................................

1,575,629

1,166,640

(98,157)

1,068,483

Precious

Metals

and

Minerals

Fund

.......................

319,972

1,241,039

(15,658)

1,225,381

Sustainable

World

Fund

...............................

967,817

652,879

(39,585)

613,294

Target

Managed

Allocation

Fund

.........................

161,471

60,453

(4,557)

55,896

#### Report

#### of

#### Independent

#### Registered

#### Public

#### Accounting

#### Firm
![](epub609275470675968.jpg)

To

the

Shareholders

and

the

Board

of

Trustees

of

Victory

Portfolios

III

#### Opinion

#### on

#### the

#### Financial

#### Statements
We

have

audited

the

accompanying

statements

of

assets

and

liabilities,

including

the

schedules

of

portfolio

investments,

of

Victory

Emerging

Markets

Fund,

Victory

Global

Equity

Income

Fund,

Victory

International

Fund,

Victory

Precious

Metals

and

Minerals

Fund,

Victory

Sustainable

World

Fund,

and

Victory

Target

Managed

Allocation

Fund

(the

"Funds"),

each

a

series

of

Victory

Portfolios

III,

as

of

February

28,

2026,

the

related

statements

of

operations,

the

statements

of

changes

in

net

assets,

and

the

financial

highlights

for

the

year

then

ended,

and

the

related

notes

(collectively

referred

to

as

the

"financial

statements").

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Funds

as

of

February

28,

2026,

the

results

of

their

operations,

the

changes

in

their

net

assets,

and

the

financial

highlights

for

the

year

then

ended,

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

The

Funds'

financial

statements

and

financial

highlights

for

the

years

or

periods

ended

February

28,

2025,

and

prior,

were

audited

by

other

auditors

whose

report

dated

April

24,

2025,

expressed

unqualified

opinions

on

those

financial

statements

and

financial

highlights.

#### Basis

#### for

#### Opinion
These

financial

statements

are

the

responsibility

of

the

Funds'

management.

Our

responsibility

is

to

express

an

opinion

on

the

Funds'

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

("PCAOB")

and

are

required

to

be

independent

with

respect

to

the

Funds

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

February

28,

2026,

by

correspondence

with

the

custodian

and

brokers;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

We

have

served

as

the

auditor

of

one

or

more

investment

companies

advised

by

Victory

Capital

Management

Inc.

since

2015. COHEN

&

COMPANY,

LTD.

Cleveland,

Ohio

April

24,

2026

#### Supplemental

#### Information
February

28,

2026

Victory

Portfolios

III

(Unaudited)

#### Additional

#### Federal

#### Income

#### Tax

#### Information
For

the

fiscal

year

ended

February

28,

2026,

the

Funds

hereby

designate

the

maximum

amount

allowable

of

their

net

taxable

income

as

qualified

dividends

taxed

at

individual

net

capital

gain

rates.

Shareholders

will

be

notified

via

IRS

Form

1099

of

the

amounts

for

use

in

preparing

their

income

tax

return.

Dividends

qualified

for

corporate

dividends

received

deductions

of:

For

the

year

ended

February

28,

2026,

the

following

Funds

designated

short-term

capital

gain

distributions

in

the

amount

of

(in

thousands):

For

the

year

ended

February

28,

2026,

the

following

Funds

designated

long-term

capital

gain

distributions

in

the

amount

of

(in

thousands):

The

following

Funds

intends

to

elect

to

pass

through

to

shareholders

the

income

tax

credit

for

taxes

paid

to

foreign

countries.

Foreign

source

income

and

foreign

tax

expense

per

shares

outstanding

on

February

28,

2026,

were

as

follows:

Percent

Global

Equity

Income

Fund

...........................................................................

51%

Precious

Metals

and

Minerals

Fund

......................................................................

8%

Sustainable

World

Fund

..............................................................................

65%

Target

Managed

Allocation

Fund

........................................................................

62%

Amount

Emerging

Markets

Fund

..............................................................................

$

6,933

Global

Equity

Income

Fund

...........................................................................

International

Fund

..................................................................................

35,837

Sustainable

World

Fund

..............................................................................

1,193

Amount

Emerging

Markets

Fund

..............................................................................

$

32,854

Global

Equity

Income

Fund

...........................................................................

5,866

International

Fund

..................................................................................

206,817

Sustainable

World

Fund

..............................................................................

152,918

Target

Managed

Allocation

Fund

........................................................................

19,486

Foreign

Source

Income

Foreign

Tax

Expense

Emerging

Markets

Fund

......................................................

$

0.68 $

0.11 Global

Equity

Income

Fund

...................................................

0.20 0.02 International

Fund

..........................................................

0.99 0.09 Precious

Metals

and

Minerals

Fund

..............................................

0.56 0.05 Victory

Portfolios

III

(Unaudited)

#### Supplemental

#### Information
*—* 

*continued*

February

28,

2026

#### Considerations

#### of

#### the

#### Board

#### in

#### Continuing

#### the

#### Investment

#### Advisory

#### Agreement
Victory

Emerging

Markets

Fund

Victory

Global

Equity

Income

Fund

Victory

International

Fund

Victory

Precious

Metals

&

Minerals

Fund

Victory

Sustainable

World

Fund

Victory

Target

Managed

Allocation

Fund

(each,

a

"Fund"

and

collectively,

the

"Funds")

At

a

meeting

of

the

Board

of

Trustees

(the

"Board")

of

Victory

Portfolios

III

(the

"Trust")

held

on

December

10-11,

2025,

the

Board,

including

the

Trustees

who

are

not

"interested

persons"

(as

that

term

is

defined

in

the

Investment

Company

Act

of

1940,

as

amended)

of

the

Trust

(the

"Independent

Trustees"),

approved

for

an

annual

period

the

continuance

of

the

Investment

Advisory

Agreement

(the

"Advisory

Agreement")

between

the

Trust

and

Victory

Capital

Management

Inc.

(the

"Adviser")

with

respect

to

the

Funds

and

the

Subadvisory

Agreements

between:

(i) the

Adviser

and

Lazard

Asset

Management

LLC

("Lazard")

with

respect

to

the

Victory

Emerging

Markets

Fund

and

(ii) the

Adviser

and

Wellington

Management

Company

LLP

("Wellington,"

and

together

with

Lazard,

the

"Subadvisers")

with

respect

to

the

Victory

International

Fund.

Prior

to

the

December

10-11,

2025,

meeting

at

which

the

Advisory

Agreement

and

Subadvisory

Agreements

were

approved,

the

Independent

Trustees

also

discussed

and

considered

information

regarding

the

proposed

continuation

of

the

Advisory

Agreement

and

Subadvisory

Agreements

at

a

meeting

held

on

November

17,

2025. In

advance

of

the

foregoing

meetings,

the

Trustees

requested,

received

and

considered

a

variety

of

information

relating

to

the

Advisory

Agreement

and

Subadvisory

Agreements

and

the

Adviser

and

the

Subadvisers,

and

were

given

the

opportunity

to

ask

questions

and

request

additional

information

from

management.

The

information

provided

to

the

Board

included,

among

other

things:

(i) a

separate

report

prepared

by

an

independent

third

party

of

mutual

fund

data,

which

provided

a

statistical

analysis

comparing

each

Fund's

investment

performance,

expenses,

and

fees

to

comparable

investment

companies;

(ii) information

concerning

the

services

rendered

to

the

Funds,

as

well

as

information

regarding

the

Adviser's

revenues

and

costs

of

providing

services

to

the

Funds

and

compensation

paid

to

affiliates

of

the

Adviser;

and

(iii) information

about

the

Adviser's

and

the

Subadvisers'

operations

and

personnel.

Prior

to

voting,

the

Independent

Trustees

reviewed

the

proposed

continuance

of

the

Advisory

Agreement

and

Subadvisory

Agreements

with

management

and

with

experienced

independent

counsel

retained

by

the

Independent

Trustees

("Independent

Counsel")

and

received

materials

from

such

Independent

Counsel

discussing

the

legal

standards

for

their

consideration

of

the

proposed

continuation

of

the

Advisory

Agreement

and

the

Subadvisory

Agreements

with

respect

to

the

Funds.

The

Independent

Trustees

also

reviewed

the

proposed

continuation

of

the

Advisory

Agreement

and

the

Subadvisory

Agreements

with

respect

to

the

Funds

in

private

sessions

with

Independent

Counsel

at

which

no

representatives

of

management

were

present.

The

Board

considered

the

Advisory

Agreement

and

the

Subadvisory

Agreements

separately

in

the

course

of

its

review.

In

doing

so,

the

Board

noted

the

respective

roles

of

the

Adviser

and

the

Subadvisers

in

providing

services

to

the

applicable

Funds.

At

each

regularly

scheduled

meeting

of

the

Board

and

its

committees,

the

Board

receives

and

reviews,

among

other

things,

information

concerning

each

Fund's

performance

and

related

services

provided

by

the

Adviser

and

the

Subadvisers.

At

the

meeting

at

which

the

renewal

of

the

Advisory

Agreement

and

Subadvisory

Agreements

is

considered,

particular

focus

is

given

to

information

concerning

Fund

performance,

fees

and

total

expenses

as

compared

to

comparable

investment

companies,

and

the

Adviser's

profitability

with

respect

to

each

Fund.

However,

the

Board

noted

that

the

evaluation

process

with

respect

to

the

Adviser

and

the

Subadvisers

is

an

ongoing

one.

In

this

regard,

the

Board's

and

its

committees'

consideration

of

the

Advisory

Agreement

and

Subadvisory

Agreements

included

information

previously

received

at

such

meetings.

The

Board

also

recognized

that

the

contractual

arrangements

for

the

Funds

have

been

reviewed

by

the

Board

and

discussed

with

the

Adviser

and

Subadvisers

in

prior

years

and

that

the

Board's

conclusions

may

be

based,

in

part,

on

its

consideration

of

these

same

arrangements

in

prior

years.

#### ADVISORY

#### AGREEMENT
After

full

consideration

of

a

variety

of

factors,

the

Board,

including

the

Independent

Trustees,

voted

to

approve

the

Advisory

Agreement.

In

approving

the

Advisory

Agreement,

the

Trustees

did

not

identify

any

single

factor

as

controlling,

and

each

Trustee

may

have

attributed

different

weights

to

various

factors.

Throughout

their

deliberations,

the

Independent

Trustees

were

represented

and

assisted

by

Independent

Counsel.

#### Nature,

#### Extent,

#### and

#### Quality

#### of

#### Services
–

In

considering

the

nature,

extent,

and

quality

of

the

services

provided

by

the

Adviser

under

the

Advisory

Agreement,

the

Board

reviewed

information

provided

by

the

Adviser

relating

to

its

operations

and

personnel.

The

Board

considered

that

the

Adviser

manages

the

Funds'

assets

directly

through

one

or

more

investment

franchises,

and

in

doing

so,

continuously

supervises

the

investment

and

reinvestment

of

cash

and

securities

comprising

the

Funds'

assets.

The

Board

also

considered

that

the

Adviser

monitors

pertinent

economic,

statistical,

and

financial

data

to

determine

which

issuers

and

securities

to

include

in

the

Funds'

portfolios

as

part

of

a

continuous

investment

program.

The

Board

took

into

account

that

the

Adviser's

investment

management

services

include

the

regular

and

ongoing

oversight

of

the

Subadvisers

and

the

sub-advised

portion

of

the

applicable

Funds.

The

Board

also

took

into

account

its

knowledge

of

the

Adviser's

management

and

the

quality

of

the

performance

of

the

Adviser's

duties

through

Board

meetings,

discussions,

and

reports

during

the

preceding

year.

The

Board

considered

the

fees

paid

to

the

Adviser

and

the

services

provided

to

the

Funds

by

the

Adviser

under

the

Advisory

Agreement,

as

well

as

other

services

provided

by

the

Adviser

and

its

affiliates

under

other

agreements,

and

the

personnel

who

provide

these

services.

In

addition

to

the

investment

advisory

services

provided

to

the

Funds,

the

Adviser

and

its

affiliates

provide

administrative

services,

transfer

agency

services,

shareholder

services,

oversight

of

Fund

accounting,

marketing

services,

assistance

in

meeting

legal

and

regulatory

requirements,

and

other

services

necessary

for

the

operation

of

the

Funds

and

the

Trust.

#### Supplemental

#### Information
*—* 

*continued*

February

28,

2026

Victory

Portfolios

III

(Unaudited)

The

Board

considered

the

scope

of

services

provided

by,

and

the

undertakings

required

of,

the

Adviser

in

connection

with

those

services,

including,

among

other

things,

maintaining

(i) its

own

and

the

Funds'

compliance

programs,

(ii) risk

management

programs,

(iii) liquidity

risk

management

program,

(iv) derivatives

risk

management

program,

and

(v) cybersecurity

programs,

each

of

which

had

expanded

over

time

as

a

result

of

regulatory,

market,

and

other

developments.

The

Board

also

considered

the

significant

risks

assumed

by

the

Adviser

in

connection

with

the

services

provided

to

the

Funds,

including

investment,

operational,

enterprise,

litigation,

regulatory

and

compliance

risks.

The

Board

considered

the

Adviser's

management

style

and

the

performance

of

the

Adviser's

duties

under

the

Advisory

Agreement.

The

Board

considered

the

level

and

depth

of

knowledge

of

the

Adviser,

including

the

professional

experience

and

qualifications

of

its

senior

and

investment

personnel,

as

well

as

current

staffing

levels.

The

Board

considered

the

Adviser's

process

for

monitoring

the

performance

of

the

Subadvisers

and

the

Adviser's

timeliness

in

responding

to

performance

issues.

The

allocation

of

the

Funds'

brokerage,

including

the

Adviser's

process

for

monitoring

"best

execution,"

also

was

considered.

The

Adviser's

role

in

coordinating

the

activities

of

the

Funds'

other

service

providers

was

also

considered.

The

Board

also

considered

the

Adviser's

risk

management

processes.

The

Board

considered

the

Adviser's

financial

condition

and

that

it

had

the

financial

wherewithal

to

continue

to

provide

the

same

scope

and

high

quality

of

services

under

the

Advisory

Agreement.

In

reviewing

the

Advisory

Agreement,

the

Board

focused

on

the

experience,

resources,

and

strengths

of

the

Adviser

and

its

affiliates

in

managing

the

Funds,

as

well

as

the

other

funds

in

the

Trust.

The

Board

also

reviewed

the

compliance

and

administrative

services

provided

to

the

Funds

by

the

Adviser

and

its

affiliates,

including

the

Adviser's

oversight

of

the

Funds'

day-to-day

operations

and

oversight

of

Fund

accounting.

The

Trustees,

guided

also

by

information

obtained

from

their

experiences

as

Trustees

of

the

Trust,

also

focused

on

the

quality

of

the

Adviser's

compliance

and

administrative

staff.

#### Expenses

#### and

#### Performance
–

In

connection

with

its

consideration

of

the

Advisory

Agreement,

the

Board

evaluated

each

Fund's

advisory

fees

and

total

expense

ratio

as

compared

to

other

open-end

investment

companies

deemed

to

be

comparable

to

the

Fund

as

determined

by

the

independent

third

party

in

its

report.

Each

Fund's

expenses

were

compared

to

(i) a

group

of

investment

companies

chosen

by

the

independent

third

party

to

be

comparable

to

the

Fund

based

upon

certain

factors,

including

fund

type,

comparability

of

investment

objective

and

classification,

sales

load

type,

asset

size,

and

expense

components

(the

"expense

group")

and

(ii) a

larger

group

of

investment

companies

with

the

same

investment

classification/objective

as

the

Fund

regardless

of

asset

size,

excluding

outliers

(the

"expense

universe").

Victory

Emerging

Markets

Fund

Among

other

data,

the

Board

noted

that

the

Fund's

net

management

fee

rate

as

represented

by

Fund

Shares

–

which

includes

advisory

and

administrative

services

and

the

effects

of

any

performance

adjustment,

as

well

as

any

fee

waivers

and

reimbursements

–

was

above

the

medians

of

its

expense

group

and

its

expense

universe.

The

data

indicated

that

the

Fund's

total

expenses,

including

after

any

reimbursements,

were

above

the

medians

of

its

expense

group

and

its

expense

universe.

The

Board

took

into

account

management's

discussion

of

the

Fund's

expenses.

The

Board

also

took

into

account

the

Adviser's

current

undertakings

to

maintain

expense

limitations

for

the

Fund.

The

Board

took

into

account

the

various

other

services

provided

to

the

Fund

by

the

Adviser

and

its

affiliates

as

described

above

and

noted

the

high

quality

of

services

received

by

the

Fund.

The

Board

further

took

into

account

management's

representations

regarding

its

belief

that

the

Fund's

pricing

is

competitive.

The

Board

also

took

into

account

that

the

subadvisory

fees

under

the

Subadvisory

Agreement

are

paid

by

the

Adviser.

The

Board

also

considered

and

discussed

information

about

the

Subadviser's

fees,

including

the

amount

of

management

fees

retained

by

the

Adviser

after

payment

of

the

subadvisory

fees.

Victory

Global

Equity

Income

Fund

Among

other

data,

the

Board

noted

that

the

Fund's

net

management

fee

rate

as

represented

by

Fund

Shares

–

which

includes

advisory

and

administrative

services

and

the

effects

of

any

performance

adjustment,

as

well

as

any

fee

waivers

and

reimbursements

–

was

below

the

medians

of

its

expense

group

and

its

expense

universe.

The

data

indicated

that

the

Fund's

total

expenses,

including

after

any

reimbursements,

were

equal

to

the

median

of

its

expense

group

and

were

above

the

median

of

its

expense

universe.

The

Board

also

took

into

account

the

Adviser's

current

undertakings

to

maintain

expense

limitations

for

the

Fund.

The

Board

took

into

account

the

various

other

services

provided

to

the

Fund

by

the

Adviser

and

its

affiliates

as

described

above

and

noted

the

high

quality

of

services

received

by

the

Fund.

Victory

International

Fund

Among

other

data,

the

Board

noted

that

the

Fund's

net

management

fee

rate

as

represented

by

Fund

Shares,

which

includes

advisory

and

administrative

services

and

the

effects

of

any

performance

adjustment,

as

well

as

any

fee

waivers

and

reimbursements,

was

above

the

medians

of

its

expense

group

and

its

expense

universe.

The

data

indicated

that

the

Fund's

total

expenses,

including

after

any

reimbursements,

were

above

the

medians

of

its

expense

group

and

its

expense

universe.

The

Board

also

took

into

account

the

Adviser's

current

undertakings

to

maintain

expense

limitations

for

the

Fund.

The

Board

took

into

account

the

various

other

services

provided

to

the

Fund

by

the

Adviser

and

its

affiliates

as

described

above

and

noted

the

high

quality

of

services

received

by

the

Fund.

The

Board

further

took

into

account

management's

representations

regarding

its

belief

that

the

Fund's

pricing

is

competitive.

The

Board

also

took

into

account

that

the

subadvisory

fees

under

the

Subadvisory

Agreement

are

paid

by

the

Adviser.

The

Board

also

considered

and

discussed

information

about

the

Subadviser's

fees,

including

the

amount

of

management

fees

retained

by

the

Adviser

after

payment

of

the

subadvisory

fees.

Victory

Precious

Metals

&

Minerals

Fund

Among

other

data,

the

Board

noted

that

the

Fund's

net

management

fee

rate

as

represented

by

Fund

Shares

–

which

includes

advisory

and

administrative

services

and

the

effects

of

any

performance

adjustment,

as

well

as

any

fee

waivers

and

reimbursements

–

was

below

the

medians

of

its

expense

group

and

its

expense

universe.

The

data

indicated

that

the

Fund's

total

expenses,

including

after

any

reimbursements,

were

below

the

medians

of

its

expense

group

and

its

expense

universe.

The

Board

also

took

into

account

the

Adviser's

current

undertakings

to

maintain

#### Supplemental

#### Information
*—* 

*continued*

February

28,

2026

Victory

Portfolios

III

(Unaudited)

expense

limitations

for

the

Fund.

The

Board

took

into

account

the

various

other

services

provided

to

the

Fund

by

the

Adviser

and

its

affiliates

as

described

above

and

noted

the

high

quality

of

services

received

by

the

Fund.

Victory

Sustainable

World

Fund

Among

other

data,

the

Board

noted

that

the

Fund's

net

management

fee

rate

as

represented

by

Fund

Shares

–

which

includes

advisory

and

administrative

services

and

the

effects

of

any

performance

adjustment,

as

well

as

any

fee

waivers

and

reimbursements

–

was

above

the

medians

of

its

expense

group

and

its

expense

universe.

The

data

indicated

that

the

Fund's

total

expenses,

including

after

any

reimbursements,

were

equal

to

the

median

of

its

expense

group

and

were

above

the

median

of

its

expense

universe.

The

Board

also

took

into

account

the

Adviser's

current

undertakings

to

maintain

expense

limitations

for

the

Fund.

The

Board

took

into

account

the

various

other

services

provided

to

the

Fund

by

the

Adviser

and

its

affiliates

as

described

above

and

noted

the

high

quality

of

services

received

by

the

Fund.

The

Board

further

took

into

account

management's

representations

regarding

its

belief

that

the

Fund's

pricing

is

competitive.

Victory

Target

Managed

Allocation

Fund

Among

other

data,

the

Board

noted

that

the

Fund's

net

management

fee

rate,

which

includes

advisory

and

administrative

services,

as

well

as

any

fee

waivers

and

reimbursements,

was

below

the

median

of

its

expense

group

and

was

above

the

median

of

its

expense

universe.

The

data

indicated

that

the

Fund's

total

expenses,

which

included

underlying

fund

expenses,

including

after

any

reimbursements,

were

below

the

medians

of

its

expense

group

and

expense

universe.

The

Board

also

took

into

account

the

Adviser's

current

undertakings

to

maintain

expense

limitations

for

the

Fund.

The

Board

took

into

account

the

various

other

services

provided

to

the

Fund

by

the

Adviser

and

its

affiliates

as

described

above

and

noted

the

high

quality

of

services

received

by

the

Fund.

In

considering

each

Fund's

performance,

the

Board

noted

that

it

reviews

at

its

regularly

scheduled

meetings

information

about

the

Fund's

performance

results.

The

Trustees

also

reviewed

various

comparative

data

provided

to

them

in

connection

with

their

consideration

of

the

renewal

of

the

Advisory

Agreement,

including,

among

other

information,

a

comparison

of

each

Fund's

average

annual

total

returns

relative

to

its

Lipper

index

and

other

mutual

funds

deemed

to

be

in

its

peer

group

by

the

independent

third

party

in

its

report

(the

"performance

universe").

Each

Fund's

performance

universe

consisted

of

the

Fund

and

all

retail

and

institutional

open-end

investment

companies

with

the

same

classification/objective

as

the

Fund

regardless

of

asset

size

or

primary

channel

of

distribution.

Victory

Emerging

Markets

Fund

This

comparison

indicated

that,

among

other

data,

the

Fund's

performance

was

above

the

average

of

its

performance

universe

for

the

three-,

five-

and

ten-year

periods

ended

June

30,

2025,

was

below

the

average

of

its

performance

universe

for

the

one-year

period

ended

June

30,

2025,

was

above

its

Lipper

index

for

the

three-

and

five-year

periods

ended

June

30,

2025,

and

was

below

its

Lipper

index

for

the

one-

and

ten-year

periods

ended

June

30,

2025. The

Board

took

into

account

management's

discussion

of

the

Fund's

performance,

including

the

reasons

for

the

Fund's

underperformance

for

certain

periods.

Victory

Global

Equity

Income

Fund

This

comparison

indicated

that,

among

other

data,

the

Fund's

performance

was

above

the

average

of

its

performance

universe

and

its

Lipper

index

for

the

three-

and

five-year

periods

ended

June

30,

2025

and

was

below

the

average

of

its

performance

universe

and

its

Lipper

index

for

the

one-year

period

ended

June

30,

2025. The

Board

took

into

account

management's

discussion

of

the

Fund's

performance,

including

the

reasons

for

the

Fund's

underperformance

for

certain

periods.

Victory

International

Fund

This

comparison

indicated

that,

among

other

data,

the

Fund's

performance

was

above

the

average

of

its

performance

universe

for

the

three-,

five-

and

ten-year

periods

ended

June

30,

2025,

was

below

the

average

of

its

performance

universe

for

the

one-year

period

ended

June

30,

2025,

and

was

above

its

Lipper

index

for

the

one-,

three-,

five-

and

ten-year

periods

ended

June

30,

2025. Victory

Precious

Metals

&

Minerals

Fund

This

comparison

indicated

that,

among

other

data,

the

Fund's

performance

was

above

the

average

of

its

performance

universe

for

the

one-,

three-,

five-

and

ten-year

periods

ended

June

30,

2025,

was

below

its

Lipper

index

for

the

one-year

period

ended

June

30,

2025,

and

was

above

its

Lipper

index

for

the

three-,

five-

and

ten-year

periods

ended

June

30,

2025. Victory

Sustainable

World

Fund

This

comparison

indicated

that,

among

other

data,

the

Fund's

performance

was

above

the

average

of

its

performance

universe

for

the

one-,

three-,

five-

and

ten-year

periods

ended

June

30,

2025,

was

below

its

Lipper

index

for

the

one-year

period

ended

June

30,

2025,

and

was

above

its

Lipper

index

for

the

three-,

five-

and

ten-year

periods

ended

June

30,

2025. Victory

Target

Managed

Allocation

Fund

This

comparison

indicated

that,

among

other

data,

the

Fund's

performance

was

below

the

average

of

its

performance

universe

for

the

one-

year

period

ended

June

30,

2025,

was

above

the

average

of

its

performance

universe

for

the

three-

and

five-year

periods

ended

June

30,

2025,

was

below

its

Lipper

index

for

the

one-

and

three-year

periods

ended

June

30,

2025,

and

was

above

its

Lipper

index

for

the

five-year

period

ended

June

30,

2025. The

Board

took

into

account

management's

discussion

of

the

Fund's

performance,

including

the

reasons

for

the

Fund's

underperformance

for

certain

periods.

As

part

of

its

consideration,

the

Board

received

a

description

of,

and

factored

into

its

evaluation

of

each

Fund's

expenses

and

performance,

the

potential

limitations

inherent

in

the

methodology

used

by

the

independent

third

party

for

developing

and

constructing

peer

groups

and

#### Supplemental

#### Information
*—* 

*continued*

February

28,

2026

Victory

Portfolios

III

(Unaudited)

determining,

from

year

to

year,

which

mutual

funds

should

be

included

in

which

peer

groups,

among

other

things.

In

this

regard,

the

Board

also

noted

that

the

methodology

may

result

in

each

Fund's

being

included

in

one

peer

group

one

year

and

in

a

different

peer

group

the

next,

and

in

similar

funds

being

included

in

different

peer

groups.

The

Board

also

noted

that

the

number

of

mutual

funds

included

in

a

peer

group

may

be

relatively

small

and

may

differ

significantly

from

peer

group

to

peer

group

and

from

year

to

year

and

that

the

constituent

mutual

funds

included

in

a

peer

group

also

may

differ

from

year

to

year,

which,

among

other

factors,

can

limit

the

relevance

of

the

comparisons.

While

recognizing

these

inherent

limitations,

the

Board

believed

the

independent

analysis

conducted

by

the

third

party

provided

a

useful

measure

of

comparative

expenses

and

performance.

#### Compensation

#### and

#### Profitability
–

The

Board

took

into

consideration

the

level

and

method

of

computing

each

Fund's

management

fee.

The

information

considered

by

the

Board

included

operating

profit

margin

information

for

the

Adviser's

business

as

a

whole.

The

Board

also

received

and

considered

profitability

information

related

to

the

management

revenues

from

each

Fund.

This

information

included

a

review

of

the

methodology

used

in

the

allocation

of

certain

costs

to

each

Fund.

In

considering

the

profitability

data

with

respect

to

the

Funds,

the

Trustees

noted

that

the

Adviser

waived

a

portion

of

its

management

fee

and/or

reimbursed

certain

expenses

with

respect

to

certain

Funds.

The

Trustees

also

noted

that,

where

applicable,

the

Adviser

pays

the

Funds'

subadvisory

fees.

The

Trustees

reviewed

the

profitability

of

the

Adviser's

relationship

with

each

Fund

before

tax

expenses.

The

Board

was

also

provided

with

a

profitability

analysis

of

other

publicly

traded

asset

managers

prepared

by

an

independent

information

service.

In

reviewing

the

overall

profitability

of

the

management

fee

to

the

Adviser,

the

Board

also

considered

the

fact

that

the

Adviser

and

its

affiliates

provide

transfer

agency

services,

shareholder

servicing

and

administrative

services

to

each

Fund

for

which

they

receive

compensation.

The

Trustees

recognized

that

the

Adviser

should

be

entitled

to

earn

a

reasonable

level

of

profits

in

exchange

for

the

level

of

services

it

provides

to

each

Fund

and

the

entrepreneurial

and

other

risks

that

it

assumes

as

Adviser.

#### Economies

#### of

#### Scale
–

The

Board

considered

whether

there

should

be

changes

in

the

management

fee

rate

or

structure

in

order

to

enable

the

Funds

to

participate

in

any

economies

of

scale.

The

Board

also

considered

the

fee

waiver

and/or

expense

limitation

arrangements

by

the

Adviser.

The

Board

took

into

account

management's

discussion

of

the

Funds'

current

advisory

fee

structure.

The

Board

also

considered

the

fact

that

the

Adviser

also

pays

the

applicable

Funds'

subadvisory

fees.

The

Board

also

considered

the

effect

of

the

change

in

size,

if

any,

of

each

of

the

Funds'

classes

on

its

performance

and

fees,

noting

that

the

Funds

may

realize

other

economies

of

scale

if

assets

increase

proportionally

more

than

expenses.

The

Board

also

considered

the

Adviser's

reinvestment

in

the

business

in

the

form

of

adding

to

its

investment

capabilities

and

resources,

improvements

in

technology,

and

customer

service.

The

Board

determined

that

the

current

investment

management

fee

structure

was

reasonable.

#### Other

#### Benefits
–

The

Board

also

considered

the

potential

direct

and

indirect

benefits

to

the

Adviser

from

its

relationship

with

the

Trust,

including

that

the

Adviser

may

derive

reputational

and

other

benefits

from

its

association

with

each

Fund.

These

potential

benefits

included,

among

other

things,

the

opportunity

to

offer

additional

products

and

services

to

each

Fund's

shareholders.

#### Conclusions
–

The

Board

reached

the

following

conclusions

regarding

each

Fund's

Advisory

Agreement

with

the

Adviser:

(i) the

Adviser

has

demonstrated

that

it

possesses

the

capability

and

resources

to

perform

the

duties

required

of

it

under

the

Advisory

Agreement;

(ii) the

overall

performance

of

each

Fund

is

reasonable

in

relation

to

the

performance

of

funds

with

similar

investment

objectives

and

to

relevant

indices

and

the

Adviser

is

appropriately

monitoring

each

Fund's

performance,

as

applicable;

(iii) each

Fund's

advisory

fees

are

reasonable

in

relation

to

those

of

similar

funds

and

to

the

services

to

be

provided

by

the

Adviser;

and

(iv) the

Adviser's

and

its

affiliates'

level

of

profitability

from

their

relationship

with

each

Fund

is

reasonable

in

light

of

the

nature

and

high

quality

of

services

provided

by

the

Adviser

and

its

affiliates

and

the

type

of

fund.

Based

on

its

conclusions,

the

Board

determined

that

continuation

of

the

Advisory

Agreement

would

be

in

the

best

interests

of

each

Fund

and

its

shareholders.

#### SUBADVISORY

#### AGREEMENTS
In

approving

the

Subadvisory

Agreements

with

respect

to

applicable

Funds,

the

Board

considered

various

factors,

among

them:

(i) the

nature,

extent,

and

quality

of

services

provided

to

the

Funds

by

the

Subadvisers,

including

the

personnel

providing

services;

(ii) the

Subadvisers'

compensation

and

any

other

benefits

derived

from

the

subadvisory

relationship;

(iii) comparisons,

to

the

extent

applicable,

of

subadvisory

fees

and

performance

to

comparable

investment

companies;

and

(iv) the

terms

of

the

Subadvisory

Agreements.

A

summary

of

the

Board's

analysis

of

these

factors

is

set

forth

below.

After

full

consideration

of

a

variety

of

factors,

the

Board,

including

the

Independent

Trustees,

voted

to

approve

the

Subadvisory

Agreements.

In

approving

the

Subadvisory

Agreements,

the

Trustees

did

not

identify

any

single

factor

as

controlling,

and

each

Trustee

may

have

attributed

different

weights

to

various

factors.

Throughout

their

deliberations,

the

Independent

Trustees

were

represented

and

assisted

by

Independent

Counsel.

#### Nature,

#### Extent,

#### and

#### Quality

#### of

#### Services

#### Provided;

#### Investment

#### Personnel
–

The

Trustees

considered

information

provided

to

them

regarding

the

services

provided

by

the

Subadvisers,

including

information

presented

periodically

throughout

the

previous

year.

The

Board

considered

each

Subadviser's

level

of

knowledge

and

investment

style.

The

Board

reviewed

the

experience

and

credentials

of

the

investment

personnel

who

are

responsible

for

managing

the

investment

of

portfolio

securities

with

respect

to

the

Funds

and

the

Subadvisers'

level

of

staffing.

The

Trustees

considered,

based

on

the

materials

provided

to

them

by

the

Subadvisers,

whether

the

method

of

compensating

portfolio

managers

is

reasonable

and

includes

mechanisms

to

prevent

a

manager

with

underperformance

from

taking

undue

risks.

The

Trustees

also

noted

the

Subadvisers'

brokerage

practices.

The

Board

also

considered

the

Subadvisers'

regulatory

and

compliance

history.

The

Board

also

took

into

account

the

Subadvisers'

risk

management

processes.

The

Board

noted

that

the

Adviser's

monitoring

processes

of

the

Subadvisers

include:

(i) regular

telephonic

meetings

to

discuss,

among

other

matters,

investment

strategies,

and

to

review

portfolio

performance;

(ii) quarterly

portfolio

compliance

checklists

and

quarterly

compliance

certifications

to

the

Board;

and

(iii) due

diligence

visits

to

the

Subadvisers.

#### Supplemental

#### Information
*—* 

*continued*

February

28,

2026

Victory

Portfolios

III

(Unaudited)

#### Subadviser

#### Compensation
–

The

Board

also

took

into

consideration

the

financial

condition

of

each

Subadviser.

In

considering

the

cost

of

services

to

be

provided

by

each

Subadviser

and

the

profitability

to

the

Subadviser

of

its

relationship

with

the

applicable

Fund,

the

Trustees

noted

that

the

fees

under

the

applicable

Subadvisory

Agreement

were

paid

by

the

Adviser.

The

Trustees

also

relied

on

the

ability

of

the

Adviser

to

negotiate

the

Subadvisory

Agreements

and

the

fees

thereunder

at

arm's

length.

For

the

above

reasons,

the

Board

determined

that

the

profitability

of

the

Subadvisers

from

their

relationship

with

the

Funds

was

not

a

material

factor

in

its

deliberations

with

respect

to

the

consideration

of

the

approval

of

the

Subadvisory

Agreements.

For

similar

reasons,

the

Board

concluded

that

the

potential

for

economies

of

scale

in

the

Subadvisers'

management

of

the

Funds

was

not

a

material

factor

in

considering

the

Subadvisory

Agreements.

#### Subadvisory

#### Fees

#### and

#### Fund

#### Performance
–

The

Board

compared

the

subadvisory

fees

for

the

applicable

Funds

with

the

fees

that

the

Subadvisers

charge

to

comparable

clients,

as

applicable.

The

Board

considered

that

the

Funds

pay

a

management

fee

to

the

Adviser

and

that,

in

turn,

the

Adviser

pays

a

subadvisory

fee

to

the

Subadvisers.

As

noted

above,

the

Board

considered

each

Fund's

performance

during

the

one-,

three-,

five-,

and

ten-year

periods

ended

June

30,

2025,

as

compared

to

each

Fund's

peer

group

and

noted

that

the

Board

reviews

at

its

regularly

scheduled

meetings

information

about

each

Fund's

performance

results.

The

Board

also

considered

the

performance

of

each

Subadviser.

The

Board

noted

the

Adviser's

experience

and

resources

in

monitoring

the

performance,

investment

style,

and

risk-adjusted

performance

of

the

Subadvisers.

The

Board

was

mindful

of

the

Adviser's

focus

on

each

Subadviser's

performance.

The

Board

also

noted

each

Subadviser's

performance

record

for

similar

accounts,

as

applicable.

#### Conclusions
–

The

Board

reached

the

following

conclusions

regarding

each

Subadvisory

Agreement:

(i) each

Subadviser

is

qualified

to

manage

the

applicable

Fund's

assets

in

accordance

with

its

investment

objectives

and

policies;

(ii) the

overall

performance

of

each

applicable

Fund

is

reasonable

in

relation

to

the

performance

of

funds

with

similar

investment

objectives

and

relevant

indices

and

the

Adviser

is

appropriately

monitoring

each

Fund's

performance,

as

applicable;

and

(iii) each

Fund's

advisory

fees

are

reasonable

in

relation

to

those

of

similar

funds

and

to

the

services

to

be

provided

by

the

Adviser

and

the

Subadvisers.

Based

on

its

conclusions,

the

Board

determined

that

approval

of

the

Subadvisory

Agreements

with

respect

to

the

applicable

Funds

would

be

in

the

best

interests

of

the

Funds

and

their

shareholders.

Victory

Funds

P.O.

Box

182593

Columbus,

Ohio

43218-2593

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our

website

at:

vcm.com

Call

Victory

at:

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28,

2026

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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

Tax

Exempt

Intermediate-Term

Fund

#### 2
Victory

Tax

Exempt

Long-Term

Fund

#### 27
Victory

Tax

Exempt

Short-Term

Fund

#### 42

#### Financial

#### Statements

#### (Form

#### N-CSR

#### Item

#### 7)
Statements

of

Assets

and

Liabilities

#### 52
Statements

of

Operations

#### 53
Statements

of

Changes

in

Net

Assets

#### 54
Financial

Highlights

#### 56

#### Notes

#### to

#### Financial

#### Statements

#### (Form

#### N-CSR

#### Item

#### 7)

#### 65

#### Report

#### of

#### Independent

#### Registered

#### Public

#### Accounting

#### Firm

#### (Form

#### N-CSR

#### Item

#### 7)

#### 74

#### Supplemental

#### Information
(Unaudited)

Additional

Federal

Income

Tax

Information

#### 75
Advisory

Contract

Approval

(Form

N-CSR

Item

11)

#### 76
Schedule

of

Portfolio

Investments

February

28,

2026

Victory

Portfolios

III

#### Victory

#### Tax

#### Exempt

#### Intermediate-Term

#### Fund

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Municipal

Bonds

(99.0%)

Alabama

(4.6%):

Alabama

Housing

Finance

Authority

Revenue,

Series

A,

4.85%,

10/1/50,

Continuously

Callable

@100

.....................................................

$

2,290

$

2,311

Alabama

State

University

Revenue,

5.75%,

9/1/50,

Continuously

Callable

@100

.........

1,050

1,143

Baldwin

County

IDA

Revenue

AMT,

Series

A,

5.00%,

6/1/55,

(Put

Date

6/1/32)(a)(b)

......

1,000

1,031

Black

Belt

Energy

Gas

District

Revenue

Series

A,

5.25%,

1/1/54,

(Put

Date

10/1/30)(b)

..............................

5,000

5,377

Series

A,

5.25%,

5/1/55,

(Put

Date

9/1/32)(b)

...............................

1,500

1,651

Series

A,

5.25%,

5/1/56,

(Put

Date

5/1/32)(b)

...............................

16,750

17,496

Series

B,

5.00%,

10/1/35,

Continuously

Callable

@100

........................

9,400

9,835

Series

C,

5.50%,

10/1/54,

(Put

Date

6/1/32)(b)

..............................

3,000

3,307

Series

C,

5.50%,

11/1/56,

(Put

Date

8/1/34)(a)(b)

............................

2,000

2,189

Series

D-3,

4.32%

(SOFR+185bps),

6/1/49,

(Put

Date

2/1/29)(b)(c)

...............

2,500

2,569

Series

G,

5.00%,

10/1/35,

Continuously

Callable

@100

........................

4,635

5,073

County

of

Jefferson

Sewer

Revenue,

5.50%,

10/1/53,

Continuously

Callable

@100

........

3,000

3,155

Energy

Southeast

A

Cooperative

District

Revenue

Series

A,

5.00%,

11/1/35,

Continuously

Callable

@100

........................

1,000

1,092

Series

B,

5.00%,

9/1/33,

Continuously

Callable

@100

.........................

6,180

6,557

Series

B,

5.25%,

7/1/54

,

(Put

Date

6/1/32)(b)

...............................

3,000

3,325

Infirmary

Health

System

Special

Care

Facilities

Financing

Authority

of

Mobile

Revenue,

Series

A,

5.00%,

2/1/36,

Continuously

Callable

@100

.........................

8,000

8,004

Southeast

Energy

Authority

A

Cooperative

District

Revenue

Series

A,

5.00%,

11/1/35,

Continuously

Callable

@100

........................

4,000

4,300

Series

A,

5.25%,

1/1/54,

(Put

Date

7/1/29)(b)

...............................

15,000

15,991

Series

A,

5.00%,

1/1/56

,

(Put

Date

6/1/35)(b)

...............................

9,255

9,731

Series

B,

5.25%,

3/1/55,

(Put

Date

1/1/33)(b)

...............................

2,700

2,920

The

Health

Care

Authority

of

the

City

of

Huntsville

Revenue

Series

B1,

4.00%,

6/1/39,

Continuously

Callable

@100

........................

2,000

2,037

Series

B1,

4.00%,

6/1/40,

Continuously

Callable

@100

........................

2,555

2,582

The

Lower

Alabama

Gas

District

Revenue,

Series

A,

5.00%,

9/1/34

...................

15,000

16,488

The

Southeast

Alabama

Gas

Supply

District

Revenue,

Series

B,

5.00%,

6/1/49,

(Put

Date

5/1/32)(b)

........................................................

3,000

3,262

131,426

Alaska

(0.1%):

Alaska

Housing

Finance

Corp.

Revenue,

Series

A,

4.60%,

12/1/48,

Continuously

Callable

@100

...........................................................

3,000

2,988

Alaska

Railroad

Corp.

Revenue

AMT,

6.00%,

10/1/50,

Continuously

Callable

@100

.......

1,000

1,090

4,078

Arizona

(1.8%):

Arizona

IDA

Revenue

4.00%,

12/15/41,

Continuously

Callable

@100(a)

............................

955

830

Series

A,

5.10%,

10/1/50,

Continuously

Callable

@100

........................

1,000

1,024

Maricopa

County

&

Phoenix

IDA

Revenue,

Series

A,

4.65%,

9/1/50,

Continuously

Callable

@100

...........................................................

1,985

2,041

Maricopa

County

IDA

Revenue

5.00%,

7/1/39,

Continuously

Callable

@100(a)

.............................

2,000

2,020

4.00%,

7/1/41,

Continuously

Callable

@100(a)

.............................

1,250

1,170

4.25%,

7/1/44,

Continuously

Callable

@100

...............................

1,000

920

Series

D,

5.00%,

12/1/45,

Continuously

Callable

@100

........................

1,500

1,587

Sierra

Vista

IDA

Revenue

5.25%,

6/15/38,

Continuously

Callable

@100(a)

.............................

4,845

4,907

5.25%,

6/15/42,

Continuously

Callable

@100(a)

.............................

4,460

4,411

5.00%,

6/15/44,

Continuously

Callable

@100(a)

.............................

2,000

1,855

Tempe

IDA

Revenue

Series

A,

4.00%,

12/1/38,

Continuously

Callable

@102

........................

2,690

2,562

Series

A,

5.38%,

12/1/46,

Continuously

Callable

@103

........................

1,000

1,006

The

County

of

Pima

IDA

Revenue

4.00%,

4/1/41,

Continuously

Callable

@100

...............................

1,690

1,669

4.00%,

6/15/41,

Continuously

Callable

@100(a)

.............................

3,500

3,059

Series

A,

6.75%,

11/15/42,

Continuously

Callable

@103(a)

.....................

3,000

3,248

Series

B2,

5.63%,

11/15/30,

Continuously

Callable

@100(a)

....................

850

850

The

County

of

Yavapai

IDA

Revenue,

4.00%,

8/1/38,

Continuously

Callable

@100

........

1,000

1,012

Victory

Portfolios

III

#### Victory

#### Tax

#### Exempt

#### Intermediate-Term

#### Fund

Schedule

of

Portfolio

Investments

—

continued

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) The

IDA

of

the

City

of

Phoenix

Arizona

Revenue

5.00%,

7/1/34,

Continuously

Callable

@100

...............................

$

10,215

$

10,225

5.00%,

7/1/36,

Continuously

Callable

@100

...............................

1,675

1,677

5.00%,

10/1/36,

Continuously

Callable

@100

...............................

4,250

4,285

50,358

Arkansas

(0.2%):

Arkansas

Development

Finance

Authority

Revenue

5.00%,

9/1/37,

Continuously

Callable

@100

...............................

1,300

1,389

5.00%,

9/1/38,

Continuously

Callable

@100

...............................

2,000

2,134

5.00%,

9/1/39,

Continuously

Callable

@100

...............................

1,000

1,055

4,578

California

(1.2%):

Burbank-Glendale-Pasadena

Airport

Authority

Brick

Campaign

Revenue

AMT

(INS

-

Assured

Guaranty

Municipal

Corp.)

Series

B,

4.13%,

7/1/41,

Continuously

Callable

@100

.........................

2,500

2,552

Series

B,

4.25%,

7/1/43,

Continuously

Callable

@100

.........................

3,000

3,044

California

Community

Choice

Financing

Authority

Revenue,

Series

B-1,

5.00%,

3/1/36,

Continuously

Callable

@100

...........................................

4,000

4,359

California

Health

Facilities

Financing

Authority

Revenue

Series

B,

5.00%,

11/15/38,

Continuously

Callable

@100

.......................

1,500

1,632

Series

B,

5.00%,

11/15/43,

Continuously

Callable

@100

.......................

1,500

1,592

California

School

Finance

Authority

Revenue

4.40%,

12/1/26(a)

..................................................

4,000

4,014

5.00%,

8/1/31,

Continuously

Callable

@100(a)

.............................

5.00%,

8/1/36,

Continuously

Callable

@100(a)

.............................

1,450

1,451

Series

A,

5.00%,

7/1/45,

Continuously

Callable

@100(a)

.......................

1,700

1,735

Cerritos

Community

College

District,

GO

Series

D,

8/1/27(d)

..................................................

1,000

975

Series

D,

8/1/28(d)

..................................................

1,000

958

City

of

Los

Angeles

Department

of

Airports

Revenue

AMT,

Series

A,

5.25%,

5/15/50,

Continuously

Callable

@100

...........................................

2,500

2,658

City

of

San

Diego

Tobacco

Settlement

Revenue

Funding

Corp.

Revenue,

Series

C,

4.00%,

6/1/32,

Continuously

Callable

@100

.....................................

Fresno

Joint

Powers

Financing

Authority

Revenue

(INS

-

Assured

Guaranty

Municipal

Corp.),

Series

A,

5.00%,

4/1/36,

Continuously

Callable

@100

.........................

San

Francisco

City

&

County

Airport

Comm-San

Francisco

International

Airport

Revenue

AMT,

Series

A,

5.25%,

5/1/49,

Continuously

Callable

@100

....................

1,000

1,069

The

El

Camino

Community

College

District

Foundation,

GO,

Series

C,

8/1/28(d)

.........

5,500

5,270

University

of

California

Revenue,

Series

AL-2,

0.70%,

5/15/48,

Callable

4/1/26

@

100(e)

...

1,960

1,960

34,380

Colorado

(1.5%):

Colorado

Educational

&

Cultural

Facilities

Authority

Revenue

4.25%,

7/1/43,

Continuously

Callable

@100

...............................

3,000

2,922

Series

A-1,

6.50%,

2/1/45,

Continuously

Callable

@100(a)

.....................

3,000

3,175

Colorado

Health

Facilities

Authority

Revenue

5.00%,

11/1/41,

Continuously

Callable

@100

...............................

2,500

2,715

Series

A,

4.00%,

8/1/38,

Continuously

Callable

@100

.........................

1,000

1,021

Series

A,

4.00%,

8/1/39,

Continuously

Callable

@100

.........................

1,250

1,275

Series

A,

4.00%,

11/1/39,

Continuously

Callable

@100

........................

3,500

3,502

Series

A,

4.00%,

12/1/40,

Continuously

Callable

@103

........................

2,000

1,982

Series

A,

5.25%,

5/15/48,

Continuously

Callable

@103

........................

1,000

1,026

Series

A,

4.00%,

8/1/49,

Continuously

Callable

@100

.........................

9,715

8,644

Series

A,

5.13%,

12/1/50,

Continuously

Callable

@103

........................

1,515

1,522

Colorado

State

University

Research

Foundation

Revenue,

Series

A,

5.25%,

3/1/45,

Continuously

Callable

@100(a)

.........................................

1,000

1,013

Denver

Health

&

Hospital

Authority

Revenue

Series

A,

5.00%,

12/1/34,

Continuously

Callable

@100(a)

......................

7,355

7,479

Series

A,

4.00%,

12/1/37,

Continuously

Callable

@100

........................

1,250

1,244

Series

A,

4.00%,

12/1/38,

Continuously

Callable

@100

........................

1,250

1,218

Series

A,

4.00%,

12/1/39,

Continuously

Callable

@100

........................

1,000

969

Gunnison

County

Housing

Authority

Revenue,

5.13%,

6/1/50,

Continuously

Callable

@100

.

2,000

2,066

41,773

Victory

Portfolios

III

#### Victory

#### Tax

#### Exempt

#### Intermediate-Term

#### Fund

Schedule

of

Portfolio

Investments

—

continued

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Connecticut

(1.6%):

City

of

Ansonia

Certificates

of

Participation,

4.75%,

12/1/45,

Continuously

Callable

@100

..

$

3,000

$

3,064

City

of

New

Haven,

GO,

Series

A,

5.50%,

8/1/36,

Continuously

Callable

@100

..........

1,810

1,913

City

of

West

Haven,

GO

Series

B,

5.00%,

11/1/32,

Continuously

Callable

@100

........................

Series

B,

5.00%,

11/1/37,

Continuously

Callable

@100

........................

Connecticut

Housing

Finance

Authority

Revenue,

Series

A-1,

4.65%,

11/15/51,

Continuously

Callable

@100

.....................................................

3,000

3,018

Connecticut

State

Health

&

Educational

Facilities

Authority

Revenue

5.00%,

7/1/32,

Continuously

Callable

@100

...............................

1,950

2,002

5.00%,

7/1/34,

Continuously

Callable

@100

...............................

725

742

5.00%,

7/1/35,

Continuously

Callable

@100

...............................

1,170

1,195

5.00%,

7/1/36,

Continuously

Callable

@100

...............................

1,125

1,148

5.00%,

7/1/37,

Continuously

Callable

@100

...............................

1,275

1,299

Series

A,

5.00%,

7/1/33,

Continuously

Callable

@100

.........................

2,000

2,100

Series

A,

4.00%,

7/1/38,

Continuously

Callable

@100

.........................

2,000

2,023

Series

A,

4.00%,

7/1/38,

Continuously

Callable

@100

.........................

7,000

7,009

Series

A,

4.00%,

7/1/39,

Continuously

Callable

@100

.........................

2,000

2,031

Series

A,

4.00%,

7/1/41,

Continuously

Callable

@100

.........................

1,000

1,001

Series

A,

5.00%,

7/1/44,

Continuously

Callable

@100

.........................

2,400

2,428

Harbor

Point

Infrastructure

Improvement

District

Tax

Allocation,

5.00%,

4/1/30,

Continuously

Callable

@100(a)

...................................................

7,000

7,164

Stamford

Housing

Authority

Revenue,

Series

C,

4.75%,

10/1/32

.....................

1,500

1,560

State

of

Connecticut,

GO,

Series

A,

4.00%,

4/15/37,

Continuously

Callable

@100

.........

1,825

1,868

The

Metropolitan

District,

GO,

4.00%,

7/15/37,

Continuously

Callable

@100

............

1,000

1,033

Town

of

Hamden,

GO

(INS

-

Build

America

Mutual

Assurance

Co.),

Series

A,

5.00%,

8/15/30,

Continuously

Callable

@100

...........................................

1,200

1,275

44,651

Delaware

(0.1%):

Delaware

State

Housing

Authority

Revenue

Series

A,

4.65%,

7/1/50,

Continuously

Callable

@100

.........................

Series

B,

5.00%,

7/1/50,

Continuously

Callable

@100

.........................

990

1,017

1,512

District

of

Columbia

(0.3%):

Deutsche

Bank

Spears/Lifers

Trust

Local

Revenue,

Series

8178,

1.40%,

5/1/30(a)(e)

.......

1,700

1,700

District

of

Columbia

Revenue

4.00%,

7/1/39,

Continuously

Callable

@100

...............................

1,000

999

5.00%,

7/1/39,

Continuously

Callable

@100

...............................

800

824

Metropolitan

Washington

Airports

Authority

Aviation

Revenue

AMT,

Series

A,

5.00%,

10/1/50,

Continuously

Callable

@100

...........................................

500

515

Metropolitan

Washington

Airports

Authority

Dulles

Toll

Road

Revenue

Series

B,

4.00%,

10/1/35,

Continuously

Callable

@100

........................

1,000

1,023

Series

B,

4.00%,

10/1/36,

Continuously

Callable

@100

........................

1,250

1,274

Series

B,

4.00%,

10/1/38,

Continuously

Callable

@100

........................

1,000

1,008

Washington

Convention

&

Sports

Authority

Revenue

Series

A,

4.00%,

10/1/38,

Continuously

Callable

@100

........................

1,250

1,272

Series

A,

4.00%,

10/1/39,

Continuously

Callable

@100

........................

500

508

Series

A,

4.00%,

10/1/40,

Continuously

Callable

@100

........................

750

758

9,881

Florida

(8.0%):

Alachua

County

Health

Facilities

Authority

Revenue,

4.00%,

10/1/40,

Continuously

Callable

@103

...........................................................

700

675

Capital

Projects

Finance

Authority

Revenue

5.00%,

11/1/42,

Continuously

Callable

@100

...............................

1,000

1,024

5.00%,

11/1/43,

Continuously

Callable

@100

...............................

1,000

1,014

Series

A-1,

5.00%,

6/1/49,

Continuously

Callable

@100(a)

.....................

750

701

Capital

Trust

Agency,

Inc.

Revenue,

6.00%,

5/1/43,

Continuously

Callable

@100(a)

.......

3,710

3,844

Capital

Trust

Authority

Revenue

Series

A,

4.75%,

12/1/42,

Continuously

Callable

@100

........................

500

512

Series

A,

5.00%,

12/15/44,

Continuously

Callable

@100

.......................

2,000

1,891

Series

A,

5.25%,

7/1/50,

Continuously

Callable

@100(a)

.......................

600

595

City

of

Cape

Coral

Water

&

Sewer

Revenue

4.00%,

10/1/35,

Continuously

Callable

@100

...............................

1,485

1,500

Victory

Portfolios

III

#### Victory

#### Tax

#### Exempt

#### Intermediate-Term

#### Fund

Schedule

of

Portfolio

Investments

—

continued

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) 4.00%,

10/1/36,

Continuously

Callable

@100

...............................

$

1,400

$

1,411

4.00%,

10/1/37,

Continuously

Callable

@100

...............................

3,000

3,019

City

of

Pompano

Beach

Revenue

3.50%,

9/1/35,

Continuously

Callable

@103

...............................

3,345

3,179

4.00%,

9/1/40,

Continuously

Callable

@103

...............................

2,500

2,344

Series

A,

4.00%,

9/1/36,

Continuously

Callable

@103

.........................

1,050

1,050

Series

A,

4.00%,

9/1/41,

Continuously

Callable

@103

.........................

1,215

1,157

City

of

Port

St.

Lucie

Special

Assessment

4.00%,

7/1/31,

Continuously

Callable

@100

...............................

3,195

3,209

4.00%,

7/1/32,

Continuously

Callable

@100

...............................

2,000

2,009

4.00%,

7/1/33,

Continuously

Callable

@100

...............................

2,785

2,797

City

of

Port

St.

Lucie

Utility

System

Revenue,

4.00%,

9/1/31,

Continuously

Callable

@100

..

1,000

1,007

City

of

Tampa

Revenue

Series

A,

9/1/36,

Continuously

Callable

@80(d)

.............................

700

Series

A,

9/1/37,

Continuously

Callable

@77(d)

.............................

700

Series

A,

9/1/38,

Continuously

Callable

@74(d)

.............................

850

534

Series

A,

9/1/39,

Continuously

Callable

@71(d)

.............................

700

Series

A,

9/1/40,

Continuously

Callable

@67(d)

.............................

850

Series

B,

4.00%,

7/1/38,

Continuously

Callable

@100

.........................

Series

B,

4.00%,

7/1/39,

Continuously

Callable

@100

.........................

700

712

Cityplace

Community

Development

District

Special

Assessment

(INS

-

Assured

Guaranty

Municipal

Corp.)

4.00%,

5/1/33

.....................................................

3,470

3,677

4.35%,

5/1/38,

Continuously

Callable

@100

...............................

7,900

8,480

County

of

Broward

Airport

System

Revenue

AMT

Series

A,

4.00%,

10/1/44,

Continuously

Callable

@100

........................

4,395

4,177

Series

A,

4.00%,

10/1/49,

Continuously

Callable

@100

........................

8,330

7,596

County

of

Broward

Port

Facilities

Revenue

AMT

Series

B,

4.00%,

9/1/44,

Continuously

Callable

@100

.........................

7,345

6,898

Series

B,

4.00%,

9/1/49,

Continuously

Callable

@100

.........................

5,380

4,748

County

of

Broward

Tourist

Development

Tax

Revenue

4.00%,

9/1/39,

Continuously

Callable

@100

...............................

7,000

7,221

4.00%,

9/1/40,

Continuously

Callable

@100

...............................

9,300

9,523

4.00%,

9/1/41,

Continuously

Callable

@100

...............................

6,975

7,096

County

of

Hillsborough

Solid

Waste

&

Resource

Recovery

Revenue

AMT,

Series

A,

5.25%,

9/1/50,

Continuously

Callable

@100

.....................................

2,000

2,088

County

of

Lee

Airport

Revenue,

5.00%,

10/1/33,

Continuously

Callable

@100

...........

4,000

4,005

County

of

Lee

Airport

Revenue

AMT,

5.25%,

10/1/49,

Continuously

Callable

@100

.......

3,800

3,980

County

of

Lee

Tourist

Development

Tax

Revenue

Series

B,

4.00%,

10/1/37,

Continuously

Callable

@100

........................

4,970

5,084

Series

B,

4.00%,

10/1/38,

Continuously

Callable

@100

........................

5,230

5,333

County

of

Miami-Dade

Aviation

Revenue

AMT,

Series

A,

5.25%,

10/1/50,

Continuously

Callable

@100

.....................................................

3,000

3,166

County

of

Miami-Dade

Water

&

Sewer

System

Revenue,

4.00%,

10/1/41,

Continuously

Callable

@100

.....................................................

County

of

Okaloosa

Revenue,

5.50%,

5/15/45,

Continuously

Callable

@103(a)

...........

1,000

1,048

County

of

Pasco

Revenue

(INS

-

Assured

Guaranty

Municipal

Corp.)

5.50%,

9/1/41,

Continuously

Callable

@100

...............................

750

839

5.50%,

9/1/42,

Continuously

Callable

@100

...............................

1,000

1,111

5.50%,

9/1/43,

Continuously

Callable

@100

...............................

750

831

Escambia

County

Health

Facilities

Authority

Revenue

5.00%,

8/15/35,

Continuously

Callable

@100

...............................

3,100

3,286

5.00%,

8/15/40,

Continuously

Callable

@100

...............................

2,900

3,007

Florida

Development

Finance

Corp.

Revenue

4.00%,

11/15/39,

Continuously

Callable

@100

..............................

5,260

5,358

5.00%,

2/1/40,

Continuously

Callable

@100

...............................

2,845

2,895

5.00%,

8/1/43,

Continuously

Callable

@100

...............................

1,500

1,605

5.00%,

8/1/44,

Continuously

Callable

@100

...............................

1,500

1,585

Series

A,

5.00%,

6/15/35,

Continuously

Callable

@100

........................

1,000

1,015

Series

A,

5.00%,

6/15/40,

Continuously

Callable

@100

........................

1,650

1,675

Series

A,

5.00%,

6/15/42,

Continuously

Callable

@100

........................

2,250

2,284

Series

A,

6.13%,

6/15/50,

Continuously

Callable

@101(a)

......................

1,000

1,008

Victory

Portfolios

III

#### Victory

#### Tax

#### Exempt

#### Intermediate-Term

#### Fund

Schedule

of

Portfolio

Investments

—

continued

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Florida

Higher

Educational

Facilities

Financing

Authority

Revenue

5.00%,

10/1/35,

Continuously

Callable

@100

...............................

$

1,250

$

1,311

5.00%,

10/1/36,

Continuously

Callable

@100

...............................

1,000

1,046

4.00%,

10/1/37,

Continuously

Callable

@100

...............................

1,000

1,000

4.00%,

10/1/38,

Continuously

Callable

@100

...............................

750

741

5.00%,

3/1/39,

Continuously

Callable

@100

...............................

7,055

5,920

4.00%,

10/1/39,

Continuously

Callable

@100

...............................

800

778

4.00%,

12/1/49,

Continuously

Callable

@100

...............................

1,000

912

Florida

Housing

Finance

Corp.

Revenue,

Series

3,

5.05%,

7/1/50,

Continuously

Callable

@100

825

845

Florida

Local

Government

Finance

Commission

Revenue

Series

B-2,

4.45%,

11/15/31,

Continuously

Callable

@100(a)

...................

1,500

1,519

Series

B-3,

4.20%,

11/15/30,

Continuously

Callable

@100(a)

...................

1,500

1,528

Greater

Orlando

Aviation

Authority

Revenue

AMT,

5.50%,

11/1/37,

Continuously

Callable

@100

...........................................................

1,000

1,089

Halifax

Hospital

Medical

Center

Revenue,

5.00%,

6/1/36,

Continuously

Callable

@100

....

2,750

2,761

Hillsborough

County

Aviation

Authority

Revenue

AMT,

Series

B,

5.50%,

10/1/49,

Continuously

Callable

@100

...........................................

1,000

1,069

Lee

County

IDA

Revenue

5.00%,

11/15/39,

Continuously

Callable

@103

..............................

1,500

1,542

Series

2019A-1,

4.00%,

4/1/37,

Continuously

Callable

@100

...................

5,000

5,069

Series

A,

5.25%,

11/15/44,

Continuously

Callable

@100

.......................

2,525

2,645

Miami-Dade

County

Expressway

Authority

Revenue

Series

A,

5.00%,

7/1/28,

Continuously

Callable

@100

.........................

10,000

10,019

Series

A,

5.00%,

7/1/29,

Continuously

Callable

@100

.........................

7,000

7,013

Series

A,

5.00%,

7/1/29,

Continuously

Callable

@100

.........................

1,000

1,002

Series

A,

5.00%,

7/1/30,

Continuously

Callable

@100

.........................

1,610

1,613

Series

A,

5.00%,

7/1/31,

Continuously

Callable

@100

.........................

1,255

1,257

Series

A,

5.00%,

7/1/32,

Continuously

Callable

@100

.........................

2,000

2,003

Series

A,

5.00%,

7/1/33,

Continuously

Callable

@100

.........................

2,000

2,003

Series

A,

5.00%,

7/1/34,

Continuously

Callable

@100

.........................

2,000

2,003

Series

B,

5.00%,

7/1/30,

Continuously

Callable

@100

.........................

2,000

2,004

Series

B,

5.00%,

7/1/31,

Continuously

Callable

@100

.........................

2,000

2,003

Miami-Dade

County

Housing

Finance

Authority

Revenue,

Series

A,

4.88%,

3/1/46

........

1,250

1,272

Northern

Palm

Beach

County

Improvement

District

Special

Assessment,

4.00%,

8/1/46,

Continuously

Callable

@100

...........................................

3,000

2,805

Palm

Beach

County

Educational

Facilities

Authority

Revenue,

4.00%,

10/1/41,

Continuously

Callable

@100

.....................................................

3,695

3,512

Palm

Beach

County

Health

Facilities

Authority

Revenue

4.00%,

8/15/49,

Continuously

Callable

@100

...............................

6,050

5,557

5.75%,

11/1/50,

Continuously

Callable

@100

...............................

1,000

1,057

Series

A,

5.00%,

11/1/39,

Continuously

Callable

@100

........................

1,150

1,209

Series

A,

5.00%,

11/1/42,

Continuously

Callable

@100

........................

850

874

Series

B,

4.00%,

11/15/41,

Continuously

Callable

@103

.......................

Series

B,

5.00%,

11/15/49,

Continuously

Callable

@103

.......................

3,000

3,025

Pinellas

County

IDA

Revenue,

5.00%,

7/1/29

...................................

600

613

228,085

Georgia

(2.1%):

Development

Authority

of

Appling

County

Revenue,

Series

GA,

1.05%,

9/1/41,

Continuously

Callable

@100(e)

...................................................

2,000

2,000

Gainesville

&

Hall

County

Development

Authority

Revenue,

5.63%,

6/1/50,

Continuously

Callable

@100

.....................................................

2,795

2,902

George

L

Smith

II

Congress

Center

Authority

Revenue,

4.00%,

1/1/36,

Continuously

Callable

@100

...........................................................

1,000

1,012

Georgia

Housing

&

Finance

Authority

Revenue

Series

A,

4.65%,

12/1/50,

Continuously

Callable

@100

........................

5,000

5,027

Series

C,

5.05%,

12/1/45,

Continuously

Callable

@100

........................

1,750

1,816

Series

C,

4.55%,

12/1/49,

Continuously

Callable

@100

........................

5,000

4,988

Series

E,

5.13%,

12/1/45,

Continuously

Callable

@100

........................

2,145

2,273

Glynn-Brunswick

Memorial

Hospital

Authority

Revenue

4.00%,

8/1/36,

Continuously

Callable

@100

...............................

1,840

1,843

4.00%,

8/1/37,

Continuously

Callable

@100

...............................

1,500

1,486

Main

Street

Natural

Gas,

Inc.

Revenue

Series

A,

5.00%,

5/15/37

.............................................

3,500

3,860

Victory

Portfolios

III

#### Victory

#### Tax

#### Exempt

#### Intermediate-Term

#### Fund

Schedule

of

Portfolio

Investments

—

continued

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Series

A,

5.00%,

5/15/38

.............................................

$

2,500

$

2,765

Series

D,

5.00%,

5/1/54,

(Put

Date

12/1/30)(b)

..............................

6,000

6,472

Series

E-2,

4.18%

(SOFR+170bps),

12/1/53,

(Put

Date

6/1/31)(b)(c)

..............

5,000

5,165

Savannah

Georgia

Convention

Center

Authority

Revenue,

Series

C,

5.50%,

6/1/50,

Continuously

Callable

@100

...........................................

Savannah

Hospital

Authority

Revenue,

Series

A,

4.00%,

7/1/39,

Continuously

Callable

@100

2,500

2,520

The

Burke

County

Development

Authority

Revenue,

2.20%,

10/1/32,

Continuously

Callable

@100

...........................................................

1,850

1,691

The

Development

Authority

of

Burke

County

Revenue,

Series

1,

1.10%,

7/1/49,

Continuously

Callable

@100(e)

...................................................

5,930

5,930

The

Development

Authority

of

Burke

County

Revenue

(NBGA

-

Southern

Co.),

Series

GA,

1.05%,

11/1/52,

Continuously

Callable

@100(e)

.............................

2,585

2,585

The

Development

Authority

of

Cobb

County

Revenue,

Series

A,

2.25%,

4/1/33

,

(Put

Date

10/1/29)(b)

.......................................................

4,975

4,782

59,386

Guam

(0.1%):

Territory

of

Guam

Revenue

Series

A,

5.00%,

12/1/30,

Continuously

Callable

@100

........................

1,500

1,514

Series

A,

5.00%,

12/1/31,

Continuously

Callable

@100

........................

2,000

2,017

3,531

Hawaii

(0.1%):

State

of

Hawaii

Airports

System

Revenue

AMT,

Series

C,

5.00%,

7/1/45,

Continuously

Callable

@100

.....................................................

2,500

2,639

Idaho

(0.6%):

Idaho

Health

Facilities

Authority

Revenue

Series

A,

5.00%,

3/1/35,

Continuously

Callable

@100

.........................

5,805

6,081

Series

A,

5.00%,

3/1/36,

Continuously

Callable

@100

.........................

7,520

7,873

Idaho

Housing

&

Finance

Association

Revenue

Series

A,

4.00%,

7/15/38,

Continuously

Callable

@100

........................

3,000

3,085

Series

C,

5.15%,

7/1/45,

Continuously

Callable

@100

.........................

750

786

17,825

Illinois

(13.2%):

Champaign

County

Community

Unit

School

District

No.

4,

GO

4.00%,

6/1/34,

Continuously

Callable

@100

...............................

1,000

1,044

4.00%,

6/1/35,

Continuously

Callable

@100

...............................

1,290

1,347

4.00%,

6/1/36,

Continuously

Callable

@100

...............................

1,575

1,641

Chicago

Board

of

Education

Dedicated

Capital

Improvement

Tax

Revenue,

5.50%,

4/1/43,

Continuously

Callable

@100

...........................................

5,000

5,360

Chicago

Board

of

Education,

GO

Series

A,

12/1/26(d)

.................................................

3,700

3,595

Series

A,

5.00%,

12/1/39,

Continuously

Callable

@100

........................

4,700

4,706

Series

A,

5.00%,

12/1/43,

Continuously

Callable

@100

........................

7,965

7,886

Series

A,

5.75%,

12/1/50,

Continuously

Callable

@100

........................

2,855

2,908

Series

B,

4.00%,

12/1/40,

Continuously

Callable

@100

........................

21,900

20,010

Series

B,

4.00%,

12/1/41,

Continuously

Callable

@100

........................

8,710

7,921

Series

B,

6.00%,

12/1/44,

Continuously

Callable

@100

........................

1,000

1,059

Series

C,

6.00%,

12/1/44,

Continuously

Callable

@100

........................

3,670

3,886

Chicago

O'Hare

International

Airport

Revenue

Series

A,

4.00%,

1/1/36,

Continuously

Callable

@100

.........................

2,000

2,066

Series

A,

4.00%,

1/1/38,

Continuously

Callable

@100

.........................

1,000

1,022

Chicago

O'Hare

International

Airport

Revenue

AMT

Series

A,

5.25%,

1/1/48,

Continuously

Callable

@100

.........................

12,500

13,095

Series

C,

5.25%,

1/1/45,

Continuously

Callable

@100

.........................

1,600

1,715

Series

E,

5.50%,

1/1/48,

Continuously

Callable

@100

.........................

3,000

3,223

Chicago

Park

District,

GO

Series

F-2,

4.00%,

1/1/34,

Continuously

Callable

@100

.......................

1,200

1,254

Series

F-2,

4.00%

,

1/1/36,

Continuously

Callable

@100

.......................

1,300

1,330

Series

F-2,

5.00%,

1/1/37,

Continuously

Callable

@100

.......................

2,000

2,153

Series

F-2,

4.00%,

1/1/38,

Continuously

Callable

@100

.......................

1,750

1,786

Series

F-2,

5.00%,

1/1/39,

Continuously

Callable

@100

.......................

1,500

1,599

Series

F-2,

5.00%,

1/1/40,

Continuously

Callable

@100

.......................

1,125

1,191

Chicago

Transit

Authority

Sales

Tax

Receipts

Fund

Revenue,

Series

A,

4.00%,

12/1/49,

Continuously

Callable

@100

...........................................

5,005

4,486

Victory

Portfolios

III

#### Victory

#### Tax

#### Exempt

#### Intermediate-Term

#### Fund

Schedule

of

Portfolio

Investments

—

continued

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Chicago

Transit

Authority

Sales

Tax

Receipts

Fund

Revenue

(INS

-

Build

America

Mutual

Assurance

Co.),

Series

A,

4.00%,

12/1/50,

Continuously

Callable

@100

............

$

6,385

$

5,886

City

of

Calumet

City,

GO

(INS

-

Assured

Guaranty

Municipal

Corp.),

Series

A,

4.50%,

3/1/43,

Continuously

Callable

@100

...........................................

1,000

1,009

City

of

Chicago

Lakeshore

East

Special

Assessment

3.04%,

12/1/28(a)

..................................................

3.20%,

12/1/29(a)

..................................................

3.29%,

12/1/30(a)

..................................................

3.38%,

12/1/31(a)

..................................................

3.45%,

12/1/32(a)

..................................................

City

of

Chicago

Wastewater

Transmission

Revenue,

Series

B,

5.00%,

1/1/35,

Continuously

Callable

@100

.....................................................

8,000

8,141

City

of

Chicago

Waterworks

Revenue,

5.00%,

11/1/36,

Continuously

Callable

@100

.......

2,665

2,740

City

of

Chicago

Waterworks

Revenue

(INS

-

Assured

Guaranty

Municipal

Corp.)

5.25%,

11/1/34,

Continuously

Callable

@100

...............................

2,105

2,184

5.25%,

11/1/35,

Continuously

Callable

@100

...............................

1,635

1,691

City

of

Chicago,

GO

Series

A,

.00%,

1/1/45,

Continuously

Callable

@100

.........................

3,800

3,814

Series

A,

5.50%,

1/1/49,

Continuously

Callable

@100

.........................

605

609

Series

A,

6.00%,

1/1/50,

Continuously

Callable

@100

.........................

3,330

3,496

Series

F,

6.00%,

1/1/50,

Continuously

Callable

@100

.........................

1,000

1,049

City

of

Galesburg

Revenue

Series

A,

4.00%,

10/1/36,

Continuously

Callable

@100

........................

1,125

1,085

Series

A,

4.00%,

10/1/41,

Continuously

Callable

@100

........................

1,475

1,316

City

of

Springfield,

GO,

5.00%,

12/1/30,

Continuously

Callable

@100

.................

8,500

8,515

Cook

County

Community

College

District

No.

508,

GO,

5.00%,

12/1/43,

Continuously

Callable

@100

.....................................................

1,650

1,760

County

of

Cook

Sales

Tax

Revenue

4.00%,

11/15/34,

Continuously

Callable

@100

..............................

3,750

3,832

5.00%,

11/15/36,

Continuously

Callable

@100

..............................

5,000

5,157

Illinois

Educational

Facilities

Authority

Revenue

3.90%,

11/1/36,

Continuously

Callable

@102

...............................

2,220

2,276

4.00%,

11/1/36,

Continuously

Callable

@102

...............................

9,750

10,049

4.45%,

11/1/36,

Continuously

Callable

@102

...............................

4,500

4,596

Illinois

Finance

Authority

Revenue

0.00%,

2/15/27(f)

...................................................

6,822

0.00%,

5/15/31,

Continuously

Callable

@100(f)

.............................

565

5.00%,

12/1/34,

Continuously

Callable

@100

...............................

3,500

3,520

5.00%,

10/1/35,

Continuously

Callable

@100

...............................

600

649

4.00%,

12/1/35,

Continuously

Callable

@100

...............................

5,000

5,016

0.00%,

5/15/36,

Continuously

Callable

@100(f)

.............................

4.00%,

12/1/36,

Continuously

Callable

@100

...............................

3,000

3,010

5.00%,

10/1/37,

Continuously

Callable

@100

...............................

700

751

2.45%,

10/1/39,

(Put

Date

10/1/29)(b)

....................................

14,000

13,698

5.00%,

10/1/39,

Continuously

Callable

@100

...............................

700

747

.00%,

10/1/40,

Continuously

Callable

@100

...............................

1,000

975

5.75%,

10/1/45,

Continuously

Callable

@100(a)

.............................

2,235

2,239

Series

2026-A,

5.38%,

11/1/50,

Continuously

Callable

@103

...................

1,000

1,008

Series

A,

4.00%,

5/15/27

.............................................

1,270

1,278

Series

A,

5.00%,

5/15/30,

Continuously

Callable

@100

........................

1,000

1,001

Series

A,

4.00%,

10/1/31,

Continuously

Callable

@100

........................

1,000

1,006

Series

A,

4.00%,

10/1/32,

Continuously

Callable

@100

........................

1,000

1,006

Series

A,

4.00%,

10/1/34,

Continuously

Callable

@100

........................

1,000

1,005

Series

A,

5.00%,

11/15/34,

Continuously

Callable

@100

.......................

3,700

3,714

Series

A,

5.00%,

5/15/35,

Continuously

Callable

@100

........................

1,100

1,101

Series

A,

5.00%,

11/15/35,

Continuously

Callable

@100

.......................

3,000

3,004

Series

A,

5.00%,

2/15/37,

Continuously

Callable

@100

........................

1,000

1,017

Series

A,

4.00%,

8/1/39,

Continuously

Callable

@100

.........................

1,850

1,809

Series

A,

4.00%,

8/1/40,

Continuously

Callable

@100

.........................

3,780

3,642

Series

A,

4.00%,

8/1/41,

Continuously

Callable

@100

.........................

1,935

1,834

Series

A,

4.00%,

8/1/43,

Continuously

Callable

@100

.........................

2,105

1,927

Series

A,

4.00%,

7/15/47,

Continuously

Callable

@100

........................

6,500

5,898

Series

B,

5.00%,

10/1/44,

Continuously

Callable

@100(a)

......................

750

751

Victory

Portfolios

III

#### Victory

#### Tax

#### Exempt

#### Intermediate-Term

#### Fund

Schedule

of

Portfolio

Investments

—

continued

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Series

C,

4.00%,

2/15/36,

Continuously

Callable

@100

........................

$

3,640

$

3,659

Series

R,

5.40%,

4/1/27,

Continuously

Callable

@100

.........................

760

761

Illinois

Housing

Development

Authority

Revenue

Series

A,

4.88%,

4/1/50,

Continuously

Callable

@100

.........................

2,000

2,022

Series

A,

4.90%,

4/1/51,

Continuously

Callable

@100

.........................

2,405

2,435

Series

I,

4.63%,

4/1/50,

Continuously

Callable

@100

.........................

3,000

2,986

Illinois

State

Toll

Highway

Authority

Revenue

Series

A,

5.00%,

1/1/34,

Continuously

Callable

@100

.........................

5,870

5,883

Series

A,

5.00%,

1/1/35,

Continuously

Callable

@100

.........................

5,600

5,613

Madison

County

Community

Unit

School

District

No.

7,

GO

(INS

-

Build

America

Mutual

Assurance

Co.)

5.00%,

12/1/28,

Continuously

Callable

@100

...............................

1,210

1,212

5.00%,

12/1/29,

Continuously

Callable

@100

...............................

1,250

1,252

Madison-Macoupin

Etc

Counties

Community

College

District

No.

536,

GO

(INS

-

Assured

Guaranty

Municipal

Corp.)

Series

A,

5.00%,

11/1/31,

Continuously

Callable

@100

........................

1,000

1,012

Series

A,

5.00%,

11/1/32,

Continuously

Callable

@100

........................

2,000

2,024

Series

A,

5.00%,

11/1/33,

Continuously

Callable

@100

........................

750

758

Metropolitan

Pier

&

Exposition

Authority

Revenue

5.00%,

6/15/42,

Continuously

Callable

@100

...............................

2,000

2,080

4.00%,

12/15/42,

Continuously

Callable

@100

..............................

8,000

7,837

Metropolitan

Pier

&

Exposition

Authority

Revenue

(INS

-

Assured

Guaranty

Municipal

Corp.),

Series

B,

6/15/26(d)

.................................................

5,000

4,957

Northern

Illinois

Municipal

Power

Agency

Revenue

Series

A,

4.00%,

12/1/31,

Continuously

Callable

@100

........................

1,800

1,818

Series

A,

4.00%,

12/1/32,

Continuously

Callable

@100

........................

2,100

2,117

Series

A,

4.00%,

12/1/33,

Continuously

Callable

@100

........................

4,000

4,029

Series

A,

4.00%,

12/1/35,

Continuously

Callable

@100

........................

5,000

5,033

Northern

Illinois

University

Certificates

of

Participation,

4.25%,

4/1/44,

Continuously

Callable

@100

...........................................................

1,000

969

Northern

Illinois

University

Revenue

(INS

-

Build

America

Mutual

Assurance

Co.)

4.00%,

10/1/43,

Continuously

Callable

@100

...............................

1,300

1,252

Series

B,

4.00%,

4/1/35,

Continuously

Callable

@100

.........................

1,200

1,239

Series

B,

4.00%,

4/1/39,

Continuously

Callable

@100

.........................

1,375

1,382

Regional

Transportation

Authority

Revenue

Series

A,

4.00%,

7/1/34,

Continuously

Callable

@100

.........................

23,160

23,620

Series

A,

4.00%,

7/1/35,

Continuously

Callable

@100

.........................

11,650

11,881

Sales

Tax

Securitization

Corp.

Revenue

Series

A,

4.00%,

1/1/38,

Continuously

Callable

@100

.........................

5,060

5,132

Series

A,

4.00%,

1/1/39,

Continuously

Callable

@100

.........................

1,750

1,775

State

of

Illinois,

GO,

Series

B,

5.25%,

5/1/43,

Continuously

Callable

@100

.............

2,500

2,669

The

Board

of

Trustees

of

the

University

of

Illinois

Revenue,

Series

A,

4.00%,

4/1/33,

Continuously

Callable

@100

...........................................

12,475

12,489

The

Illinois

Sports

Facilities

Authority

Revenue,

5.00%,

6/15/30,

Continuously

Callable

@100

1,025

1,078

The

Illinois

Sports

Facilities

Authority

Revenue

(INS

-

Assured

Guaranty

Corp.)

5.25%,

6/15/30,

Continuously

Callable

@100

...............................

3,000

3,005

5.25%,

6/15/31,

Continuously

Callable

@100

...............................

5,000

5,064

5.25%,

6/15/32,

Continuously

Callable

@100

...............................

5,000

5,056

Village

of

Bolingbrook,

GO

(INS

-

Assured

Guaranty

Municipal

Corp.)

Series

A,

5.00%,

1/1/30,

Continuously

Callable

@100

.........................

1,500

1,555

Series

A,

5.00%,

1/1/31,

Continuously

Callable

@100

.........................

2,400

2,484

Series

A,

5.00%,

1/1/32,

Continuously

Callable

@100

.........................

2,350

2,429

Series

A,

5.00%,

1/1/38,

Continuously

Callable

@100

.........................

1,500

1,546

Village

of

Rosemont,

GO

(INS

-

Assured

Guaranty

Municipal

Corp.),

Series

A,

5.00%,

12/1/26

2,110

2,149

Volo

Village

Special

Service

Area

No.

&

Special

Tax

(INS

-

Assured

Guaranty

Municipal

Corp.),

4.00%,

3/1/36,

Continuously

Callable

@100

..........................

1,250

1,251

Will

County

Community

High

School

District

No.

Lincoln-Way,

GO

(INS

-

Assured

Guaranty

Municipal

Corp.),

4.00%,

1/1/34,

Continuously

Callable

@100

...........

650

670

375,102

Indiana

(3.3%):

Hammond

Multi-School

Building

Corp.

Revenue

5.00%,

7/15/33,

Continuously

Callable

@100

...............................

1,165

1,209

5.00%,

7/15/34,

Continuously

Callable

@100

...............................

1,000

1,036

Victory

Portfolios

III

#### Victory

#### Tax

#### Exempt

#### Intermediate-Term

#### Fund

Schedule

of

Portfolio

Investments

—

continued

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) 5.00%,

7/15/35,

Continuously

Callable

@100

...............................

$

1,250

$

1,293

5.00%,

7/15/38,

Continuously

Callable

@100

...............................

3,000

3,100

Indiana

Bond

Bank

Revenue

1/15/30,

Continuously

Callable

@97(d)

...................................

740

640

7/15/30,

Continuously

Callable

@96(d)

...................................

750

636

7/15/31,

Continuously

Callable

@93(d)

...................................

1,490

1,213

7/15/32,

Continuously

Callable

@91(d)

...................................

1,400

1,092

Indiana

Finance

Authority

Revenue

1.40%,

8/1/29,

Continuously

Callable

@100

...............................

7,000

6,527

5.00%,

9/1/30,

Continuously

Callable

@100

...............................

1,250

1,264

5.00%,

9/1/31,

Continuously

Callable

@100

...............................

1,500

1,517

5.00%,

11/15/33,

Continuously

Callable

@103

..............................

2,000

2,061

4.00%,

4/1/35,

Continuously

Callable

@100

...............................

1,210

1,209

4.00%,

4/1/36,

Continuously

Callable

@100

...............................

1,255

1,255

4.00%,

7/1/36,

Continuously

Callable

@100

...............................

3,660

3,679

4.00%,

4/1/37,

Continuously

Callable

@100

...............................

1,310

1,293

4.00%,

4/1/38,

Continuously

Callable

@100

...............................

2,045

1,998

4.00%,

7/1/38,

Continuously

Callable

@100

...............................

4,030

4,009

5.00%

,

11/15/38,

Continuously

Callable

@103

..............................

3,000

3,049

4.00%,

4/1/39,

Continuously

Callable

@100

...............................

1,625

1,570

4.00%,

7/1/39,

Continuously

Callable

@100

...............................

3,605

3,586

4.00%,

4/1/40,

Continuously

Callable

@100

...............................

2,215

2,110

4.00%,

4/1/41,

Continuously

Callable

@100

...............................

2,305

2,121

4.00%,

4/1/42,

Continuously

Callable

@100

...............................

2,400

2,194

4.25%,

3/1/49,

Continuously

Callable

@100

...............................

1,625

1,508

Series

A,

5.00%,

7/1/40,

Continuously

Callable

@100

.........................

2,240

2,363

Series

A,

4.00%,

11/15/41,

Continuously

Callable

@103

.......................

8,400

8,143

Series

A,

5.00%,

7/1/42,

Continuously

Callable

@100

.........................

11,240

11,649

Series

A,

5.00%,

6/1/43,

Continuously

Callable

@100

.........................

855

892

Series

A,

4.00%,

11/15/43,

Continuously

Callable

@100

.......................

1,505

1,372

Series

A,

4.25%,

7/1/44,

Continuously

Callable

@100

.........................

1,965

1,868

Indiana

Housing

&

Community

Development

Authority

Revenue

Series

A-1,

4.65%,

7/1/50,

Continuously

Callable

@100

.......................

2,500

2,475

Series

B-1,

5.00%,

7/1/50,

Continuously

Callable

@100

.......................

1,500

1,531

Series

D-1,

4.70%,

7/1/49,

Continuously

Callable

@100

.......................

1,500

1,497

Richmond

Hospital

Authority

Revenue,

Series

A,

5.00%,

1/1/35,

Continuously

Callable

@100

6,500

6,506

Terre

Haute

Sanitary

District

Revenue,

4.38%,

1/1/49,

Continuously

Callable

@100

.......

5,000

4,785

94,250

Iowa

(0.9%):

Iowa

Finance

Authority

Revenue

Series

A,

4.70%,

7/1/50,

Continuously

Callable

@100

.........................

3,000

3,013

Series

E,

4.00%,

8/15/35,

Continuously

Callable

@100

........................

5,425

5,428

Series

E,

4.00%,

8/15/36,

Continuously

Callable

@100

........................

15,105

15,111

Iowa

Higher

Education

Loan

Authority

Revenue,

4.75%,

10/1/42,

Continuously

Callable

@100

1,500

1,522

Iowa

Tobacco

Settlement

Authority

Revenue

Series

A-2,

4.00%,

6/1/38,

Continuously

Callable

@100

.......................

Series

A-2,

4.00%,

6/1/39,

Continuously

Callable

@100

.......................

Series

A-2,

4.00%,

6/1/40,

Continuously

Callable

@100

.......................

25,846

Kansas

(0.1%):

City

of

Manhattan

Revenue,

Series

A,

4.00%,

6/1/36,

Continuously

Callable

@103

........

1,640

1,550

Kentucky

(1.9%):

City

of

Ashland

Revenue

4.00%,

2/1/35,

Continuously

Callable

@100

...............................

4.00%,

2/1/37,

Continuously

Callable

@100

...............................

1,115

1,129

Series

A,

4.00%,

2/1/36,

Continuously

Callable

@100

.........................

2,410

2,411

County

of

Trimble

Revenue,

3.75%,

6/1/33,

Continuously

Callable

@100

...............

15,000

15,161

Kenton

County

Airport

Board

Revenue

AMT,

Series

A,

5.25%,

1/1/49,

Continuously

Callable

@100

...........................................................

5,000

5,181

Kentucky

Economic

Development

Finance

Authority

Revenue

Series

A,

5.00%,

5/15/26

.............................................

1,485

1,484

Series

A,

5.00%,

5/15/31,

Continuously

Callable

@100

........................

3,205

3,139

Series

B,

5.00%,

8/15/41,

Continuously

Callable

@100

........................

Victory

Portfolios

III

#### Victory

#### Tax

#### Exempt

#### Intermediate-Term

#### Fund

Schedule

of

Portfolio

Investments

—

continued

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Kentucky

Municipal

Power

Agency

Revenue,

Series

A,

3.45%,

9/1/42,

(Put

Date

3/1/26)

....

$

7,000

$

7,000

Kentucky

Public

Energy

Authority

Revenue

Series

A-2,

3.68%

(SOFR+120bps),

8/1/52

,

(Put

Date

8/1/30)(b)(c)

...............

7,500

7,520

Series

B,

5.00%,

12/1/33,

Continuously

Callable

@100

........................

1,815

1,933

Series

C,

5.00%,

5/1/36,

Continuously

Callable

@100

.........................

5,000

5,498

Kentucky

State

Property

&

Building

Commission

Revenue

Series

A,

4.00%,

11/1/36,

Continuously

Callable

@100

........................

2,000

2,069

Series

A,

4.00%,

11/1/38,

Continuously

Callable

@100

........................

500

511

54,011

Louisiana

(2.9%):

City

of

Shreveport

Water

&

Sewer

Revenue

(INS

-

Build

America

Mutual

Assurance

Co.)

Series

C,

5.00%,

12/1/30,

Continuously

Callable

@100

........................

1,000

1,046

Series

C,

5.00%,

12/1/31,

Continuously

Callable

@100

........................

2,000

2,090

Louisiana

Housing

Corp.

Revenue,

Series

A,

4.60%,

12/1/50,

Continuously

Callable

@100

..

1,000

999

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority

Revenue,

3.50%,

11/1/32,

Continuously

Callable

@100

.......................

10,000

10,000

Louisiana

Public

Facilities

Authority

Revenue

5.00%,

7/1/33,

Continuously

Callable

@100

...............................

8,940

8,948

5.00%,

5/15/34,

Continuously

Callable

@100

...............................

2,975

3,037

5.00%,

5/15/34,

Pre-refunded

5/15/26

@

...............................

5.00%,

7/1/34,

Continuously

Callable

@100

...............................

13,465

13,476

4.00%,

5/15/35,

Pre-refunded

5/15/26

@

...............................

4.00%,

5/15/35,

Continuously

Callable

@100

...............................

3,465

3,472

5.00%,

5/15/35,

Continuously

Callable

@100

...............................

2,000

2,035

4.00%,

5/15/36,

Pre-refunded

5/15/26

@

...............................

4.00%

,

5/15/36,

Continuously

Callable

@100

...............................

1,485

1,489

5.00%,

5/15/36,

Continuously

Callable

@100

...............................

1,560

1,584

5.00%,

10/1/43,

Continuously

Callable

@100

...............................

640

649

5.25%,

10/1/48,

Continuously

Callable

@100

...............................

1,195

1,205

Series

A,

4.00%,

12/15/32,

Continuously

Callable

@100

.......................

2,430

2,455

Series

A,

4.00%,

12/15/32,

Pre-refunded

12/15/26

@

......................

Series

A,

4.00%,

12/15/33,

Continuously

Callable

@100

.......................

3,095

3,119

Series

A,

5.25%,

5/15/50,

Continuously

Callable

@100

........................

2,000

2,101

Louisiana

State

University

&

Agricultural

&

Mechanical

College

Revenue

Series

A,

4.00%,

7/1/31,

Continuously

Callable

@100

.........................

1,000

1,004

Series

A,

4.00%,

7/1/32,

Continuously

Callable

@100

.........................

1,000

1,004

Series

A,

4.00%,

7/1/33,

Continuously

Callable

@100

.........................

1,000

1,004

New

Orleans

Aviation

Board

Revenue

(INS

-

Assured

Guaranty

Municipal

Corp.),

5.00%,

10/1/37,

Continuously

Callable

@100

....................................

2,000

2,111

New

Orleans

Aviation

Board

Revenue

AMT,

Series

C-2,

5.25%,

1/1/49,

Continuously

Callable

@100

...........................................................

3,000

3,118

Port

New

Orleans

Board

of

Commissioners

Revenue

AMT,

Series

B,

5.50%,

4/1/51,

Continuously

Callable

@100

...........................................

2,500

2,647

St.

John

the

Baptist

Parish

School

District

No.

1,

GO,

5.25%,

3/1/43,

Continuously

Callable

@100

...........................................................

5,000

5,393

Tangipahoa

Parish

Hospital

Service

District

No.

Revenue

4.00%,

2/1/38,

Continuously

Callable

@100

...............................

2,375

2,401

.00%,

2/1/39,

Continuously

Callable

@100

...............................

2,330

2,347

4.00%,

2/1/41,

Continuously

Callable

@100

...............................

1,500

1,491

4.00%,

2/1/42,

Continuously

Callable

@100

...............................

1,500

1,469

82,079

Maine

(0.2%):

Maine

State

Housing

Authority

Revenue

Series

A,

4.65%,

11/15/50,

Continuously

Callable

@100

.......................

2,500

2,489

Series

C,

5.10%,

11/15/45,

Continuously

Callable

@100

.......................

2,000

2,088

4,577

Maryland

(1.9%):

City

of

Gaithersburg

Revenue

Series

A,

5.00%,

1/1/33,

Continuously

Callable

@102

.........................

3,000

3,063

Series

A,

5.00%,

1/1/36,

Continuously

Callable

@102

.........................

1,000

1,021

Howard

County

Housing

Commission

Revenue,

Series

A,

1.60%,

6/1/29,

Continuously

Callable

@100

.....................................................

3,000

2,852

Victory

Portfolios

III

#### Victory

#### Tax

#### Exempt

#### Intermediate-Term

#### Fund

Schedule

of

Portfolio

Investments

—

continued

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Maryland

Economic

Development

Corp.

Revenue

5.00%,

10/1/50,

Continuously

Callable

@100

...............................

$

4,000

$

4,146

Series

A,

5.00%,

6/1/30,

Continuously

Callable

@100

.........................

1,250

1,317

Series

A,

5.00%,

6/1/31,

Continuously

Callable

@100

.........................

1,000

1,052

Series

A,

5.00%,

6/1/32,

Continuously

Callable

@100

.........................

1,000

1,050

Series

A,

5.00%,

6/1/35,

Continuously

Callable

@100

.........................

2,000

2,077

Maryland

Health

&

Higher

Educational

Facilities

Authority

Revenue

5.00%,

7/1/31,

Continuously

Callable

@100

...............................

3,190

3,272

5.00%,

7/1/32,

Continuously

Callable

@100

...............................

6,505

6,668

5.00%,

7/1/34,

Continuously

Callable

@100

...............................

2,500

2,556

4.00%,

1/1/38,

Continuously

Callable

@100

...............................

865

847

4.00%,

7/1/38,

Continuously

Callable

@100

...............................

1,500

1,521

4.00%,

7/1/39,

Continuously

Callable

@100

...............................

1,585

1,596

4.00%,

7/1/40,

Continuously

Callable

@100

...............................

1,645

1,646

5.25%,

7/1/50,

Continuously

Callable

@100

...............................

2,000

2,109

Series

A,

5.50%,

1/1/29,

Continuously

Callable

@100

.........................

1,415

1,442

Series

A,

5.50%,

1/1/30,

Continuously

Callable

@100

.........................

1,750

1,782

Series

A,

5.50%,

1/1/31,

Continuously

Callable

@100

.........................

1,585

1,622

Series

A,

5.00%,

7/1/33,

Continuously

Callable

@100

.........................

1,000

1,006

Series

A,

5.00%,

7/1/34,

Continuously

Callable

@100

.........................

1,000

1,006

Series

A,

5.00%,

7/1/35,

Continuously

Callable

@100

.........................

1,310

1,318

Series

A,

5.50%,

1/1/36,

Continuously

Callable

@100

.........................

5,000

5,063

Series

A,

5.00%,

7/1/36,

Continuously

Callable

@100

.........................

1,000

1,005

State

of

Maryland

Department

of

Transportation

Revenue

AMT,

Series

A,

5.25%,

8/1/49,

Continuously

Callable

@100

...........................................

2,000

2,093

53,130

Massachusetts

(1.8%):

Massachusetts

Development

Finance

Agency

Revenue

5.00%,

7/1/32,

Continuously

Callable

@100

...............................

1,250

1,264

5.00%,

4/15/33,

Continuously

Callable

@100

...............................

2,155

2,156

5.00%,

7/1/33,

Continuously

Callable

@100

...............................

1,250

1,264

5.00%,

7/1/34,

Continuously

Callable

@100

...............................

1,000

1,009

5.00%,

7/1/36,

Continuously

Callable

@100

...............................

895

918

5.00%,

7/1/37,

Continuously

Callable

@100

...............................

1,215

1,247

5.00%,

7/1/37,

Continuously

Callable

@100

...............................

800

854

5.00%,

10/1/37,

Continuously

Callable

@102(a)

.............................

1,000

1,007

5.00%,

7/1/38,

Continuously

Callable

@100

...............................

600

641

5.00%,

7/1/38,

Continuously

Callable

@100

...............................

4.00%,

9/1/41,

Continuously

Callable

@100

...............................

1,010

985

6.00%,

9/1/45,

Continuously

Callable

@100

...............................

500

551

5.25%,

7/1/50,

Continuously

Callable

@103

...............................

1,000

1,017

6.00%,

7/1/50,

Continuously

Callable

@100

...............................

1,120

1,194

6.00%,

9/1/50,

Continuously

Callable

@100

...............................

500

536

Series

A,

5.00%,

1/1/31,

Continuously

Callable

@100

.........................

Series

A,

5.00%,

1/1/32,

Continuously

Callable

@100

.........................

645

652

Series

A,

5.00%,

1/1/33,

Continuously

Callable

@100

.........................

535

540

Series

A,

5.00%,

1/1/34,

Continuously

Callable

@100

.........................

700

706

Series

A,

5.00%,

1/1/35,

Continuously

Callable

@100

.........................

735

741

Series

A,

5.00%,

1/1/36,

Continuously

Callable

@100

.........................

1,000

1,007

Series

A,

5.00%,

7/1/36,

Continuously

Callable

@100

.........................

2,000

2,045

Series

A,

5.00%,

7/1/38,

Continuously

Callable

@100

.........................

1,000

1,023

Series

A,

5.00%,

7/1/39,

Continuously

Callable

@100

.........................

2,250

2,281

Series

A,

5.00%,

7/1/44,

Continuously

Callable

@100(a)

.......................

1,000

1,009

Series

A,

6.00%,

10/1/49,

Continuously

Callable

@100

........................

1,275

1,379

Series

A,

5.50%,

8/15/50,

Continuously

Callable

@100

........................

1,000

1,049

Series

B,

4.00%,

6/1/35,

Continuously

Callable

@100

.........................

2,300

2,169

Series

B,

4.00%,

6/1/41,

Continuously

Callable

@100

.........................

2,750

2,377

Series

E,

5.00%,

7/1/36,

Continuously

Callable

@100

.........................

2,105

2,112

Series

F,

5.50%,

10/1/45,

Continuously

Callable

@100

........................

1,000

1,062

Series

I,

5.00%,

7/1/30,

Continuously

Callable

@100

.........................

2,000

2,012

Series

I,

5.00%,

7/1/31,

Continuously

Callable

@100

.........................

1,675

1,687

Series

J2,

5.00%,

7/1/43,

Continuously

Callable

@100

........................

10,000

10,252

Victory

Portfolios

III

#### Victory

#### Tax

#### Exempt

#### Intermediate-Term

#### Fund

Schedule

of

Portfolio

Investments

—

continued

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Massachusetts

Housing

Finance

Agency

Revenue,

Series

242,

4.75%,

12/1/50,

Continuously

Callable

@100

.....................................................

$

2,000

$

2,021

51,565

Michigan

(2.4%):

Flint

Hospital

Building

Authority

Revenue

4.00%,

7/1/32,

Continuously

Callable

@100

...............................

2,525

2,595

4.00%,

7/1/33,

Continuously

Callable

@100

...............................

2,620

2,681

4.00%,

7/1/34,

Continuously

Callable

@100

...............................

2,730

2,784

4.00%,

7/1/35,

Continuously

Callable

@100

...............................

1,635

1,658

4.00%

,

7/1/38,

Continuously

Callable

@100

...............................

1,855

1,836

Great

Lakes

Water

Authority

Water

Supply

System

Revenue,

Series

D,

4.00%,

7/1/32,

Continuously

Callable

@100

...........................................

13,560

13,622

Livonia

Public

Schools,

GO

(INS

-

Assured

Guaranty

Municipal

Corp.)

5.00%,

5/1/32,

Continuously

Callable

@100

...............................

2,775

2,787

5.00%,

5/1/33,

Continuously

Callable

@100

...............................

2,875

2,887

5.00%,

5/1/34,

Continuously

Callable

@100

...............................

2,965

2,978

5.00%,

5/1/35,

Continuously

Callable

@100

...............................

3,065

3,078

5.00%,

5/1/36,

Continuously

Callable

@100

...............................

2,770

2,782

Michigan

Finance

Authority

Revenue

5.00%,

11/1/34,

Continuously

Callable

@100

...............................

1,000

1,060

5.00%,

11/1/35,

Continuously

Callable

@100

...............................

1,000

1,059

4.00%,

11/15/35,

Continuously

Callable

@100

..............................

6,000

6,035

5.00%,

11/1/36,

Continuously

Callable

@100

...............................

1,000

1,059

.00%,

11/15/36,

Continuously

Callable

@100

..............................

1,000

1,002

5.00%,

11/1/37,

Continuously

Callable

@100

...............................

1,250

1,324

4.00%,

12/1/41,

Continuously

Callable

@100

...............................

2,125

1,251

5.38%,

11/1/43,

Continuously

Callable

@100

...............................

3,530

3,684

Michigan

State

Housing

Development

Authority

Revenue

Series

A,

4.95%,

12/1/50,

Continuously

Callable

@100

........................

2,000

2,016

Series

A-1,

5.15%,

10/1/45,

Continuously

Callable

@100

......................

2,000

2,115

Series

C,

5.00%,

6/1/46,

Continuously

Callable

@100

.........................

1,500

1,536

Series

D,

4.45%,

12/1/49,

Continuously

Callable

@100

........................

3,500

3,314

Summit

Academy

North

Revenue,

4.00%,

11/1/41,

Continuously

Callable

@103

.........

2,870

2,507

67,650

Minnesota

(0.3%):

City

of

Minneapolis

Revenue,

Series

A,

5.00%,

11/15/36,

Continuously

Callable

@100

.....

5,000

5,185

Minneapolis-St.

Paul

Metropolitan

Airports

Commission

Revenue

AMT,

Series

B,

5.25%,

1/1/44,

Continuously

Callable

@100

.....................................

3,000

3,265

8,450

Mississippi

(0.9%):

Mississippi

Business

Finance

Corp.

Revenue,

3.20%,

9/1/28,

Continuously

Callable

@100

..

6,000

6,004

Mississippi

Business

Finance

Corp.

Revenue

AMT,

Series

A,

4.38%,

2/1/48,

(Put

Date

8/2/27)

(a)(b) ...........................................................

2,750

2,766

Mississippi

Development

Bank

Revenue

(INS

-

Assured

Guaranty

Municipal

Corp.),

5.00%,

9/1/30,

Continuously

Callable

@100

.....................................

3,995

4,024

Mississippi

Home

Corp.

Revenue,

Series

A,

4.90%,

12/1/50,

Continuously

Callable

@100

...

3,000

3,061

Mississippi

Hospital

Equipment

&

Facilities

Authority

Revenue

Series

A,

4.00%,

1/1/36,

Continuously

Callable

@100

.........................

2,240

2,303

Series

A,

4.00%,

1/1/37,

Continuously

Callable

@100

.........................

2,260

2,306

Series

A,

4.00%,

1/1/39,

Continuously

Callable

@100

.........................

1,850

1,871

Series

A,

4.00%,

1/1/40,

Continuously

Callable

@100

.........................

2,675

2,693

25,028

Missouri

(1.7%):

Cape

Girardeau

County

IDA

Revenue

5.00%,

3/1/32,

Continuously

Callable

@100

...............................

500

510

5.00%,

3/1/36,

Continuously

Callable

@100

...............................

750

762

4.00%,

3/1/41,

Continuously

Callable

@100

...............................

750

756

Series

A,

6.00%,

3/1/33,

Continuously

Callable

@100

.........................

1,620

1,623

Health

&

Educational

Facilities

Authority

of

the

State

of

Missouri

Revenue

0.00%,

5/15/32,

Continuously

Callable

@103(f)

.............................

0.00%,

5/15/36,

Continuously

Callable

@103(f)

.............................

1,377

Series

A,

5.00%,

2/1/29,

Continuously

Callable

@102

.........................

800

817

Series

A,

5.00%,

2/1/34,

Continuously

Callable

@102

.........................

2,000

2,042

Victory

Portfolios

III

#### Victory

#### Tax

#### Exempt

#### Intermediate-Term

#### Fund

Schedule

of

Portfolio

Investments

—

continued

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Missouri

Development

Finance

Board

Revenue

Series

A,

5.00%,

6/1/30,

Continuously

Callable

@100

.........................

$

1,000

$

1,001

Series

A,

5.00%,

6/1/31,

Continuously

Callable

@100

.........................

4,215

4,221

Missouri

Housing

Development

Commission

Revenue

Series

A,

4.63%,

11/1/50,

Continuously

Callable

@100

........................

4,555

4,573

Series

C,

4.95%,

11/1/50,

Continuously

Callable

@100

........................

3,000

3,071

Series

D,

5.05%,

11/1/45,

Continuously

Callable

@100

........................

2,000

2,107

Missouri

State

Environmental

Improvement

&

Energy

Resources

Authority

Revenue,

Series

A-R,

2.90%,

9/1/33,

Continuously

Callable

@102

...........................

25,000

23,789

St.

Louis

County

IDA

Revenue,

Series

A,

5.50%,

9/1/33,

Continuously

Callable

@100

.....

2,315

2,317

Stoddard

County

IDA

Revenue,

Series

B,

6.00%,

3/1/37,

Continuously

Callable

@100

.....

1,640

1,643

49,311

Montana

(0.0%):(g)

Montana

Board

of

Housing

Revenue,

Series

A,

4.85%,

12/1/50,

Continuously

Callable

@100

1,400

1,417

Nebraska

(0.6%):

Central

Plains

Energy

Project

Revenue,

Series

A,

5.00%,

9/1/37

......................

3,210

3,543

Nebraska

Educational

Health

Cultural

&

Social

Services

Finance

Authority

Revenue

Series

S,

4.00%,

1/1/35,

Continuously

Callable

@102

.........................

795

809

Series

S,

4.00%,

1/1/36,

Continuously

Callable

@102

.........................

1,240

1,248

Series

S,

4.00%,

1/1/38,

Continuously

Callable

@102

.........................

2,595

2,618

Series

S,

4.00%,

1/1/39,

Continuously

Callable

@102

.........................

1,800

1,811

Nebraska

Investment

Finance

Authority

Revenue

Series

A,

4.60%,

9/1/50,

Continuously

Callable

@100

.........................

1,000

999

Series

C,

5.05%,

9/1/45,

Continuously

Callable

@100

.........................

2,000

2,105

Series

G,

4.55%,

9/1/44,

Continuously

Callable

@100

........................

1,000

1,009

Omaha

Airport

Authority

Revenue

AMT,

5.25%,

12/15/49,

Continuously

Callable

@100

....

1,750

1,844

15,986

Nevada

(1.1%):

Carson

City

Revenue

5.00%,

9/1/29,

Continuously

Callable

@100

...............................

620

638

5.00%,

9/1/31,

Continuously

Callable

@100

...............................

1,000

1,027

5.00%,

9/1/33,

Continuously

Callable

@100

...............................

1,000

1,023

5.00%,

9/1/37,

Continuously

Callable

@100

...............................

1,950

1,981

5.00%,

9/1/47,

Continuously

Callable

@100

...............................

2,775

2,734

City

of

North

Las

Vegas,

GO

(INS

-

Assured

Guaranty

Municipal

Corp.)

4.00%,

6/1/35,

Continuously

Callable

@100

...............................

1,870

1,931

4.00%,

6/1/37,

Continuously

Callable

@100

...............................

7,345

7,543

4.00%,

6/1/38,

Continuously

Callable

@100

...............................

6,135

6,255

Las

Vegas

Convention

&

Visitors

Authority

Revenue

Series

C,

4.00%,

7/1/33,

Continuously

Callable

@100

.........................

2,000

2,009

Series

C,

4.00%,

7/1/34,

Continuously

Callable

@100

.........................

4,560

4,580

Reno-Tahoe

Airport

Authority

Revenue

AMT,

Series

A,

5.25%,

7/1/49,

Continuously

Callable

@100

...........................................................

2,700

2,814

32,535

New

Hampshire

(0.6%):

New

Hampshire

Business

Finance

Authority

Revenue

4.00%,

1/1/41,

Continuously

Callable

@103

...............................

5,100

4,894

5.75%,

8/1/45,

Continuously

Callable

@100

...............................

2,000

2,079

Series

A,

5.00%,

11/1/49,

Continuously

Callable

@100

........................

3,000

3,096

Series

A,

5.50%,

6/1/50,

Continuously

Callable

@100

.........................

1,500

1,576

New

Hampshire

Health

and

Education

Facilities

Authority

Act

Revenue

5.50%,

8/1/50,

Continuously

Callable

@100

...............................

1,000

1,070

Series

A,

5.00%,

8/1/37,

Continuously

Callable

@100

.........................

1,500

1,554

New

Hampshire

Housing

Finance

Authority

Revenue,

Series

C,

4.63%,

7/1/48,

Continuously

Callable

@100

.....................................................

2,000

1,975

16,244

New

Jersey

(1.1%):

Casino

Reinvestment

Development

Authority,

Inc.

Revenue,

Series

A,

4.00%,

11/1/44,

Continuously

Callable

@100

...........................................

1,000

975

City

of

Atlantic

City,

GO

(INS

-

Build

America

Mutual

Assurance

Co.)

Series

A,

5.00%,

3/1/32,

Continuously

Callable

@100

.........................

630

648

Series

A,

5.00%,

3/1/37,

Continuously

Callable

@100

.........................

750

766

Essex

County

Improvement

Authority

Revenue,

4.00%,

6/15/38,

Continuously

Callable

@100

550

553

Victory

Portfolios

III

#### Victory

#### Tax

#### Exempt

#### Intermediate-Term

#### Fund

Schedule

of

Portfolio

Investments

—

continued

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) New

Brunswick

Parking

Authority

Revenue

(INS

-

Build

America

Mutual

Assurance

Co.),

Series

A,

5.00%,

9/1/36,

Continuously

Callable

@100

.........................

$

2,000

$

2,018

New

Jersey

Economic

Development

Authority

Revenue

4.00%,

11/1/39,

Continuously

Callable

@100

...............................

2,000

2,029

Series

A,

3.13%,

7/1/29,

Continuously

Callable

@100

.........................

665

662

New

Jersey

Educational

Facilities

Authority

Revenue

Series

F,

4.00%,

7/1/33,

Continuously

Callable

@100

.........................

Series

F,

4.00%,

7/1/34,

Continuously

Callable

@100

.........................

Series

F,

4.00%,

7/1/35,

Continuously

Callable

@100

.........................

975

979

New

Jersey

Educational

Facilities

Authority

Revenue

(INS

-

Assured

Guaranty

Municipal

Corp.),

Series

A,

4.00%,

7/1/36,

Continuously

Callable

@100

...................

1,800

1,809

New

Jersey

Health

Care

Facilities

Financing

Authority

Revenue

(INS

-

Assured

Guaranty

Municipal

Corp.)

Series

A,

5.00%,

7/1/27,

Continuously

Callable

@100

.........................

2,000

2,003

Series

A,

5.00%,

7/1/30,

Continuously

Callable

@100

.........................

1,500

1,503

New

Jersey

Housing

&

Mortgage

Finance

Agency

Revenue,

Series

M,

5.05%,

10/1/45,

Continuously

Callable

@100

...........................................

1,130

1,180

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Series

AA,

4.25%,

6/15/44,

Continuously

Callable

@100

......................

1,000

1,014

Series

CC,

4.13%,

6/15/50,

Continuously

Callable

@100

......................

3,000

2,872

Newark

Housing

Authority

Revenue

(INS

-

Assured

Guaranty

Municipal

Corp.)

4.00%,

12/1/29,

Continuously

Callable

@100

...............................

500

503

4.00%,

12/1/30,

Continuously

Callable

@100

...............................

750

755

4.00%,

12/1/31,

Continuously

Callable

@100

...............................

500

503

South

Jersey

Transportation

Authority

Revenue

4.50%,

11/1/42,

Continuously

Callable

@100

...............................

1,000

1,019

Series

A,

4.00%,

11/1/40,

Continuously

Callable

@100

........................

4,300

4,267

The

Passaic

County

Improvement

Authority

Revenue,

5.25%,

7/1/43,

Continuously

Callable

@100

...........................................................

665

689

Tobacco

Settlement

Financing

Corp.

Revenue,

Series

A,

5.00%,

6/1/36,

Continuously

Callable

@100

...........................................................

5,000

5,190

32,349

New

Mexico

(0.6%):

City

of

Farmington

Revenue,

Series

B,

2.15%,

4/1/33,

Continuously

Callable

@101

.......

10,000

8,930

City

of

Santa

Fe

Revenue

Series

A,

5.00%,

5/15/34,

Continuously

Callable

@103

........................

575

589

Series

A,

5.00%,

5/15/39,

Continuously

Callable

@103

........................

New

Mexico

Hospital

Equipment

Loan

Council

Revenue,

Series

A,

5.00%,

7/1/39,

Continuously

Callable

@102

...........................................

1,075

1,058

New

Mexico

Mortgage

Finance

Authority

Revenue,

Series

A,

4.70%,

9/1/50,

Continuously

Callable

@100

.....................................................

4,935

5,078

Village

of

Los

Ranchos

de

Albuquerque

Revenue

4.00%,

9/1/35,

Continuously

Callable

@100

...............................

4.00%,

9/1/40,

Continuously

Callable

@100

...............................

1,200

1,209

Winrock

Town

Center

Tax

Increment

Development

District

No.

Tax

Allocation,

4.00%,

5/1/33,

Continuously

Callable

@103(a)

...................................

600

603

18,261

New

York

(5.4%):

Allegany

County

Capital

Resource

Corp.

Revenue

Series

A,

5.00%,

12/1/32,

Continuously

Callable

@100

........................

1,390

1,426

Series

A,

5.00%,

12/1/37,

Continuously

Callable

@100

........................

1,500

1,485

Series

A,

5.00%,

12/1/42,

Continuously

Callable

@100

........................

1,925

1,815

Buffalo

&

Erie

County

Industrial

Land

Development

Corp.

Revenue,

6.25%,

5/1/45,

Continuously

Callable

@100

...........................................

2,000

2,155

Build

NYC

Resource

Corp.

Revenue

4.50%,

6/15/43,

Continuously

Callable

@100

...............................

700

665

Series

A,

5.00%,

7/1/42,

Continuously

Callable

@100

.........................

500

510

Series

A,

6.75%,

4/15/43,

Continuously

Callable

@100(a)

......................

1,810

1,892

Series

A,

5.25%,

6/1/46,

Continuously

Callable

@100(a)

.......................

1,000

1,002

Series

A,

5.38%,

12/1/46,

Continuously

Callable

@100

........................

500

543

Series

A,

5.50%,

6/15/50,

Continuously

Callable

@100

........................

1,250

1,249

Series

A,

5.25%,

10/15/50,

Continuously

Callable

@100(a)

.....................

3,000

2,896

Series

B-1,

5.65%,

12/15/32,

Continuously

Callable

@100(a)

...................

6,000

5,956

Victory

Portfolios

III

#### Victory

#### Tax

#### Exempt

#### Intermediate-Term

#### Fund

Schedule

of

Portfolio

Investments

—

continued

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Build

NYC

Resource

Corp.

Revenue

AMT,

5.50%,

7/1/50,

Continuously

Callable

@100

....

$

500

$

528

City

of

Cortland,

GO,

4.50%,

5/15/26

........................................

2,500

2,505

City

of

New

York,

GO,

Series

B-3,

1.10%,

10/1/46,

Continuously

Callable

@100(e)

.......

8,000

8,000

Empire

State

Development

Corp.

Revenue

Series

A,

4.00%,

3/15/39,

Continuously

Callable

@100

........................

5,000

5,186

Series

E-2,

4.00%,

3/15/39,

Continuously

Callable

@100

......................

5,785

5,893

Metropolitan

Transportation

Authority

Revenue

Series

A,

4.63%,

11/15/50,

Continuously

Callable

@100

.......................

665

670

Series

C-1,

4.00%,

11/15/35,

Continuously

Callable

@100

.....................

9,040

9,220

Series

C-1,

5.00%,

11/15/36,

Continuously

Callable

@100

.....................

3,705

3,756

Metropolitan

Transportation

Authority

Revenue

(INS

-

Assured

Guaranty

Municipal

Corp.)

Series

2,

3.29%

(SOFR+80bps),

11/1/32,

(Put

Date

4/1/26)(b)(c)

.................

3,000

3,001

Series

A-1,

4.00%,

11/15/41,

Continuously

Callable

@100

.....................

9,820

9,856

Monroe

County

Industrial

Development

Corp.

Revenue

4.00%,

12/1/38,

Continuously

Callable

@100

...............................

1,200

1,204

4.00%,

12/1/39,

Continuously

Callable

@100

...............................

1,200

1,191

Nassau

County

Local

Economic

Assistance

Corp.

Revenue,

Series

A,

5.00%,

7/1/43,

Continuously

Callable

@100

...........................................

1,000

1,018

New

York

City

Housing

Development

Corp.

Revenue,

Series

A-1,

4.75%,

11/1/50,

Continuously

Callable

@100

...........................................

1,500

1,500

New

York

City

Municipal

Water

Finance

Authority

Revenue,

Series

DD,

1.10%,

6/15/33,

Continuously

Callable

@100(e)

.........................................

4,855

4,855

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured

Revenue,

4.00%,

11/1/38,

Continuously

Callable

@100

...........................................

1,250

1,289

New

York

Liberty

Development

Corp.

Revenue

2.63%,

9/15/69,

Continuously

Callable

@100

...............................

3,350

3,159

Series

1,

5.00%,

11/15/44,

Continuously

Callable

@100(a)

.....................

3,000

3,002

Series

A,

2.10%,

11/15/32,

Continuously

Callable

@100

.......................

6,730

6,077

Series

A,

2.20%,

11/15/33,

Continuously

Callable

@100

.......................

9,000

8,056

New

York

State

Dormitory

Authority

Revenue

5.00%,

12/1/35,

Continuously

Callable

@100(a)

.............................

600

598

6.00%,

7/1/40,

Continuously

Callable

@100

...............................

4,220

4,190

Series

A,

4.00%,

9/1/36,

Continuously

Callable

@100

.........................

500

Series

A,

4.00%,

9/1/37,

Continuously

Callable

@100

.........................

Series

A,

4.00%,

9/1/38,

Continuously

Callable

@100

.........................

1,250

1,236

Series

A,

4.00%,

9/1/40,

Continuously

Callable

@100

.........................

750

735

Series

A,

4.00%,

3/15/41,

Continuously

Callable

@100

........................

21,605

22,028

Series

A,

4.25%,

7/1/50,

Continuously

Callable

@100

.........................

1,250

1,156

Series

A,

5.00%,

7/15/50,

Continuously

Callable

@100

........................

2,000

1,980

Series

A,

5.13%,

11/15/50,

Continuously

Callable

@103

.......................

1,000

1,022

Series

A-1,

4.00%,

7/1/40,

Continuously

Callable

@100

.......................

4,535

4,652

Series

A-1,

5.50%,

7/1/50,

Continuously

Callable

@100

.......................

New

York

State

Dormitory

Authority

Revenue

(INS

-

Assured

Guaranty

Municipal

Corp.)

Series

A,

5.00%,

10/1/27,

Continuously

Callable

@100

........................

1,000

1,002

Series

A,

5.00%,

10/1/28,

Continuously

Callable

@100

........................

1,000

1,002

Series

A,

5.00%,

10/1/29,

Continuously

Callable

@100

........................

1,300

1,302

New

York

Transportation

Development

Corp.

Revenue

AMT,

6.00%,

6/30/44,

Continuously

Callable

@100

.....................................................

500

556

New

York

Transportation

Development

Corp.

Revenue

AMT

(INS

-

Assured

Guaranty

Corp.),

4.25%,

6/30/42,

Continuously

Callable

@100

...............................

4,565

4,567

Onondaga

Civic

Development

Corp.

Revenue,

5.13%,

8/1/44,

Continuously

Callable

@100

..

500

Saratoga

County

Capital

Resource

Corp.

Revenue,

Series

A,

5.00%,

12/1/28,

Continuously

Callable

@100

.....................................................

790

792

State

of

New

York

Mortgage

Agency

Homeowner

Mortgage

Revenue,

Series

266,

4.65%,

10/1/50,

Continuously

Callable

@100

....................................

2,500

2,500

The

Genesee

County

Funding

Corp.

Revenue,

Series

A,

5.25%,

12/1/50,

Continuously

Callable

@100

...........................................................

500

515

Westchester

County

Local

Development

Corp.

Revenue,

5.00%,

7/1/38,

Continuously

Callable

@100

...........................................................

750

817

153,785

North

Carolina

(0.7%):

Nash

Health

Care

Systems

Revenue,

5.75%,

2/1/50,

Continuously

Callable

@100

.........

500

539

Victory

Portfolios

III

#### Victory

#### Tax

#### Exempt

#### Intermediate-Term

#### Fund

Schedule

of

Portfolio

Investments

—

continued

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) North

Carolina

Medical

Care

Commission

Revenue

5.00%,

10/1/40,

Continuously

Callable

@103

...............................

$

1,050

$

1,077

4.50%,

12/1/44,

Continuously

Callable

@100

...............................

8,000

7,755

5.00%,

10/1/45,

Continuously

Callable

@103

...............................

1,000

987

Series

A,

4.00%,

9/1/40,

Continuously

Callable

@100

.........................

3,050

2,873

Series

A,

4.00%,

10/1/40,

Continuously

Callable

@103

........................

600

588

Series

A,

5.00%,

10/1/45,

Continuously

Callable

@103

........................

1,800

1,813

Series

A,

5.25%,

11/1/50,

Continuously

Callable

@103

........................

3,000

3,066

18,698

North

Dakota

(0.6%):

City

of

Grand

Forks

Revenue

4.00%,

12/1/36,

Continuously

Callable

@100

...............................

2,475

2,479

4.00%,

12/1/38,

Continuously

Callable

@100

...............................

1,100

1,061

4.00%,

12/1/40,

Continuously

Callable

@100

...............................

1,700

1,593

4.00%,

12/1/41,

Continuously

Callable

@100

...............................

1,750

1,612

Series

A,

5.00%,

12/1/42,

Continuously

Callable

@100

........................

Series

A,

5.00%,

12/1/43,

Continuously

Callable

@100

........................

695

736

County

of

Ward

Revenue,

Series

C,

5.00%,

6/1/43,

Continuously

Callable

@100

.........

4,500

4,270

North

Dakota

Housing

Finance

Agency

Revenue

Series

A,

5.00%,

7/1/50,

Continuously

Callable

@100

.........................

1,500

1,517

Series

D,

4.65%,

7/1/49,

Continuously

Callable

@100

........................

3,000

2,942

16,585

Ohio

(3.7%):

Akron

Bath

Copley

Joint

Township

Hospital

District

Revenue

4.00%,

11/15/36,

Pre-refunded

11/15/30

@

.............................

1,000

1,082

4.00%,

11/15/37,

Pre-refunded

11/15/30

@

.............................

800

866

4.00%,

11/15/38,

Pre-refunded

11/15/30

@

.............................

500

541

City

of

Centerville

Revenue,

5.25%,

11/1/37,

Continuously

Callable

@100

..............

2,250

2,261

Cleveland-Cuyahoga

County

Port

Authority

Revenue,

Series

A,

5.88%,

1/1/49,

Continuously

Callable

@102(a)

...................................................

640

636

Columbus

Regional

Airport

Authority

Revenue

AMT,

Series

A,

5.50%,

1/1/50,

Continuously

Callable

@100

.....................................................

6,000

6,417

County

of

Allen

Hospital

Facilities

Revenue

4.00%,

12/1/40,

Continuously

Callable

@100

...............................

7,500

7,572

Series

A,

4.00%,

8/1/36,

Continuously

Callable

@100

.........................

5,000

5,079

Series

A,

4.00%,

8/1/37,

Continuously

Callable

@100

.........................

10,800

10,971

County

of

Cuyahoga

Revenue

4.00%,

2/15/29,

Continuously

Callable

@100

...............................

7,430

7,494

5.00%,

2/15/37,

Continuously

Callable

@100

...............................

4,000

4,018

County

of

Fayette

Revenue,

5.25%,

12/1/49,

Continuously

Callable

@100

..............

2,000

2,135

County

of

Hamilton

Revenue

5.00%,

1/1/31,

Continuously

Callable

@100

...............................

1,350

1,351

5.00%,

1/1/36,

Continuously

Callable

@100

...............................

1,400

1,401

5.00%,

9/15/39,

Continuously

Callable

@100

...............................

1,375

1,418

5.00%,

9/15/40,

Continuously

Callable

@100

...............................

1,100

1,130

5.50%,

1/1/50,

Continuously

Callable

@103

...............................

1,000

1,034

Series

A,

5.50%,

1/1/43,

Continuously

Callable

@103

.........................

750

794

Series

A,

5.50%,

8/1/51,

Continuously

Callable

@100

.........................

1,500

1,542

County

of

Hardin

Revenue,

5.25%,

5/1/40,

Continuously

Callable

@103

...............

2,000

1,977

County

of

Montgomery

Revenue

3.00%,

11/15/36,

Continuously

Callable

@100

..............................

7,000

6,418

5.00%,

11/15/37,

Continuously

Callable

@100

..............................

2,200

2,316

5.25%,

9/1/49,

Continuously

Callable

@100

...............................

1,000

1,020

County

of

Ross

Revenue,

5.00%,

12/1/44,

Continuously

Callable

@100

................

2,405

2,439

County

of

Warren

Revenue,

5.00%,

7/1/49,

Continuously

Callable

@100

...............

2,360

2,375

Ohio

Higher

Educational

Facility

Commission

Revenue

5.00%,

5/1/45,

Continuously

Callable

@100

...............................

790

795

5.25%,

5/1/49,

Continuously

Callable

@100

...............................

3,000

3,003

Series

2025,

5.50%,

10/1/50,

Continuously

Callable

@100

.....................

1,735

1,769

Ohio

Housing

Finance

Agency

Revenue

Series

A,

4.65%,

9/1/50,

Continuously

Callable

@100

.........................

5,000

5,014

Series

C,

4.65%,

9/1/49,

Continuously

Callable

@100

.........................

995

980

Victory

Portfolios

III

#### Victory

#### Tax

#### Exempt

#### Intermediate-Term

#### Fund

Schedule

of

Portfolio

Investments

—

continued

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Port

of

Greater

Cincinnati

Development

Authority

Revenue,

Series

A,

5.00%,

12/1/50,

Continuously

Callable

@100

...........................................

$

1,000

$

1,036

Southeastern

Ohio

Port

Authority

Revenue

5.50%,

12/1/29,

Continuously

Callable

@100

...............................

750

750

5.00%,

12/1/35,

Continuously

Callable

@100

...............................

750

750

State

of

Ohio

Revenue

4.00%,

11/15/36,

Continuously

Callable

@100

..............................

1,260

1,276

4.00%,

11/15/38,

Continuously

Callable

@100

..............................

1,270

1,273

4.00%,

11/15/40,

Continuously

Callable

@100

..............................

655

638

Series

A,

4.00%,

1/15/38,

Continuously

Callable

@100

........................

1,000

1,020

Series

A,

4.00%,

1/15/40,

Continuously

Callable

@100

........................

1,800

1,815

Summit

County

Development

Finance

Authority

Revenue

5.50%,

12/1/43,

Continuously

Callable

@100

...............................

1,500

1,633

Series

A,

5.00%,

7/1/45,

Continuously

Callable

@100

.........................

1,500

1,558

Village

of

Bluffton

Revenue

5.00%,

12/1/31,

Continuously

Callable

@100

...............................

1,500

1,552

4.00%,

12/1/32,

Continuously

Callable

@100

...............................

1,500

1,526

4.00%,

12/1/33,

Continuously

Callable

@100

...............................

1,600

1,625

4.00%,

12/1/34,

Continuously

Callable

@100

...............................

1,795

1,818

104,118

Oklahoma

(0.3%):

Oklahoma

Development

Finance

Authority

Revenue,

Series

B,

5.00%,

8/15/33,

Continuously

Callable

@100

.....................................................

4,100

4,219

Pontotoc

County

Educational

Facilities

Authority

Revenue,

4.00%,

9/1/40,

Continuously

Callable

@100

.....................................................

2,000

2,006

Tulsa

County

Industrial

Authority

Revenue

5.00%,

11/15/28,

Continuously

Callable

@102

..............................

940

960

5.00%,

11/15/30,

Continuously

Callable

@102

..............................

1,780

1,817

9,002

Oregon

(0.2%):

Clackamas

County

Hospital

Facility

Authority

Revenue

Series

A,

5.00%,

11/15/32,

Continuously

Callable

@102

.......................

1,000

1,011

Series

A,

5.00%,

11/15/37,

Continuously

Callable

@102

.......................

500

506

Oregon

State

Facilities

Authority

Revenue

Series

A,

5.00%,

10/1/35,

Continuously

Callable

@100

........................

Series

A,

5.00%,

10/1/40,

Continuously

Callable

@100

........................

1,750

1,817

Port

of

Portland

Airport

Revenue

AMT,

Series

30A,

5.25%,

7/1/49,

Continuously

Callable

@100

...........................................................

1,500

1,587

Salem

Hospital

Facility

Authority

Revenue,

4.00%,

5/15/40,

Continuously

Callable

@103

...

800

761

5,973

Pennsylvania

(9.2%):

Adams

County

General

Authority

Revenue,

5.00%,

8/15/50,

Continuously

Callable

@100

...

1,000

1,021

Allegheny

County

Airport

Authority

Revenue

AMT,

Series

A,

5.50%,

1/1/50,

Continuously

Callable

@100

.....................................................

2,000

2,133

Allegheny

County

Hospital

Development

Authority

Revenue

Series

A,

5.00%,

4/1/35,

Continuously

Callable

@100

.........................

7,315

7,631

Series

A,

4.00%,

7/15/38,

Continuously

Callable

@100

........................

1,500

1,520

Series

A,

4.00%,

7/15/39,

Continuously

Callable

@100

........................

3,495

3,527

Series

A,

5.00%,

4/1/47,

Continuously

Callable

@100

.........................

7,875

7,919

Allegheny

County

Sanitary

Authority

Revenue,

4.00%,

12/1/49,

Continuously

Callable

@100

1,000

951

Allegheny

County

Sanitary

Authority

Revenue

(INS

-

Assured

Guaranty

Municipal

Corp.)

4.00%,

12/1/33,

Continuously

Callable

@100

...............................

1,500

1,515

4.00%,

12/1/34,

Continuously

Callable

@100

...............................

1,475

1,486

Allentown

Commercial

and

IDA

Revenue

5.75%,

6/15/43,

Continuously

Callable

@100

...............................

600

624

5.00%,

7/1/45,

Continuously

Callable

@100(a)

.............................

2,500

2,511

Allentown

Neighborhood

Improvement

Zone

Development

Authority

Revenue,

6.00%,

5/1/42,

Continuously

Callable

@100(a)

.........................................

750

807

Bucks

County

IDA

Revenue

5.00%,

10/1/30,

Continuously

Callable

@102

...............................

5.00%,

10/1/31,

Continuously

Callable

@102

...............................

5.00%,

10/1/37,

Continuously

Callable

@102

...............................

2,260

2,301

Butler

County

Hospital

Authority

Revenue,

5.00%,

7/1/35,

Continuously

Callable

@100

....

1,885

1,885

Victory

Portfolios

III

#### Victory

#### Tax

#### Exempt

#### Intermediate-Term

#### Fund

Schedule

of

Portfolio

Investments

—

continued

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Chester

County

IDA

Revenue

5.63%,

10/15/42,

Continuously

Callable

@100(a)

............................

$

8,875

$

8,929

4.25%,

10/1/44,

Continuously

Callable

@100(a)

.............................

1,075

991

4.50%,

10/1/49,

Continuously

Callable

@100(a)

.............................

800

719

Series

A,

5.13%,

10/15/37,

Continuously

Callable

@100

.......................

2,750

2,752

Chester

County

IDA

Revenue

(INS

-

Build

America

Mutual

Assurance

Co.),

Series

A,

4.00%,

8/1/48,

Continuously

Callable

@100

.....................................

10,000

9,178

Clairton

Municipal

Authority

Revenue,

Series

B,

4.38%,

12/1/42,

Continuously

Callable

@100

2,250

2,296

Commonwealth

Financing

Authority

Revenue,

Series

A,

5.00%,

6/1/34,

Continuously

Callable

@100

...........................................................

5,000

5,007

Commonwealth

of

Pennsylvania

Certificates

of

Participation

Series

A,

5.00%,

7/1/34,

Continuously

Callable

@100

.........................

1,350

1,406

Series

A,

5.00%,

7/1/35,

Continuously

Callable

@100

.........................

750

781

Series

A,

5.00%,

7/1/37,

Continuously

Callable

@100

.........................

800

831

County

of

Lehigh

Revenue

4.00%,

7/1/37,

Continuously

Callable

@100

...............................

2,000

2,011

4.00%,

7/1/38,

Continuously

Callable

@100

...............................

2,000

2,022

4.00%,

7/1/39,

Continuously

Callable

@100

...............................

2,000

2,011

Cumberland

County

Municipal

Authority

Revenue

4.00%,

11/1/36,

Continuously

Callable

@100

...............................

1,250

1,276

4.00%,

11/1/37,

Continuously

Callable

@100

...............................

2,130

2,162

Dauphin

County

General

Authority

Revenue

Series

A,

4.00%,

6/1/30,

Continuously

Callable

@100

.........................

2,000

2,007

Series

A,

4.00%,

6/1/31,

Continuously

Callable

@100

.........................

1,000

1,004

Delaware

County

Authority

Revenue

5.00%,

10/1/30

....................................................

1,200

1,224

5.00%,

10/1/35,

Continuously

Callable

@100

...............................

2,220

2,264

5.00%,

10/1/39,

Continuously

Callable

@100

...............................

2,250

2,259

General

Authority

of

Southcentral

Pennsylvania

Revenue,

5.25%,

5/1/50,

Continuously

Callable

@100

.....................................................

2,000

2,048

Lancaster

Higher

Education

Authority

Revenue,

Series

A,

5.00%,

10/1/42,

Continuously

Callable

@100

.....................................................

3,360

3,437

Lancaster

Municipal

Authority

Revenue,

Series

A,

5.00%,

5/1/44,

Continuously

Callable

@103

1,200

1,230

Latrobe

IDA

Revenue

4.00%,

3/1/40,

Continuously

Callable

@100

...............................

4.00%,

3/1/41,

Continuously

Callable

@100

...............................

4.00%,

3/1/46,

Continuously

Callable

@100

...............................

750

636

Lehigh

County

General

Purpose

Authority

Revenue

5.00%,

2/1/43,

Continuously

Callable

@100

...............................

1,520

1,569

5.00%,

2/1/44,

Continuously

Callable

@100

...............................

2,000

2,048

Montgomery

County

Higher

Education

&

Health

Authority

Revenue

5.00%,

9/1/34,

Continuously

Callable

@100

...............................

1,750

1,832

5.00%,

9/1/35,

Continuously

Callable

@100

...............................

1,850

1,936

.00%,

9/1/36,

Continuously

Callable

@100

...............................

1,100

1,117

4.00%,

9/1/37,

Continuously

Callable

@100

...............................

1,000

1,010

5.00%,

9/1/37,

Continuously

Callable

@100

...............................

1,750

1,820

4.00%,

9/1/38,

Continuously

Callable

@100

...............................

900

905

4.00%,

9/1/39,

Continuously

Callable

@100

...............................

1,000

1,001

Montgomery

County

IDA

Revenue

5.00%,

11/1/44,

Continuously

Callable

@100

...............................

1,440

1,436

5.25%,

11/1/49,

Continuously

Callable

@100

...............................

1,340

1,330

Northampton

County

General

Purpose

Authority

Revenue,

4.00%,

8/15/48,

Continuously

Callable

@100

.....................................................

2,335

2,073

Northeastern

Pennsylvania

Hospital

and

Education

Authority

Revenue,

Series

A,

5.00%,

3/1/37,

Continuously

Callable

@100

.....................................

1,525

1,526

Pennsylvania

Economic

Development

Financing

Authority

Revenue

4.00%,

7/1/33,

Continuously

Callable

@103

...............................

1,750

1,775

4.00%,

7/1/41,

Continuously

Callable

@103

...............................

1,050

1,013

5.25%,

10/1/50,

Continuously

Callable

@100

...............................

2,250

2,245

Series

A-2,

4.00%,

5/15/43,

Continuously

Callable

@100

......................

1,125

1,086

Series

B-2,

5.00%,

7/1/42,

Continuously

Callable

@103

.......................

3,000

3,112

Pennsylvania

Higher

Educational

Facilities

Authority

Revenue,

Series

B-1,

4.25%,

11/1/48,

Continuously

Callable

@100

...........................................

10,000

9,657

Victory

Portfolios

III

#### Victory

#### Tax

#### Exempt

#### Intermediate-Term

#### Fund

Schedule

of

Portfolio

Investments

—

continued

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Pennsylvania

Housing

Finance

Agency

Revenue

Series

145A,

4.60%,

10/1/44,

Continuously

Callable

@100

.....................

$

3,000

$

3,059

Series

146A,

4.50%,

10/1/44,

Continuously

Callable

@100

.....................

3,000

3,042

Series

147A,

4.70%,

10/1/49,

Continuously

Callable

@100

.....................

2,000

2,001

Series

148A,

4.75%,

10/1/50,

Continuously

Callable

@100

.....................

5,000

5,022

Series

149A,

5.10%,

10/1/45,

Continuously

Callable

@100

.....................

2,000

2,095

Pennsylvania

Turnpike

Commission

Revenue

5.00%,

12/1/41,

Continuously

Callable

@100

...............................

2,000

2,243

Series

B,

4.00%,

6/1/34,

Continuously

Callable

@100

.........................

20,000

20,061

Philadelphia

Housing

Authority

Revenue,

Series

A,

5.25%,

3/1/45,

Continuously

Callable

@100

...........................................................

2,000

2,135

Philadelphia

IDA

Revenue

5.00%,

5/1/35,

Continuously

Callable

@100

...............................

750

783

5.00%,

5/1/38,

Continuously

Callable

@100

...............................

2,500

2,611

5.00%,

6/15/40,

Continuously

Callable

@100(a)

.............................

900

904

5.50%,

6/15/43,

Continuously

Callable

@100(a)

.............................

1,750

1,776

Series

A,

5.75%,

6/1/50,

Continuously

Callable

@100

.........................

1,000

1,000

Pittsburgh

Water

&

Sewer

Authority

Revenue

(INS

-

Assured

Guaranty

Municipal

Corp.),

Series

B,

4.00%,

9/1/35,

Continuously

Callable

@100

.........................

Reading

School

District,

GO

(INS

-

Assured

Guaranty

Municipal

Corp.)

5.00%,

3/1/36,

Continuously

Callable

@100

...............................

2,000

2,040

5.00%,

3/1/37,

Continuously

Callable

@100

...............................

1,500

1,527

Scranton

School

District,

GO

(INS

-

Build

America

Mutual

Assurance

Co.)

Series

E,

5.00%,

12/1/32,

Continuously

Callable

@100

........................

1,000

1,042

Series

E,

5.00%,

12/1/33,

Continuously

Callable

@100

........................

1,600

1,659

Series

E,

5.00%,

12/1/35,

Continuously

Callable

@100

........................

750

779

State

Public

School

Building

Authority

Revenue,

Series

A,

5.00%,

6/1/29,

Continuously

Callable

@100

.....................................................

10,000

10,192

State

Public

School

Building

Authority

Revenue

(INS

-

Assured

Guaranty

Municipal

Corp.)

Series

A,

5.00%,

6/1/31,

Continuously

Callable

@100

.........................

6,100

6,215

Series

A,

4.00%,

12/1/31,

Continuously

Callable

@100

........................

13,085

13,210

The

Berks

County

Municipal

Authority

Revenue

Series

A1,

8.00%,

6/30/34,

Continuously

Callable

@104

.......................

1,000

1,031

Series

A-2A,

6.00%,

6/30/34,

Continuously

Callable

@104

.....................

501

539

Series

A3,

5.00%,

6/30/39,

Continuously

Callable

@100

.......................

6,720

6,429

Series

B1,

0.00%,

6/30/44,

Continuously

Callable

@90(h)

......................

3,358

2,517

The

School

District

of

Philadelphia,

GO

Series

A,

5.00%,

9/1/35,

Continuously

Callable

@100

.........................

1,000

1,047

Series

A,

5.00%,

9/1/36,

Continuously

Callable

@100

.........................

1,000

1,048

Series

A,

5.00%,

9/1/37,

Continuously

Callable

@100

.........................

1,000

1,046

Series

A,

4.00%,

9/1/38,

Continuously

Callable

@100

.........................

1,700

1,725

Series

A,

4.00%,

9/1/39,

Continuously

Callable

@100

.........................

1,600

1,622

Series

F,

5.00%,

9/1/31,

Continuously

Callable

@100

.........................

9,895

9,996

Series

F,

5.00%,

9/1/32,

Continuously

Callable

@100

.........................

5,000

5,049

Series

F,

5.00%,

9/1/33,

Continuously

Callable

@100

.........................

3,600

3,635

Series

F,

5.00%,

9/1/34,

Continuously

Callable

@100

.........................

4,250

4,287

Westmoreland

County

IDA

Revenue,

Series

A,

4.00%,

7/1/37,

Continuously

Callable

@100

.

1,400

1,366

Wilkes-Barre

Finance

Authority

Revenue,

4.00%,

3/1/42,

Continuously

Callable

@100

.....

2,600

2,335

261,446

Rhode

Island

(0.8%):

Rhode

Island

Health

and

Educational

Building

Corp.

Revenue

5.00%,

5/15/40,

Continuously

Callable

@100

...............................

575

627

5.00%,

5/15/41,

Continuously

Callable

@100

...............................

625

673

5.00%,

5/15/42,

Continuously

Callable

@100

...............................

750

795

5.00%,

5/15/43,

Continuously

Callable

@100

...............................

675

707

5.00%,

5/15/44,

Continuously

Callable

@100

...............................

750

775

Rhode

Island

Housing

&

Mortgage

Finance

Corp.

Revenue

4.60%,

10/1/44,

Continuously

Callable

@100

...............................

3,000

3,027

Series

85-A,

4.65%,

10/1/50,

Continuously

Callable

@100

.....................

3,000

2,932

Rhode

Island

Turnpike

&

Bridge

Authority

Revenue

Series

A,

5.00%,

10/1/33,

Continuously

Callable

@100

........................

1,350

1,352

Series

A,

5.00%,

10/1/35,

Continuously

Callable

@100

........................

4,345

4,352

Victory

Portfolios

III

#### Victory

#### Tax

#### Exempt

#### Intermediate-Term

#### Fund

Schedule

of

Portfolio

Investments

—

continued

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Tobacco

Settlement

Financing

Corp.

Revenue

Series

A,

5.00%,

6/1/28,

Continuously

Callable

@100

.........................

$

2,000

$

2,003

Series

A,

5.00%,

6/1/29,

Continuously

Callable

@100

.........................

2,000

2,003

Series

A,

5.00%,

6/1/30,

Continuously

Callable

@100

.........................

2,500

2,503

21,749

South

Carolina

(1.1%):

Charleston

County

Airport

District

Revenue

AMT,

Series

A,

5.25%,

7/1/49,

Continuously

Callable

@100

.....................................................

3,250

3,420

Charleston

Housing

Authority

Revenue,

4.50%,

9/1/35,

Continuously

Callable

@100

......

2,000

2,086

Lexington

County

Health

Services

District,

Inc.

Revenue

4.00%,

11/1/31,

Continuously

Callable

@100

...............................

1,000

1,021

4.00%,

11/1/32,

Continuously

Callable

@100

...............................

1,000

1,022

Patriots

Energy

Group

Financing

Agency

Revenue,

Series

A1,

5.25%,

10/1/54,

(Put

Date

8/1/31)(b)

........................................................

3,000

3,289

South

Carolina

Jobs-Economic

Development

Authority

Revenue

5.50%,

11/15/44,

Continuously

Callable

@100

..............................

500

527

5.25%,

4/1/51,

Continuously

Callable

@103

...............................

500

505

Series

A,

5.50%,

6/15/33,

Continuously

Callable

@100

........................

2,500

2,499

Series

C,

5.63%,

9/1/50,

Continuously

Callable

@100

.........................

1,100

1,138

South

Carolina

Public

Service

Authority

Revenue

Series

A,

5.00%,

12/1/34,

Continuously

Callable

@100

........................

9,835

9,873

Series

B,

4.13%,

12/1/44,

Continuously

Callable

@100

........................

1,880

1,858

South

Carolina

State

Housing

Finance

&

Development

Authority

Revenue

Series

A,

4.65%,

7/1/50,

Continuously

Callable

@100

.........................

2,415

2,422

Series

B,

5.00%,

7/1/50,

Continuously

Callable

@100

.........................

1,000

1,027

30,687

South

Dakota

(0.3%):

South

Dakota

Housing

Development

Authority

Revenue

Series

A,

4.70%,

5/1/50,

Continuously

Callable

@100

.........................

4,250

4,261

Series

C,

5.00%,

11/1/45,

Continuously

Callable

@100

........................

2,000

2,091

Series

C,

4.70%,

11/1/49,

Continuously

Callable

@100

........................

1,000

1,003

7,355

Tennessee

(1.3%):

Greeneville

Health

&

Educational

Facilities

Board

Revenue,

5.00%,

7/1/37,

Continuously

Callable

@100

.....................................................

3,500

3,645

Knox

County

Health

Educational

&

Housing

Facility

Board

Revenue

Series

A-1,

5.00%,

7/1/39,

Continuously

Callable

@100

.......................

Series

A-1,

5.00%,

7/1/40,

Continuously

Callable

@100

.......................

Series

A-1,

5.00%,

7/1/41,

Continuously

Callable

@100

.......................

825

893

Series

A-1,

5.00%,

7/1/42,

Continuously

Callable

@100

.......................

1,100

1,178

Series

A-1,

5.00%,

7/1/43,

Continuously

Callable

@100

.......................

550

582

Series

A-1,

5.00%,

7/1/44,

Continuously

Callable

@100

.......................

625

655

Metropolitan

Government

Nashville

&

Davidson

County

Health

&

Educational

Facilities

Board

Revenue,

5.00%,

7/1/40,

Continuously

Callable

@100

...................

5,500

5,520

New

Memphis

Arena

Public

Building

Authority

Revenue

4/1/32,

Continuously

Callable

@98(d)

....................................

875

698

4/1/33,

Continuously

Callable

@96(d)

....................................

625

4/1/34,

Continuously

Callable

@94(d)

....................................

875

640

4/1/35,

Continuously

Callable

@92(d)

....................................

875

610

Shelby

County

Health

&

Educational

Facilities

Board

Revenue,

Series

A1,

5.00%,

6/1/44,

Continuously

Callable

@100(a)

.........................................

1,000

1,000

Tennergy

Corp.

Revenue,

Series

A,

5.50%,

10/1/53

,

(Put

Date

12/1/30)(b)

..............

12,500

13,602

Tennessee

Energy

Acquisition

Corp.

Revenue,

Series

A,

5.00%,

12/1/35,

Continuously

Callable

@100

...........................................................

1,600

1,774

Tennessee

Housing

Development

Agency

Revenue,

Series

1A,

5.00%,

7/1/50,

Continuously

Callable

@100

.....................................................

500

508

The

Metropolitan

Nashville

Airport

Authority

Revenue

AMT,

Series

B,

5.25%,

7/1/51,

Continuously

Callable

@100

...........................................

3,500

3,665

36,399

Texas

(10.6%):

Arlington

Higher

Education

Finance

Corp.

Revenue

(NBGA

-

Texas

Permanent

School

Fund)

4.00%,

2/15/44,

Continuously

Callable

@100

...............................

10,000

9,808

4.13%,

8/15/49,

Continuously

Callable

@100

...............................

4,600

4,356

Victory

Portfolios

III

#### Victory

#### Tax

#### Exempt

#### Intermediate-Term

#### Fund

Schedule

of

Portfolio

Investments

—

continued

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) 4.50%,

8/15/50,

Continuously

Callable

@100

...............................

$

1,250

$

1,249

Austin

Convention

Enterprises,

Inc.

Revenue,

Series

A,

5.00%,

1/1/34,

Continuously

Callable

@100

...........................................................

1,105

1,111

Barbers

Hill

Independent

School

District,

GO

(NBGA

-

Texas

Permanent

School

Fund),

4.00%,

2/15/49,

Continuously

Callable

@100

....................................

5,000

4,763

Board

of

Managers

Joint

Guadalupe

County-City

of

Seguin

Hospital

Revenue

5.00%,

12/1/27,

Continuously

Callable

@100

...............................

2,990

2,992

5.00%,

12/1/28,

Continuously

Callable

@100

...............................

1,640

1,641

5.00%,

12/1/29,

Continuously

Callable

@100

...............................

1,600

1,601

5.00%,

12/1/30,

Continuously

Callable

@100

...............................

1,700

1,701

5.25%,

12/1/35,

Continuously

Callable

@100

...............................

5,150

5,152

City

of

Arlington

Special

Tax

Revenue

(INS

-

Build

America

Mutual

Assurance

Co.)

Series

C,

5.00%,

2/15/34,

Continuously

Callable

@100

........................

1,500

1,568

Series

C,

5.00%,

2/15/35,

Continuously

Callable

@100

........................

1,500

1,566

Series

C,

.00%,

2/15/36,

Continuously

Callable

@100

........................

3,100

3,234

Series

C,

5.00%,

2/15/37,

Continuously

Callable

@100

........................

3,305

3,447

Series

C,

5.00%,

2/15/38,

Continuously

Callable

@100

........................

4,380

4,569

City

of

Corpus

Christi

Utility

System

Revenue

4.00%,

7/15/32,

Continuously

Callable

@100

...............................

1,800

1,809

4.00%,

7/15/33,

Continuously

Callable

@100

...............................

1,100

1,105

4.00%,

7/15/34,

Continuously

Callable

@100

...............................

1,050

1,055

.00%,

7/15/35,

Continuously

Callable

@100

...............................

1,000

1,005

City

of

Galveston

Wharves

&

Terminal

Revenue

AMT,

Series

A,

5.50%,

8/1/41,

Continuously

Callable

@100

.....................................................

500

546

City

of

Houston

Airport

System

Revenue

AMT

Series

A,

5.50%,

7/1/45,

Continuously

Callable

@100

.........................

500

549

Series

B,

5.50%,

7/15/39,

Continuously

Callable

@100

........................

3,000

3,250

City

of

Houston

Hotel

Occupancy

Tax

&

Special

Revenue

5.00%,

9/1/29,

Continuously

Callable

@100

...............................

2,300

2,304

5.00%,

9/1/30,

Continuously

Callable

@100

...............................

1,000

1,002

5.00%,

9/1/32,

Continuously

Callable

@100

...............................

5,615

5,624

5.00%,

9/1/33,

Continuously

Callable

@100

...............................

5,345

5,353

5.00%,

9/1/34,

Continuously

Callable

@100

...............................

2,150

2,153

5.00%,

9/1/35,

Continuously

Callable

@100

...............................

1,575

1,577

City

of

Laredo

Waterworks

&

Sewer

System

Revenue

4.00%,

3/1/32,

Continuously

Callable

@100

...............................

740

741

4.00%,

3/1/33,

Continuously

Callable

@100

...............................

1,000

1,001

4.00%,

3/1/34,

Continuously

Callable

@100

...............................

1,000

1,001

4.00%

,

3/1/36,

Continuously

Callable

@100

...............................

1,500

1,501

Clifton

Higher

Education

Finance

Corp.

Revenue

4.63%,

4/1/50,

Continuously

Callable

@100

...............................

1,800

1,832

Series

A,

4.00%,

8/15/38,

Continuously

Callable

@100

........................

1,085

1,100

Series

A,

4.00%,

8/15/39,

Continuously

Callable

@100

........................

1,130

1,138

Series

A,

4.00%,

8/15/40,

Continuously

Callable

@100

........................

1,180

1,180

Series

A,

4.00%,

8/15/41,

Continuously

Callable

@100

........................

1,225

1,205

Series

A,

4.00%,

8/15/42,

Continuously

Callable

@100

........................

1,035

999

Clifton

Higher

Education

Finance

Corp.

Revenue

(NBGA

-

Texas

Permanent

School

Fund)

4.00%,

8/15/33,

Continuously

Callable

@100

...............................

2,130

2,224

4.00%,

8/15/34,

Continuously

Callable

@100

...............................

2,275

2,373

4.00%,

8/15/35,

Continuously

Callable

@100

...............................

2,375

2,471

4.00%,

8/15/36,

Continuously

Callable

@100

...............................

3,710

3,833

4.00%,

8/15/37,

Continuously

Callable

@100

...............................

3,860

3,958

4.00%,

8/15/38,

Continuously

Callable

@100

...............................

4,015

4,090

.00%,

8/15/39,

Continuously

Callable

@100

...............................

4,305

4,351

Series

A,

4.00%,

8/15/32,

Continuously

Callable

@100

........................

1,300

1,307

Dallas

Fort

Worth

International

Airport

Revenue

AMT,

Series

A-1,

5.25%,

11/1/46,

Continuously

Callable

@100

...........................................

3,000

3,194

El

Paso

County

Hospital

District

Revenue

(INS

-

Build

America

Mutual

Assurance

Co.),

4.13%,

2/15/49,

Continuously

Callable

@100

...............................

1,000

969

EP

Cimarron

Ventanas

PFC

Revenue,

4.13%,

12/1/39,

Continuously

Callable

@100

.......

2,000

2,012

EP

Essential

Housing

WF

PFC

Revenue,

4.25%,

12/1/34,

Continuously

Callable

@100

.....

1,150

1,174

Grayson

County

Junior

College

District,

GO,

4.00%,

2/15/49,

Continuously

Callable

@100

..

1,350

1,260

Gulf

Coast

IDA

Revenue,

1.10%,

11/1/41,

Continuously

Callable

@100(e)

..............

9,005

9,005

Victory

Portfolios

III

#### Victory

#### Tax

#### Exempt

#### Intermediate-Term

#### Fund

Schedule

of

Portfolio

Investments

—

continued

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Harris

County

Cultural

Education

Facilities

Finance

Corp.

Revenue,

Series

A,

5.00%,

6/1/28,

Continuously

Callable

@100

...........................................

$

890

$

886

Harris

County

Municipal

Utility

District

No.

165,

GO

(INS

-

Build

America

Mutual

Assurance

Co.)

5.00%,

3/1/30,

Continuously

Callable

@100

...............................

750

751

5.00%,

3/1/31,

Continuously

Callable

@100

...............................

2,030

2,033

Main

Street

Market

Square

Redevelopment

Authority

Tax

Allocation

(INS

-

Build

America

Mutual

Assurance

Co.)

5.00%,

9/1/29,

Continuously

Callable

@100

...............................

1,215

1,217

5.00%,

9/1/30,

Continuously

Callable

@100

...............................

1,380

1,382

5.00%,

9/1/31,

Continuously

Callable

@100

...............................

2,000

2,004

5.00%,

9/1/32,

Continuously

Callable

@100

...............................

1,500

1,503

5.00%,

9/1/33,

Continuously

Callable

@100

...............................

2,680

2,685

Matagorda

County

Navigation

District

No.

Revenue,

Series

B-2,

4.00%,

6/1/30,

Continuously

Callable

@100

...........................................

5,405

5,408

Mesquite

Health

Facilities

Development

Corp.

Revenue

0.00%,

2/15/26(f)

...................................................

1,049

0.00%,

2/15/35,

Continuously

Callable

@100(f)

.............................

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Series

A,

5.00%,

7/1/30,

Continuously

Callable

@100(f)

.......................

7,500

7,303

Series

B2,

4.63%,

10/1/30,

Continuously

Callable

@100

.......................

1,000

998

Series

B3,

4.25%,

10/1/30,

Continuously

Callable

@100

.......................

1,000

1,008

Newark

Higher

Education

Finance

Corp.

Revenue

4.00%,

4/1/32,

Continuously

Callable

@100

...............................

1,635

1,636

4.00%,

4/1/33,

Continuously

Callable

@100

...............................

2,000

2,001

4.00%,

4/1/34,

Continuously

Callable

@100

...............................

4,470

4,473

4.00%,

4/1/35,

Continuously

Callable

@100

...............................

1,650

1,651

4.00%,

4/1/36,

Continuously

Callable

@100

...............................

2,150

2,151

North

Texas

Tollway

Authority

Revenue

Series

A,

4.00%,

1/1/43,

Continuously

Callable

@100

.........................

14,120

14,132

Series

A,

4.00%,

1/1/44,

Continuously

Callable

@100

.........................

1,085

1,080

North

Texas

Tollway

Authority

Revenue

(INS

-

Assured

Guaranty

Corp.),

Series

1,

1/1/29(d)

.

20,000

18,662

North

Texas

Tollway

Authority

Revenue

(INS

-

Assured

Guaranty

Municipal

Corp.)

Series

B,

4.00%,

1/1/35,

Continuously

Callable

@100

.........................

2,000

2,023

Series

B,

4.00%,

1/1/36,

Continuously

Callable

@100

.........................

1,695

1,710

Port

of

Port

Arthur

Navigation

District

Revenue

Series

A,

1.10%,

4/1/40,

Continuously

Callable

@100(e)

.......................

13,590

13,590

Series

B,

1.10%,

4/1/40,

Continuously

Callable

@100(e)

.......................

29,445

29,445

Series

C,

1.10%,

4/1/40,

Continuously

Callable

@100(e)

.......................

12,780

12,780

San

Antonio

Education

Facilities

Corp.

Revenue

4.00%,

4/1/39,

Continuously

Callable

@100

...............................

700

678

4.00%,

4/1/40,

Continuously

Callable

@100

...............................

1,000

955

4.00%,

4/1/41,

Continuously

Callable

@100

...............................

895

840

5.25%,

10/1/45,

Continuously

Callable

@100

...............................

2,000

2,066

5.00%,

10/1/50,

Continuously

Callable

@100

...............................

1,250

1,201

Tarrant

County

Cultural

Education

Facilities

Finance

Corp.

Revenue

5.00%,

11/15/30,

Continuously

Callable

@100

..............................

2,145

2,202

5.00%,

11/15/31,

Continuously

Callable

@100

..............................

2,250

2,307

5.00%,

11/15/32,

Continuously

Callable

@100

..............................

2,365

2,421

5.00%,

11/15/37,

Continuously

Callable

@100

..............................

2,175

2,221

5.00%,

10/1/44,

Continuously

Callable

@103

...............................

2,200

2,254

Texas

Department

of

Housing

&

Community

Affairs

Revenue,

Series

B,

5.00%,

7/1/50,

Continuously

Callable

@100

...........................................

600

606

Texas

Municipal

Gas

Acquisition

&

Supply

Corp.

III

Revenue,

5.00%,

12/15/30

..........

9,835

10,654

Texas

Private

Activity

Bond

Surface

Transportation

Corp.

Revenue

4.00%,

6/30/38,

Continuously

Callable

@100

...............................

3,300

3,328

4.00%,

12/31/38,

Continuously

Callable

@100

..............................

3,850

3,867

4.00%,

6/30/39,

Continuously

Callable

@100

...............................

2,150

2,157

300,294

Utah

(0.0%):(g)

Military

Installation

Development

Authority

Revenue,

Series

A-1,

4.00%,

6/1/36,

Continuously

Callable

@103

.....................................................

1,045

1,037

Victory

Portfolios

III

#### Victory

#### Tax

#### Exempt

#### Intermediate-Term

#### Fund

Schedule

of

Portfolio

Investments

—

continued

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Vermont

(0.5%):

Vermont

Economic

Development

Authority

Revenue

4.00%,

5/1/37,

Continuously

Callable

@103

...............................

$

4,190

$

3,918

Series

B,

4.00%,

5/1/33,

Continuously

Callable

@103

.........................

3,950

3,862

Vermont

Educational

&

Health

Buildings

Financing

Agency

Revenue

5.75%,

10/1/43,

Continuously

Callable

@100(a)

.............................

3,000

2,804

Series

A,

5.00%,

12/1/36,

Continuously

Callable

@100

........................

2,500

2,507

13,091

Virginia

(1.4%):

Chesapeake

Hospital

Authority

Revenue

4.00%,

7/1/36,

Continuously

Callable

@100

...............................

1,175

1,198

4.00%,

7/1/37,

Continuously

Callable

@100

...............................

1,205

1,223

Loudoun

County

Economic

Development

Authority

Revenue

(LIQ

-

Deutsche

Bank

A.G.),

Series

2023-DBE-8106,

1.40%,

6/1/63,

Continuously

Callable

@100(a)(e)

..........

5,600

5,600

Salem

Economic

Development

Authority

Revenue

5.50%,

4/1/45,

Continuously

Callable

@100

...............................

530

570

6.00%,

4/1/50,

Continuously

Callable

@100

...............................

Stafford

County

Economic

Development

Authority

Revenue

5.00%,

6/15/33,

Continuously

Callable

@100

...............................

750

753

5.00%,

6/15/34,

Continuously

Callable

@100

...............................

2,620

2,630

5.00%,

6/15/35,

Continuously

Callable

@100

...............................

1,930

1,937

Virginia

College

Building

Authority

Revenue

4.00%,

2/1/36,

Continuously

Callable

@100

...............................

3,000

3,041

6.00%,

6/1/50,

Continuously

Callable

@100

...............................

1,500

1,613

Virginia

Housing

Development

Authority

Revenue

Series

A,

4.60%,

9/1/50,

Continuously

Callable

@100

.........................

1,500

1,496

Series

D,

4.65%,

1/1/50,

Continuously

Callable

@100

........................

2,000

2,001

Series

E,

4.63%,

7/1/50,

Continuously

Callable

@100

.........................

1,250

1,249

Series

H,

4.63%,

12/1/49,

Continuously

Callable

@100

........................

1,200

1,202

Virginia

Small

Business

Financing

Authority

Revenue

Series

A,

4.00%,

1/1/37,

Continuously

Callable

@103

.........................

500

511

Series

A,

4.00%,

1/1/38,

Continuously

Callable

@103

.........................

6,000

6,133

Series

A,

4.00%,

1/1/39,

Continuously

Callable

@103

.........................

7,000

7,049

Series

A,

4.50%,

12/1/44,

Continuously

Callable

@102

........................

1,850

1,845

40,305

Washington

(1.7%):

County

of

Spokane

Airport

Revenue

AMT,

Series

B,

5.25%,

1/1/49,

Continuously

Callable

@100

...........................................................

8,000

8,301

King

County

Housing

Authority

Revenue,

5.38%,

7/1/45,

Continuously

Callable

@100

.....

2,740

2,987

King

County

Public

Hospital

District

No.

2,

GO,

5.25%,

12/1/45,

Continuously

Callable

@100

2,500

2,656

Port

of

Seattle

Revenue

AMT,

Series

B,

5.25%,

7/1/49,

Continuously

Callable

@100

......

4,000

4,161

Skagit

County

Public

Hospital

District

No.

Revenue

5.50%,

12/1/38,

Continuously

Callable

@100

...............................

5.50%,

12/1/39,

Continuously

Callable

@100

...............................

500

550

5.50%,

12/1/40,

Continuously

Callable

@100

...............................

500

547

5.50%,

12/1/41,

Continuously

Callable

@100

...............................

5.50%,

12/1/42,

Continuously

Callable

@100

...............................

5.50%,

12/1/43,

Continuously

Callable

@100

...............................

500

534

5.50%,

12/1/44,

Continuously

Callable

@100

...............................

Washington

Health

Care

Facilities

Authority

Revenue

5.00%,

7/1/35,

Continuously

Callable

@100

...............................

2,355

2,410

5.00%,

8/15/35,

Continuously

Callable

@100

...............................

1,775

1,819

5.00%,

7/1/36,

Continuously

Callable

@100

...............................

2,250

2,302

4.00%,

7/1/37,

Continuously

Callable

@100

...............................

3,125

3,149

4.00%,

12/1/45,

Continuously

Callable

@100(a)

.............................

2,080

2,018

Washington

State

Housing

Finance

Commission

Revenue

5.88%,

7/1/43,

Continuously

Callable

@103(a)

.............................

1,000

1,066

Series

A,

5.00%,

7/1/38,

Continuously

Callable

@103

.........................

1,590

1,692

Series

A,

5.00%,

7/1/43,

Continuously

Callable

@103

.........................

4,450

4,567

Series

A,

5.00%,

7/1/45,

Continuously

Callable

@100(a)

.......................

1,000

1,034

Series

A,

6.00%,

1/1/46,

Continuously

Callable

@100

.........................

5,000

5,050

Series

A-1,

3.50%,

12/20/35

...........................................

2,474

2,458

48,785

Victory

Portfolios

III

#### Victory

#### Tax

#### Exempt

#### Intermediate-Term

#### Fund

Schedule

of

Portfolio

Investments

—

continued

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) West

Virginia

(0.9%):

West

Virginia

Hospital

Finance

Authority

Revenue

5.00%,

1/1/35,

Continuously

Callable

@100

...............................

$

2,920

$

2,933

5.00%,

1/1/36,

Continuously

Callable

@100

...............................

2,065

2,070

5.00%,

9/1/38,

Continuously

Callable

@100

...............................

2,000

2,085

5.00%,

9/1/39,

Continuously

Callable

@100

...............................

1,000

1,041

Series

A,

5.00%,

6/1/33,

Continuously

Callable

@100

.........................

1,850

1,893

Series

A,

5.00%,

6/1/34,

Continuously

Callable

@100

.........................

2,970

3,036

Series

A,

5.00%,

6/1/35,

Continuously

Callable

@100

.........................

2,405

2,456

Series

A,

4.13%,

6/1/42,

Continuously

Callable

@100

.........................

5,000

4,993

Series

A,

5.50%,

6/1/50,

Continuously

Callable

@100

.........................

1,000

1,072

Series

B,

5.75%,

9/1/43,

Continuously

Callable

@100

.........................

4,000

4,504

26,083

Wisconsin

(2.5%):

Public

Finance

Authority

Revenue

4.00%,

3/1/29(a)

...................................................

890

873

4.00%,

6/15/29,

Continuously

Callable

@100(a)

.............................

4.00%,

9/1/29,

Continuously

Callable

@103(a)

.............................

1,020

1,031

4.00%,

3/1/30(a)

...................................................

950

924

4.00%,

3/1/34,

Continuously

Callable

@100(a)

.............................

3,520

3,273

5.00%,

4/1/35,

Continuously

Callable

@100

...............................

785

835

5.25%,

5/15/37,

Continuously

Callable

@102(a)

.............................

1,000

1,012

5.00%,

6/15/39,

Continuously

Callable

@100(a)

.............................

5.00%,

9/1/39,

Continuously

Callable

@103(a)

.............................

2,230

2,284

5.00%,

1/1/40,

Continuously

Callable

@100

...............................

3,500

3,623

5.00%,

4/1/40,

Pre-refunded

4/1/30

@

100(a)

...............................

5.00%

,

4/1/40,

Continuously

Callable

@100(a)

.............................

1,080

1,088

4.00%,

1/1/42,

Continuously

Callable

@103

...............................

1,150

1,131

4.00%,

4/1/42,

Continuously

Callable

@100(a)

.............................

900

803

5.00%,

4/1/43,

Continuously

Callable

@100

...............................

4,185

4,227

6.63%,

7/1/43,

Continuously

Callable

@100(a)

.............................

503

5.00%,

1/1/45,

Continuously

Callable

@100

...............................

3,275

3,301

4.75%,

7/1/45,

Continuously

Callable

@100(a)

.............................

5.25%,

12/1/48,

Continuously

Callable

@100

...............................

1,500

1,539

5.25%,

11/15/50,

Continuously

Callable

@103

..............................

1,000

1,013

5.75%,

12/1/54,

Continuously

Callable

@100(a)

.............................

1,000

1,009

Series

A,

5.25%,

10/1/38,

Continuously

Callable

@100

........................

3,250

3,305

Series

A,

4.00%,

7/1/41,

Continuously

Callable

@100

.........................

770

712

Series

A,

5.00%,

11/15/41,

Continuously

Callable

@103

.......................

4,680

4,894

Series

A,

5.50%,

7/1/43,

Continuously

Callable

@100(a)

.......................

2,000

2,048

Series

A,

6.38%,

7/1/43,

Continuously

Callable

@103(a)

.......................

Series

A,

5.25%,

6/1/45,

Continuously

Callable

@100

.........................

Series

A,

4.00%,

10/1/49,

Continuously

Callable

@100

........................

2,750

2,472

Series

A,

5.25%,

6/15/50,

Continuously

Callable

@100

........................

750

768

Series

A,

5.00%,

7/1/50,

Continuously

Callable

@100

.........................

2,250

2,280

Series

A-1,

4.00%,

7/1/41,

Continuously

Callable

@100(a)

.....................

675

577

Series

B,

5.25%,

6/15/45,

Continuously

Callable

@100

........................

550

560

Series

D,

4.05%,

11/1/30,

Continuously

Callable

@100

........................

1,500

1,501

University

of

Wisconsin

Hospitals

&

Clinics

Revenue,

Series

A,

4.00%,

4/1/44,

Continuously

Callable

@100

.....................................................

1,300

1,280

Wisconsin

Health

&

Educational

Facilities

Authority

Revenue

4.00%,

1/1/27

.....................................................

4.00%,

1/1/28,

Continuously

Callable

@103

...............................

4.00%,

1/1/29,

Continuously

Callable

@103

...............................

4.00%,

1/1/30,

Continuously

Callable

@103

...............................

4.00%,

1/1/37,

Continuously

Callable

@103

...............................

1,460

1,387

4.00%,

3/15/40,

Continuously

Callable

@100

...............................

750

733

4.00%,

12/1/41,

Continuously

Callable

@100

...............................

850

691

Series

A,

4.00%,

11/15/36,

Continuously

Callable

@100

.......................

9,830

9,848

Series

A,

4.38%,

11/1/39,

Continuously

Callable

@100

........................

5,000

5,143

Series

B,

4.00%,

9/15/36,

Continuously

Callable

@103

........................

530

525

Series

B,

4.00%,

9/15/41,

Continuously

Callable

@103

........................

510

Victory

Portfolios

III

#### Victory

#### Tax

#### Exempt

#### Intermediate-Term

#### Fund

Schedule

of

Portfolio

Investments

—

continued

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Wisconsin

Health

&

Educational

Facilities

Authority

Revenue

(INS

-

Assured

Guaranty

Corp.)

4.00%,

2/15/35,

Continuously

Callable

@100

...............................

$

500

$

522

4.00%,

2/15/37,

Continuously

Callable

@100

...............................

1,000

1,033

72,386

Wyoming

(0.0%):(g)

Wyoming

Community

Development

Authority

Revenue,

Series

1,

4.85%,

12/1/50,

Continuously

Callable

@100

...........................................

1,440

1,445

Total

Municipal

Bonds

(Cost

$2,841,383)

a

a

a

2,812,667

Total

Investments

(Cost

$2,841,383)

—

99.0%

2,812,667

Other

assets

in

excess

of

liabilities

— 1.0%

28,546

NET

ASSETS

-

100.00%

$

2,841,213

(a) Rule

144A

security

or

other

security

that

is

restricted

as

to

resale

to

institutional

investors.

As

of

February

28,

2026,

the

fair

value

of

these

securities

was

$136,780

(thousands)

and

amounted

to

4.8%

of

net

assets.

(b) Put

Bond.

(c) Variable

or

Floating-Rate

Security.

Rate

disclosed

is

as

of

February

28,

2026. (d) Zero-coupon

bond.

(e) Variable

Rate

Demand

Notes

that

provide

the

rights

to

sell

the

security

at

face

value

on

either

that

day

or

within

the

rate-reset

period.

The

interest

rate

is

reset

on

the

put

date

at

a

stipulated

daily,

weekly,

monthly,

quarterly,

or

other

specified

time

interval

to

reflect

current

market

conditions.

These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description.

(f) Currently

the

issuer

is

in

default

with

respect

to

interest

and/or

principal

payments.

(g) Amount

represents

less

than

0.05%

of

net

assets.

(h) Stepped

coupon

security

for

which

the

coupon

rate

of

interest

adjusts

on

specified

date(s);

rate

shown

is

effective

rate

at

period-end.

AMT

—

Alternative

Minimum

Tax

bps

—

Basis

points

Continuously

callable

—

Investment

is

continuously

callable

or

will

be

continuously

callable

on

any

date

after

the

first

call

date

until

its

maturity.

GO

—

General

Obligation

IDA

—

Industrial

Development

Authority

SOFR

—

Secured

Overnight

Financing

Rate

Credit

Enhancements

—Adds

the

financial

strength

of

the

provider

of

the

enhancement

to

support

the

issuer's

ability

to

repay

the

principal

and

interest

payments

when

due.

The

enhancement

may

be

provided

by

a

high-quality

bank,

insurance

company

or

other

corporation,

or

a

collateral

trust.

The

enhancements

do

not

guarantee

the

market

values

of

the

securities.

INS—Principal

and

interest

payments

are

insured

by

the

name

listed.

Although

bond

insurance

reduces

the

risk

of

loss

due

to

default

by

an

issuer,

such

bonds

remain

subject

to

the

risk

that

value

may

fluctuate

for

other

reasons,

and

there

is

no

assurance

that

the

insurance

company

will

meet

its

obligations.

LIQ—Liquidity

enhancement

that

may,

under

certain

circumstances,

provide

for

repayment

of

principal

and

interest

upon

demand

from

the

name

listed.

NBGA—Principal

and

interest

payments

or,

under

certain

circumstances,

underlying

mortgages

are

guaranteed

by

a

nonbank

guarantee

agreement

from

the

name

listed.

Schedule

of

Portfolio

Investments

February

28,

2026

Victory

Portfolios

III

#### Victory

#### Tax

#### Exempt

#### Long-Term

#### Fund

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Corporate

Bonds

(0.0%)(a)

Health

Care

(0.0%):(a)

Buckingham

Senior

Living

Community,

Inc.

,

.00

%

,

3/31/26

(b) (c) ..................

$

$

Total

Corporate

Bonds

(Cost

$410)

a

a

a

Municipal

Bonds

(99.1%)

Alabama

(2.4%):

Alabama

Housing

Finance

Authority

Revenue

,

Series

A

,

.88

%

,

10/1/55

,

Continuously

Callable

@100

.....................................................

3,250

3,282

Black

Belt

Energy

Gas

District

Revenue

Series

A

,

.25

%

,

5/1/56

,

(Put

Date

5/1/32)

(d) ...............................

9,175

9,584

Series

B

,

.00

%

,

10/1/35

,

Continuously

Callable

@100

........................

4,000

4,185

Series

G

,

.00

%

,

10/1/35

,

Continuously

Callable

@100

........................

2,610

2,857

Columbia

Industrial

Development

Board

Revenue

,

Series

B

,

.03

%

,

12/1/37

,

Continuously

Callable

@100

(e) ...................................................

1,700

1,700

County

of

Jefferson

Sewer

Revenue

,

.50

%

,

10/1/53

,

Continuously

Callable

@100

........

1,000

1,052

DCH

Healthcare

Authority

Revenue

,

Series

A

,

.00

%

,

6/1/51

,

Continuously

Callable

@100

..

4,000

3,338

Homewood

Educational

Building

Authority

Revenue

.00

%

,

12/1/47

,

Continuously

Callable

@100

...............................

4,500

4,433

Series

A

,

.00

%

,

12/1/51

,

Continuously

Callable

@100

........................

3,000

2,448

Mobile

County

IDA

Revenue

AMT

Series

A

,

.00

%

,

6/1/54

,

Continuously

Callable

@100

.........................

500

Series

B

,

.75

%

,

12/1/54

,

Continuously

Callable

@100

........................

1,000

955

Southeast

Energy

Authority

A

Cooperative

District

Revenue

,

Series

A

,

.00

%

,

1/1/56

,

(Put

Date

6/1/35)

(d) ....................................................

4,500

4,732

39,059

Alaska

(0.1%):

Northern

Tobacco

Securitization

Corp.

Revenue

,

Series

A

,

.00

%

,

6/1/50

,

Continuously

Callable

@100

.....................................................

1,000

858

Arizona

(2.4%):

Arizona

IDA

Revenue

Series

A

,

.00

%

,

7/1/47

,

Continuously

Callable

@100

.........................

600

603

Series

F

,

.00

%

,

7/1/52

,

Continuously

Callable

@100

.........................

1,725

1,726

City

of

Phoenix

Civic

Improvement

Corp.

Revenue

(INS

-

National

Public

Finance

Guarantee

Corp.)

Series

B

,

.50

%

,

7/1/29

..............................................

1,000

1,109

Series

B

,

.50

%

,

7/1/30

..............................................

1,500

1,704

Maricopa

County

IDA

Revenue

.00

%

,

7/1/47

,

Continuously

Callable

@100

...............................

1,600

1,476

Series

A

,

.00

%

,

7/1/56

,

Continuously

Callable

@100

.........................

1,000

856

Pinal

County

Electric

District

No.

Revenue

,

.00

%

,

7/1/41

,

Continuously

Callable

@100

..

10,000

10,007

Sierra

Vista

IDA

Revenue

,

.75

%

,

6/15/53

,

Continuously

Callable

@100

(b) .............

3,000

2,937

Tempe

IDA

Revenue

,

Series

A

,

.00

%

,

12/1/46

,

Continuously

Callable

@102

............

2,500

2,159

The

County

of

Pima

IDA

Revenue

.00

%

,

6/15/51

,

Continuously

Callable

@100

(b) ............................

2,500

1,877

Series

A

,

.88

%

,

11/15/52

,

Continuously

Callable

@103

(b) .....................

3,750

4,035

The

County

of

Yavapai

IDA

Revenue

,

.00

%

,

8/1/43

,

Continuously

Callable

@100

........

1,725

1,672

The

IDA

of

the

City

of

Phoenix

Arizona

Revenue

.00

%

,

7/1/41

,

Continuously

Callable

@100

...............................

1,200

1,200

.00

%

,

7/1/44

,

Continuously

Callable

@100

...............................

6,000

6,005

Series

A

,

.00

%

,

7/1/42

,

Continuously

Callable

@100

.........................

1,250

1,256

38,622

Arkansas

(0.3%):

Arkansas

Development

Finance

Authority

Revenue

(INS

-

AMBAC

Assurance

Corp.)

7/1/28

(f) .........................................................

1,000

937

7/1/29

(f) .........................................................

1,165

1,057

7/1/30

(f) .........................................................

1,150

1,008

7/1/36

(f) .........................................................

2,500

1,693

4,695

Victory

Portfolios

III

#### Victory

#### Tax

#### Exempt

#### Long-Term

#### Fund

Schedule

of

Portfolio

Investments

—

continued

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) California

(5.1%):

California

Educational

Facilities

Authority

Revenue

,

Series

A

,

.00

%

,

10/1/52

,

Continuously

Callable

@100

.....................................................

$

3,000

$

2,997

California

Health

Facilities

Financing

Authority

Revenue

,

.00

%

,

11/15/56

,

Continuously

Callable

@100

.....................................................

1,000

1,018

Cerritos

Community

College

District,

GO

Series

D

,

8/1/31

(f) ..................................................

1,000

897

Series

D

,

8/1/32

(f) ..................................................

2,500

2,181

Series

D

,

8/1/33

(f) ..................................................

2,175

1,842

Series

D

,

8/1/34

(f) ..................................................

1,000

813

Series

D

,

8/1/35

(f) ..................................................

1,500

1,176

Series

D

,

8/1/36

(f) ..................................................

2,200

1,654

Coachella

Valley

Unified

School

District,

GO

(INS

-

Assured

Guaranty

Municipal

Corp.)

,

Series

D

,

8/1/41

(f) ..................................................

8,500

4,839

El

Monte

Union

High

School

District,

GO

(INS

-

Assured

Guaranty

Municipal

Corp.)

,

6/1/42

(f) .........................................................

10,000

5,372

Indio

Redevelopment

Agency

Successor

Agency

Tax

Allocation

,

Series

A

,

.25

%

,

8/15/35

,

Continuously

Callable

@100

...........................................

1,440

1,442

Los

Alamitos

Unified

School

District

Certificates

of

Participation

.95

%

,

8/1/34

,

Continuously

Callable

@100

...............................

1,200

1,342

.05

%

,

8/1/42

,

Continuously

Callable

@100

...............................

4,000

4,445

Paramount

Unified

School

District,

GO

8/1/34

(f) .........................................................

1,860

1,514

8/1/35

(f) .........................................................

2,000

1,563

8/1/36

(f) .........................................................

2,750

2,045

8/1/37

(f) .........................................................

2,750

1,931

Sacramento

City

Schools

Joint

Powers

Financing

Authority

Revenue

(INS

-

Build

America

Mutual

Assurance

Co.)

Series

A

,

.00

%

,

3/1/36

,

Continuously

Callable

@100

.........................

2,560

2,563

Series

A

,

.00

%

,

3/1/40

,

Continuously

Callable

@100

.........................

2,000

2,003

San

Ysidro

School

District,

GO

(INS

-

Assured

Guaranty

Municipal

Corp.)

Series

G

,

8/1/36

(f) ..................................................

13,605

9,462

Series

G

,

8/1/37

(f) ..................................................

14,285

9,467

Santa

Ana

Unified

School

District

Certificates

of

Participation

(INS

-

Assured

Guaranty

Municipal

Corp.)

,

4/1/29

(f) ............................................

11,815

10,431

Stockton

Unified

School

District,

GO

(INS

-

Assured

Guaranty

Municipal

Corp.)

,

Series

D

,

8/1/34

(f) .........................................................

8,885

7,252

The

El

Camino

Community

College

District

Foundation,

GO

Series

C

,

8/1/34

(f) ..................................................

3,000

2,405

Series

C

,

8/1/38

(f) ..................................................

3,000

2,036

82,690

Colorado

(1.5%):

Colorado

Educational

&

Cultural

Facilities

Authority

Revenue

.00

%

,

1/1/52

,

Continuously

Callable

@100

...............................

675

555

.00

%

,

4/1/53

,

Continuously

Callable

@100

...............................

750

751

.50

%

,

7/1/53

,

Continuously

Callable

@100

...............................

3,000

2,853

.00

%

,

1/1/62

,

Continuously

Callable

@100

...............................

795

625

Series

A

,

.00

%

,

12/1/48

,

Continuously

Callable

@100

........................

2,500

2,230

Colorado

Health

Facilities

Authority

Revenue

.50

%

,

11/1/47

,

Continuously

Callable

@100

...............................

1,000

1,065

Series

A

,

.00

%

,

8/1/44

,

Continuously

Callable

@100

.........................

2,070

1,943

Series

A

,

.00

%

,

12/1/50

,

Continuously

Callable

@103

........................

2,250

1,859

Denver

Health

&

Hospital

Authority

Revenue

,

Series

A

,

.00

%

,

12/1/40

,

Continuously

Callable

@100

...........................................................

750

714

Public

Highway

Authority

Revenue

(INS

-

National

Public

Finance

Guarantee

Corp.)

,

Series

B

,

9/1/35

,

Continuously

Callable

@64

(f) .............................

10,000

6,286

Rampart

Range

Metropolitan

District

No.

Revenue

(INS

-

Assured

Guaranty

Municipal

Corp.)

,

.00

%

,

12/1/47

,

Continuously

Callable

@100

.........................

4,000

4,075

Southlands

Metropolitan

District

No.

1,

GO

,

Series

,

.00

%

,

12/1/47

,

Continuously

Callable

@100

.....................................................

1,000

992

23,948

Victory

Portfolios

III

#### Victory

#### Tax

#### Exempt

#### Long-Term

#### Fund

Schedule

of

Portfolio

Investments

—

continued

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Connecticut

(0.5%):

Connecticut

State

Health

&

Educational

Facilities

Authority

Revenue

.25

%

,

7/1/53

,

Continuously

Callable

@100

...............................

$

3,000

$

3,121

Series

A

,

.00

%

,

7/1/49

,

Continuously

Callable

@100

.........................

3,000

2,694

Series

U

,

.00

%

,

7/1/52

,

Continuously

Callable

@100

........................

3,000

2,728

8,543

District

of

Columbia

(0.1%):

District

of

Columbia

Revenue

.00

%

,

7/1/49

,

Continuously

Callable

@100

...............................

1,275

1,267

.00

%

,

7/1/54

,

Continuously

Callable

@100

...............................

1,140

1,120

2,387

Florida

(7.6%):

Alachua

County

Health

Facilities

Authority

Revenue

,

.00

%

,

10/1/46

,

Continuously

Callable

@103

...........................................................

700

595

Capital

Projects

Finance

Authority

Revenue

,

.00

%

,

11/1/53

,

Continuously

Callable

@100

..

1,250

1,174

Capital

Trust

Agency,

Inc.

Revenue

,

.38

%

,

5/1/53

,

Continuously

Callable

@100

(b) .......

1,750

1,810

Capital

Trust

Authority

Revenue

,

Series

A

,

.25

%

,

12/1/55

,

Continuously

Callable

@100

...

City

of

Atlantic

Beach

Revenue

Series

A

,

.00

%

,

11/15/53

,

Continuously

Callable

@103

.......................

2,000

1,885

Series

B

,

.63

%

,

11/15/43

,

Continuously

Callable

@100

.......................

7,000

7,001

City

of

Jacksonville

Revenue

,

.00

%

,

11/1/45

,

Continuously

Callable

@100

.............

2,500

2,265

City

of

Pompano

Beach

Revenue

.00

%

,

9/1/50

,

Continuously

Callable

@103

...............................

2,000

1,610

Series

A

,

.00

%

,

9/1/51

,

Continuously

Callable

@103

.........................

2,895

2,317

City

of

Venice

Revenue

,

Series

A

,

.50

%

,

1/1/55

,

Continuously

Callable

@103

(b) .........

755

746

County

of

Hillsborough

Solid

Waste

&

Resource

Recovery

Revenue

AMT

,

Series

A

,

.25

%

,

9/1/54

,

Continuously

Callable

@100

.....................................

2,000

2,071

County

of

Lee

Airport

Revenue

AMT

,

.25

%

,

10/1/54

,

Continuously

Callable

@100

.......

2,500

2,593

County

of

Miami-Dade

Aviation

Revenue

AMT

,

Series

A

,

.50

%

,

10/1/55

,

Continuously

Callable

@100

.....................................................

1,000

1,060

County

of

Miami-Dade

Rickenbacker

Causeway

Revenue

,

.00

%

,

10/1/43

,

Continuously

Callable

@100

.....................................................

1,750

1,752

County

of

Miami-Dade

Water

&

Sewer

System

Revenue

,

Series

B

,

.00

%

,

10/1/44

,

Continuously

Callable

@100

...........................................

21,500

21,378

County

of

Pasco

Revenue

(INS

-

Assured

Guaranty

Municipal

Corp.)

,

.00

%

,

9/1/48

,

Continuously

Callable

@100

...........................................

1,000

1,039

Escambia

County

Health

Facilities

Authority

Revenue

.00

%

,

8/15/45

,

Continuously

Callable

@100

...............................

6,265

5,619

.00

%

,

8/15/50

,

Continuously

Callable

@100

...............................

5,050

4,322

Florida

Development

Finance

Corp.

Revenue

.00

%

,

7/1/45

,

Continuously

Callable

@100

...............................

600

518

.00

%

,

2/1/52

,

Continuously

Callable

@100

...............................

4,000

3,342

Series

A

,

.00

%

,

6/15/55

,

Continuously

Callable

@100

........................

1,500

1,413

Florida

Higher

Educational

Facilities

Financing

Authority

Revenue

.00

%

,

3/1/44

,

Continuously

Callable

@100

...............................

4,280

3,351

.00

%

,

10/1/44

,

Continuously

Callable

@100

...............................

1,400

1,253

.00

%

,

3/1/49

,

Continuously

Callable

@100

...............................

1,250

923

.00

%

,

10/1/49

,

Continuously

Callable

@100

...............................

1,150

971

.13

%

,

12/1/54

,

Continuously

Callable

@100

...............................

1,000

906

Florida

Housing

Finance

Corp.

Revenue

,

Series

,

.13

%

,

1/1/56

,

Continuously

Callable

@100

Lee

County

IDA

Revenue

.00

%

,

11/15/49

,

Continuously

Callable

@103

..............................

12,350

12,191

Series

2019A-1

,

.00

%

,

4/1/49

,

Continuously

Callable

@100

...................

4,500

3,994

Series

A

,

.25

%

,

10/1/52

,

Continuously

Callable

@103

........................

1,000

953

Series

C

,

.00

%

,

11/15/54

,

Continuously

Callable

@103

.......................

2,000

1,966

Miami

Beach

Health

Facilities

Authority

Revenue

,

.00

%

,

11/15/51

,

Continuously

Callable

@100

...........................................................

2,500

2,180

Miami-Dade

County

Expressway

Authority

Revenue

Series

A

,

.00

%

,

7/1/39

,

Continuously

Callable

@100

.........................

5,000

5,007

Series

A

,

.00

%

,

7/1/40

,

Continuously

Callable

@100

.........................

5,000

5,007

Miami-Dade

County

Health

Facilities

Authority

Revenue

,

.00

%

,

8/1/47

,

Continuously

Callable

@100

.....................................................

2,000

1,820

Victory

Portfolios

III

#### Victory

#### Tax

#### Exempt

#### Long-Term

#### Fund

Schedule

of

Portfolio

Investments

—

continued

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Orange

County

Health

Facilities

Authority

Revenue

,

Series

B

,

.00

%

,

10/1/45

,

Continuously

Callable

@100

.....................................................

$

1,500

$

1,381

Palm

Beach

County

Educational

Facilities

Authority

Revenue

,

.00

%

,

10/1/51

,

Continuously

Callable

@100

.....................................................

2,070

1,733

Palm

Beach

County

Health

Facilities

Authority

Revenue

.00

%

,

11/15/45

,

Continuously

Callable

@103

..............................

.00

%

,

5/15/47

,

Continuously

Callable

@100

...............................

5,000

4,832

Series

A

,

.00

%

,

11/1/52

,

Continuously

Callable

@100

........................

Series

B

,

.00

%

,

11/15/42

,

Continuously

Callable

@103

.......................

1,000

1,036

Polk

County

IDA

Revenue

.00

%

,

1/1/49

,

Continuously

Callable

@102

...............................

1,000

975

.00

%

,

1/1/55

,

Continuously

Callable

@102

...............................

1,000

956

Sarasota

County

Health

Facilities

Authority

Revenue

,

.00

%

,

5/15/48

,

Continuously

Callable

@103

...........................................................

1,835

1,750

St.

Johns

County

IDA

Revenue

,

.00

%

,

8/1/55

,

Continuously

Callable

@103

............

2,000

1,702

Tampa

Housing

Authority

Revenue

,

.85

%

,

7/1/36

,

Callable

4/1/26

@

..............

2,200

2,203

122,594

Georgia

(1.6%):

Columbia

County

Hospital

Authority

Revenue

,

Series

A

,

.13

%

,

4/1/53

,

Continuously

Callable

@100

...........................................................

1,000

1,031

Crisp

County

Hospital

Authority

Revenue

,

.00

%

,

7/1/51

,

Continuously

Callable

@100

....

3,000

2,687

Gainesville

&

Hall

County

Hospital

Authority

Revenue

,

.00

%

,

2/15/45

,

Continuously

Callable

@100

...........................................................

13,000

12,225

Glynn-Brunswick

Memorial

Hospital

Authority

Revenue

,

.00

%

,

8/1/43

,

Continuously

Callable

@100

.....................................................

1,500

1,502

Main

Street

Natural

Gas,

Inc.

Revenue

,

Series

A

,

.00

%

,

5/15/49

.....................

3,000

3,147

Municipal

Electric

Authority

of

Georgia

Revenue

,

Series

A

,

.00

%

,

1/1/51

,

Continuously

Callable

@100

.....................................................

1,100

1,003

Private

Colleges

&

Universities

Authority

Revenue

,

.00

%

,

6/1/45

,

Continuously

Callable

@100

...........................................................

1,700

1,620

The

Development

Authority

of

Burke

County

Revenue

,

Series

,

.10

%

,

7/1/49

,

Continuously

Callable

@100

(e) ...................................................

500

500

The

Development

Authority

of

Burke

County

Revenue

(NBGA

-

Southern

Co.)

,

Series

GA

,

.05

%

,

11/1/52

,

Continuously

Callable

@100

(e) .............................

1,500

1,500

25,215

Hawaii

(0.1%):

State

of

Hawaii

Airports

System

Revenue

AMT

,

Series

A

,

.25

%

,

7/1/51

,

Continuously

Callable

@100

.....................................................

1,750

1,837

Illinois

(11.3%):

Chicago

Board

of

Education

Dedicated

Capital

Improvement

Tax

Revenue

,

.75

%

,

4/1/48

,

Continuously

Callable

@100

...........................................

2,500

2,638

Chicago

Board

of

Education,

GO

Series

A

,

.00

%

,

12/1/47

,

Continuously

Callable

@100

........................

4,220

3,459

Series

A

,

.00

%

,

12/1/47

,

Continuously

Callable

@100

........................

1,800

1,700

Chicago

O'Hare

International

Airport

Revenue

,

Series

C

,

.25

%

,

1/1/54

,

Continuously

Callable

@100

...........................................................

500

530

Chicago

O'Hare

International

Airport

Revenue

AMT

,

Series

E

,

.50

%

,

1/1/55

,

Continuously

Callable

@100

.....................................................

5,075

5,341

City

of

Chicago

Wastewater

Transmission

Revenue

,

Series

A

,

.00

%

,

1/1/47

,

Continuously

Callable

@100

.....................................................

3,000

3,014

City

of

Chicago,

GO

Series

A

,

.00

%

,

1/1/50

,

Continuously

Callable

@100

.........................

1,335

1,402

Series

F

,

.00

%

,

1/1/55

,

Continuously

Callable

@100

.........................

1,000

1,036

City

of

Galesburg

Revenue

,

Series

A

,

.00

%

,

10/1/46

,

Continuously

Callable

@100

.......

4,000

3,257

Cook

County

Community

College

District

No.

508,

GO

(INS

-

Build

America

Mutual

Assurance

Co.)

,

.00

%

,

12/1/47

,

Continuously

Callable

@100

...................

9,500

9,591

County

of

Cook

Sales

Tax

Revenue

,

.00

%

,

11/15/38

,

Continuously

Callable

@100

.......

7,750

7,992

Illinois

Finance

Authority

Revenue

.50

%

,

4/1/32

,

Continuously

Callable

@100

...............................

7,065

7,067

.00

%

,

3/1/38

,

Continuously

Callable

@100

...............................

2,000

2,000

.00

%

,

8/1/42

,

Continuously

Callable

@100

...............................

750

753

.00

%

,

12/1/46

,

Continuously

Callable

@100

...............................

4,500

4,515

.00

%

,

8/1/47

,

Continuously

Callable

@100

...............................

750

739

Victory

Portfolios

III

#### Victory

#### Tax

#### Exempt

#### Long-Term

#### Fund

Schedule

of

Portfolio

Investments

—

continued

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) 5

.00

%

,

12/1/47

,

Continuously

Callable

@100

...............................

$

2,000

$

1,947

.00

%

,

10/1/49

,

Continuously

Callable

@100

...............................

1,250

1,269

.00

%

,

10/1/51

,

Continuously

Callable

@100

...............................

1,000

1,013

.00

%

,

3/1/52

,

Continuously

Callable

@100

...............................

1,075

961

.00

%

,

10/1/55

,

Continuously

Callable

@100

...............................

2,000

1,649

Series

A

,

.00

%

,

2/1/33

,

Continuously

Callable

@100

.........................

6,000

6,006

Series

A

,

.00

%

,

5/15/37

,

Continuously

Callable

@100

........................

700

709

Series

A

,

.00

%

,

10/1/40

,

Continuously

Callable

@100

........................

12,395

12,427

Series

A

,

.00

%

,

2/15/47

,

Continuously

Callable

@100

........................

1,000

975

Series

A

,

.00

%

,

5/15/47

,

Continuously

Callable

@100

........................

1,155

1,125

Series

A

,

.00

%

,

2/15/50

,

Continuously

Callable

@100

........................

500

Series

A

,

.00

%

,

8/1/51

,

Continuously

Callable

@100

.........................

3,500

2,925

Series

C

,

.00

%

,

2/15/41

,

Continuously

Callable

@100

........................

Series

C

,

.00

%

,

2/15/41

,

Pre-refunded

2/15/27

@

........................

Series

C

,

.00

%

,

2/15/41

,

Pre-refunded

2/15/27

@

........................

Series

C

,

.00

%

,

2/15/41

,

Pre-refunded

2/15/27

@

........................

Illinois

Housing

Development

Authority

Revenue

,

Series

A

,

.90

%

,

4/1/51

,

Continuously

Callable

@100

.....................................................

1,600

1,620

Illinois

State

Toll

Highway

Authority

Revenue

,

Series

A

,

.00

%

,

1/1/46

,

Continuously

Callable

@100

...........................................................

4,000

3,750

Metropolitan

Pier

&

Exposition

Authority

Revenue

,

.00

%

,

6/15/50

,

Continuously

Callable

@100

...........................................................

9,500

9,519

Northern

Illinois

Municipal

Power

Agency

Revenue

,

Series

A

,

.00

%

,

12/1/41

,

Continuously

Callable

@100

.....................................................

9,000

8,995

Northern

Illinois

University

Revenue

(INS

-

Build

America

Mutual

Assurance

Co.)

,

Series

B

,

.00

%

,

4/1/41

,

Continuously

Callable

@100

...............................

600

591

Regional

Transportation

Authority

Revenue

(INS

-

National

Public

Finance

Guarantee

Corp.)

,

.50

%

,

7/1/30

.....................................................

37,550

41,856

Sangamon

County

Water

Reclamation

District,

GO

Series

A

,

.00

%

,

1/1/49

,

Continuously

Callable

@100

.........................

15,000

13,790

Series

A

,

.75

%

,

1/1/53

,

Continuously

Callable

@100

.........................

2,000

2,004

State

of

Illinois,

GO

,

Series

A

,

.00

%

,

10/1/33

,

Continuously

Callable

@100

............

2,000

2,106

State

of

Illinois,

GO

(INS

-

Assured

Guaranty

Municipal

Corp.)

.00

%

,

2/1/31

,

Continuously

Callable

@100

...............................

1,000

1,009

.00

%

,

2/1/32

,

Continuously

Callable

@100

...............................

1,000

1,009

Village

of

Rosemont,

GO

(INS

-

Assured

Guaranty

Municipal

Corp.)

,

Series

A

,

.00

%

,

12/1/46

,

Continuously

Callable

@100

....................................

10,000

10,149

183,766

Indiana

(2.3%):

Evansville

Redevelopment

Authority

Revenue

(INS

-

Build

America

Mutual

Assurance

Co.)

.00

%

,

2/1/38

,

Continuously

Callable

@100

...............................

5,540

5,609

.00

%

,

2/1/39

,

Continuously

Callable

@100

...............................

3,605

3,632

Indiana

Finance

Authority

Revenue

.00

%

,

11/15/43

,

Continuously

Callable

@103

..............................

1,970

1,957

.00

%

,

11/15/48

,

Continuously

Callable

@103

..............................

3,895

3,857

.25

%

,

3/1/54

,

Continuously

Callable

@100

...............................

1,000

1,032

Series

A

,

.50

%

,

4/1/46

,

Continuously

Callable

@100

.........................

5,000

5,006

Series

A

,

.00

%

,

11/15/51

,

Continuously

Callable

@100

.......................

1,030

845

Series

A

,

.50

%

,

7/1/52

,

Continuously

Callable

@100

.........................

4,500

4,629

Series

A

,

.00

%

,

6/1/53

,

Continuously

Callable

@100

.........................

1,000

1,001

Indiana

Housing

&

Community

Development

Authority

Revenue

Series

,

.05

%

,

7/1/55

,

Continuously

Callable

@100

.......................

1,800

1,844

Series

,

.75

%

,

7/1/54

,

Continuously

Callable

@100

.......................

1,000

1,003

Indianapolis

Local

Public

Improvement

Bond

Bank

Revenue

AMT

,

Series

B2

,

.00

%

,

1/1/55

,

Continuously

Callable

@100

...........................................

500

512

Richmond

Hospital

Authority

Revenue

,

Series

A

,

.00

%

,

1/1/39

,

Continuously

Callable

@100

7,000

7,003

37,930

Iowa

(0.5%):

Iowa

Finance

Authority

Revenue

,

Series

A

,

.00

%

,

5/15/43

,

Continuously

Callable

@100

...

6,235

6,241

Iowa

Higher

Education

Loan

Authority

Revenue

,

.38

%

,

10/1/52

,

Continuously

Callable

@100

1,000

1,014

Iowa

Tobacco

Settlement

Authority

Revenue

,

Series

,

.00

%

,

6/1/49

,

Continuously

Callable

@100

...........................................................

1,000

858

8,113

Victory

Portfolios

III

#### Victory

#### Tax

#### Exempt

#### Long-Term

#### Fund

Schedule

of

Portfolio

Investments

—

continued

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Kansas

(0.6%):

City

of

Lawrence

Revenue

,

Series

A

,

.00

%

,

7/1/48

,

Continuously

Callable

@100

........

$

5,000

$

4,937

City

of

Manhattan

Revenue

Series

A

,

.00

%

,

6/1/46

,

Continuously

Callable

@103

.........................

1,000

845

Series

A

,

.00

%

,

6/1/52

,

Continuously

Callable

@103

.........................

1,500

1,186

Wyandotte

County-Kansas

City

Unified

Government

Utility

System

Revenue

,

Series

A

,

.00

%

,

9/1/45

,

Continuously

Callable

@100

.....................................

2,000

2,002

8,970

Kentucky

(1.5%):

City

of

Ashland

Revenue

,

Series

A

,

.00

%

,

2/1/40

,

Continuously

Callable

@100

..........

1,000

1,002

City

of

Hazard

Revenue

,

.00

%

,

7/1/51

,

Continuously

Callable

@100

.................

3,000

2,631

County

of

Boyle

Revenue

,

Series

A

,

.50

%

,

6/1/53

,

Continuously

Callable

@100

.........

1,525

1,362

Kentucky

Bond

Development

Corp.

Revenue

,

.00

%

,

6/1/51

,

Continuously

Callable

@100

..

1,070

882

Kentucky

Economic

Development

Finance

Authority

Revenue

Series

A

,

.00

%

,

5/15/46

,

Continuously

Callable

@100

........................

5,500

4,617

Series

B

,

.00

%

,

8/15/41

,

Continuously

Callable

@100

........................

3,000

3,080

Kentucky

Economic

Development

Finance

Authority

Revenue

(INS

-

Assured

Guaranty

Municipal

Corp.)

Series

A

,

.00

%

,

12/1/41

,

Continuously

Callable

@100

........................

500

Series

A

,

.00

%

,

12/1/45

,

Continuously

Callable

@100

........................

2,000

2,020

Kentucky

Public

Energy

Authority

Revenue

,

Series

B

,

.00

%

,

12/1/33

,

Continuously

Callable

@100

...........................................................

2,000

2,130

Louisville/Jefferson

County

Metropolitan

Government

Revenue

,

Series

A

,

.00

%

,

5/15/52

,

Continuously

Callable

@100

...........................................

6,000

5,828

24,045

Louisiana

(3.3%):

City

of

Shreveport

Water

&

Sewer

Revenue

,

Series

B

,

.00

%

,

12/1/41

,

Continuously

Callable

@100

...........................................................

5,500

5,550

City

of

Shreveport

Water

&

Sewer

Revenue

(INS

-

Assured

Guaranty

Corp.)

,

Series

B

,

.00

%

,

12/1/49

,

Continuously

Callable

@100

....................................

1,000

916

City

of

Shreveport

Water

&

Sewer

Revenue

(INS

-

Build

America

Mutual

Assurance

Co.)

,

Series

B

,

.00

%

,

12/1/37

,

Continuously

Callable

@100

........................

1,100

1,103

Jefferson

Sales

Tax

District

Revenue

(INS

-

Assured

Guaranty

Municipal

Corp.)

,

Series

B

,

.00

%

,

12/1/42

,

Continuously

Callable

@100

...............................

7,000

7,043

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority

Revenue

(INS

-

Assured

Guaranty

Municipal

Corp.)

.00

%

,

10/1/39

,

Continuously

Callable

@100

...............................

1,685

1,736

.00

%

,

10/1/48

,

Continuously

Callable

@100

...............................

5,000

5,012

Series

A

,

.00

%

,

10/1/46

,

Continuously

Callable

@100

........................

8,210

7,707

Louisiana

Public

Facilities

Authority

Revenue

.00

%

,

5/15/41

,

Pre-refunded

5/15/26

@

...............................

.00

%

,

5/15/41

,

Continuously

Callable

@100

...............................

1,235

1,235

.00

%

,

5/15/46

,

Continuously

Callable

@100

...............................

5,000

5,018

.00

%

,

7/1/57

,

Continuously

Callable

@100

...............................

2,000

2,009

Series

A

,

.00

%

,

12/15/50

,

Pre-refunded

12/15/27

@

......................

Series

A

,

.00

%

,

12/15/50

,

Continuously

Callable

@100

.......................

970

876

Series

A

,

.00

%

,

1/1/56

,

Continuously

Callable

@100

.........................

9,000

7,790

New

Orleans

Aviation

Board

Revenue

AMT

,

Series

,

.25

%

,

1/1/51

,

Continuously

Callable

@100

...........................................................

4,120

4,260

Port

New

Orleans

Board

of

Commissioners

Revenue

AMT

Series

B

,

.50

%

,

4/1/51

,

Continuously

Callable

@100

.........................

1,900

2,012

Series

B

,

.50

%

,

4/1/54

,

Continuously

Callable

@100

.........................

1,300

1,380

53,693

Maine

(0.4%):

Maine

Health

&

Higher

Educational

Facilities

Authority

Revenue

,

Series

A

,

.00

%

,

7/1/46

,

Continuously

Callable

@100

...........................................

9,000

6,853

Maryland

(0.1%):

State

of

Maryland

Department

of

Transportation

Revenue

AMT

,

Series

A

,

.25

%

,

8/1/54

,

Continuously

Callable

@100

...........................................

2,000

2,072

Massachusetts

(2.3%):

Massachusetts

Development

Finance

Agency

Revenue

.00

%

,

4/15/40

,

Continuously

Callable

@100

...............................

1,000

1,000

Victory

Portfolios

III

#### Victory

#### Tax

#### Exempt

#### Long-Term

#### Fund

Schedule

of

Portfolio

Investments

—

continued

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) 5

.00

%

,

7/1/47

,

Continuously

Callable

@100

...............................

$

3,280

$

3,181

.00

%

,

7/1/51

,

Continuously

Callable

@100

...............................

1,000

832

.00

%

,

7/1/52

,

Continuously

Callable

@100

...............................

1,500

1,453

.25

%

,

7/1/55

,

Continuously

Callable

@103

...............................

1,000

1,008

Series

A

,

.50

%

,

7/1/44

,

Continuously

Callable

@100

.........................

2,000

1,853

Series

A

,

.00

%

,

10/1/46

,

Continuously

Callable

@100

........................

3,370

2,825

Series

B

,

.00

%

,

6/1/50

,

Continuously

Callable

@100

.........................

1,700

1,305

Series

B

,

.00

%

,

7/1/50

,

Continuously

Callable

@100

.........................

975

797

Series

D

,

.00

%

,

7/1/44

,

Continuously

Callable

@100

........................

3,000

3,000

Series

E

,

.00

%

,

7/1/38

,

Continuously

Callable

@100

.........................

1,000

994

Series

I

,

.00

%

,

7/1/46

,

Continuously

Callable

@100

.........................

4,000

3,989

Series

J2

,

.00

%

,

7/1/53

,

Continuously

Callable

@100

........................

10,000

10,050

Series

N

,

.50

%

,

7/1/55

,

Continuously

Callable

@100

........................

2,000

2,125

Massachusetts

Development

Finance

Agency

Revenue

(INS

-

Assured

Guaranty

Municipal

Corp.)

,

Series

C

,

.00

%

,

10/1/45

,

Continuously

Callable

@100

..................

1,250

1,164

Massachusetts

Housing

Finance

Agency

Revenue

,

Series

,

.80

%

,

12/1/55

,

Continuously

Callable

@100

.....................................................

1,250

1,261

36,837

Michigan

(2.7%):

County

of

Genesee,

GO

(INS

-

Build

America

Mutual

Assurance

Co.)

,

Series

B

,

.00

%

,

2/1/41

,

Continuously

Callable

@100

...........................................

2,000

2,002

Downriver

Utility

Wastewater

Authority

Revenue

(INS

-

Assured

Guaranty

Municipal

Corp.)

,

.00

%

,

4/1/43

,

Continuously

Callable

@100

...............................

2,500

2,610

Flint

Hospital

Building

Authority

Revenue

,

.00

%

,

7/1/38

,

Continuously

Callable

@100

....

2,500

2,475

Jackson

Public

Schools,

GO

(NBGA

-

Michigan

School

Bond

Qualification

and

Loan

Program)

.00

%

,

5/1/45

,

Continuously

Callable

@100

...............................

6,000

6,172

.00

%

,

5/1/48

,

Continuously

Callable

@100

...............................

3,000

3,022

Karegnondi

Water

Authority

Revenue

,

.00

%

,

11/1/45

,

Continuously

Callable

@100

.......

2,750

2,771

Livonia

Public

Schools,

GO

(INS

-

Assured

Guaranty

Municipal

Corp.)

,

.00

%

,

5/1/45

,

Continuously

Callable

@100

...........................................

4,000

4,017

Michigan

Finance

Authority

Revenue

.00

%

,

11/1/43

,

Continuously

Callable

@100

...............................

1,000

1,032

.00

%

,

2/15/44

,

Continuously

Callable

@100

...............................

5,000

4,771

.00

%

,

2/15/47

,

Continuously

Callable

@100

...............................

1,000

909

.00

%

,

9/1/50

,

Continuously

Callable

@100

...............................

1,000

755

.63

%

,

11/1/52

,

Continuously

Callable

@100

...............................

3,000

3,100

.00

%

,

11/1/55

,

Continuously

Callable

@100

...............................

4,000

3,584

Series

A

,

.00

%

,

11/15/50

,

Continuously

Callable

@100

.......................

3,000

2,682

Michigan

State

Building

Authority

Revenue

,

.00

%

,

10/15/49

,

Continuously

Callable

@100

.

2,500

2,336

Michigan

State

Housing

Development

Authority

Revenue

,

Series

A

,

.00

%

,

12/1/55

,

Continuously

Callable

@100

...........................................

1,000

1,009

43,247

Mississippi

(0.1%):

Mississippi

Home

Corp.

Revenue

,

Series

A

,

.95

%

,

6/1/53

,

Continuously

Callable

@100

...

1,665

1,703

Missouri

(3.4%):

Cape

Girardeau

County

IDA

Revenue

.00

%

,

3/1/36

,

Continuously

Callable

@100

...............................

750

762

Series

A

,

.00

%

,

3/1/33

,

Continuously

Callable

@100

.........................

1,625

1,629

Hannibal

IDA

Revenue

,

.00

%

,

10/1/47

,

Continuously

Callable

@100

.................

3,000

2,874

Health

&

Educational

Facilities

Authority

of

the

State

of

Missouri

Revenue

.00

%

,

8/1/36

,

Continuously

Callable

@100

...............................

0.00%,

5/15/40

,

Continuously

Callable

@103

(g) ............................

1,662

.00

%

,

8/1/41

,

Continuously

Callable

@100

...............................

.00

%

,

2/1/48

,

Continuously

Callable

@100

...............................

10,000

8,567

.00

%

,

2/15/51

,

Continuously

Callable

@100

...............................

1,000

814

.00

%

,

12/1/52

,

Continuously

Callable

@100

...............................

1,000

1,037

Series

A

,

.00

%

,

2/1/42

,

Continuously

Callable

@102

.........................

3,500

3,567

Series

A

,

.00

%

,

2/15/54

,

Continuously

Callable

@100

........................

2,500

2,201

Missouri

Development

Finance

Board

Revenue

.00

%

,

3/1/51

,

Continuously

Callable

@100

...............................

2,000

1,703

Series

D

,

.00

%

,

6/1/46

,

Continuously

Callable

@100

........................

17,775

16,653

Missouri

Housing

Development

Commission

Revenue

Series

A

,

.65

%

,

11/1/55

,

Continuously

Callable

@100

........................

1,000

1,002

Victory

Portfolios

III

#### Victory

#### Tax

#### Exempt

#### Long-Term

#### Fund

Schedule

of

Portfolio

Investments

—

continued

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Series

C

,

.00

%

,

11/1/55

,

Continuously

Callable

@100

........................

$

1,000

$

1,026

Series

D

,

.15

%

,

11/1/55

,

Continuously

Callable

@100

........................

1,000

1,038

St.

Louis

County

IDA

Revenue

.00

%

,

9/1/48

,

Continuously

Callable

@100

...............................

2,000

1,967

Series

A

,

.88

%

,

9/1/43

,

Continuously

Callable

@100

.........................

5,000

5,003

St.

Louis

Municipal

Finance

Corp.

Revenue

(INS

-

Assured

Guaranty

Municipal

Corp.)

,

.00

%

,

10/1/38

,

Continuously

Callable

@100

...............................

3,065

3,156

Stoddard

County

IDA

Revenue

,

Series

B

,

.00

%

,

3/1/37

,

Continuously

Callable

@100

.....

1,645

1,648

55,526

Montana

(0.3%):

City

of

Forsyth

Revenue

,

Series

A

,

.90

%

,

3/1/31

,

Continuously

Callable

@100

..........

4,000

4,001

Montana

Board

of

Housing

Revenue

,

Series

A

,

.88

%

,

12/1/54

,

Continuously

Callable

@100

Montana

Facility

Finance

Authority

Revenue

.00

%

,

6/1/45

,

Continuously

Callable

@100

...............................

1,000

943

Series

A

,

.50

%

,

2/15/55

,

Continuously

Callable

@100

........................

5,372

Nebraska

(1.6%):

Central

Plains

Energy

Project

Revenue

,

Series

A

,

.00

%

,

9/1/42

......................

13,665

14,779

Douglas

County

Hospital

Authority

No.

Revenue

,

.00

%

,

11/1/48

,

Continuously

Callable

@100

...........................................................

3,400

3,401

Nebraska

Educational

Health

Cultural

&

Social

Services

Finance

Authority

Revenue

,

Series

S

,

.00

%

,

1/1/49

,

Continuously

Callable

@102

...............................

7,500

6,821

Omaha

Airport

Authority

Revenue

AMT

,

.25

%

,

12/15/54

,

Continuously

Callable

@100

....

1,500

1,567

26,568

Nevada

(1.2%):

Carson

City

Revenue

,

.00

%

,

9/1/47

,

Continuously

Callable

@100

...................

2,775

2,734

Las

Vegas

Convention

&

Visitors

Authority

Revenue

Series

C

,

.00

%

,

7/1/41

,

Continuously

Callable

@100

.........................

4,400

4,403

Series

C

,

.00

%

,

7/1/46

,

Continuously

Callable

@100

.........................

12,140

11,702

Reno-Tahoe

Airport

Authority

Revenue

AMT

,

Series

A

,

.25

%

,

7/1/54

,

Continuously

Callable

@100

...........................................................

1,000

1,033

19,872

New

Hampshire

(0.5%):

New

Hampshire

Business

Finance

Authority

Revenue

.00

%

,

1/1/51

,

Continuously

Callable

@103

...............................

3,000

2,470

Series

A

,

.25

%

,

7/1/48

,

Continuously

Callable

@103

.........................

1,000

1,012

Series

A

,

.25

%

,

11/1/54

,

Continuously

Callable

@100

........................

1,000

1,046

Series

C

,

.25

%

,

7/1/54

,

Continuously

Callable

@100

.........................

2,750

2,758

7,286

New

Jersey

(2.6%):

City

of

Newark

Mass

Transit

Access

Tax

Revenue

(INS

-

Assured

Guaranty

Corp.)

,

.38

%

,

11/15/52

,

Continuously

Callable

@100

...................................

1,000

1,052

New

Jersey

Economic

Development

Authority

Revenue

.00

%

,

11/1/44

,

Continuously

Callable

@100

...............................

3,000

2,969

Series

A

,

.00

%

,

6/15/47

,

Continuously

Callable

@100

........................

3,000

3,046

Series

B

,

.00

%

,

6/15/43

,

Continuously

Callable

@100

........................

3,500

3,642

New

Jersey

Economic

Development

Authority

Revenue

(INS

-

Assured

Guaranty

Municipal

Corp.)

,

.00

%

,

6/1/42

,

Continuously

Callable

@100

..........................

1,200

1,216

New

Jersey

Educational

Facilities

Authority

Revenue

Series

B

,

.00

%

,

9/1/36

,

Continuously

Callable

@100

.........................

5,000

5,046

Series

F

,

.00

%

,

7/1/47

,

Continuously

Callable

@100

.........................

3,000

2,336

New

Jersey

Health

Care

Facilities

Financing

Authority

Revenue

,

.00

%

,

10/1/38

,

Continuously

Callable

@100

.....................................................

2,250

2,339

New

Jersey

Health

Care

Facilities

Financing

Authority

Revenue

(INS

-

Assured

Guaranty

Municipal

Corp.)

,

Series

A

,

.00

%

,

7/1/46

,

Continuously

Callable

@100

...........

1,250

1,251

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

,

Series

BB

,

.00

%

,

6/15/50

,

Continuously

Callable

@100

...........................................

15,000

13,714

The

Camden

County

Improvement

Authority

Revenue

,

.00

%

,

6/15/52

,

Continuously

Callable

@100

...........................................................

1,325

1,377

The

Passaic

County

Improvement

Authority

Revenue

,

.38

%

,

7/1/53

,

Continuously

Callable

@100

...........................................................

500

505

Victory

Portfolios

III

#### Victory

#### Tax

#### Exempt

#### Long-Term

#### Fund

Schedule

of

Portfolio

Investments

—

continued

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Tobacco

Settlement

Financing

Corp.

Revenue

,

Series

A

,

.25

%

,

6/1/46

,

Continuously

Callable

@100

...........................................................

$

3,000

$

3,006

41,499

New

Mexico

(0.5%):

New

Mexico

Hospital

Equipment

Loan

Council

Revenue

,

Series

A

,

.00

%

,

7/1/49

,

Continuously

Callable

@102

...........................................

8,625

8,059

New

York

(3.5%):

Allegany

County

Capital

Resource

Corp.

Revenue

,

Series

A

,

.00

%

,

12/1/52

,

Continuously

Callable

@100

.....................................................

4,000

3,456

Build

NYC

Resource

Corp.

Revenue

Series

A

,

.00

%

,

7/1/52

,

Continuously

Callable

@100

.........................

700

683

Series

A

,

.00

%

,

4/15/53

,

Continuously

Callable

@100

(b) ......................

2,500

2,554

Series

A

,

.50

%

,

12/1/56

,

Continuously

Callable

@100

........................

720

760

City

of

New

York,

GO

,

Series

,

.10

%

,

10/1/46

,

Continuously

Callable

@100

(e) .......

6,820

6,820

Empire

State

Development

Corp.

Revenue

,

Series

A

,

.00

%

,

3/15/45

,

Continuously

Callable

@100

...........................................................

5,000

4,881

Metropolitan

Transportation

Authority

Dedicated

Tax

Fund

Revenue

,

Series

A

,

11/15/32

(f) ..

5,000

4,147

Metropolitan

Transportation

Authority

Revenue

,

Series

,

.00

%

,

11/15/45

,

(Put

Date

5/15/30)

(d) .......................................................

5,490

5,970

New

York

City

Housing

Development

Corp.

Revenue

,

Series

,

.80

%

,

11/1/55

,

Continuously

Callable

@100

...........................................

1,000

1,003

New

York

City

Municipal

Water

Finance

Authority

Revenue

,

Series

DD

,

.10

%

,

6/15/33

,

Continuously

Callable

@100

(e) .........................................

4,530

4,530

New

York

Liberty

Development

Corp.

Revenue

,

.80

%

,

9/15/69

,

Continuously

Callable

@100

1,500

1,411

New

York

State

Dormitory

Authority

Revenue

.25

%

,

10/1/49

,

Continuously

Callable

@100

...............................

2,000

2,031

Series

A

,

.25

%

,

7/1/50

,

Continuously

Callable

@100

.........................

625

578

Series

A

,

.00

%

,

9/1/50

,

Continuously

Callable

@100

.........................

3,000

2,585

Series

,

.50

%

,

7/1/55

,

Continuously

Callable

@100

.......................

New

York

Transportation

Development

Corp.

Revenue

AMT

(INS

-

Assured

Guaranty

Corp.)

,

.63

%

,

6/30/54

,

Continuously

Callable

@100

...............................

5,000

4,882

Onondaga

Civic

Development

Corp.

Revenue

,

.38

%

,

8/1/54

,

Continuously

Callable

@100

..

750

683

Triborough

Bridge

&

Tunnel

Authority

Revenue

Series

A

,

11/15/31

(f) ................................................

5,000

4,342

Series

A

,

11/15/32

(f) ................................................

3,000

2,523

Series

B

,

11/15/32

(f) ................................................

2,500

2,102

TSASC,

Inc.

Revenue

,

Series

A

,

.00

%

,

6/1/41

,

Continuously

Callable

@100

............

1,000

1,007

57,311

North

Carolina

(0.3%):

North

Carolina

Medical

Care

Commission

Revenue

.00

%

,

1/1/49

,

Continuously

Callable

@102

...............................

2,725

2,730

.25

%

,

12/1/54

,

Continuously

Callable

@100

...............................

2,000

2,025

4,755

North

Dakota

(0.8%):

City

of

Grand

Forks

Revenue

.00

%

,

12/1/51

,

Continuously

Callable

@100

...............................

2,375

1,929

Series

A

,

.00

%

,

12/1/53

,

Continuously

Callable

@100

........................

1,400

1,415

County

of

Ward

Revenue

,

Series

C

,

.00

%

,

6/1/43

,

Continuously

Callable

@100

.........

7,500

7,116

North

Dakota

Housing

Finance

Agency

Revenue

,

Series

A

,

.05

%

,

7/1/53

,

Continuously

Callable

@100

.....................................................

University

of

North

Dakota

Certificates

of

Participation

(INS

-

Assured

Guaranty

Corp.)

,

Series

A

,

.00

%

,

6/1/51

,

Continuously

Callable

@100

.............................

1,500

1,357

12,288

Ohio

(3.3%):

City

of

Centerville

Revenue

,

.25

%

,

11/1/47

,

Continuously

Callable

@100

..............

2,700

2,648

City

of

Middleburg

Heights

Revenue

,

Series

A

,

.00

%

,

8/1/47

,

Continuously

Callable

@100

.

2,000

1,691

Columbus

Regional

Airport

Authority

Revenue

AMT

,

Series

A

,

.50

%

,

1/1/55

,

Continuously

Callable

@100

.....................................................

2,000

2,120

County

of

Cuyahoga

Revenue

,

.75

%

,

2/15/47

,

Continuously

Callable

@100

............

9,000

8,311

County

of

Franklin

Revenue

,

Series

B

,

.00

%

,

7/1/45

,

Continuously

Callable

@103

.......

2,000

2,001

County

of

Hamilton

Revenue

.00

%

,

1/1/51

,

Continuously

Callable

@100

...............................

2,500

2,477

Series

A

,

.50

%

,

8/1/51

,

Continuously

Callable

@100

.........................

1,335

1,373

Victory

Portfolios

III

#### Victory

#### Tax

#### Exempt

#### Long-Term

#### Fund

Schedule

of

Portfolio

Investments

—

continued

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Series

A

,

.75

%

,

1/1/53

,

Continuously

Callable

@103

.........................

$

2,000

$

2,047

County

of

Lucas

Revenue

,

Series

A

,

.25

%

,

11/15/48

,

Continuously

Callable

@100

.......

3,000

3,000

County

of

Montgomery

Revenue

.00

%

,

11/15/42

,

Continuously

Callable

@100

..............................

2,500

2,335

.00

%

,

11/15/45

,

Continuously

Callable

@100

..............................

2,000

1,757

.25

%

,

9/1/54

,

Continuously

Callable

@100

...............................

1,500

1,517

County

of

Ross

Revenue

,

.00

%

,

12/1/49

,

Continuously

Callable

@100

................

9,100

9,036

County

of

Warren

Revenue

,

.00

%

,

7/1/54

,

Continuously

Callable

@100

...............

1,785

1,787

Ohio

Higher

Educational

Facility

Commission

Revenue

.00

%

,

9/1/47

,

Continuously

Callable

@100

...............................

4,475

4,576

.25

%

,

5/1/54

,

Continuously

Callable

@100

...............................

1,500

1,469

Port

of

Greater

Cincinnati

Development

Authority

Revenue

,

Series

A

,

.00

%

,

12/1/55

,

Continuously

Callable

@100

...........................................

700

722

State

of

Ohio

Revenue

.00

%

,

11/15/40

,

Continuously

Callable

@100

..............................

655

638

Series

A

,

.00

%

,

1/15/50

,

Continuously

Callable

@100

........................

5,000

4,395

53,900

Oklahoma

(1.2%):

Norman

Regional

Hospital

Authority

Revenue

,

.00

%

,

9/1/45

,

Continuously

Callable

@100

.

4,250

2,915

Oklahoma

Development

Finance

Authority

Revenue

,

Series

B

,

.50

%

,

8/15/57

,

Continuously

Callable

@100

.....................................................

4,250

4,261

Oklahoma

Municipal

Power

Authority

Revenue

,

Series

A

,

.00

%

,

1/1/47

,

Continuously

Callable

@100

.....................................................

10,000

9,479

Tulsa

County

Industrial

Authority

Revenue

,

.25

%

,

11/15/45

,

Continuously

Callable

@102

..

2,000

2,003

18,658

Oregon

(0.7%):

City

of

Keizer

Special

Assessment

,

.20

%

,

6/1/31

,

Continuously

Callable

@100

..........

Deschutes

County

Hospital

Facilities

Authority

Revenue

,

Series

A

,

.00

%

,

1/1/46

,

Continuously

Callable

@100

...........................................

2,000

1,873

Medford

Hospital

Facilities

Authority

Revenue

,

Series

A

,

.00

%

,

8/15/50

,

Continuously

Callable

@100

.....................................................

3,800

3,365

Oregon

State

Facilities

Authority

Revenue

,

Series

A

,

.00

%

,

10/1/51

,

Continuously

Callable

@100

...........................................................

1,000

782

Port

of

Portland

Airport

Revenue

AMT

,

Series

30A

,

.25

%

,

7/1/54

,

Continuously

Callable

@100

...........................................................

1,000

1,037

Salem

Hospital

Facility

Authority

Revenue

,

.00

%

,

5/15/53

,

Continuously

Callable

@102

...

1,000

947

Union

County

Hospital

Facility

Authority

Revenue

.00

%

,

7/1/47

,

Continuously

Callable

@100

...............................

.00

%

,

7/1/52

,

Continuously

Callable

@100

...............................

1,325

1,283

Yamhill

County

Hospital

Authority

Revenue

,

Series

A

,

.00

%

,

11/15/51

,

Continuously

Callable

@101

...........................................................

1,180

1,041

11,179

Pennsylvania

(8.5%):

Adams

County

General

Authority

Revenue

,

.00

%

,

8/15/45

,

Continuously

Callable

@100

...

7,400

6,810

Allegheny

County

Airport

Authority

Revenue

AMT

,

Series

A

,

.50

%

,

1/1/55

,

Continuously

Callable

@100

.....................................................

1,000

1,065

Allegheny

County

Hospital

Development

Authority

Revenue

,

Series

A

,

.00

%

,

4/1/47

,

Continuously

Callable

@100

...........................................

3,500

3,520

Allegheny

County

Sanitary

Authority

Revenue

,

.13

%

,

12/1/55

,

Continuously

Callable

@100

500

Allentown

Commercial

and

IDA

Revenue

.00

%

,

7/1/50

,

Continuously

Callable

@100

(b) .............................

2,000

1,912

.00

%

,

6/15/53

,

Continuously

Callable

@100

...............................

1,600

1,643

Armstrong

School

District,

GO

(INS

-

Build

America

Mutual

Assurance

Co.)

Series

A

,

.00

%

,

3/15/38

,

Continuously

Callable

@100

........................

1,000

1,020

Series

A

,

.00

%

,

3/15/41

,

Continuously

Callable

@100

........................

2,250

2,279

Bucks

County

IDA

Revenue

,

.00

%

,

8/15/50

,

Continuously

Callable

@100

.............

3,000

2,584

Canon-McMillan

School

District,

GO

(INS

-

Build

America

Mutual

Assurance

Co.)

.00

%

,

6/1/44

,

Continuously

Callable

@100

...............................

3,500

3,505

.00

%

,

6/1/48

,

Continuously

Callable

@100

...............................

1,105

1,065

.00

%

,

6/1/50

,

Continuously

Callable

@100

...............................

6,065

5,684

Chester

County

IDA

Revenue

.00

%

,

10/15/52

,

Continuously

Callable

@100

(b) ............................

1,775

1,769

.50

%

,

10/1/54

,

Continuously

Callable

@100

(b) ............................

645

567

Victory

Portfolios

III

#### Victory

#### Tax

#### Exempt

#### Long-Term

#### Fund

Schedule

of

Portfolio

Investments

—

continued

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Series

A

,

.25

%

,

10/15/47

,

Continuously

Callable

@100

.......................

$

3,250

$

2,948

Commonwealth

of

Pennsylvania

Certificates

of

Participation

,

Series

A

,

.00

%

,

7/1/43

,

Continuously

Callable

@100

...........................................

1,000

1,031

County

of

Allegheny,

GO

,

Series

,

.00

%

,

11/1/43

,

Continuously

Callable

@100

......

3,170

3,319

County

of

Lehigh

Revenue

,

.00

%

,

7/1/49

,

Continuously

Callable

@100

...............

11,000

9,796

Delaware

County

Authority

Revenue

,

.00

%

,

10/1/39

,

Continuously

Callable

@100

.......

2,250

2,259

Delaware

River

Joint

Toll

Bridge

Commission

Revenue

,

.00

%

,

7/1/47

,

Continuously

Callable

@100

...........................................................

5,000

5,049

General

Authority

of

Southcentral

Pennsylvania

Revenue

,

.25

%

,

5/1/55

,

Continuously

Callable

@100

.....................................................

2,000

2,026

Lancaster

IDA

Revenue

,

.00

%

,

7/1/51

,

Continuously

Callable

@103

.................

1,000

820

Lancaster

Municipal

Authority

Revenue

,

Series

B

,

.00

%

,

5/1/54

,

Continuously

Callable

@103

800

786

Montgomery

County

Higher

Education

&

Health

Authority

Revenue

,

Series

B

,

.00

%

,

5/1/52

,

Continuously

Callable

@100

...........................................

8,000

7,013

Montgomery

County

IDA

Revenue

.00

%

,

12/1/49

,

Continuously

Callable

@103

...............................

2,000

1,985

Series

A

,

.00

%

,

12/1/48

,

Continuously

Callable

@102

........................

2,000

2,003

Northampton

County

General

Purpose

Authority

Revenue

.00

%

,

8/15/40

,

Continuously

Callable

@100

...............................

4,000

4,001

.00

%

,

8/15/48

,

Continuously

Callable

@100

...............................

2,440

2,449

Northeastern

Pennsylvania

Hospital

and

Education

Authority

Revenue

.00

%

,

5/1/44

,

Continuously

Callable

@100

...............................

1,000

997

.00

%

,

5/1/49

,

Continuously

Callable

@100

...............................

1,350

1,295

Pennsylvania

Economic

Development

Financing

Authority

Revenue

.00

%

,

7/1/46

,

Continuously

Callable

@103

...............................

1,000

878

Series

A

,

.00

%

,

10/15/51

,

Continuously

Callable

@100

.......................

2,320

1,995

Pennsylvania

Higher

Educational

Facilities

Authority

Revenue

Series

A

,

.00

%

,

7/15/46

,

Continuously

Callable

@100

........................

2,025

1,716

Series

B2

,

.38

%

,

11/1/54

,

Continuously

Callable

@100

.......................

1,200

1,113

Pennsylvania

Housing

Finance

Agency

Revenue

Series

148A

,

.80

%

,

10/1/55

,

Continuously

Callable

@100

.....................

2,000

2,013

Series

149A

,

.20

%

,

4/1/53

,

Continuously

Callable

@100

......................

500

516

Pennsylvania

Turnpike

Commission

Oil

Franchise

Tax

Revenue

,

Series

B

,

.00

%

,

12/1/51

,

Continuously

Callable

@100

...........................................

5,645

5,243

Pennsylvania

Turnpike

Commission

Revenue

Series

,

.00

%

,

12/1/37

,

Continuously

Callable

@100

........................

1,000

1,036

Series

A

,

.00

%

,

12/1/49

,

Continuously

Callable

@100

........................

5,000

4,607

Series

,

.00

%

,

12/1/47

,

Continuously

Callable

@100

......................

4,000

4,064

Series

,

.00

%

,

12/1/33

,

Continuously

Callable

@100

......................

1,250

1,333

Series

B

,

.00

%

,

12/1/51

,

Continuously

Callable

@100

........................

1,500

1,358

Series

,

.00

%

,

6/1/42

,

Continuously

Callable

@100

.......................

9,000

9,181

Reading

School

District,

GO

(INS

-

Build

America

Mutual

Assurance

Co.)

,

Series

A

,

.00

%

,

4/1/44

,

Continuously

Callable

@100

.....................................

1,055

1,057

Scranton

School

District,

GO

(INS

-

Build

America

Mutual

Assurance

Co.)

,

Series

E

,

.00

%

,

12/1/37

,

Continuously

Callable

@100

....................................

1,025

1,036

The

Berks

County

Municipal

Authority

Revenue

Series

A1

,

.00

%

,

6/30/34

,

Continuously

Callable

@104

.......................

885

912

Series

A-2A

,

.00

%

,

6/30/34

,

Continuously

Callable

@104

.....................

Series

A3

,

.00

%

,

6/30/39

,

Continuously

Callable

@100

.......................

5,950

5,692

Series

B1

,

0.00%

,

6/30/44

,

Continuously

Callable

@90

(h) ......................

2,973

2,228

The

School

District

of

Philadelphia,

GO

Series

B

,

.00

%

,

9/1/43

,

Continuously

Callable

@100

.........................

2,500

2,577

Series

F

,

.00

%

,

9/1/37

,

Continuously

Callable

@100

.........................

1,000

1,007

Series

F

,

.00

%

,

9/1/38

,

Pre-refunded

9/1/26

@

..........................

Series

F

,

.00

%

,

9/1/38

,

Continuously

Callable

@100

.........................

1,990

2,006

Wilkes-Barre

Area

School

District,

GO

(INS

-

Build

America

Mutual

Assurance

Co.)

.00

%

,

4/15/49

,

Continuously

Callable

@100

...............................

750

713

.00

%

,

4/15/59

,

Continuously

Callable

@100

...............................

3,000

3,029

137,467

Rhode

Island

(0.1%):

Rhode

Island

Housing

&

Mortgage

Finance

Corp.

Revenue

,

Series

85-A

,

.70

%

,

4/1/55

,

Continuously

Callable

@100

...........................................

1,000

980

Victory

Portfolios

III

#### Victory

#### Tax

#### Exempt

#### Long-Term

#### Fund

Schedule

of

Portfolio

Investments

—

continued

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) South

Carolina

(0.5%):

City

of

Rock

Hill

Combined

Utility

System

Revenue

,

Series

A

,

.00

%

,

1/1/49

,

Continuously

Callable

@100

.....................................................

$

2,500

$

2,299

Patriots

Energy

Group

Revenue

,

Series

A

,

.00

%

,

6/1/51

,

Continuously

Callable

@100

.....

2,000

1,818

South

Carolina

Jobs-Economic

Development

Authority

Revenue

.00

%

,

11/15/47

,

Continuously

Callable

@103

..............................

1,850

1,861

.00

%

,

4/1/54

,

Continuously

Callable

@103

...............................

1,165

984

.00

%

,

4/1/54

,

Continuously

Callable

@103

...............................

1,000

982

7,944

Tennessee

(1.2%):

Greeneville

Health

&

Educational

Facilities

Board

Revenue

,

.00

%

,

7/1/44

,

Continuously

Callable

@100

.....................................................

2,000

2,034

Knox

County

Health

Educational

&

Housing

Facility

Board

Revenue

,

Series

,

.50

%

,

7/1/54

,

Continuously

Callable

@100

.....................................

1,000

1,052

Metropolitan

Government

Nashville

&

Davidson

County

Health

&

Educational

Facilities

Board

Revenue

.00

%

,

7/1/46

,

Continuously

Callable

@100

...............................

5,000

5,007

.00

%

,

10/1/51

,

Continuously

Callable

@100

...............................

1,000

799

Series

A

,

.00

%

,

10/1/45

,

Continuously

Callable

@100

........................

1,500

1,469

Shelby

County

Health

&

Educational

Facilities

Board

Revenue

,

Series

A1

,

.25

%

,

6/1/56

,

Continuously

Callable

@100

(b) ........................................

1,000

969

Tennergy

Corp.

Revenue

,

Series

A

,

.50

%

,

10/1/53

,

(Put

Date

12/1/30)

(d) ..............

5,000

5,441

Tennessee

Housing

Development

Agency

Revenue

,

Series

1A

,

.05

%

,

7/1/55

,

Continuously

Callable

@100

.....................................................

500

508

The

Metropolitan

Nashville

Airport

Authority

Revenue

AMT

,

Series

B

,

.25

%

,

7/1/56

,

Continuously

Callable

@100

...........................................

1,500

1,576

18,855

Texas

(15.6%):

Arlington

Higher

Education

Finance

Corp.

Revenue

(NBGA

-

Texas

Permanent

School

Fund)

.00

%

,

8/15/43

,

Continuously

Callable

@100

...............................

10,000

9,673

.00

%

,

8/15/44

,

Continuously

Callable

@100

...............................

2,170

2,124

.50

%

,

8/15/55

,

Continuously

Callable

@100

...............................

1,000

985

Series

A

,

.00

%

,

2/15/41

,

Continuously

Callable

@100

........................

3,000

3,004

Series

A

,

.00

%

,

12/1/53

,

Continuously

Callable

@100

........................

7,200

7,208

Bexar

County

Health

Facilities

Development

Corp.

Revenue

.00

%

,

7/15/42

,

Continuously

Callable

@103

...............................

600

602

.00

%

,

7/15/45

,

Continuously

Callable

@100

...............................

8,450

7,393

Capital

Area

Housing

Finance

Corp.

Revenue

(LIQ

-

Deutsche

Bank

A.G.)

,

Series

2025-DBE-

8159

,

.40

%

,

3/1/41

(b) (e) .............................................

5,500

5,500

Central

Texas

Turnpike

System

Revenue

(INS

-

AMBAC

Assurance

Corp.)

,

Series

A

,

8/15/30

(f) ........................................................

18,530

16,559

City

of

Arlington

Special

Tax

Revenue

(INS

-

Assured

Guaranty

Municipal

Corp.)

,

Series

A

,

.00

%

,

2/15/48

,

Continuously

Callable

@100

...............................

6,500

6,539

City

of

Corpus

Christi

Utility

System

Revenue

,

.00

%

,

7/15/39

,

Continuously

Callable

@100

5,900

5,929

City

of

Garland

Electric

Utility

System

Revenue

,

Series

A

,

.00

%

,

3/1/51

,

Continuously

Callable

@100

.....................................................

1,000

890

City

of

Houston

Hotel

Occupancy

Tax

&

Special

Revenue

,

.00

%

,

9/1/40

,

Continuously

Callable

@100

.....................................................

3,715

3,720

City

of

Laredo

Waterworks

&

Sewer

System

Revenue

,

.00

%

,

3/1/41

,

Continuously

Callable

@100

...........................................................

700

700

Clifton

Higher

Education

Finance

Corp.

Revenue

.00

%

,

8/15/48

,

Pre-refunded

8/15/28

@

...............................

645

690

.00

%

,

8/15/48

,

Continuously

Callable

@100

...............................

9,355

9,429

.25

%

,

8/15/52

,

Continuously

Callable

@100

...............................

1,500

1,377

Clifton

Higher

Education

Finance

Corp.

Revenue

(NBGA

-

Texas

Permanent

School

Fund)

,

.00

%

,

8/15/44

,

Continuously

Callable

@100

...............................

11,000

10,553

County

of

Bexar

Revenue

.00

%

,

8/15/44

,

Continuously

Callable

@100

...............................

500

.00

%

,

8/15/49

,

Continuously

Callable

@100

...............................

1,700

1,569

Del

Mar

College

District,

GO

,

Series

A

,

.00

%

,

8/15/48

,

Continuously

Callable

@100

.....

6,500

6,529

El

Paso

County

Hospital

District

Revenue

(INS

-

Build

America

Mutual

Assurance

Co.)

,

.25

%

,

2/15/54

,

Continuously

Callable

@100

...............................

1,250

1,170

Victory

Portfolios

III

#### Victory

#### Tax

#### Exempt

#### Long-Term

#### Fund

Schedule

of

Portfolio

Investments

—

continued

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Everman

Independent

School

District,

GO

(NBGA

-

Texas

Permanent

School

Fund)

,

.00

%

,

2/15/50

,

Continuously

Callable

@100

....................................

$

4,500

$

4,228

Grand

Parkway

Transportation

Corp.

Revenue

,

.00

%

,

10/1/49

,

Continuously

Callable

@100

2,000

1,857

Greater

Texas

Cultural

Education

Facilities

Finance

Corp.

Revenue

,

.00

%

,

3/1/50

,

Continuously

Callable

@100

...........................................

2,000

1,821

Harris

County

Cultural

Education

Facilities

Finance

Corp.

Revenue

,

Series

A

,

.00

%

,

6/1/38

,

Continuously

Callable

@100

...........................................

6,100

5,532

Harris

County

Hospital

District

Revenue

,

.00

%

,

2/15/42

,

Continuously

Callable

@100

....

15,000

14,895

Kerrville

Health

Facilities

Development

Corp.

Revenue

,

.00

%

,

8/15/35

,

Continuously

Callable

@100

.....................................................

1,900

1,902

Matagorda

County

Navigation

District

No.

Revenue

Series

,

.00

%

,

6/1/30

,

Continuously

Callable

@100

.......................

9,615

9,616

Series

,

.00

%

,

6/1/30

,

Continuously

Callable

@100

.......................

6,000

6,003

Midlothian

Independent

School

District,

GO

(NBGA

-

Texas

Permanent

School

Fund)

,

.00

%

,

2/15/47

,

Continuously

Callable

@100

....................................

15,000

15,348

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

.00

%

,

11/1/55

,

Continuously

Callable

@103

...............................

1,250

954

Series

,

0.00%

,

11/15/37

(g) .........................................

Series

,

0.00%

,

11/15/36

(g) .........................................

2,565

2,565

Series

B

,

.00

%

,

11/15/61

,

Continuously

Callable

@105

(g) .....................

11,160

5,924

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

(INS

-

Assured

Guaranty

Municipal

Corp.)

,

Series

A1

,

.00

%

,

7/1/48

,

Continuously

Callable

@100

..........

1,000

1,004

North

Texas

Tollway

Authority

Revenue

.00

%

,

1/1/48

,

Continuously

Callable

@100

...............................

3,750

3,799

Series

B

,

9/1/37

,

Pre-refunded

9/1/31

@

64.10 (f) ............................

3,000

1,671

Series

B

,

.00

%

,

1/1/48

,

Pre-refunded

1/1/27

@

..........................

500

512

Series

B

,

.00

%

,

1/1/48

,

Continuously

Callable

@100

.........................

4,500

4,531

Port

of

Port

Arthur

Navigation

District

Revenue

Series

A

,

.10

%

,

4/1/40

,

Continuously

Callable

@100

(e) .......................

7,600

7,600

Series

B

,

.10

%

,

4/1/40

,

Continuously

Callable

@100

(e) .......................

3,800

3,800

Series

C

,

.10

%

,

4/1/40

,

Continuously

Callable

@100

(e) .......................

9,800

9,800

Red

River

Education

Finance

Corp.

Revenue

.00

%

,

6/1/41

,

Continuously

Callable

@100

...............................

2,000

1,839

.50

%

,

10/1/46

,

Continuously

Callable

@100

...............................

3,000

3,007

San

Antonio

Education

Facilities

Corp.

Revenue

.00

%

,

4/1/54

,

Continuously

Callable

@100

...............................

1,000

766

.50

%

,

10/1/55

,

Continuously

Callable

@100

...............................

1,700

1,717

Tarrant

County

Cultural

Education

Facilities

Finance

Corp.

Revenue

.00

%

,

11/15/46

,

Continuously

Callable

@100

..............................

1,000

986

Series

A

,

0.00%

,

11/15/45

,

Continuously

Callable

@100

(g) .....................

3,682

Series

B

,

0.00%

,

11/15/36

,

Continuously

Callable

@100

(g) .....................

2,945

Series

B

,

.00

%

,

11/15/46

,

Continuously

Callable

@100

.......................

9,000

8,845

Texas

Transportation

Commission

State

Highway

System

Revenue

,

.00

%

,

8/1/57

,

Continuously

Callable

@100

...........................................

5,000

5,060

Uptown

Development

Authority

Tax

Allocation

.00

%

,

9/1/37

,

Continuously

Callable

@100

...............................

4,365

4,372

.00

%

,

9/1/40

,

Continuously

Callable

@100

...............................

2,490

2,494

Series

A

,

.00

%

,

9/1/39

,

Continuously

Callable

@100

.........................

1,645

1,657

Victory

Street

Public

Facility

Corp.

Revenue

(LIQ

-

Deutsche

Bank

A.G.)

,

Series

2025-DBE-

8158

,

.40

%

,

8/1/62

,

Continuously

Callable

@100

(b) (e) .......................

2,500

2,500

Waco

Educational

Finance

Corp.

Revenue

,

.00

%

,

3/1/51

,

Continuously

Callable

@100

....

4,000

3,539

West

Harris

County

Regional

Water

Authority

Revenue

.00

%

,

12/15/45

,

Continuously

Callable

@100

..............................

1,600

1,518

.00

%

,

12/15/49

,

Continuously

Callable

@100

..............................

3,945

3,628

Ysleta

Independent

School

District,

GO

(NBGA

-

Texas

Permanent

School

Fund)

,

.00

%

,

8/15/52

,

Continuously

Callable

@100

....................................

5,000

4,693

253,025

Utah

(0.1%):

Utah

Charter

School

Finance

Authority

Revenue

Series

A

,

.63

%

,

6/15/42

,

Continuously

Callable

@100

(b) ......................

500

503

Series

A

,

.00

%

,

10/15/51

,

Continuously

Callable

@100

.......................

1,550

1,313

1,816

Victory

Portfolios

III

#### Victory

#### Tax

#### Exempt

#### Long-Term

#### Fund

Schedule

of

Portfolio

Investments

—

continued

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Vermont

(0.4%):

Vermont

Educational

&

Health

Buildings

Financing

Agency

Revenue

.00

%

,

10/15/46

,

Continuously

Callable

@100

..............................

$

7,000

$

5,510

.00

%

,

10/1/52

,

Continuously

Callable

@100

(b) ............................

2,000

1,772

7,282

Virginia

(0.3%):

Lewistown

Commerce

Center

Community

Development

Authority

Tax

Allocation

Series

A

,

.05

%

,

3/1/44

,

Continuously

Callable

@101

(g) ......................

1,598

1,062

Series

B

,

.05

%

,

3/1/44

,

Continuously

Callable

@101

.........................

1,506

1,313

Series

C

,

.75

%

,

3/1/54

,

Continuously

Callable

@100

(g) ......................

6,327

2,689

5,064

Washington

(1.8%):

County

of

Spokane

Airport

Revenue

AMT

,

Series

B

,

.25

%

,

1/1/54

,

Continuously

Callable

@100

...........................................................

2,000

2,049

King

County

Public

Hospital

District

No.

1,

GO

,

.00

%

,

12/1/43

,

Continuously

Callable

@100

9,000

9,293

King

County

Public

Hospital

District

No.

2,

GO

,

Series

A

,

.00

%

,

12/1/45

,

Continuously

Callable

@100

.....................................................

4,000

3,762

Skagit

County

Public

Hospital

District

No.

Revenue

,

.50

%

,

12/1/54

,

Continuously

Callable

@100

...........................................................

1,000

1,025

Washington

Health

Care

Facilities

Authority

Revenue

,

.00

%

,

7/1/42

,

Continuously

Callable

@100

...........................................................

5,500

5,252

Washington

Higher

Education

Facilities

Authority

Revenue

,

.00

%

,

5/1/50

,

Continuously

Callable

@100

.....................................................

1,250

1,088

Washington

State

Housing

Finance

Commission

Revenue

.00

%

,

1/1/43

,

Continuously

Callable

@102

(b) .............................

3,055

2,867

.13

%

,

7/1/53

,

Continuously

Callable

@103

(b) .............................

2,000

2,092

Series

A

,

.00

%

,

7/1/48

,

Continuously

Callable

@103

.........................

1,100

1,105

Series

,

.50

%

,

12/20/35

...........................................

916

911

29,444

West

Virginia

(0.4%):

West

Virginia

Hospital

Finance

Authority

Revenue

.00

%

,

1/1/43

,

Continuously

Callable

@100

...............................

2,000

1,900

Series

A

,

.38

%

,

6/1/53

,

Continuously

Callable

@100

.........................

3,000

2,835

Series

B

,

.00

%

,

9/1/53

,

Continuously

Callable

@100

.........................

1,750

1,883

6,618

Wisconsin

(3.5%):

Public

Finance

Authority

Revenue

.25

%

,

5/15/42

,

Continuously

Callable

@102

(b) ............................

2,200

2,204

.00

%

,

7/1/44

,

Continuously

Callable

@100

...............................

6,000

6,234

.00

%

,

11/15/44

,

Continuously

Callable

@103

..............................

.00

%

,

1/1/45

,

Continuously

Callable

@100

...............................

1,500

1,431

.00

%

,

6/15/49

,

Continuously

Callable

@100

(b) ............................

520

.00

%

,

6/15/49

,

Continuously

Callable

@100

...............................

1,480

1,422

.00

%

,

11/15/49

,

Continuously

Callable

@103

..............................

2,400

2,409

.00

%

,

2/1/51

,

Continuously

Callable

@100

...............................

1,500

1,144

.00

%

,

10/1/51

,

Continuously

Callable

@103

...............................

2,185

1,788

.00

%

,

1/1/52

,

Continuously

Callable

@103

...............................

2,350

2,046

.13

%

,

4/1/52

,

Continuously

Callable

@100

...............................

3,000

2,823

.00

%

,

6/15/53

,

Continuously

Callable

@100

...............................

1,000

948

.00

%

,

2/1/54

,

Continuously

Callable

@100

...............................

500

.00

%

,

6/15/54

,

Continuously

Callable

@100

(b) ............................

Series

A

,

.25

%

,

10/1/43

,

Continuously

Callable

@100

........................

3,090

3,100

Series

A

,

.00

%

,

10/1/47

,

Continuously

Callable

@100

........................

4,740

4,297

Series

A

,

.00

%

,

10/1/49

,

Continuously

Callable

@100

........................

11,000

9,888

Series

A

,

.00

%

,

7/1/51

,

Continuously

Callable

@100

.........................

1,000

812

Series

A

,

.63

%

,

7/1/53

,

Continuously

Callable

@103

(b) ......................

570

588

Series

A

,

.25

%

,

6/15/55

,

Continuously

Callable

@100

........................

500

507

Series

A

,

.00

%

,

7/1/56

,

Continuously

Callable

@100

.........................

2,250

1,700

Series

,

.00

%

,

7/1/51

,

Continuously

Callable

@100

(b) .....................

2,870

2,146

Series

B

,

.50

%

,

6/15/55

,

Continuously

Callable

@100

........................

Series

L

,

.00

%

,

7/1/47

,

Continuously

Callable

@100

.........................

1,000

944

Series

L

,

.00

%

,

7/1/52

,

Continuously

Callable

@100

.........................

1,000

937

Victory

Portfolios

III

#### Victory

#### Tax

#### Exempt

#### Long-Term

#### Fund

Schedule

of

Portfolio

Investments

—

continued

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Public

Finance

Authority

Revenue

(INS

-

Assured

Guaranty

Municipal

Corp.)

Series

A

,

.00

%

,

7/1/54

,

Continuously

Callable

@100

.........................

$

1,285

$

1,294

Series

A

,

.00

%

,

7/1/58

,

Continuously

Callable

@100

.........................

1,500

1,505

Wisconsin

Health

&

Educational

Facilities

Authority

Revenue

.00

%

,

3/15/50

,

Continuously

Callable

@100

...............................

1,175

1,176

.00

%

,

12/1/51

,

Continuously

Callable

@100

...............................

500

.38

%

,

8/15/55

,

Continuously

Callable

@100

...............................

2,000

1,885

Series

B

,

.00

%

,

9/15/45

,

Continuously

Callable

@103

........................

56,179

Total

Municipal

Bonds

(Cost

$1,674,231)

a

a

a

1,604,624

Total

Investments

(Cost

$1,674,641)

—

99.1%

1,605,034

Other

assets

in

excess

of

liabilities

— 0.9%

15,165

NET

ASSETS

-

100.00%

$

1,620,199

(a) Amount

represents

less

than

0.05%

of

net

assets.

(b) Rule

144A

security

or

other

security

that

is

restricted

as

to

resale

to

institutional

investors.

As

of

February

28,

2026,

the

fair

value

of

these

securities

was

$40,635

(thousands)

and

amounted

to

2.5%

of

net

assets.

(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

February

28,

2026. 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) Put

Bond.

(e) Variable

Rate

Demand

Notes

that

provide

the

rights

to

sell

the

security

at

face

value

on

either

that

day

or

within

the

rate-reset

period.

The

interest

rate

is

reset

on

the

put

date

at

a

stipulated

daily,

weekly,

monthly,

quarterly,

or

other

specified

time

interval

to

reflect

current

market

conditions.

These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description.

(f) Zero-coupon

bond.

(g) Currently

the

issuer

is

in

default

with

respect

to

interest

and/or

principal

payments.

(h) Stepped

coupon

security

for

which

the

coupon

rate

of

interest

adjusts

on

specified

date(s);

rate

shown

is

effective

rate

at

period-end.

AMBAC

—

American

Municipal

Bond

Assurance

Corporation

AMT

—

Alternative

Minimum

Tax

Continuously

callable

—

Investment

is

continuously

callable

or

will

be

continuously

callable

on

any

date

after

the

first

call

date

until

its

maturity.

GO

—

General

Obligation

IDA

—

Industrial

Development

Authority

Credit

Enhancements

—Adds

the

financial

strength

of

the

provider

of

the

enhancement

to

support

the

issuer's

ability

to

repay

the

principal

and

interest

payments

when

due.

The

enhancement

may

be

provided

by

a

high-quality

bank,

insurance

company

or

other

corporation,

or

a

collateral

trust.

The

enhancements

do

not

guarantee

the

market

values

of

the

securities.

INS—Principal

and

interest

payments

are

insured

by

the

name

listed.

Although

bond

insurance

reduces

the

risk

of

loss

due

to

default

by

an

issuer,

such

bonds

remain

subject

to

the

risk

that

value

may

fluctuate

for

other

reasons,

and

there

is

no

assurance

that

the

insurance

company

will

meet

its

obligations.

LIQ—Liquidity

enhancement

that

may,

under

certain

circumstances,

provide

for

repayment

of

principal

and

interest

upon

demand

from

the

name

listed.

NBGA—Principal

and

interest

payments

or,

under

certain

circumstances,

underlying

mortgages

are

guaranteed

by

a

nonbank

guarantee

agreement

from

the

name

listed.

Schedule

of

Portfolio

Investments

February

28,

2026

Victory

Portfolios

III

#### Victory

#### Tax

#### Exempt

#### Short-Term

#### Fund

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Municipal

Bonds

(98.9%)

Alabama

(11.0%):

Baldwin

County

IDA

Revenue

AMT,

Series

A,

5.00%,

6/1/55,

(Put

Date

6/1/32)(a)(b)

......

$

1,000

$

1,031

Black

Belt

Energy

Gas

District

Revenue

4.00%,

10/1/52,

(Put

Date

12/1/26)(b)

....................................

3,000

3,027

Series

A,

5.00%,

9/1/26

..............................................

Series

A,

5.00%,

5/1/27

..............................................

1,100

1,117

Series

A,

5.00%,

5/1/28

..............................................

4,075

4,190

Series

A,

5.25%,

5/1/56,

(Put

Date

5/1/32)(b)

...............................

2,000

2,089

Series

B,

5.00%,

9/1/26

..............................................

2,330

2,352

Series

B,

5.00%,

10/1/35,

Continuously

Callable

@100

........................

2,825

2,956

Series

B,

5.00%,

10/1/55

,

(Put

Date

9/1/32)(b)

..............................

3,585

3,868

Series

C,

5.50%,

6/1/26

..............................................

1,000

1,005

Series

C,

5.00%,

5/1/55,

(Put

Date

7/1/31)(b)

...............................

2,000

2,162

Series

D,

5.00%,

11/1/26

.............................................

1,000

1,013

Series

D2,

3.89%

(SOFR+140bps),

7/1/52,

(Put

Date

6/1/27)(b)(c)

................

3,300

3,334

Chatom

Industrial

Development

Board

Revenue

(INS

-

Assured

Guaranty

Municipal

Corp.),

5.00%,

8/1/30

.....................................................

1,275

1,415

Energy

Southeast

A

Cooperative

District

Revenue

Series

B,

5.00%,

12/1/26

.............................................

Series

B,

5.00%,

6/1/27

..............................................

Series

B,

5.00%,

12/1/27

.............................................

Series

B,

5.00%,

9/1/33,

Continuously

Callable

@100

.........................

5,000

5,305

Selma

Industrial

Development

Board

Revenue,

Series

A,

3.45%,

11/1/33,

(Put

Date

10/1/31)(b)

4,525

4,600

Southeast

Energy

Authority

A

Cooperative

District

Revenue

Series

A,

5.00%,

7/1/26

..............................................

1,755

1,765

Series

A,

5.00%,

11/1/26

..............................................

2,060

2,090

Series

A,

5.00%,

11/1/27

..............................................

1,975

2,045

Series

A,

5.00%,

6/1/31

..............................................

Series

A,

5.00%,

11/1/33

..............................................

2,070

2,239

Series

A,

5.00%,

11/1/35,

Continuously

Callable

@100

........................

3,000

3,225

Series

A,

5.00%,

1/1/56,

(Put

Date

6/1/35)(b)

...............................

2,500

2,629

Series

B,

5.25%,

3/1/55

,

(Put

Date

1/1/33)(b)

...............................

9,950

10,760

Series

C,

5.00%,

10/1/55,

(Put

Date

11/1/32)(b)

.............................

1,500

1,664

The

Lower

Alabama

Gas

District

Revenue,

Series

A,

5.00%,

12/1/33,

Continuously

Callable

@100

...........................................................

2,500

2,688

69,843

Arizona

(1.3%):

Arizona

IDA

Revenue

3.00%,

12/15/31,

Continuously

Callable

@100(a)

............................

Series

B,

4.00%,

7/1/31

..............................................

Chandler

IDA

Revenue

AMT,

4.00%,

6/1/49,

(Put

Date

6/1/29)(b)

....................

2,500

2,544

Maricopa

County

IDA

Revenue

4.00%,

7/1/29(a)

...................................................

725

726

3.00%,

7/1/31(a)

...................................................

500

Sierra

Vista

IDA

Revenue,

5.00%,

6/15/34,

Continuously

Callable

@100(a)

.............

1,250

1,287

Tempe

IDA

Revenue

Series

A,

4.00%,

12/1/26

.............................................

Series

A,

4.00%,

12/1/27

.............................................

Series

A,

4.00%,

12/1/28

.............................................

Series

A,

4.00%,

12/1/29

.............................................

Series

A,

4.00%,

12/1/30,

Continuously

Callable

@102

........................

Series

A,

4.00%,

12/1/31,

Continuously

Callable

@102

........................

7,919

Arkansas

(1.2%):

Arkansas

Development

Finance

Authority

Revenue

5.00%,

9/1/30

.....................................................

1,180

1,278

5.00%,

9/1/31,

Continuously

Callable

@100

...............................

1,200

1,307

5.00%

,

9/1/44,

(Put

Date

9/1/27)(b)

......................................

4,000

4,087

Arkansas

Development

Finance

Authority

Revenue

AMT,

3.88%,

10/15/65,

(Put

Date

10/15/32)(b)

......................................................

1,000

1,017

7,689

Victory

Portfolios

III

#### Victory

#### Tax

#### Exempt

#### Short-Term

#### Fund

Schedule

of

Portfolio

Investments

—

continued

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) California

(3.6%):

California

Community

Choice

Financing

Authority

Revenue

Series

B,

5.00%,

1/1/55,

(Put

Date

12/1/32)(b)

..............................

$

4,000

$

4,229

Series

C,

5.00%,

8/1/55,

(Put

Date

10/1/32)(b)

..............................

5,000

5,394

Series

G,

5.00%,

11/1/55

,

(Put

Date

8/1/32)(b)

..............................

2,500

2,637

California

County

Tobacco

Securitization

Agency

Revenue,

Series

A,

5.00%,

6/1/30

.......

California

Health

Facilities

Financing

Authority

Revenue,

Series

A,

3.85%,

11/15/27,

Continuously

Callable

@100

...........................................

1,500

1,500

California

Municipal

Finance

Authority

Revenue

AMT

Series

A,

3.45%,

7/1/41,

(Put

Date

4/1/26)(b)

...............................

1,125

1,124

Series

A,

3.45%,

10/1/41,

(Put

Date

10/2/28)(b)

.............................

1,500

1,501

California

Pollution

Control

Financing

Authority

Revenue

AMT,

2.87%,

7/1/43,

(Put

Date

8/17/26)(a)(b)

.....................................................

1,500

1,500

California

School

Finance

Authority

Revenue,

4.40%,

12/1/26(a)

.....................

1,000

1,003

City

of

Los

Angeles

Department

of

Airports

Revenue

AMT,

Series

F,

5.00%,

5/15/33

......

2,030

2,358

Sierra

View

Local

Health

Care

District

Revenue

5.00%,

7/1/27

.....................................................

5.00%,

7/1/28

.....................................................

5.00%,

7/1/29

.....................................................

5.00%,

7/1/30

.....................................................

Southern

California

Public

Power

Authority

Revenue,

Series

A,

5.00%,

9/1/26

...........

23,053

Colorado

(0.5%):

Colorado

Health

Facilities

Authority

Revenue

Series

A,

5.00%,

8/1/29

..............................................

500

542

Series

A,

5.00%,

11/1/32,

Continuously

Callable

@100

........................

1,950

2,096

Southlands

Metropolitan

District

No.

1,

GO,

Series

A-1,

3.50%,

12/1/27

................

3,039

Connecticut

(2.4%):

City

of

Bridgeport,

GO,

Series

B,

5.00%,

8/15/26

................................

3,450

3,490

City

of

New

Haven,

GO

Series

A,

5.00%,

8/1/26

..............................................

580

585

Series

A,

5.00%,

8/1/27

..............................................

1,000

1,033

City

of

New

Haven,

GO

(INS

-

Assured

Guaranty

Municipal

Corp.)

Series

B,

5.00%,

2/1/27

..............................................

600

613

Series

B,

.00%,

2/1/28

..............................................

525

549

Series

B,

5.00%,

2/1/29

..............................................

550

588

City

of

West

Haven,

GO,

Series

A,

5.00%,

11/1/27

...............................

650

674

Connecticut

State

Health

&

Educational

Facilities

Authority

Revenue,

Series

B-2,

5.00%,

7/1/53,

(Put

Date

1/1/27)(b)

...........................................

3,000

3,065

Connecticut

State

Higher

Education

Supplement

Loan

Authority

Revenue

AMT,

Series

B-2,

5.00%,

11/15/45,

(Put

Date

5/14/26)(b)

...................................

2,725

2,735

Stamford

Housing

Authority

Revenue,

Series

C,

4.75%,

10/1/32

.....................

1,500

1,560

14,892

District

of

Columbia

(0.8%):

Deutsche

Bank

Spears/Lifers

Trust

Local

Revenue,

Series

8178,

1.40%,

5/1/30(a)(d)

.......

5,000

5,000

Florida

(3.6%):

Alachua

County

Health

Facilities

Authority

Revenue

5.00%,

12/1/37,

(Put

Date

12/1/26)(b)

....................................

3,000

3,019

Series

B-1,

4.00%,

10/1/30,

Continuously

Callable

@100

......................

735

737

Series

B-2,

3.75%,

10/1/30,

Continuously

Callable

@100

......................

1,000

1,002

Series

B-3,

3.63%,

10/1/30,

Continuously

Callable

@100

......................

1,390

1,393

Capital

Trust

Agency,

Inc.

Revenue,

4.00%,

8/1/30

...............................

Capital

Trust

Authority

Revenue,

Series

A,

4.25%,

12/15/34,

Continuously

Callable

@100

..

3,000

3,027

City

of

Pompano

Beach

Revenue,

3.50%,

9/1/30,

Continuously

Callable

@103

...........

3,590

3,562

City

of

Venice

Revenue

Series

B-1,

4.63%

,

1/1/30,

Continuously

Callable

@100(a)

.....................

750

751

Series

B-2,

4.50%,

1/1/30,

Continuously

Callable

@100(a)

.....................

575

575

County

of

Escambia

Revenue,

Series

B,

3.45%,

11/1/33,

(Put

Date

10/1/31)(b)

...........

1,500

1,538

Florida

Development

Finance

Corp.

Revenue

Series

A,

5.00%,

6/15/27

.............................................

Series

A,

5.00%,

6/15/28,

Continuously

Callable

@100

........................

Series

A,

5.00%,

6/15/29,

Continuously

Callable

@100

........................

Victory

Portfolios

III

#### Victory

#### Tax

#### Exempt

#### Short-Term

#### Fund

Schedule

of

Portfolio

Investments

—

continued

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Series

A,

5.00%

,

6/15/30,

Continuously

Callable

@100

........................

$

$

Florida

Development

Finance

Corp.

Revenue

AMT,

Series

A,

3.40%,

9/1/50,

(Put

Date

9/1/28)

(b) .............................................................

1,000

999

Florida

Local

Government

Finance

Commission

Revenue

Series

B-2,

4.45%,

11/15/31,

Continuously

Callable

@100(a)

...................

1,500

1,519

Series

B-3,

4.20%,

11/15/30,

Continuously

Callable

@100(a)

...................

1,500

1,528

Lee

County

IDA

Revenue,

Series

B-1,

4.75%,

11/15/29,

Continuously

Callable

@100

......

1,000

1,007

22,467

Georgia

(6.1%):

Development

Authority

of

Appling

County

Revenue,

1.05%,

9/1/29,

Continuously

Callable

@100(d)

.........................................................

1,000

1,000

Development

Authority

of

Heard

County

Revenue,

Series

GA,

1.06%,

9/1/26,

Continuously

Callable

@100(d)

...................................................

1,000

1,000

George

L

Smith

II

Congress

Center

Authority

Revenue,

2.38%,

1/1/31

.................

1,000

935

Main

Street

Natural

Gas,

Inc.

Revenue

Series

A,

5.00%,

5/15/28

.............................................

1,000

1,048

Series

A,

5.00%,

5/15/29

.............................................

1,775

1,893

Series

B,

5.00%,

12/1/52,

(Put

Date

6/1/29)(b)

..............................

6,000

6,365

Series

C,

5.00%,

12/1/54,

(Put

Date

12/1/31)(b)

.............................

12,500

13,543

Series

D,

5.00%,

5/1/54,

(Put

Date

12/1/30)(b)

..............................

2,000

2,157

The

Development

Authority

of

Burke

County

Revenue

Series

1,

1.10%,

7/1/49,

Continuously

Callable

@100(d)

.......................

3,500

3,500

Series

4,

3.80%,

10/1/32,

(Put

Date

5/21/26)(b)

.............................

1,000

1,002

The

Development

Authority

of

Cobb

County

Revenue,

Series

A,

2.25%,

4/1/33,

(Put

Date

10/1/29)(b)

.......................................................

5,000

4,806

The

Development

Authority

of

Monroe

County

Revenue,

3.88%,

6/1/42,

(Put

Date

3/6/26)(b)

1,500

1,500

38,749

Illinois

(7.4%):

Chicago

Board

of

Education,

GO

Series

A,

4.00%,

12/1/27

.............................................

1,400

1,403

Series

B,

5.00%,

12/1/31,

Continuously

Callable

@100

........................

1,000

1,031

Chicago

Park

District,

GO

Series

F-2,

5.00%,

1/1/27

.............................................

600

613

Series

F-2,

5.00%,

1/1/28

.............................................

1,000

1,048

Series

F-2,

5.00%,

1/1/29

.............................................

1,000

1,073

Series

F-2,

5.00%,

1/1/30

.............................................

1,305

1,429

Series

F-2,

5.00%,

1/1/31,

Continuously

Callable

@100

.......................

2,115

2,303

Series

F-2,

5.00%,

1/1/32,

Continuously

Callable

@100

.......................

1,750

1,903

Chicago

Park

District,

GO

(INS

-

Build

America

Mutual

Assurance

Co.),

Series

A,

4.00%,

1/1/31,

Continuously

Callable

@100

.....................................

750

783

Chicago

Transit

Authority

Capital

Grant

Receipts

Revenue,

5.00%,

6/1/26

..............

1,000

1,005

City

of

Chicago

Lakeshore

East

Special

Assessment

2.69%,

12/1/26(a)

..................................................

2.87%,

12/1/27(a)

..................................................

City

of

Chicago

Waterworks

Revenue

5.00%,

11/1/26

.....................................................

1,000

1,019

Series

A-1,

4.00%,

11/1/26

............................................

2,500

2,529

Illinois

Development

Finance

Authority

Revenue

AMT,

3.45%,

11/1/44,

(Put

Date

11/2/26)(b)

750

756

Illinois

Finance

Authority

Revenue

5.00%,

10/1/29

....................................................

500

537

5.00%,

10/1/30

....................................................

3.75%

(SOFR+115bps),

11/1/34,

(Put

Date

9/1/28)(b)(c)

.......................

3,380

3,381

Series

B,

5.00%,

10/1/34(a)

...........................................

900

947

Series

B,

2.58%

(MUNIPSA+70bps),

5/1/42,

(Put

Date

5/1/26)(b)(c)

..............

2,250

2,246

Series

B-1,

5.00%,

8/15/43,

(Put

Date

8/15/30)(b)

............................

3,000

3,256

La

Salle

&

Bureau

Counties

Township

High

School

District

No.

120,

GO,

4.00%,

12/1/28,

Continuously

Callable

@100

...........................................

500

500

Montgomery

Christian

&

Fayette

Counties

Community

Unit

School

District

No.

22,

GO,

4.00%,

11/1/30,

Continuously

Callable

@100

...............................

750

750

Northern

Illinois

University

Revenue

(INS

-

Build

America

Mutual

Assurance

Co.)

5.00%,

10/1/30

....................................................

5.00%,

10/1/31,

Continuously

Callable

@100

...............................

500

Series

B,

5.00%,

4/1/30

..............................................

Victory

Portfolios

III

#### Victory

#### Tax

#### Exempt

#### Short-Term

#### Fund

Schedule

of

Portfolio

Investments

—

continued

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Sales

Tax

Securitization

Corp.

Revenue,

Series

A,

5.00%,

1/1/30

.....................

$

2,000

$

2,183

State

of

Illinois,

GO,

Series

C,

5.00%,

11/1/29,

Continuously

Callable

@100

............

8,985

9,335

The

Illinois

Sports

Facilities

Authority

Revenue

5.00%,

6/15/28

....................................................

1,000

1,041

5.00%,

6/15/30

....................................................

1,500

1,604

5.00%,

6/15/31

....................................................

575

622

5.00%,

6/15/32,

Continuously

Callable

@100

...............................

518

Western

Illinois

University

Revenue

(INS

-

Build

America

Mutual

Assurance

Co.)

4.00%,

4/1/29

.....................................................

750

779

4.00%,

4/1/30

.....................................................

750

786

47,140

Indiana

(2.5%):

City

of

Rockport

Revenue,

Series

A,

3.70%,

6/1/47

,

(Put

Date

6/1/29)(b)

...............

2,000

2,059

Indiana

Bond

Bank

Revenue

1/15/27(e)

........................................................

1,280

1,254

1/15/28(e)

........................................................

1,100

1,053

1/15/29(e)

........................................................

565

528

7/15/29,

Continuously

Callable

@99(e)

...................................

730

644

Indiana

Finance

Authority

Revenue

5.00%,

4/1/26

.....................................................

790

791

5.00%,

4/1/27

.....................................................

830

848

5.00%,

4/1/28

.....................................................

870

903

5.00%,

4/1/29

.....................................................

1,180

1,235

Series

C-1,

4.13%,

5/15/32,

Continuously

Callable

@100

......................

1,000

1,003

Series

C-2,

3.75%,

5/15/32,

Continuously

Callable

@100

......................

1,000

1,002

Indiana

Finance

Authority

Revenue

AMT,

Series

A,

2.90%,

5/1/28,

(Put

Date

3/2/26)(b)

....

2,750

2,750

Indianapolis

Local

Public

Improvement

Bond

Bank

Revenue

AMT,

Series

B2,

5.00%,

1/1/33

1,500

1,673

15,743

Iowa

(0.1%):

Iowa

Student

Loan

Liquidity

Corp.

Revenue

AMT,

Series

B,

5.00%,

12/1/35

............

635

706

Kentucky

(7.0%):

City

of

Ashland

Revenue

5.00%,

2/1/28

.....................................................

1,775

1,855

5.00%,

2/1/30

.....................................................

740

805

County

of

Carroll

Revenue,

1.55%,

9/1/42,

(Put

Date

9/1/26)(b)

.....................

5,000

4,950

County

of

Owen

Revenue

Series

A,

2.45%

,

6/1/39,

(Put

Date

10/1/29)(b)

..............................

10,000

9,820

Series

B,

2.45%,

9/1/39,

(Put

Date

10/1/29)(b)

..............................

5,000

4,853

Kentucky

Economic

Development

Finance

Authority

Revenue,

4.50%,

10/1/27,

Continuously

Callable

@100

.....................................................

5,000

5,003

Kentucky

Public

Energy

Authority

Revenue

Series

A,

5.00%,

5/1/55,

(Put

Date

7/1/30)(b)

...............................

1,000

1,070

Series

A,

5.25%,

6/1/55,

(Put

Date

12/1/29)(b)

..............................

5,000

5,401

Series

B,

5.00%,

12/1/33,

Continuously

Callable

@100

........................

1,820

1,938

Series

B,

5.00%,

1/1/55,

(Put

Date

8/1/32)(b)

...............................

1,000

1,084

Series

C,

4.00%,

2/1/50,

(Put

Date

2/1/28)(b)

...............................

3,370

3,443

Louisville/Jefferson

County

Metropolitan

Government

Revenue,

Series

D,

5.00%,

10/1/47,

(Put

Date

10/1/29)(b)

...................................................

4,000

4,319

44,541

Louisiana

(0.8%):

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority

Revenue,

Series

A,

2.00%,

6/1/30,

Continuously

Callable

@100

.................

1,000

954

Tangipahoa

Parish

Hospital

Service

District

No.

Revenue,

5.00%,

2/1/32,

Continuously

Callable

@100

.....................................................

3,470

3,803

4,757

Maryland

(1.7%):

Maryland

Economic

Development

Corp.

Revenue

Series

A,

5.00%,

6/1/26

..............................................

2,000

2,013

Series

A,

5.00%,

6/1/27

..............................................

1,340

1,385

Maryland

Health

&

Higher

Educational

Facilities

Authority

Revenue

5.00%,

7/1/28

.....................................................

1,910

2,003

5.00%,

7/1/29

.....................................................

1,130

1,207

5.00%,

7/1/30

.....................................................

1,000

1,087

Victory

Portfolios

III

#### Victory

#### Tax

#### Exempt

#### Short-Term

#### Fund

Schedule

of

Portfolio

Investments

—

continued

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Town

of

Chestertown

Revenue

Series

A,

5.00%,

3/1/31

..............................................

$

1,475

$

1,533

Series

A,

5.00%,

3/1/32,

Continuously

Callable

@100

.........................

1,550

1,611

10,839

Massachusetts

(0.9%):

Massachusetts

Development

Finance

Agency

Revenue

5.25%,

9/1/26

.....................................................

875

884

Series

A,

5.00%,

7/1/29,

Continuously

Callable

@100

.........................

1,425

1,493

Series

B,

5.00%,

8/15/55,

(Put

Date

8/15/31)(b)

.............................

1,000

1,104

Series

S,

5.00%,

7/15/26,

ETM

.........................................

Series

S,

5.00%,

7/15/28,

ETM

.........................................

Series

S,

5.00%,

7/15/30,

ETM

.........................................

640

712

Massachusetts

Development

Finance

Agency

Revenue

(INS

-

Assured

Guaranty

Municipal

Corp.),

Series

C,

5.00%,

10/1/30

........................................

975

1,085

5,952

Michigan

(2.2%):

Flint

Hospital

Building

Authority

Revenue

5.00%,

7/1/29

.....................................................

1,995

2,095

5.00%,

7/1/30

.....................................................

2,290

2,477

Michigan

Finance

Authority

Revenue

4.00%,

2/1/27

.....................................................

4.00%,

2/1/32

.....................................................

Michigan

Strategic

Fund

Revenue

AMT,

4.13%,

8/1/27

............................

5,000

5,066

Summit

Academy

North

Revenue

2.25%,

11/1/26

.....................................................

4.00%,

11/1/31,

Continuously

Callable

@103

...............................

1,565

1,544

Wayne

County

Airport

Authority

Revenue

AMT,

Series

G,

5.00%,

12/1/26

..............

2,000

2,037

13,835

Minnesota

(0.0%):(f)

Sanford

Canby

Community

Hospital

District

No.

Revenue,

2.03%,

11/1/26,

Continuously

Callable

@100(d)

...................................................

Mississippi

(0.6%):

Mississippi

Business

Finance

Corp.

Revenue,

3.20%,

9/1/28,

Continuously

Callable

@100

..

4,000

4,003

Missouri

(0.6%):

Health

&

Educational

Facilities

Authority

of

the

State

of

Missouri

Revenue

4.00%,

8/1/26

.....................................................

4.00%,

8/1/28

.....................................................

4.00%,

8/1/30

.....................................................

Missouri

State

Environmental

Improvement

&

Energy

Resources

Authority

Revenue

AMT,

4.05%,

5/1/38,

(Put

Date

7/1/30)(b)

......................................

2,700

2,767

3,694

Nebraska

(1.0%):

Central

Plains

Energy

Project

Revenue,

Series

1,

5.00%,

5/1/53

,

(Put

Date

10/1/29)(b)

.....

6,000

6,382

Nevada

(0.7%):

County

of

Clark

Revenue,

Series

R,

3.75%,

1/1/36,

(Put

Date

3/31/26)(b)

...............

2,500

2,502

State

of

Nevada

Department

of

Business

&

Industry

Revenue

AMT,

3.45%,

12/1/26,

(Put

Date

6/1/26)(a)(b)

......................................................

2,000

2,002

4,504

New

Hampshire

(0.2%):

New

Hampshire

Business

Finance

Authority

Revenue

5.00%,

12/1/28,

Continuously

Callable

@100(a)

.............................

700

701

4.00%,

1/1/30,

Continuously

Callable

@103

...............................

4.00%,

1/1/31,

Continuously

Callable

@103

...............................

1,282

New

Jersey

(2.3%):

New

Jersey

Higher

Education

Student

Assistance

Authority

Revenue

AMT

Series

1B,

5.00%,

12/1/29

.............................................

2,000

2,157

Series

2,

5.00%,

12/1/56,

(Put

Date

6/2/26)(b)

..............................

5,000

5,020

Township

of

Irvington,

GO,

4.50%,

3/18/26

....................................

7,370

7,374

14,551

Victory

Portfolios

III

#### Victory

#### Tax

#### Exempt

#### Short-Term

#### Fund

Schedule

of

Portfolio

Investments

—

continued

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) New

Mexico

(1.9%):

City

of

Farmington

Revenue

Series

A,

2.15%,

4/1/33,

Continuously

Callable

@101

.........................

$

5,000

$

4,499

Series

C,

3.87%,

6/1/40

,

(Put

Date

6/1/29)(b)

...............................

1,000

1,028

Series

E,

3.87%,

6/1/40,

(Put

Date

6/1/29)(b)

...............................

600

617

New

Mexico

Hospital

Equipment

Loan

Council

Revenue

5.00%,

6/1/27

.....................................................

770

791

5.00%,

6/1/28

.....................................................

780

818

5.00%,

6/1/29

.....................................................

835

892

5.00%,

6/1/30

.....................................................

525

566

5.00%,

6/1/31,

Continuously

Callable

@100

...............................

690

748

Village

of

Los

Ranchos

de

Albuquerque

Revenue

5.00%,

9/1/28

.....................................................

840

891

5.00%,

9/1/31,

Continuously

Callable

@100

...............................

Winrock

Town

Center

Tax

Increment

Development

District

No.

Tax

Allocation,

3.75%,

5/1/28(a)

.........................................................

702

706

11,885

New

York

(9.1%):

Build

NYC

Resource

Corp.

Revenue,

Series

A,

3.40%,

7/1/27

.......................

City

of

Cortland,

GO,

4.50%,

5/15/26

........................................

7,500

7,514

City

of

Fulton,

GO,

Series

A,

5.25%,

7/31/26

...................................

4,925

4,958

City

of

Ithaca,

GO,

Series

A,

4.25%,

2/12/27

...................................

2,800

2,821

City

of

Little

Falls,

GO,

5.00%,

7/6/26

........................................

2,000

2,009

City

of

Mount

Vernon,

GO

5.00%,

5/29/26(a)

..................................................

2,200

2,211

4.50%,

12/23/26(a)

..................................................

1,300

1,311

City

of

New

York,

GO,

Series

B-3,

1.10%,

10/1/46(d)

.............................

2,600

2,600

City

of

Poughkeepsie,

GO,

4.00%,

4/15/26

.....................................

Metropolitan

Transportation

Authority

Revenue

Series

A-2,

5.00%,

11/15/45,

(Put

Date

5/15/30)(b)

...........................

1,830

1,990

Series

A3,

3.14%

(SOFR+65bps),

11/15/42,

(Put

Date

4/1/26)(b)(c)

...............

10,000

9,997

Metropolitan

Transportation

Authority

Revenue

(INS

-

Assured

Guaranty

Municipal

Corp.),

Series

2,

3.29%

(SOFR+80bps),

11/1/32,

(Put

Date

4/1/26)(b)(c)

.................

2,000

2,000

New

York

Liberty

Development

Corp.

Revenue

2.63%,

9/15/69,

Continuously

Callable

@100

...............................

1,650

1,556

2.80%,

9/15/69,

Continuously

Callable

@100

...............................

14,950

14,067

Series

A,

1.90%,

11/15/31,

Continuously

Callable

@100

.......................

2,000

1,785

New

York

State

Housing

Finance

Agency

Revenue

(LIQ

-

Deutsche

Bank

A.G.),

Series

DBE-

8105,

1.40%,

8/1/50(a)(d)

.............................................

Troy

Capital

Resource

Corp.

Revenue

5.00%,

8/1/26,

Continuously

Callable

@100

...............................

1,050

1,052

5.00%,

9/1/27

.....................................................

1,250

1,297

57,532

North

Carolina

(0.7%):

Columbus

County

Industrial

Facilities

&

Pollution

Control

Financing

Authority

Revenue,

3.45%,

11/1/33,

(Put

Date

10/1/31)(b)

....................................

1,100

1,125

North

Carolina

Medical

Care

Commission

Revenue

Series

A,

4.00%,

10/1/27

.............................................

600

612

Series

B-1,

2.55%,

9/1/26,

Continuously

Callable

@100

.......................

1,575

1,575

Series

B-1,

4.25%,

10/1/28,

Continuously

Callable

@100

......................

Series

B-1,

4.75%,

9/1/29,

Continuously

Callable

@100

.......................

Series

B-2,

4.50%,

9/1/29,

Continuously

Callable

@100

.......................

625

625

4,597

North

Dakota

(0.4%):

City

of

Grand

Forks

Revenue

5.00%,

12/1/31

....................................................

1,200

1,302

5.00%,

12/1/32,

Continuously

Callable

@100

...............................

1,300

1,406

2,708

Ohio

(1.9%):

Akron

Bath

Copley

Joint

Township

Hospital

District

Revenue

5.00%,

11/15/29,

ETM

...............................................

5.00%,

11/15/30,

ETM

...............................................

5.00%,

11/15/31,

Pre-refunded

11/15/30

@

.............................

Victory

Portfolios

III

#### Victory

#### Tax

#### Exempt

#### Short-Term

#### Fund

Schedule

of

Portfolio

Investments

—

continued

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Cleveland-Cuyahoga

County

Port

Authority

Revenue,

Series

A,

5.25%,

1/1/34,

Continuously

Callable

@102(a)

...................................................

$

500

$

521

County

of

Allen

Hospital

Facilities

Revenue,

5.00%,

12/1/30,

Continuously

Callable

@100

..

2,000

2,207

County

of

Hamilton

Revenue,

5.00%,

9/15/29

..................................

1,345

1,428

Ohio

Air

Quality

Development

Authority

Revenue,

Series

B,

2.40%,

12/1/38,

(Put

Date

10/1/29)(b)

.......................................................

3,250

3,214

Ohio

Air

Quality

Development

Authority

Revenue

AMT,

Series

A,

3.75%,

1/1/29

.........

1,000

1,014

State

of

Ohio

Revenue

5.00%,

11/15/27

....................................................

5.00%,

11/15/30

....................................................

710

773

5.00%,

11/15/31,

Continuously

Callable

@100

..............................

505

Series

A,

5.00%,

1/15/30

.............................................

1,000

1,087

12,219

Oklahoma

(0.8%):

Muskogee

Industrial

Trust

Revenue,

4.00%,

9/1/28

...............................

5,000

5,091

Oregon

(1.1%):

County

of

Gilliam

Revenue

AMT,

Series

A,

4.25%,

7/1/38,

(Put

Date

7/2/29)(b)

..........

6,250

6,370

Oregon

State

Facilities

Authority

Revenue

Series

A,

5.00%,

10/1/28

.............................................

Series

A,

5.00%,

10/1/29

.............................................

Series

A,

5.00%,

10/1/30

.............................................

7,166

Pennsylvania

(4.2%):

Chester

County

IDA

Revenue,

5.00%,

3/1/27,

Continuously

Callable

@100

.............

3,375

3,407

Clairton

Municipal

Authority

Revenue

Series

A,

4.00%,

12/1/29

.............................................

705

730

Series

B,

5.00%,

12/1/26

.............................................

675

688

Commonwealth

Financing

Authority

Revenue,

5.00%,

6/1/26

.......................

2,000

2,013

County

of

Lehigh

Revenue

5.00%,

7/1/28

.....................................................

1,750

1,846

5.00%,

7/1/29

.....................................................

2,000

2,152

Delaware

County

Authority

Revenue,

5.00%,

10/1/30

.............................

1,200

1,224

Latrobe

IDA

Revenue

5.00%,

3/1/28

.....................................................

5.00%,

3/1/29

.....................................................

5.00%,

3/1/30

.....................................................

5.00%,

3/1/31

.....................................................

Pennsylvania

Economic

Development

Financing

Authority

Revenue

AMT

Series

A,

3.25%,

4/1/34(b)

............................................

1,000

1,000

Series

A,

4.00%,

6/1/41,

(Put

Date

4/15/26)(b)

..............................

5,000

5,003

Pennsylvania

Higher

Education

Assistance

Agency

Revenue

AMT,

Series

1A,

5.00%,

6/1/30

.

500

537

Philadelphia

IDA

Revenue

5.00%,

6/15/28(a)

..................................................

5.00%,

6/15/29,

Continuously

Callable

@100(a)

.............................

5.00%,

6/15/30,

Continuously

Callable

@100(a)

.............................

Series

DB-8161,

1.40%,

7/1/61,

Callable

8/6/26

@

100(a)(d)

....................

5,000

5,000

The

Berks

County

Municipal

Authority

Revenue

Series

A1,

8.00%,

6/30/34,

Continuously

Callable

@104

.......................

Series

A-2A,

6.00%,

6/30/34,

Continuously

Callable

@104

.....................

Series

A3,

5.00%,

6/30/39,

Continuously

Callable

@100

.......................

1,190

1,138

Series

B1,

0.00%,

6/30/44,

Continuously

Callable

@90(g)

......................

595

26,718

South

Carolina

(0.9%):

Piedmont

Municipal

Power

Agency

Revenue,

Series

D,

4.00%,

1/1/32,

Continuously

Callable

@100

...........................................................

2,220

2,335

South

Carolina

Jobs-Economic

Development

Authority

Revenue,

4.00%,

12/1/35,

Continuously

Callable

@100

...........................................

3,000

3,045

5,380

South

Dakota

(0.1%):

South

Dakota

Health

&

Educational

Facilities

Authority

Revenue,

2.03%,

11/1/27,

Continuously

Callable

@100(d)

........................................

600

600

Victory

Portfolios

III

#### Victory

#### Tax

#### Exempt

#### Short-Term

#### Fund

Schedule

of

Portfolio

Investments

—

continued

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Tennessee

(1.8%):

Metropolitan

Government

Nashville

&

Davidson

County

Industrial

Development

Board

Revenue

AMT,

3.87%,

8/1/31,

(Put

Date

8/3/26)(b)

..........................

$

2,000

$

2,004

Tennergy

Corp.

Revenue

Series

A,

4.00%,

12/1/51,

(Put

Date

9/1/28)(b)

..............................

4,130

4,238

Series

A,

5.50%,

10/1/53,

(Put

Date

12/1/30)(b)

.............................

5,000

5,441

11,683

Texas

(12.9%):

City

of

Galveston

Wharves

&

Terminal

Revenue

AMT

Series

A,

5.00%,

8/1/26

..............................................

Series

A,

5.00%,

8/1/27

..............................................

Series

A,

5.00%,

8/1/28

..............................................

Series

A,

5.00%,

8/1/29

..............................................

Series

A,

5.00%,

8/1/30

..............................................

Series

A,

5.00%,

8/1/31

..............................................

660

712

County

of

Wise

Revenue

5.00%,

8/15/29

....................................................

880

930

5.00%,

8/15/31

....................................................

680

735

5.00%,

8/15/32,

Continuously

Callable

@100

...............................

5.00%,

8/15/33,

Continuously

Callable

@100

...............................

930

997

Dallas

Fort

Worth

International

Airport

Revenue

AMT,

Series

A-2,

5.00%,

11/1/50

,

(Put

Date

11/1/32)(b)

.......................................................

3,000

3,362

Harris

County

Cultural

Education

Facilities

Finance

Corp.

Revenue

5.00%,

7/1/49,

(Put

Date

12/1/26)(b)

.....................................

1,400

1,425

Series

A,

5.00%,

11/15/54,

(Put

Date

5/15/32)(b)

............................

2,000

2,194

Houston

Housing

Finance

Corp.

Revenue

(LIQ

-

Deutsche

Bank

A.G.),

Series

2024-DBE-

8153,

1.40%,

3/1/60,

Continuously

Callable

@100(a)(d)

.......................

5,835

5,835

Las

Varas

Public

Facility

Corp.

Revenue,

Series

A,

3.35%,

11/1/44,

(Put

Date

11/1/29)(b)

...

3,500

3,472

Martin

County

Hospital

District,

GO

4.00%,

4/1/27

.....................................................

4.00%,

4/1/29

.....................................................

4.00%,

4/1/32,

Continuously

Callable

@100

...............................

Mission

Economic

Development

Corp.

Revenue

AMT

5.00%,

12/1/64,

(Put

Date

6/1/30)(b)

.....................................

800

837

Series

A,

3.00%,

5/1/50,

(Put

Date

5/1/26)(b)

...............................

1,750

1,750

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Series

A,

5.00%,

7/1/27(h)

............................................

1,251

1,244

Series

A,

5.00%,

7/1/28(h)

............................................

2,135

2,124

Series

B2,

4.63%,

10/1/30,

Continuously

Callable

@100

.......................

1,000

998

Series

B3,

4.25%,

10/1/30,

Continuously

Callable

@100

.......................

1,000

1,008

Port

of

Port

Arthur

Navigation

District

Revenue

Series

A,

1.10%,

4/1/40,

Continuously

Callable

@100(d)

......................

12,685

12,685

Series

B,

1.10%,

4/1/40,

Continuously

Callable

@100(d)

......................

23,575

23,575

Series

C,

1.10%,

4/1/40,

Continuously

Callable

@100(d)

......................

7,755

7,755

Texas

Municipal

Gas

Acquisition

&

Supply

Corp.

III

Revenue,

5.00%,

12/15/27

..........

2,000

2,082

Texas

Municipal

Gas

Acquisition

&

Supply

Corp.

V

Revenue,

5.00%,

1/1/55,

(Put

Date

1/1/34)

(b) .............................................................

2,000

2,196

Texas

Private

Activity

Bond

Surface

Transportation

Corp.

Revenue,

4.00%,

6/30/31,

Continuously

Callable

@100

...........................................

2,355

2,448

Victory

Street

Public

Facility

Corp.

Revenue

(LIQ

-

Deutsche

Bank

A.G.),

Series

2025-DBE-

8158,

1.40%,

8/1/62,

Continuously

Callable

@100(a)(d)

.......................

600

600

81,950

Vermont

(0.3%):

Vermont

Economic

Development

Authority

Revenue

4.00%,

5/1/29,

Continuously

Callable

@103

...............................

4.00%,

5/1/30,

Continuously

Callable

@103

...............................

Vermont

Educational

&

Health

Buildings

Financing

Agency

Revenue,

5.00%,

10/15/26

.....

1,000

1,001

1,674

Virginia

(1.7%):

James

City

County

Economic

Development

Authority

Revenue,

Series

A,

4.00%,

12/1/30,

Continuously

Callable

@103

...........................................

Loudoun

County

Economic

Development

Authority

Revenue

(LIQ

-

Deutsche

Bank

A.G.),

Series

2023-DBE-8106,

1.40%,

6/1/63,

Continuously

Callable

@100(a)(d)

..........

5,855

5,855

Victory

Portfolios

III

#### Victory

#### Tax

#### Exempt

#### Short-Term

#### Fund

Schedule

of

Portfolio

Investments

—

continued

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Marquis

Community

Development

Authority

of

York

County

Revenue,

1.50%,

9/1/45(a)(h)

..

$

1,074

$

Marquis

Community

Development

Authority

of

York

County

Tax

Allocation

Series

A,

1.02%,

9/1/36(h)

............................................

3,506

1,309

Series

C,

9/1/41(e)

..................................................

5,111

Prince

William

County

IDA

Revenue,

5.00%,

1/1/31,

Continuously

Callable

@101

........

1,700

1,705

Virginia

Small

Business

Financing

Authority

Revenue,

Series

A,

5.00%,

1/1/30,

Continuously

Callable

@103

.....................................................

1,250

1,322

10,818

Washington

(0.9%):

Washington

Health

Care

Facilities

Authority

Revenue

5.00%,

8/15/26

....................................................

2,000

2,021

5.00%,

8/15/27

....................................................

2,175

2,227

Series

B-3,

5.00%,

8/1/49,

(Put

Date

8/1/26)(b)

.............................

1,000

1,001

Washington

State

Housing

Finance

Commission

Revenue,

Series

A,

5.00%,

7/1/26

........

5,541

West

Virginia

(0.1%):

County

of

Ohio

Special

District

Excise

Tax

Revenue,

Series

A,

5.00%,

6/1/26

............

525

528

Wisconsin

(1.6%):

Public

Finance

Authority

Revenue

4.00%,

3/1/26(a)

...................................................

1,510

1,510

4.00%,

3/1/27(a)

...................................................

795

792

4.00%,

3/1/28(a)

...................................................

840

831

3.25%,

1/1/30

.....................................................

1,795

1,809

5.00%,

4/1/30(a)

...................................................

500

514

Series

A,

5.00%,

6/1/30

..............................................

750

783

Wisconsin

Health

&

Educational

Facilities

Authority

Revenue

4.00%,

3/15/30

....................................................

Series

B,

4.00%,

9/15/26

.............................................

Series

B,

4.00%,

9/15/27

.............................................

Series

B,

4.00%,

9/15/28,

Continuously

Callable

@103

........................

Series

B,

4.00%,

9/15/29,

Continuously

Callable

@103

........................

Series

B,

4.00%,

9/15/30,

Continuously

Callable

@103

........................

Series

B,

4.00%,

9/15/31,

Continuously

Callable

@103

........................

Series

B-2,

5.00%,

2/15/51,

Pre-refunded

8/15/26

@

.......................

2,000

2,027

10,081

Total

Municipal

Bonds

(Cost

$631,514)

a

a

a

626,996

Total

Investments

(Cost

$631,514)

—

98.9%

626,996

Other

assets

in

excess

of

liabilities

— 1.1%

7,256

NET

ASSETS

-

100.00%

$

634,252

(a) Rule

144A

security

or

other

security

that

is

restricted

as

to

resale

to

institutional

investors.

As

of

February

28,

2026,

the

fair

value

of

these

securities

was

$46,439

(thousands)

and

amounted

to

7.3%

of

net

assets.

(b) Put

Bond.

(c) Variable

or

Floating-Rate

Security.

Rate

disclosed

is

as

of

February

28,

2026. (d) Variable

Rate

Demand

Notes

that

provide

the

rights

to

sell

the

security

at

face

value

on

either

that

day

or

within

the

rate-reset

period.

The

interest

rate

is

reset

on

the

put

date

at

a

stipulated

daily,

weekly,

monthly,

quarterly,

or

other

specified

time

interval

to

reflect

current

market

conditions.

These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description.

(e) Zero-coupon

bond.

(f) Amount

represents

less

than

0.05%

of

net

assets.

(g) Stepped

coupon

security

for

which

the

coupon

rate

of

interest

adjusts

on

specified

date(s);

rate

shown

is

effective

rate

at

period-end.

(h) Currently

the

issuer

is

in

default

with

respect

to

interest

and/or

principal

payments.

AMT

—

Alternative

Minimum

Tax

bps

—

Basis

points

Continuously

callable

—

Investment

is

continuously

callable

or

will

be

continuously

callable

on

any

date

after

the

first

call

date

until

its

maturity.

ETM

—

Escrowed

to

Maturity

GO

—

General

Obligation

IDA

—

Industrial

Development

Authority

MUNIPSA

—

SIFMA

Municipal

Swap

Index

Yield

SOFR

—

Secured

Overnight

Financing

Rate

Victory

Portfolios

III

#### Victory

#### Tax

#### Exempt

#### Short-Term

#### Fund

Schedule

of

Portfolio

Investments

—

continued

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Credit

Enhancements

—Adds

the

financial

strength

of

the

provider

of

the

enhancement

to

support

the

issuer's

ability

to

repay

the

principal

and

interest

payments

when

due.

The

enhancement

may

be

provided

by

a

high-quality

bank,

insurance

company

or

other

corporation,

or

a

collateral

trust.

The

enhancements

do

not

guarantee

the

market

values

of

the

securities.

INS—Principal

and

interest

payments

are

insured

by

the

name

listed.

Although

bond

insurance

reduces

the

risk

of

loss

due

to

default

by

an

issuer,

such

bonds

remain

subject

to

the

risk

that

value

may

fluctuate

for

other

reasons,

and

there

is

no

assurance

that

the

insurance

company

will

meet

its

obligations.

LIQ—Liquidity

enhancement

that

may,

under

certain

circumstances,

provide

for

repayment

of

principal

and

interest

upon

demand

from

the

name

listed.

Statements

of

Assets

and

Liabilities

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Portfolios

III

(Amounts

in

Thousands,

Except

Per

Share

Amounts)

Victory

Tax

Exempt

Intermediate-Term

Fund

Victory

Tax

Exempt

Long-Term

Fund

Victory

Tax

Exempt

Short-Term

Fund

Assets:

Investments,

at

value

(Cost

$2,841,383,

$1,674,641

and

$631,514)

$

2,812,667

$

1,605,034

$

626,996

Cash

1,177

1,066

Receivables:

Interest

32,221

17,387

6,841

Capital

shares

issued

1,352

From

Adviser

Prepaid

expenses

Total

Assets

2,846,637

1,623,906

635,021

Liabilities:

Payables:

Distributions

586

612

Investments

purchased

1,537

—

—

Capital

shares

redeemed

2,179

2,393

Accrued

expenses

and

other

payables:

Investment

advisory

fees

608

Administration

fees

Custodian

fees

Transfer

agent

fees

Compliance

fees

—

(a) Trustees'

fees

—

(a) 1

12b-1

fees

—

(a) —

(a) Other

accrued

expenses

Total

Liabilities

5,424

3,707

769

Commitments

and

contingencies

(Note

4)

Net

Assets:

Capital

3,031,871

1,813,375

669,404

Total

accumulated

earnings

(loss)

(190,658)

(193,176)

(35,152)

Net

Assets

$

2,841,213

$

1,620,199

$

634,252

Net

Assets:

Fund

Shares

$

2,253,702

$

1,574,200

$

607,901

Institutional

Shares

556,330

42,826

22,288

Class

A

31,181

3,173

4,063

Total

$

2,841,213

$

1,620,199

$

634,252

Shares

(unlimited

number

of

shares

authorized

with

no

par

value):

Fund

Shares

176,220

128,746

58,337

Institutional

Shares

43,513

3,503

2,138

Class

A

2,438

Total

222,171

132,509

60,864

Net

asset

value,

offering

and

redemption

price

per

share:(b)

Fund

Shares

$

12.79 $

12.23 $

10.42 Institutional

Shares

12.79 12.22 10.43 Class

A

12.79 12.21 10.43 Maximum

Sales

Charge

—

Class

A

2.25%

2.25%

2.25%

Maximum

offering

price

(100%/(100%-maximum

sales

charge)

of

net

asset

value

adjusted

to

the

nearest

cent)

per

share

—

Class

A

$

13.08 $

12.49 $

10.67 (a) Rounds

to

less

than

$1

thousand.

(b) Per

share

amount

may

not

recalculate

due

to

rounding

of

net

assets

and/or

shares

outstanding.

Statements

of

Operations

For

the

Year

Ended

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Portfolios

III

(Amounts

in

Thousands)

Victory

Tax

Exempt

Intermediate-Term

Fund

Victory

Tax

Exempt

Long-Term

Fund

Victory

Tax

Exempt

Short-Term

Fund

Investment

Income:

Interest

$

113,119

$

67,921

$

21,397

Total

Income

113,119

67,921

21,397

Expenses:

Investment

advisory

fees

8,076

4,241

2,065

Administration

fees

—

Fund

Shares

3,476

2,347

927

Administration

fees

—

Institutional

Shares

541

Administration

fees

—

Class

A

Sub-Administration

fees

12b-1

fees

—

Class

A

Custodian

fees

Transfer

agent

fees

—

Fund

Shares

774

Transfer

agent

fees

—

Institutional

Shares

562

Transfer

agent

fees

—

Class

A

Trustees'

fees

Compliance

fees

Legal

and

audit

fees

State

registration

and

filing

fees

Other

expenses

Recoupment

of

prior

expenses

waived/reimbursed

by

Adviser

Total

Expenses

14,197

7,554

3,620

Less

fees

paid

indirectly

(116) (47) (27) Expenses

waived/reimbursed

by

Adviser

(372) (65) (49) Net

Expenses

13,709

7,442

3,544

Net

Investment

Income

(Loss)

99,410

60,479

17,853

Realized/Unrealized

Gains

(Losses)

from

Investments:

Net

realized

gains

(losses)

from

investment

securities

2,305

(6,768)

(33) Net

change

in

unrealized

appreciation/depreciation

on

investment

securities

27,303

7,879

9,830

Net

realized/unrealized

gains

(losses)

on

investments

29,608

1,111

9,797

Change

in

net

assets

resulting

from

operations

$

129,018

$

61,590

$

27,650

(Amounts

in

Thousands)

Victory

Portfolios

III

Statements

of

Changes

in

Net

Assets

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Tax

Exempt

Intermediate-

Term

Fund

Victory

Tax

Exempt

Long-Term

Fund

Victory

Tax

Exempt

Short-Term

Fund

Year

Ended

February

28,

2026

Year

Ended

February

28,

2025

Year

Ended

February

28,

2026

Year

Ended

February

28,

2025

Year

Ended

February

28,

2026

Year

Ended

February

28,

2025

From

Investment

Activities:

Operations:

Net

Investment

Income

(Loss)

$

99,410

$

104,158

$

60,479

$

63,419

$

17,853

$

19,487

Net

realized

gains

(losses)

2,305

3,095

(6,768)

2,522

(33)

Net

change

in

unrealized

appreciation/depreciation

27,303

15,084

7,879

18,040

9,830

8,402

Change

in

net

assets

resulting

from

operations

129,018

122,337

61,590

83,981

27,650

28,122

Distributions

to

Shareholders:

Fund

Shares

(79,978)

(83,694)

(59,075)

(62,062)

(17,152)

(18,796)

Institutional

Shares

(18,877)

(19,656)

(1,424)

(1,364)

(585)

(592)

Class

A

(939)

(820)

(108)

(107)

(100)

(95)

Change

in

net

assets

resulting

from

distributions

to

shareholders

(99,794)

(104,170)

(60,607)

(63,533)

(17,837)

(19,483)

Change

in

net

assets

resulting

from

capital

transactions

(243,944)

(163,109)

(77,526)

(106,486)

(27,154)

(53,040)

Change

in

net

assets

(214,720)

(144,942)

(76,543)

(86,038)

(17,341)

(44,401)

Net

Assets:

Beginning

of

period

3,055,933

3,200,875

1,696,742

1,782,780

651,593

695,994

End

of

period

$

2,841,213

$

3,055,933

$

1,620,199

$

1,696,742

$

634,252

$

651,593

(Amounts

in

Thousands)

Victory

Portfolios

III

Statements

of

Changes

in

Net

Assets

(continued)

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Tax

Exempt

Intermediate-

Term

Fund

Victory

Tax

Exempt

Long-Term

Fund

Victory

Tax

Exempt

Short-Term

Fund

Year

Ended

February

28,

2026

Year

Ended

February

28,

2025

Year

Ended

February

28,

2026

Year

Ended

February

28,

2025

Year

Ended

February

28,

2026

Year

Ended

February

28,

2025

Capital

Transactions:

Fund

Shares

Proceeds

from

shares

issued

$

189,047

$

293,588

$

54,073

$

49,859

$

52,611

$

43,953

Distributions

reinvested

69,604

74,086

48,795

52,121

15,049

16,688

Cost

of

shares

redeemed

(498,363)

(468,890)

(185,658)

(203,015)

(97,585)

(113,315)

Total

Fund

Shares

$

(239,712)

$

(101,216)

$

(82,790)

$

(101,035)

$

(29,925)

$

(52,674)

Institutional

Shares

Proceeds

from

shares

issued

$

174,720

$

130,330

$

18,520

$

25,718

$

12,243

$

9,074

Distributions

reinvested

17,670

18,585

1,396

1,361

553

Cost

of

shares

redeemed

(197,640)

(217,083)

(14,867)

(32,095)

(10,370)

(9,429)

Total

Institutional

Shares

$

(5,250)

$

(68,168)

$

5,049

$

(5,016)

$

2,426

$

Class

A

Proceeds

from

shares

issued

$

5,505

$

10,844

$

$

$

921

$

617

Distributions

reinvested

878

745

Cost

of

shares

redeemed

(5,365)

(5,314)

(133)

(636)

(670)

(1,190)

Total

Class

A

$

1,018

$

6,275

$

$

(435)

$

$

(485)

Change

in

net

assets

resulting

from

capital

transactions

$

(243,944)

$

(163,109)

$

(77,526)

$

(106,486)

$

(27,154)

$

(53,040)

Share

Transactions:

Fund

Shares

Issued

15,175

23,329

4,559

4,102

5,121

4,318

Reinvested

5,580

5,896

4,125

4,296

1,462

1,641

Redeemed

(40,046)

(37,312)

(15,701)

(16,706)

(9,482)

(11,141)

Total

Fund

Shares

(19,291)

(8,087)

(7,017)

(8,308)

(2,899)

(5,182)

Institutional

Shares

Issued

14,082

10,370

1,564

2,097

1,189

893

Reinvested

1,416

1,479

Redeemed

(15,890)

(17,272)

(1,261)

(2,614)

(1,009)

(926)

Total

Institutional

Shares

(392)

(5,423)

(405)

Class

A

Issued

861

Reinvested

Redeemed

(432)

(422)

(11)

(53)

(65)

(118)

Total

Class

A

(36)

(49)

Change

in

Shares

(19,606)

(13,012)

(6,578)

(8,749)

(2,631)

(5,217)

Victory

Portfolios

III

Financial

Highlights

For

a

Share

Outstanding

Throughout

Each

Period

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Tax

Exempt

Intermediate-Term

Fund

Fund

Shares

Year

Ended

February

28,

2026

Year

Ended

February

28,

2025

Year

Ended

February

29,

2024

Months

Ended

February

28,

2023(a)

Year

Ended

March

31,

2022

Year

Ended

March

31,

2021

Net

Asset

Value,

Beginning

of

Period

$12.64

$12.56

$12.36

$13.00

$13.85

$13.33

Investment

Activities:

Net

investment

income

(loss)(b)

0.43 0.42 0.41 0.35 0.33 0.37 Net

realized

and

unrealized

gains

(losses)

0.15 0.08 0.20 (0.64)

(0.85)

0.52 Total

from

Investment

Activities

0.58 0.50 0.61 (0.29)

(0.52)

0.89 Distributions

to

Shareholders

from:

Net

investment

income

(0.43)

(0.42)

(0.41)

(0.35)

(0.33)

(0.37)

Total

Distributions

(0.43)

(0.42)

(0.41)

(0.35)

(0.33)

(0.37)

Net

Asset

Value,

End

of

Period

$12.79

$12.64

$12.56

$12.36

$13.00

$13.85

Total

Return(c)(d)

4.73%

4.05%

5.04%

(2.19)%

(3.86)%

6.72%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

0.48%(g)

0.48%(g)

0.49%(g)

0.49%

0.53%

0.50%

Net

Investment

Income

(Loss)(e)

3.44%

3.33%

3.29%

3.10%

2.39%

2.69%

Gross

Expenses(e)(f)

0.48%(g)

0.48%(g)

0.50%(g)

0.49%

0.53%

0.50%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$2,253,702

$2,471,290

$2,557,919

$2,977,555

$3,670,223

$4,059,780

Portfolio

Turnover(c)(h)

11%

13%

8%

11%

13%

23%

(a) Effective

February

28,

2023,

the

Fund's

fiscal

year-end

changed

from

March

to

February

or

February

during

leap

years.

(b) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(c) Not

annualized

for

periods

less

than

one

year.

(d) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(e) Annualized

for

periods

less

than

one

year.

(f) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(g) Reflects

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%.

(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

Tax

Exempt

Intermediate-Term

Fund

Institutional

Shares

Year

Ended

February

28,

2026

Year

Ended

February

28,

2025

Year

Ended

February

29,

2024

Months

Ended

February

28,

2023(a)

Year

Ended

March

31,

2022

June

29,

2020(b)

through

March

31,

2021

Net

Asset

Value,

Beginning

of

Period

$12.64

$12.56

$12.35

$13.00

$13.85

$13.57

Investment

Activities:

Net

investment

income

(loss)(c)

0.44 0.42 0.41 0.36 0.34 0.27 Net

realized

and

unrealized

gains

(losses)

0.15 0.08 0.21 (0.65)

(0.85)

0.29 Total

from

Investment

Activities

0.59 0.50 0.62 (0.29)

(0.51)

0.56 Distributions

to

Shareholders

from:

Net

investment

income

(0.44)

(0.42)

(0.41)

(0.36)

(0.34)

(0.28)

Total

Distributions

(0.44)

(0.42)

(0.41)

(0.36)

(0.34)

(0.28)

Net

Asset

Value,

End

of

Period

$12.79

$12.64

$12.56

$12.35

$13.00

$13.85

Total

Return(d)(e)

4.78%

4.08%

5.16%

(2.24)%

(3.78)%

4.15%

Ratios

to

Average

Net

Assets:

Net

Expenses(f)(g)(h)

0.44%(i)

0.44%(i)

0.46%(i)

0.46%

0.44%

0.44%

Net

Investment

Income

(Loss)(f)

3.48%

3.37%

3.32%

3.13%

2.47%

2.61%

Gross

Expenses(f)(h)

0.50%(i)

0.51%(i)

0.53%(i)

0.52%

0.54%

0.51%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$556,330

$554,800

$619,555

$779,029

$1,020,822

$996,601

Portfolio

Turnover(d)(j)

11%

13%

8%

11%

13%

23%

(a) Effective

February

28,

2023,

the

Fund's

fiscal

year-end

changed

from

March

to

February

or

February

during

leap

years.

(b) Commencement

of

operations.

(c) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(d) Not

annualized

for

periods

less

than

one

year.

(e) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(f) Annualized

for

periods

less

than

one

year.

(g) The

amount

of

any

waivers

or

reimbursements

and

the

amount

of

any

recoupment

are

calculated

without

regard

to

the

impact

of

any

performance

adjustment

to

the

Fund's

management

fee.

(h) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(i) Reflects

total

annual

operating

expenses

before

reductions

of

any

expenses

paid

indirectly.

The

Fund's

expenses

paid

indirectly

decreased

the

expense

ratios

by

less

than

0.01%.

(j) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

Victory

Portfolios

III

Financial

Highlights

—

continued

For

a

Share

Outstanding

Throughout

Each

Period

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Tax

Exempt

Intermediate-Term

Fund

Class

A

Year

Ended

February

28,

2026

Year

Ended

February

28,

2025

Year

Ended

February

29,

2024

Months

Ended

February

28,

2023(a)

Year

Ended

March

31,

2022

Year

Ended

March

31,

2021

Net

Asset

Value,

Beginning

of

Period

$12.64

$12.56

$12.36

$13.00

$13.85

$13.33

Investment

Activities:

Net

investment

income

(loss)(b)

0.40 0.39 0.38 0.33 0.30 0.33 Net

realized

and

unrealized

gains

(losses)

0.15 0.08 0.20 (0.65)

(0.86)

0.52 Total

from

Investment

Activities

0.55 0.47 0.58 (0.32)

(0.56)

0.85 Distributions

to

Shareholders

from:

Net

investment

income

(0.40)

(0.39)

(0.38)

(0.32)

(0.29)

(0.33)

Total

Distributions

(0.40)

(0.39)

(0.38)

(0.32)

(0.29)

(0.33)

Net

Asset

Value,

End

of

Period

$12.79

$12.64

$12.56

$12.36

$13.00

$13.85

Total

Return(c)(d)

4.48%

3.80%

4.79%

(2.41)%

(4.10)%

6.46%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

0.72%(g)

0.71%(g)

0.74%(g)

0.74%

0.78%

0.75%

Net

Investment

Income

(Loss)(e)

3.19%

3.11%

3.05%

2.85%

2.14%

2.43%

Gross

Expenses(e)(f)

0.84%(g)

0.86%(g)

0.89%(g)

0.87%

0.87%

0.86%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$31,181

$29,843

$23,401

$24,533

$28,588

$23,934

Portfolio

Turnover(c)(h)

11%

13%

8%

11%

13%

23%

(a) Effective

February

28,

2023,

the

Fund's

fiscal

year-end

changed

from

March

to

February

or

February

during

leap

years.

(b) 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) 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%.

(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

Tax

Exempt

Long-Term

Fund

Fund

Shares

Year

Ended

February

28,

2026

Year

Ended

February

28,

2025

Year

Ended

February

29,

2024

Months

Ended

February

28,

2023(a)

Year

Ended

March

31,

2022

Year

Ended

March

31,

2021

Net

Asset

Value,

Beginning

of

Period

$12.20

$12.06

$11.79

$12.92

$13.71

$13.21

Investment

Activities:

Net

investment

income

(loss)(b)

0.45 0.44 0.44 0.39 0.38 0.42 Net

realized

and

unrealized

gains

(losses)

0.03 0.14 0.28 (1.14)

(0.79)

0.50 Total

from

Investment

Activities

0.48 0.58 0.72 (0.75)

(0.41)

0.92 Distributions

to

Shareholders

from:

Net

investment

income

(0.45)

(0.44)

(0.45)

(0.38)

(0.38)

(0.42)

Total

Distributions

(0.45)

(0.44)

(0.45)

(0.38)

(0.38)

(0.42)

Net

Asset

Value,

End

of

Period

$12.23

$12.20

$12.06

$11.79

$12.92

$13.71

Total

Return(c)(d)

4.10%

4.93%

6.22%

(5.79)%

(3.15)%

7.00%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

0.46%(g)

0.45%(g)

0.43%(g)

0.46%

0.50%

0.47%

Net

Investment

Income

(Loss)(e)

3.77%

3.65%

3.75%

3.49%

2.73%

3.13%

Gross

Expenses(e)(f)

0.46%(g)

0.45%(g)

0.44%(g)

0.47%

0.50%

0.48%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$1,574,200

$1,656,204

$1,737,393

$1,825,576

$2,127,775

$2,404,178

Portfolio

Turnover(c)(h)

4%

4%

4%

10%

10%

21%

(a) Effective

February

28,

2023,

the

Fund's

fiscal

year-end

changed

from

March

to

February

or

February

during

leap

years.

(b) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(c) Not

annualized

for

periods

less

than

one

year.

(d) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(e) Annualized

for

periods

less

than

one

year.

(f) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(g) Reflects

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%.

(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

Tax

Exempt

Long-Term

Fund

Institutional

Shares

Year

Ended

February

28,

2026

Year

Ended

February

28,

2025

Year

Ended

February

29,

2024

Months

Ended

February

28,

2023(a)

Year

Ended

March

31,

2022

June

29,

2020(b)

through

March

31,

2021

Net

Asset

Value,

Beginning

of

Period

$12.20

$12.06

$11.79

$12.91

$13.71

$13.40

Investment

Activities:

Net

investment

income

(loss)(c)

0.45 0.45 0.44 0.39 0.39 0.31 Net

realized

and

unrealized

gains

(losses)

0.02 0.14 0.28 (1.12)

(0.81)

0.32 Total

from

Investment

Activities

0.47 0.59 0.72 (0.73)

(0.42)

0.63 Distributions

to

Shareholders

from:

Net

investment

income

(0.45)

(0.45)

(0.45)

(0.39)

(0.38)

(0.32)

Total

Distributions

(0.45)

(0.45)

(0.45)

(0.39)

(0.38)

(0.32)

Net

Asset

Value,

End

of

Period

$12.22

$12.20

$12.06

$11.79

$12.91

$13.71

Total

Return(d)(e)

4.05%

4.96%

6.24%

(5.69)%

(3.16)%

4.71%

Ratios

to

Average

Net

Assets:

Net

Expenses(f)(g)(h)

0.42%(i)

0.42%(i)

0.41%(i)

0.44%

0.44%

0.44%

Net

Investment

Income

(Loss)(f)

3.81%

3.69%

3.77%

3.52%

2.92%

3.03%

Gross

Expenses(f)(h)

0.53%(i)

0.55%(i)

0.53%(i)

0.59%

0.65%

0.98%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$42,826

$37,592

$42,037

$52,513

$64,506

$5,533

Portfolio

Turnover(d)(j)

4%

4%

4%

10%

10%

21%

(a) Effective

February

28,

2023,

the

Fund's

fiscal

year-end

changed

from

March

to

February

or

February

during

leap

years.

(b) Commencement

of

operations.

(c) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(d) Not

annualized

for

periods

less

than

one

year.

(e) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(f) Annualized

for

periods

less

than

one

year.

(g) The

amount

of

any

waivers

or

reimbursements

and

the

amount

of

any

recoupment

are

calculated

without

regard

to

the

impact

of

any

performance

adjustment

to

the

Fund's

management

fee.

(h) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(i) Reflects

total

annual

operating

expenses

before

reductions

of

any

expenses

paid

indirectly.

The

Fund's

expenses

paid

indirectly

decreased

the

expense

ratios

by

less

than

0.01%.

(j) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

Victory

Portfolios

III

For

a

Share

Outstanding

Throughout

Each

Period

Financial

Highlights

—

continued

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Tax

Exempt

Long-Term

Fund

Class

A

Year

Ended

February

28,

2026

Year

Ended

February

28,

2025

Year

Ended

February

29,

2024

Months

Ended

February

28,

2023(a)

Year

Ended

March

31,

2022

Year

Ended

March

31,

2021

Net

Asset

Value,

Beginning

of

Period

$12.18

$12.04

$11.77

$12.90

$13.69

$13.19

Investment

Activities:

Net

investment

income

(loss)(b)

0.42 0.42 0.42 0.36 0.35 0.40 Net

realized

and

unrealized

gains

(losses)

0.03 0.14 0.27 (1.13)

(0.79)

0.50 Total

from

Investment

Activities

0.45 0.56 0.69 (0.77)

(0.44)

0.90 Distributions

to

Shareholders

from:

Net

investment

income

(0.42)

(0.42)

(0.42)

(0.36)

(0.35)

(0.40)

Total

Distributions

(0.42)

(0.42)

(0.42)

(0.36)

(0.35)

(0.40)

Net

Asset

Value,

End

of

Period

$12.21

$12.18

$12.04

$11.77

$12.90

$13.69

Total

Return(c)(d)

3.89%

4.73%

6.01%

(5.97)%

(3.33)%

6.80%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

0.67%(g)

0.65%(g)

0.64%(g)

0.66%

0.69%

0.67%

Net

Investment

Income

(Loss)(e)

3.57%

3.46%

3.54%

3.32%

2.56%

2.94%

Gross

Expenses(e)(f)

1.26%(g)

1.40%(g)

1.13%(g)

1.18%

1.11%

1.08%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$3,173

$2,946

$3,350

$4,718

$3,789

$8,466

Portfolio

Turnover(c)(h)

4%

4%

4%

10%

10%

21%

(a) Effective

February

28,

2023,

the

Fund's

fiscal

year-end

changed

from

March

to

February

or

February

during

leap

years.

(b) 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) 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%.

(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

Tax

Exempt

Short-Term

Fund

Fund

Shares

Year

Ended

February

28,

2026

Year

Ended

February

28,

2025

Year

Ended

February

29,

2024

Months

Ended

February

28,

2023(a)

Year

Ended

March

31,

2022

Year

Ended

March

31,

2021

Net

Asset

Value,

Beginning

of

Period

$10.26

$10.13

$9.99

$10.24

$10.63

$10.32

Investment

Activities:

Net

investment

income

(loss)(b)

0.29 0.30 0.28 0.20 0.13 0.14 Net

realized

and

unrealized

gains

(losses)

0.16 0.13 0.15 (0.25)

(0.39)

0.31 Total

from

Investment

Activities

0.45 0.43 0.43 (0.05)

(0.26)

0.45 Distributions

to

Shareholders

from:

Net

investment

income

(0.29)

(0.30)

(0.29)

(0.20)

(0.13)

(0.14)

Total

Distributions

(0.29)

(0.30)

(0.29)

(0.20)

(0.13)

(0.14)

Net

Asset

Value,

End

of

Period

$10.42

$10.26

$10.13

$9.99

$10.24

$10.63

Total

Return(c)(d)

4.41%

4.27%

4.34%

(0.51)%

(2.52)%

4.42%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

0.55%(g)

0.46%(g)

0.50%(g)

0.49%

0.56%

0.53%

Net

Investment

Income

(Loss)(e)

2.78%

2.91%

2.83%

2.13%

1.18%

1.37%

Gross

Expenses(e)(f)

0.55%(g)

0.47%(g)

0.50%(g)

0.50%

0.56%

0.54%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$607,901

$628,391

$672,740

$750,619

$983,453

$1,181,011

Portfolio

Turnover(c)(h)

31%

31%

13%

17%

16%

66%(i)

(a) Effective

February

28,

2023,

the

Fund's

fiscal

year-end

changed

from

March

to

February

or

February

during

leap

years.

(b) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(c) Not

annualized

for

periods

less

than

one

year.

(d) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(e) Annualized

for

periods

less

than

one

year.

(f) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(g) Reflects

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%.

(h) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

(i) The

portfolio

turnover

would

be

32%

of

the

average

value

of

its

portfolio

with

the

exclusion

of

variable-rate

demand

notes

with

long-term

maturities

and

one-

or

seven-day

demand

feature,

or

put

options.

Victory

Portfolios

III

For

a

Share

Outstanding

Throughout

Each

Period

Financial

Highlights

—

continued

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Tax

Exempt

Short-Term

Fund

Institutional

Shares

Year

Ended

February

28,

2026

Year

Ended

February

28,

2025

Year

Ended

February

29,

2024

Months

Ended

February

28,

2023(a)

Year

Ended

March

31,

2022

June

29,

2020(b)

through

March

31,

2021

Net

Asset

Value,

Beginning

of

Period

$10.27

$10.13

$10.00

$10.25

$10.64

$10.50

Investment

Activities:

Net

investment

income

(loss)(c)

0.29 0.30 0.29 0.20 0.14 0.11 Net

realized

and

unrealized

gains

(losses)

0.16 0.14 0.13 (0.25)

(0.40)

0.14 Total

from

Investment

Activities

0.45 0.44 0.42 (0.05)

(0.26)

0.25 Distributions

to

Shareholders

from:

Net

investment

income

(0.29)

(0.30)

(0.29)

(0.20)

(0.13)

(0.11)

Total

Distributions

(0.29)

(0.30)

(0.29)

(0.20)

(0.13)

(0.11)

Net

Asset

Value,

End

of

Period

$10.43

$10.27

$10.13

$10.00

$10.25

$10.64

Total

Return(d)(e)

4.45%

4.41%

4.27%

(0.49)%

(2.43)%

2.39%

Ratios

to

Average

Net

Assets:

Net

Expenses(f)(g)(h)

0.51%(i)

0.42%(i)

0.46%(i)

0.46%

0.48%

0.47%

Net

Investment

Income

(Loss)(f)

2.81%

2.95%

2.87%

2.15%

1.28%

1.33%

Gross

Expenses(f)(h)

0.64%(i)

0.63%(i)

0.57%(i)

0.59%

0.55%

0.69%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$22,288

$19,546

$19,154

$26,983

$41,969

$25,038

Portfolio

Turnover(d)(j)

31%

31%

13%

17%

16%

66%(k)

(a) Effective

February

28,

2023,

the

Fund's

fiscal

year-end

changed

from

March

to

February

or

February

during

leap

years.

(b) Commencement

of

operations.

(c) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(d) Not

annualized

for

periods

less

than

one

year.

(e) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(f) Annualized

for

periods

less

than

one

year.

(g) The

amount

of

any

waivers

or

reimbursements

and

the

amount

of

any

recoupment

are

calculated

without

regard

to

the

impact

of

any

performance

adjustment

to

the

Fund's

management

fee.

(h) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(i) Reflects

total

annual

operating

expenses

before

reductions

of

any

expenses

paid

indirectly.

The

Fund's

expenses

paid

indirectly

decreased

the

expense

ratios

by

less

than

0.01%.

(j) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

(k) The

portfolio

turnover

would

be

32%

of

the

average

value

of

its

portfolio

with

the

exclusion

of

variable-rate

demand

notes

with

long-term

maturities

and

one-

or

seven-day

demand

feature,

or

put

options.

Victory

Portfolios

III

Financial

Highlights

—

continued

For

a

Share

Outstanding

Throughout

Each

Period

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Tax

Exempt

Short-Term

Fund

Class

A

Year

Ended

February

28,

2026

Year

Ended

February

28,

2025

Year

Ended

February

29,

2024

Months

Ended

February

28,

2023(a)

Year

Ended

March

31,

2022

Year

Ended

March

31,

2021

Net

Asset

Value,

Beginning

of

Period

$10.28

$10.14

$10.00

$10.26

$10.64

$10.34

Investment

Activities:

Net

investment

income

(loss)(b)

0.26 0.28 0.27 0.17 0.10 0.12 Net

realized

and

unrealized

gains

(losses)

0.15 0.14 0.14 (0.25)

(0.38)

0.30 Total

from

Investment

Activities

0.41 0.42 0.41 (0.08)

(0.28)

0.42 Distributions

to

Shareholders

from:

Net

investment

income

(0.26)

(0.28)

(0.27)

(0.18)

(0.10)

(0.12)

Total

Distributions

(0.26)

(0.28)

(0.27)

(0.18)

(0.10)

(0.12)

Net

Asset

Value,

End

of

Period

$10.43

$10.28

$10.14

$10.00

$10.26

$10.64

Total

Return(c)(d)

4.08%

4.15%

4.16%

(0.76)%

(2.64)%

4.07%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

0.78%(g)

0.66%(g)

0.67%(g)

0.67%

0.78%

0.76%

Net

Investment

Income

(Loss)(e)

2.55%

2.71%

2.66%

1.87%

0.96%

1.12%

Gross

Expenses(e)(f)

1.27%(g)

1.26%(g)

1.11%(g)

0.98%

0.93%

0.88%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$4,063

$3,656

$4,100

$4,104

$12,792

$16,590

Portfolio

Turnover(c)(h)

31%

31%

13%

17%

16%

66%(i)

(a) Effective

February

28,

2023,

the

Fund's

fiscal

year-end

changed

from

March

to

February

or

February

during

leap

years.

(b) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(c) Not

annualized

for

periods

less

than

one

year.

(d) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

Excludes

any

applicable

sales

charges,

including

contingent

deferred

sales

charges.

Total

return

would

be

reduced

if

sales

charges

were

taken

into

account.

(e) Annualized

for

periods

less

than

one

year.

(f) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(g) 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%.

(h) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

(i) The

portfolio

turnover

would

be

32%

of

the

average

value

of

its

portfolio

with

the

exclusion

of

variable-rate

demand

notes

with

long-term

maturities

and

one-

or

seven-day

demand

feature,

or

put

options.

Notes

to

Financial

Statements

February

28,

2026

Victory

Portfolios

III

1. #### Organization:
Victory

Portfolios

III

(the

"Trust")

is

organized

as

a

Delaware

statutory

trust

and

is

registered

under

the Investment

Company

Act

of

1940,

as

amended

(the

"1940

Act"),

as

an

open-end

investment

company.

The

Trust

is

comprised

of

funds

and

is

authorized

to

issue

an

unlimited

number

of

shares,

which

are

units

of

beneficial

interest

with

no

par

value.

The

accompanying

financial

statements

are

those

of

the following three funds

(collectively,

the

"Funds"

and

individually,

a

"Fund").

Each

Fund

is

classified

as

diversified

under

the

1940

Act.

Each

class

of

shares

of

a

Fund

has

substantially

identical

rights

and

privileges

except

with

respect

to

sales

charges,

fees

paid

under

distribution

plans,

expenses

allocable

exclusively

to

each

class

of

shares,

voting

rights

on

matters

solely

affecting

a

single

class

of

shares,

and

the

exchange

privilege

of

each

class

of

shares. Victory

Capital

Management

Inc.

("VCM"

or

the

"Adviser")

is

an

indirect

wholly

owned

subsidiary

of

Victory

Capital

Holdings,

Inc.,

a

publicly

traded

Delaware

corporation,

and

a

wholly

owned

direct

subsidiary

of

Victory

Capital

Operating,

LLC. Under

the

Trust's

organizational

documents,

its

officers

and

trustees

are

indemnified

against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Funds.

In

addition,

in

the

normal

course

of

business,

the

Funds

enter

into

contracts

with

their

vendors

and

others

that

provide

for

general

indemnifications.

The Funds'

maximum

exposure

under

these

arrangements

is

unknown,

as

this

would

involve

future

claims

that

may

be

made

against

the

Funds.

However,

based

on

experience,

the

Funds

expect

that

risk

of

loss

to

be

remote.

2. #### Significant

#### Accounting

#### Policies:
The

following

is

a

summary

of

significant

accounting

policies

followed

by

the Funds

in

the

preparation

of their

financial

statements. The

policies

are

in

conformity

with

U.S.

Generally

Accepted

Accounting

Principles

("GAAP").

The

preparation

of

financial

statements

in

accordance

with

GAAP

requires

the Adviser

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

and

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

income

and

expenses

for

the

period.

Actual

results

could

differ

from

those

estimates.

The

Funds

follow

the

specialized

accounting

and

reporting

requirements

under

GAAP

that

are

applicable

to

investment

companies

under

Accounting

Standards

Codification Topic

946. Investment

Valuation:

The

Funds

record

investments

at

fair

value.

Fair

value

is

defined

as

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

The

valuation

techniques

described

below

maximize

the

use

of

observable

inputs

and

minimize

the

use

of

unobservable

inputs

in

determining

fair

value.

The

inputs

used

for

valuing

the

Funds'

investments

are

summarized

in

the

three

broad

levels

listed

below:

Level

—

quoted

prices

(unadjusted)

in

active

markets

for

identical

securities

Level

—

other

significant

observable

inputs

(including

quoted

prices

for

similar

securities,

interest

rates,

or

credit

spreads,

applicable

to

those

securities,

etc.)

Level

—

significant

unobservable

inputs

(including

the

Adviser's

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

in

or

out

of

an

assigned

level

within

the

disclosure

hierarchy.

The

inputs

or

methodologies

used

for

valuation

techniques

are

not

necessarily

an

indication

of

the

risks

associated

with

entering

into

those

investments.

The

Adviser,

appointed

as the

valuation

designee

by the

Trust's

Board

of

Trustees

(the

"Board"),

has

established

the

Pricing

Committee

(the

"Committee"),

and

subject

to Board

oversight,

the

Committee

administers

and

oversees

the

Funds'

valuation

policies

and

procedures,

which are

approved

by

the

Board.

Debt

securities

are

valued

each

business

day

by

a

pricing

service

approved

by

the

valuation

designee

and

subject

to

the

oversight

of

the

Board.

The

pricing

service

uses

the

evaluated

bid

or market

quotes to

value

securities.

Debt

obligations

maturing

within

days

may

be

valued

at

amortized

cost,

provided

that

the

amortized

cost

represents

the

fair

value

of

such

securities.

These

valuations

are

typically

categorized

as

Level

in

the

fair

value

hierarchy.

In

the

event

that

price

quotations

or

valuations

are

not

readily

available,

investments

are

valued

at

fair

value

in

accordance

with

procedures

established

by

and

under

the

general

supervision

and

responsibility

of

the

Board.

These

valuations

are

typically

categorized

as

Level

or

Level

in

the

fair

value

hierarchy,

based

on

the

observability

of

inputs

used

to

determine

the

fair

value.

The

effect

of

fair

value

pricing

is

that

securities

may

not

be

priced

on

the

basis

of

quotations

from

the

primary

market

in

which

they

are

traded

and

the

actual

price

realized

from

the

sale

of

a

security

may

differ

materially

from

the

fair

value

price.

Valuing

these

securities

at

fair

value

is

intended

to

cause

each

Fund's

net

asset

value to

be

more

reliable

than

it

otherwise

would

be.

Funds

(Legal

Name)

Funds

(Short

Name)

Investment

Share

Classes

Offered

Victory

Tax

Exempt

Intermediate-Term

Fund

Tax

Exempt

Intermediate-Term

Fund

Fund

Shares,

Institutional

Shares,

and

Class

A

Victory

Tax

Exempt

Long-Term

Fund

Tax

Exempt

Long-Term

Fund

Fund

Shares,

Institutional

Shares,

and

Class

A

Victory

Tax

Exempt

Short-Term

Fund

Tax

Exempt

Short-Term

Fund

Fund

Shares,

Institutional

Shares,

and

Class

A

Notes

to

Financial

Statements

—

continued

February

28,

2026

Victory

Portfolios

III

A

summary

of

the

valuations

as

of

February

28,

2026,

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 February

28,

2026,

there

were

no

significant transfers

into/out

of

Level

3. Municipal

Obligations:

The

values

of

municipal

obligations

can

fluctuate

and

may

be

affected

by

adverse

tax,

legislative,

or

political

changes,

and

by

financial

developments

affecting

municipal

issuers.

Payments

of

municipal

obligations

may

depend

on

a

relatively

limited

source

of

revenue,

resulting

in

greater

credit

risk.

Future

changes

in

federal

tax

laws

or

the

activity

of

an

issuer

may

adversely

affect

the

tax-exempt

status

of

municipal

obligations.

Below-Investment-Grade

Securities:

Certain

Funds

may

invest

in

below-investment-grade

securities

(i.e.,

lower-quality,

"junk"

debt),

which

are

subject

to

various

risks.

Lower-

quality

debt

is

considered

to

be

speculative

because

it

is

less

certain

that

the

issuer

will

be

able

to

pay

interest

or

repay

the

principal

than

in

the

case

of

investment-grade

debt.

These

securities

can

involve

a

substantially

greater

risk

of

default

than

higher-rated

securities,

and

their

values

can

decline

significantly

over

short

periods

of

time.

Lower-quality

debt

securities

tend

to

be

more

sensitive

to

adverse

news

about

their

issuers,

the

market

and

the

economy

in

general,

than

higher-quality

debt

securities.

The

market

for

these

securities

can

be

less

liquid,

especially

during

periods

of

recession

or

general

market

decline.

Investment

Transactions

and

Related

Income:

Changes

in

holdings

of

investments

are

accounted

for

no

later

than

one

business

day

following

the

trade

date.

For

financial

reporting

purposes,

however,

investment

transactions

are

accounted

for

on

trade

date

or

the

last

business

day

of

the

reporting

period.

Interest

income

is

determined

on

the

basis

of

coupon

interest

accrued

and

recorded

daily

using

the

effective

interest

method

which

adjusts,

where

applicable,

the

amortization

of

premiums

or

accretion

of

discounts. Gains

or

losses

realized

on

sales

of

securities

are

recorded

on

the

identified

cost

basis.

Paydown

gains

or

losses

on

applicable

securities,

if

any,

are

recorded

as

components

of

Interest

income

on

the

Statements

of

Operations.

Federal

Income

Taxes:

Each

Fund

intends

to

continue

to

qualify

as

a

regulated

investment

company

by

complying

with

the

provisions

available

to

certain

investment

companies,

as

defined

in

applicable

sections

of

the

Internal

Revenue

Code,

and

to

make

distributions

of

net

investment

income

and

net

realized

gains

sufficient

to

relieve

it

from

all,

or

substantially

all,

federal

income

taxes.

Accordingly,

no

provision

for

federal

income

taxes

is

required

in

the

financial

statements.

The

Funds

have

a

tax

year

end

of

February

or

February

for

leap

years.

For

the

year

ended

February

28,

2026,

the

Funds

did

not

incur

any

income

tax,

interest,

or

penalties,

and

have

recorded

no

liability

for

net

unrecognized

tax

benefits

relating

to

uncertain

tax

positions.

Management

of

the

Funds

has

reviewed

tax

positions

taken

in

tax

years

that

remain

subject

to

examination

by

all

major

tax

jurisdictions,

including

federal

(i.e.,

the

last

four

tax

years,

which

includes

the

current

fiscal

tax

year

end).

Management

believes

that

there

is

no

tax

liability

resulting

from

unrecognized

tax

benefits

related

to

uncertain

tax

positions

taken.

Allocations:

Expenses

directly

attributable

to a

Fund

are

charged

to that

Fund,

while

expenses

that

are

attributable

to

more

than

one

fund

in

the

Trust,

or

jointly

with

an

affiliated

trust,

are

allocated

among

the

respective

funds

in

the

Trust

and/or

an

affiliated

trust

based

upon

net

assets

or

another

appropriate

basis.

Income,

expenses

(other

than

class-specific

expenses

such

as

transfer

agent

fees,

state

registration

fees,

printing

fees,

and

12b-1

fees),

and

realized

and

unrealized

gains

or

losses

on

investments

are

allocated

to

each

class

of

shares

based

on

its

relative

net

assets

on

the

date

income

is

earned

or

expenses

and

realized

and

unrealized

gains

and

losses

are

incurred.

Level

Level

Level

Total

Tax

Exempt

Intermediate-Term

Fund

Municipal

Bonds

..............................................

$

—

$

2,812,667

$

—

$

2,812,667

Total

.......................................................

$

—

$

2,812,667

$

—

$

2,812,667

Tax

Exempt

Long-Term

Fund

Corporate

Bonds

..............................................

—

—

Municipal

Bonds

..............................................

—

1,604,624

—

1,604,624

Total

.......................................................

$

—

$

1,604,624

$

$

1,605,034

Tax

Exempt

Short-Term

Fund

Municipal

Bonds

..............................................

—

626,996

—

626,996

Total

.......................................................

$

—

$

626,996

$

—

$

626,996

Notes

to

Financial

Statements

—

continued

February

28,

2026

Victory

Portfolios

III

Fees

Paid

Indirectly:

Expense

offsets

to

custody

fees

that

arise

from

credits

on

cash

balances

maintained

on

deposit

are

reflected

on

the

Statements

of

Operations,

as

applicable,

as

Fees

paid

indirectly.

3. #### Purchases

#### and

#### Sales:
Purchases

and sales

of

securities

(excluding

securities

maturing

less

than

one

year

from

acquisition)

for

the

year

ended

February

28,

2026,

were

as

follows

(amounts

in

thousands):

Cross-Trade

Transactions:

Pursuant

to

Rule

17a-7

under

the

1940

Act,

the

Funds

may

engage

in

cross-trades,

which

are

securities

transactions

with

affiliated

investment

companies

and

advisory

accounts

managed

by

the

Adviser

and

any

applicable

sub-adviser

under

specified

conditions

outlined

in

the

valuation

policies

and

procedures

adopted

by

the

Board.

In

addition,

as

defined

under

the

valuation

policies

and

procedures,

each

transaction

must

be

effected

at

the

independent

current

market

price.

For

the year

ended

February

28,

2026,

the

Funds

below

engaged

in

the

following

securities

transactions

with

affiliated

funds,

which

resulted

in

the

following

net

realized

gains

(losses)

(amounts

in

thousands):

4. #### Fees

#### and

#### Transactions

#### with

#### Affiliates

#### and

#### Related

#### Parties:
Investment

Advisory

Fees:

Investment

advisory

services

are

provided

to

the

Funds

by

the

Adviser,

which

is

a

New

York

corporation

registered

as

an

investment

adviser

with

the

Securities

and

Exchange

Commission

("SEC").

Under

the

terms

of

the

Investment

Advisory

Agreement,

the

Adviser

is

entitled

to

receive

a

base

fee

and

a

performance

adjustment.

Each

Fund's

base

fee

is

accrued

daily

and

paid

monthly

at

an

annualized

rate

based

on

a

percentage

of

the

average

daily

net

assets

of

each

Fund. The

rates

at

which

the

Adviser

is

paid

by

each

Fund

are

included

in

the

table

below.

Amounts

incurred

and

paid

to

VCM

for

the

year ended

February

28,

2026,

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:

Excluding

U.S.

Government

Securities

Purchases

Sales

Tax

Exempt

Intermediate-Term

Fund

............................................................

$

318,950

$

606,633

Tax

Exempt

Long-Term

Fund

.................................................................

69,812

145,133

Tax

Exempt

Short-Term

Fund

.................................................................

165,622

183,700

Purchases

Sales

Net

Realized

Gains

(Losses)

Tax

Exempt

Intermediate-Term

Fund

.............................................

$

1,106

$

–

$

–

Base

Rate

Tax

Exempt

Intermediate-Term

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.28%

Tax

Exempt

Long-Term

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.28%

Tax

Exempt

Short-Term

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.28%

Comparative

Index

Tax

Exempt

Intermediate-Term

Fund

.......................................

Lipper

Intermediate

Municipal

Debt

Funds

Tax

Exempt

Long-Term

Fund

............................................

Lipper

General

&

Insured

Municipal

Debt

Funds

Tax

Exempt

Short-Term

Fund

............................................

Lipper

Short

Municipal

Debt

Funds

Over/Under

Performance

Relative

to

Index

Annual

Adjustment

Rate

(in

basis points)

(a) (in

basis

points)

+/-

to

+/-

+/-

to

+/-

+/-

and

greater

+/-

Notes

to

Financial

Statements

—

continued

February

28,

2026

Victory

Portfolios

III

(a) Based

on

the

difference

between

the average

annual

performance

of

the

relevant

share

class

of

the

Fund

and

its

relevant

Lipper

index,

rounded

to

the

nearest

basis

point.

Each

class'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.

For

the

year ended February

28,

2026,

performance adjustments were

(amounts

in

thousands):

The

Trust

relies

on

an

exemptive

order

granted

to

VCM

and

its

affiliated

funds

by

the

SEC

in

March

2019,

permitting

the

use

of

a

"manager-of-

managers"

structure

for

certain

funds.

Under

a

manager-of-managers

structure,

the

investment

adviser

may

select

(with

approval

of

the

Board

and

without

shareholder

approval)

one

or

more

subadvisers

to

manage

the

day-to-day

investment

of

a

fund's

assets.

For

the

year

ended

February

28,

2026,

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

year

ended

February

28,

2026,

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,

including

costs

associated

with

Chief

Compliance

Officer

("CCO"),

and

implementing

new

reports

required

by

new

rules

adopted

by

the

SEC

under

the

1940

Act.

Amounts

incurred

for

the

year

ended

February

28,

2026,

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

CCO,

and

other

resources

reasonably

necessary

to

provide

the

Trust

with

compliance

oversight

services

related

to

the

design,

administration,

and

oversight

of

a

compliance

program

for

the

Trust

in

accordance

with

Rule

38a-1

under

the

1940

Act.

The

CCO

is

an

employee

of

the

Adviser,

which

pays

the

compensation

of

the

CCO

and

support

staff.

The

funds

in

the

Trust

compensate

the

Adviser

for

these

services.

Amounts

incurred

for

the

year

ended

February

28,

2026,

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.

Fund

Shares

Institutional

Shares

Class

A

Tax

Exempt

Intermediate-Term

Fund

...................................................

$

—(a)

—(b)

(8) as

annual

%

rate

................................................................

—

—

(0.03)%

Tax

Exempt

Long-Term

Fund

........................................................

$

(247) (6) (1) as

annual

%

rate

................................................................

(0.02)%

(0.02)%

(0.03)%

Tax

Exempt

Short-Term

Fund

........................................................

$

as

annual

%

rate

................................................................

0.04%

0.04%

0.03%

(a) There

was

no

performance

adjustment

for

Fund

Shares.

(b) There

was

no

performance

adjustment

for

Institutional

Shares.

Annual

Charge

Fund

Shares

Institutional

Shares

Class

A

Tax

Exempt

Intermediate-Term

Fund

.....................................................

0.15%

0.10%

0.15%

Tax

Exempt

Long-Term

Fund

..........................................................

0.15%

0.10%

0.15%

Tax

Exempt

Short-Term

Fund

..........................................................

0.15%

0.10%

0.15%

Notes

to

Financial

Statements

—

continued

February

28,

2026

Victory

Portfolios

III

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

year ended

February

28,

2026,

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. Amounts

incurred

for

the

year

ended

February

28,

2026,

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

year

ended

February

28,

2026,

the

Distributor

received

the

following

from

commissions

earned

in

connection with

sales

of

Class

A

(amounts

in

thousands):

Other

Fees:

Citibank

serves

as

the

Funds'

custodian.

The

Funds

pay

Citibank

a

fee

for

providing

these

services.

Amounts

incurred

for

the year

ended

February

28,

2026,

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

February

28,

2026,

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.

Institutional

Shares

Class

A

Tax

Exempt

Intermediate-Term

Fund

.................................................................

0.10%

0.10%

Tax

Exempt

Long-Term

Fund

......................................................................

0.10%

0.10%

Tax

Exempt

Short-Term

Fund

......................................................................

0.10%

0.10%

Class

A

Tax

Exempt

Intermediate-Term

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.25%

Tax

Exempt

Long-Term

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.25%

Tax

Exempt

Short-Term

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.25%

Amount

Tax

Exempt

Intermediate-Term

Fund

.......................................................................

$

—(a)

Tax

Exempt

Short-Term

Fund

............................................................................

—(a)

(a) Rounds

to

less

than

$1

thousand.

In

effect

until

June

30,

2026

Fund

Shares

Institutional

Shares

Class

A

Tax

Exempt

Intermediate-Term

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.48%

0.44%

0.75%

Tax

Exempt

Long-Term

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.48%

0.44%

0.70%

Tax

Exempt

Short-Term

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.51%

0.47%

0.75%

Notes

to

Financial

Statements

—

continued

February

28,

2026

Victory

Portfolios

III

![](epub609447269367808.jpg)

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

February

28,

2026. For

the

year ended

February

28,

2026,

the

following

recoupment

amounts

were

paid

to

the

Adviser

(amounts

in

thousands):

As

of February

28,

2026,

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):

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 year

ended

February

28,

2026. 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

principal

risks

that

you

may

assume

as

an

investor

in

each

Fund. Each

Fund's

prospectus

contains

unaudited

information

regarding

the

Fund's

principal

risks.

Please

refer

to

that

document

when

considering

the

Fund's

principal

risks.

The

Funds

may

be

subject

to

other

risks

in

addition

to

these

identified

risks.

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.

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

tax-exempt

securities,

and

other

market

factors.

Bond

prices

generally

are

linked

to

the

prevailing

market

interest

rates.

In

general,

when

interest

rates

rise,

bond

prices

fall;

conversely,

when

interest

rates

fall,

bond

prices

rise.

The

price

volatility

of

a

bond

also

depends

on

its

duration.

Generally,

the

longer

the

duration

of

a

bond,

the

greater

is

its

sensitivity

to

interest

rates.

To

compensate

investors

for

this

higher

interest

rate

risk,

bonds

with

longer

durations

generally

offer

higher

yields

than

bonds

with

shorter

Amount

Tax

Exempt

Intermediate-Term

Fund

.......................................................................

$

Tax

Exempt

Long-Term

Fund

............................................................................

Tax

Exempt

Short-Term

Fund

............................................................................

February

28,

2027

February

29,

2028

February

28,

2029

Total

Tax

Exempt

Intermediate-Term

Fund

.......................................

$

567

$

$

$

1,419

Tax

Exempt

Long-Term

Fund

............................................

Tax

Exempt

Short-Term

Fund

............................................

Notes

to

Financial

Statements

—

continued

February

28,

2026

Victory

Portfolios

III

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.

Call

Risk

—

During

a

period

of

declining

interest

rates,

many

municipal

bonds

may

be

"called,"

or

redeemed,

by

the

issuer

before

the

stated

maturity.

An

issuer

might

call,

or

refinance,

a

higher-yielding

bond

for

the

same

reason

that

a

homeowner

would

refinance

a

home

mortgage.

When

bonds

are

called,

the

Fund

is

affected

in

several

ways.

Most

likely,

the

Fund

will

reinvest

the

bond-call

proceeds

in

bonds

with

lower

interest

rates.

The

Fund's

income

may

drop

as

a

result.

The

Fund

also

may

realize

a

taxable

capital

gain

(or

loss).

6. #### Borrowing

#### and

#### Interfund

#### Lending:
Line

of

Credit:

The

Victory

Funds

Complex

participates

in

a

short-term

demand

note

"Line

of

Credit"

agreement

with

Citibank.

Under

the

agreement

with

Citibank,

the funds in

the

Trust,

Victory

Portfolios,

and

Victory

Portfolios

II

(collectively,

the

"Victory

Funds

Complex"),

in

the

aggregate, may

borrow

up

to

$600

million,

of

which

$300

million

is

committed

and

$300

million

is

uncommitted.

For

the

interim

period

covered

by

this

report

prior

to

June

24,

2025,

$40

million

of

the

Line

of

Credit

was

reserved

for

use

by

the

Victory

Floating

Rate

Fund,

another

series

of

the

Victory

Funds

Complex,

with

Victory

Floating

Rate

Fund

paying

the

related

commitment

fees

for

that

amount.

The

purpose

of

the

Line

of

Credit

is

to

meet

temporary

or

emergency

cash

needs.

For

the year

ended

February

28,

2026,

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

year

ended

February

28,

2026. Interfund

Lending:

The

Trust

and

the

Adviser

rely

on

an

exemptive

order

granted

by

the

SEC

in

March

2017

(the

"Order"),

permitting

the

establishment

and

operation

of

an

Interfund

Lending

Facility

(the

"Facility").

The

Facility

allows

each

Fund

to

directly

lend

and

borrow

money

to

or

from

any

other

fund

in

the

Victory

Funds

Complex

that

is

permitted

to

participate

in

the

Facility,

relying

upon

the

Order

at

rates

beneficial

to

both

the

borrowing

and

lending

funds.

Advances

under

the

Facility

are

allowed

for

temporary

or

emergency

purposes,

including

the

meeting

of

redemption

requests

that

otherwise

might

require

the

untimely

disposition

of

securities,

and

are

subject

to

each

Fund's

borrowing

restrictions.

The

interfund

loan

rate

is

determined,

as

specified

in

the

Order,

by

averaging

the

current

repurchase

agreement

rate

and

the

current

bank

loan

rate.

As

a

Borrower

(as

defined

in

the

Order),

interest

charged

to

each

Fund,

if

any,

during

the

period,

is

reflected

on

the

Statements

of

Operations

under

Interfund

lending

fees.

As

a

Lender

(as

defined

in

the

Order),

interest

earned

by

each

Fund,

if

any,

during

the

period,

is

reflected

on

the

Statements

of

Operations

under

Interfund

lending.

The

Funds

did

not

utilize

or

participate

in

the

Facility

during

the

year

ended

February

28,

2026. 7. #### Federal

#### Income

#### Tax

#### Information:
Distributions

from

net

investment

income, if

any,

are

declared

and

paid

as

noted

in

the

table

below.

Distributable

net

realized

gains,

if

any,

are

declared

and distributed

at

least

annually

from

each

Fund.

The

amounts

of

dividends

from

net

investment

income

and

distributions

from

net

realized

gains

(collectively,

distributions

to

shareholders)

are

determined

in

accordance

with

federal

income

tax

regulations,

which

may

differ

from

GAAP.

To

the

extent

these

"book/tax"

differences

are

permanent

in

nature

(e.g.,

net

operating

loss

and

distribution

reclassification),

such

amounts

are

reclassified

within

the

components

of

net

assets

based

on

their

federal

tax-basis

treatment;

temporary

differences

(e.g.,

wash

sales)

do

not

require

reclassification.

To

the

extent

dividends

and

distributions

exceed

net

investment

income

and

net

realized

gains

for

tax

purposes,

they

are

reported

as

distributions

of

capital.

Net

investment

losses

incurred

by

the

Funds

may

be

reclassified

as

an

offset

to

capital

on

the

accompanying

Statements

of

Assets

and

Liabilities.

As

of

February

28,

2026,

on

the

Statements

of

Assets

and

Liabilities,

there

were

no

permanent

book-to-tax

difference

reclassification

adjustments.

Declared

Paid

Tax

Exempt

Intermediate-Term

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Daily

Monthly

Tax

Exempt

Long-Term

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Daily

Monthly

Tax

Exempt

Short-Term

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Daily

Monthly

Notes

to

Financial

Statements

—

continued

February

28,

2026

Victory

Portfolios

III

The

tax

character

of

distributions

paid

during

the

tax

years

ended,

as

noted

below,

were

as

follows

(total

distributions

paid

may

differ

from

the

Statements

of

Changes

in

Net

Assets

because,

for

tax

purposes,

dividends

are

recognized

when

actually

paid)

(amounts

in

thousands):

As

of

February

28,

2026,

the

components

of

accumulated

earnings

(loss)

on

a

tax

basis

were

as

follows

(amounts

in

thousands):

\*&nbsp;&nbsp;&nbsp;&nbsp; The

difference

between

the

book-basis

and

tax-basis

unrealized

appreciation

(depreciation)

is

attributable

primarily

to

defaulted

bond

adjustments

and

market

discount.

During

the

tax

year

ended

February

28,

2026,

the

following

Funds

utilized

capital

loss

carryforwards

(amounts

in

thousands):

As

of February

28,

2026,

the

Funds

had

net

capital

loss

carryforwards

as

shown

in

the

table

below

(amounts

in

thousands).

It

is

unlikely

that

the

Board

will

authorize

a

distribution

of

capital

gains

realized

in

the

future

until

the

capital

loss

carryforwards

have

been

used.

As

of February

28,

2026,

the

cost

basis

for

federal

income

tax

purposes,

gross

unrealized

appreciation,

gross

unrealized

depreciation,

and

net

unrealized

appreciation

(depreciation)

for

investments were

as

follows

(amounts

in

thousands):

In

this

reporting

period,

the

Funds

adopted

the

Financial

Accounting

Standards

Board

("FASB")

Accounting

Standards

Update

2023-09,

"Income

Taxes

(Topic

740)

Improvements

to

Income

Tax

Disclosures"

("ASU

2023-09").

Adoption

of

the

new

standard

by

the

Funds

impacted

financial

statement

disclosures

only

and

did

not

affect

the

Funds'

financial

position

or

results

of

operations.

A

disaggregation

of

income

taxes

paid

by

jurisdiction

is

presented

when

significant

income

taxes

are

paid.

Income

taxes

paid

by

the

Funds

for

the

year

ended

February

28,

2026 were

determined

to

not

be

significant.

Year

Ended

February

28,

2026

Distributions

Paid

From:

Ordinary

Income

Total

Taxable

Distributions

Tax-Exempt

Income

Total

Distributions

Paid

Tax

Exempt

Intermediate-Term

Fund

.............................

$

$

$

99,712

$

99,794

Tax

Exempt

Long-Term

Fund

..................................

60,578

60,607

Tax

Exempt

Short-Term

Fund

..................................

17,824

17,837

Year

Ended

February

28,

2025

Distributions

Paid

From:

Ordinary

Income

Total

Taxable

Distributions

Tax-Exempt

Income

Total

Distributions

Paid

Tax

Exempt

Intermediate-Term

Fund

.............................

$

$

$

104,137

$

104,170

Tax

Exempt

Long-Term

Fund

..................................

63,329

63,533

Tax

Exempt

Short-Term

Fund

..................................

19,477

19,483

Undistributed

Tax-Exempt

Income

Distributions

Payable

Accumulated

Earnings

(Loss)

Accumulated

Capital

and

Other

Losses

Unrealized

Appreciation

(Depreciation)\*

Total

Accumulated

Earnings

(Loss)

Tax

Exempt

Intermediate-Term

Fund

.

$

7,921

$

(7,177)

$

744

$

(162,818)

$

(28,584)

$

(190,658)

Tax

Exempt

Long-Term

Fund

......

8,836

(4,356)

4,480

(125,374)

(72,282)

(193,176)

Tax

Exempt

Short-Term

Fund

......

1,967

(1,265)

702

(30,609)

(5,245)

(35,152)

Amount

Tax

Exempt

Intermediate-Term

Fund

.......................................................................

$

(1,922)

Short-Term

Amount

Long-Term

Amount

Total

Tax

Exempt

Intermediate-Term

Fund

........................................

$

(77,164)

$

(85,654)

$

(162,818)

Tax

Exempt

Long-Term

Fund

.............................................

(18,621)

(106,753)

(125,374)

Tax

Exempt

Short-Term

Fund

.............................................

(2,603)

(28,006)

(30,609)

Cost

of

Investments

for

Federal

Tax

Purposes

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

Tax

Exempt

Intermediate-Term

Fund

......................

$

2,841,251

$

29,446

$

(58,030)

$

(28,584)

Tax

Exempt

Long-Term

Fund

...........................

1,677,316

29,532

(101,814)

(72,282)

Tax

Exempt

Short-Term

Fund

...........................

632,241

6,039

(11,284)

(5,245)

Notes

to

Financial

Statements

—

continued

February

28,

2026

Victory

Portfolios

III

8. #### 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

predetermined

in

accordance

with

the

Fund's

single

investment

objective.

The

financial

information

in

the

form

of

the

Funds'

portfolio

composition,

total

returns,

expense

ratios,

and

changes

in

net

assets,

which

are

used

by

the

CODM

to

assess

the

segment's

performance

versus

each

Fund's

comparative

benchmarks

and

to

make

resource

allocation

decisions

for

the

Fund's

single

segment,

is

consistent

with

that

presented

within

each

Fund's

financial

statements.

Segment

assets

are

reflected

on

the

accompanying

Statements

of

Assets

and

Liabilities

as

"total

assets"

and

significant

segment

expenses

are

listed

on

the

accompanying

Statements

of

Operations.

Report

of

Independent

Registered

Public

Accounting

Firm

To

the

Shareholders

and

the

Board

of

Trustees

of

Victory

Portfolios

III

Opinion

on

the

Financial

Statements

We

have

audited

the

accompanying

statements

of

assets

and

liabilities,

including

the

schedules

of

portfolio

investments,

of

Victory

Tax

Exempt

Intermediate-Term

Fund,

Victory

Tax

Exempt

Long-Term

Fund,

and

Victory

Tax

Exempt

Short-Term

Fund

(the

"Funds"),

each

a

series

of

Victory

Portfolios

III,

as

of

February

28,

2026,

the

related

statements

of

operations,

the

statements

of

changes

in

net

assets,

and

the

financial

highlights

for

the

year

then

ended,

and

the

related

notes

(collectively

referred

to

as

the

"financial

statements").

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Funds

as

of

February

28,

2026,

the

results

of

their

operations,

the

changes

in

their

net

assets,

and

the

financial

highlights

for

the

year

then

ended,

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

The

Funds'

financial

statements

and

financial

highlights

for

the

years

or

periods

ended

February

28,

2025,

and

prior,

were

audited

by

other

auditors

whose

reports

dated

April

24,

2025,

expressed

unqualified

opinions

on

those

financial

statements

and

financial

highlights.

Basis

for

Opinion

These

financial

statements

are

the

responsibility

of

the

Funds'

management.

Our

responsibility

is

to

express

an

opinion

on

the

Funds'

financial

statements

based

on

our

audit.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

("PCAOB")

and

are

required

to

be

independent

with

respect

to

the

Funds

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

February

28,

2026,

by

correspondence

with

the

custodian

and

brokers;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

We

have

served

as

the

auditor

of

one

or

more

of

the

investment

companies

advised

by

Victory

Capital

Management

Inc.

since

2015. COHEN

&

COMPANY,

LTD.

Cleveland,

Ohio

April

24,

2026

Supplemental

Information

February

28,

2026

Victory

Portfolios

III

(Unaudited)

Additional

Federal

Income

Tax

Information

For

the

fiscal

year

ended

February

28,

2026,

the

Funds

hereby

designate

the

maximum

amount

allowable

of

their

net

taxable

income

as

qualified

dividends

taxed

at

individual

net

capital

gain

rates.

Shareholders

will

be

notified

via

IRS

Form

1099

of

the

amounts

for

use

in

preparing

their

income

tax

return.

For

the

year

ended

February

28,

2026,

the

following

Funds

designated tax-exempt

distributions

in

the

amount

of (in

thousands):

Amount

Tax

Exempt

Intermediate-Term

Fund

...................................................................

$

99,712

Tax

Exempt

Long-Term

Fund

.........................................................................

60,578

Tax

Exempt

Short-Term

Fund

.........................................................................

17,824

Victory

Portfolios

III

(Unaudited)

Supplemental

Information

—

continued

February

28,

2026

Considerations

of

the

Board

in

Continuing

the

Investment

Advisory

Agreement

Victory

Tax

Exempt

Intermediate-Term

Fund

Victory

Tax

Exempt

Long-Term

Fund

Victory

Tax

Exempt

Short-Term

Fund

(each,

a

"Fund"

and

collectively,

the

"Funds")

At

a

meeting

of

the

Board

of

Trustees

(the

"Board")

of

Victory

Portfolios

III

(the

"Trust")

held

on

December

10-11,

2025,

the

Board,

including

the

Trustees

who

are

not

"interested

persons"

(as

that

term

is

defined

in

the

Investment

Company

Act

of

1940,

as

amended)

of

the

Trust

(the

"Independent

Trustees"),

approved

for

an

annual

period

the

continuance

of

the

Investment

Advisory

Agreement

(the

"Advisory

Agreement")

between

the

Trust

and

Victory

Capital

Management

Inc.

(the

"Adviser")

with

respect

to

the

Funds.

Prior

to

the

December

10-11,

2025,

meeting

at

which

the

Advisory

Agreement

was

approved,

the

Independent

Trustees

also

discussed

and

considered

information

regarding

the

proposed

continuation

of

the

Advisory

Agreement

at

a

meeting

held

on

November

17,

2025. In

advance

of

the

foregoing

meetings,

the

Trustees

requested,

received

and

considered

a

variety

of

information

relating

to

the

Advisory

Agreement

and

the

Adviser,

and

were

given

the

opportunity

to

ask

questions

and

request

additional

information

from

management.

The

information

provided

to

the

Board

included,

among

other

things:

(i) a

separate

report

prepared

by

an

independent

third

party

of

mutual

fund

data,

which

provided

a

statistical

analysis

comparing

each

Fund's

investment

performance,

expenses,

and

fees

to

comparable

investment

companies;

(ii) information

concerning

the

services

rendered

to

the

Funds,

as

well

as

information

regarding

the

Adviser's

revenues

and

costs

of

providing

services

to

the

Funds

and

compensation

paid

to

affiliates

of

the

Adviser;

and

(iii) information

about

the

Adviser's

operations

and

personnel.

Prior

to

voting,

the

Independent

Trustees

reviewed

the

proposed

continuance

of

the

Advisory

Agreement

with

management

and

with

experienced

independent

counsel

retained

by

the

Independent

Trustees

("Independent

Counsel")

and

received

materials

from

such

Independent

Counsel

discussing

the

legal

standards

for

their

consideration

of

the

proposed

continuation

of

the

Advisory

Agreement

with

respect

to

each

Fund.

The

Independent

Trustees

also

reviewed

the

proposed

continuation

of

the

Advisory

Agreement

with

respect

to

the

Funds

in

private

sessions

with

Independent

Counsel

at

which

no

representatives

of

management

were

present.

At

each

regularly

scheduled

meeting

of

the

Board

and

its

committees,

the

Board

receives

and

reviews,

among

other

things,

information

concerning

each

Fund's

performance

and

related

services

provided

by

the

Adviser.

At

the

meeting

at

which

the

renewal

of

the

Advisory

Agreement

is

considered,

particular

focus

is

given

to

information

concerning

Fund

performance,

fees

and

total

expenses

as

compared

to

comparable

investment

companies,

and

the

Adviser's

profitability

with

respect

to

each

Fund.

However,

the

Board

noted

that

the

evaluation

process

with

respect

to

the

Adviser

is

an

ongoing

one.

In

this

regard,

the

Board's

and

its

committees'

consideration

of

the

Advisory

Agreement

included

information

previously

received

at

such

meetings.

The

Board

also

recognized

that

the

contractual

arrangements

for

the

Funds

have

been

reviewed

by

the

Board

and

discussed

with

the

Adviser

in

prior

years

and

that

the

Board's

conclusions

may

be

based,

in

part,

on

its

consideration

of

these

same

arrangements

in

prior

years.

ADVISORY

AGREEMENT

After

full

consideration

of

a

variety

of

factors,

the

Board,

including

the

Independent

Trustees,

voted

to

approve

the

Advisory

Agreement.

In

approving

the

Advisory

Agreement,

the

Trustees

did

not

identify

any

single

factor

as

controlling,

and

each

Trustee

may

have

attributed

different

weights

to

various

factors.

Throughout

their

deliberations,

the

Independent

Trustees

were

represented

and

assisted

by

Independent

Counsel.

Nature,

Extent,

and

Quality

of

Services

–

In

considering

the

nature,

extent,

and

quality

of

the

services

provided

by

the

Adviser

under

the

Advisory

Agreement,

the

Board

reviewed

information

provided

by

the

Adviser

relating

to

its

operations

and

personnel.

The

Board

considered

that

the

Adviser

manages

the

Funds'

assets

directly

through

one

or

more

investment

franchises,

and

in

doing

so,

continuously

supervises

the

investment

and

reinvestment

of

cash

and

securities

comprising

the

Funds'

assets.

The

Board

also

considered

that

the

Adviser

monitors

pertinent

economic,

statistical,

and

financial

data

to

determine

which

issuers

and

securities

to

include

in

the

Funds'

portfolios

as

part

of

a

continuous

investment

program.

The

Board

also

took

into

account

its

knowledge

of

the

Adviser's

management

and

the

quality

of

the

performance

of

the

Adviser's

duties

through

Board

meetings,

discussions,

and

reports

during

the

preceding

year.

The

Board

considered

the

fees

paid

to

the

Adviser

and

the

services

provided

to

the

Funds

by

the

Adviser

under

the

Advisory

Agreement,

as

well

as

other

services

provided

by

the

Adviser

and

its

affiliates

under

other

agreements,

and

the

personnel

who

provide

these

services.

In

addition

to

the

investment

advisory

services

provided

to

the

Funds,

the

Adviser

and

its

affiliates

provide

administrative

services,

transfer

agency

services,

shareholder

services,

oversight

of

Fund

accounting,

marketing

services,

assistance

in

meeting

legal

and

regulatory

requirements,

and

other

services

necessary

for

the

operation

of

the

Funds

and

the

Trust.

The

Board

considered

the

scope

of

services

provided

by,

and

the

undertakings

required

of,

the

Adviser

in

connection

with

those

services,

including,

among

other

things,

maintaining

(i) its

own

and

the

Funds'

compliance

programs,

(ii) risk

management

programs,

(iii) liquidity

risk

management

program,

(iv) derivatives

risk

management

program,

and

(v) cybersecurity

programs,

each

of

which

had

expanded

over

time

as

a

result

of

regulatory,

market,

and

other

developments.

The

Board

also

considered

the

significant

risks

assumed

by

the

Adviser

in

connection

with

the

services

provided

to

the

Funds,

including

investment,

operational,

enterprise,

litigation,

regulatory

and

compliance

risks.

The

Board

considered

the

Adviser's

management

style

and

the

performance

of

the

Adviser's

duties

under

the

Advisory

Agreement.

The

Board

considered

the

level

and

depth

of

knowledge

of

the

Adviser,

including

the

professional

experience

and

qualifications

of

its

senior

and

investment

personnel,

as

well

as

current

staffing

levels.

The

allocation

of

the

Funds'

brokerage,

including

the

Adviser's

process

for

monitoring

"best

execution,"

also

was

considered.

The

Adviser's

role

in

coordinating

the

activities

of

the

Funds'

other

service

providers

was

also

considered.

The

Board

also

considered

the

Adviser's

risk

management

processes.

The

Board

considered

the

Adviser's

financial

condition

and

that

it

had

Supplemental

Information

—

continued

February

28,

2026

Victory

Portfolios

III

(Unaudited)

the

financial

wherewithal

to

continue

to

provide

the

same

scope

and

high

quality

of

services

under

the

Advisory

Agreement.

In

reviewing

the

Advisory

Agreement,

the

Board

focused

on

the

experience,

resources,

and

strengths

of

the

Adviser

and

its

affiliates

in

managing

the

Funds,

as

well

as

the

other

funds

in

the

Trust.

The

Board

also

reviewed

the

compliance

and

administrative

services

provided

to

the

Funds

by

the

Adviser

and

its

affiliates,

including

the

Adviser's

oversight

of

the

Funds'

day-to-day

operations

and

oversight

of

Fund

accounting.

The

Trustees,

guided

also

by

information

obtained

from

their

experiences

as

Trustees

of

the

Trust,

also

focused

on

the

quality

of

the

Adviser's

compliance

and

administrative

staff.

Expenses

and

Performance

–

In

connection

with

its

consideration

of

the

Advisory

Agreement,

the

Board

evaluated

each

Fund's

advisory

fees

and

total

expense

ratio

as

compared

to

other

open-end

investment

companies

deemed

to

be

comparable

to

the

Fund

as

determined

by

the

independent

third

party

in

its

report.

Each

Fund's

expenses

were

compared

to

(i) a

group

of

investment

companies

chosen

by

the

independent

third

party

to

be

comparable

to

the

Fund

based

upon

certain

factors,

including

fund

type,

comparability

of

investment

objective

and

classification,

sales

load

type,

asset

size,

and

expense

components

(the

"expense

group")

and

(ii) a

larger

group

of

investment

companies

with

the

same

investment

classification/objective

as

the

Fund

regardless

of

asset

size,

excluding

outliers

(the

"expense

universe").

Victory

Tax

Exempt

Intermediate-Term

Fund

Among

other

data,

the

Board

noted

that

the

Fund's

net

management

fee

rate

as

represented

by

Fund

Shares

–

which

includes

advisory

and

administrative

services

and

the

effects

of

any

performance

adjustment,

as

well

as

any

fee

waivers

and

reimbursements

–

was

below

the

medians

of

its

expense

group

and

its

expense

universe.

The

data

indicated

that

the

Fund's

total

expenses,

including

after

any

reimbursements,

were

below

the

medians

of

its

expense

group

and

its

expense

universe.

The

Board

also

took

into

account

the

Adviser's

current

undertakings

to

maintain

expense

limitations

for

the

Fund.

The

Board

took

into

account

the

various

other

services

provided

to

the

Fund

by

the

Adviser

and

its

affiliates

as

described

above

and

noted

the

high

quality

of

services

received

by

the

Fund.

Victory

Tax

Exempt

Long-Term

Fund

Among

other

data,

the

Board

noted

that

the

Fund's

net

management

fee

rate

as

represented

by

Fund

Shares

–

which

includes

advisory

and

administrative

services

and

the

effects

of

any

performance

adjustment,

as

well

as

any

fee

waivers

and

reimbursements

–

was

below

the

medians

of

its

expense

group

and

its

expense

universe.

The

data

indicated

that

the

Fund's

total

expenses,

including

after

any

reimbursements,

were

below

the

medians

of

its

expense

group

and

its

expense

universe.

The

Board

also

took

into

account

the

Adviser's

current

undertakings

to

maintain

expense

limitations

for

the

Fund.

The

Board

took

into

account

the

various

other

services

provided

to

the

Fund

by

the

Adviser

and

its

affiliates

as

described

above

and

noted

the

high

quality

of

services

received

by

the

Fund.

Victory

Tax

Exempt

Short-Term

Fund

Among

other

data,

the

Board

noted

that

the

Fund's

net

management

fee

rate

as

represented

by

Fund

Shares

–

which

includes

advisory

and

administrative

services

and

the

effects

of

any

performance

adjustment,

as

well

as

any

fee

waivers

and

reimbursements

–

was

below

the

median

of

its

expense

group

and

was

above

the

median

of

its

expense

universe.

The

data

indicated

that

the

Fund's

total

expenses,

including

after

any

reimbursements,

were

below

the

medians

of

its

expense

group

and

its

expense

universe.

The

Board

also

took

into

account

the

Adviser's

current

undertakings

to

maintain

expense

limitations

for

the

Fund.

The

Board

took

into

account

the

various

other

services

provided

to

the

Fund

by

the

Adviser

and

its

affiliates

as

described

above

and

noted

the

high

quality

of

services

received

by

the

Fund.

The

Board

further

took

into

account

management's

representations

regarding

its

belief

that

the

Fund's

pricing

is

competitive.

In

considering

each

Fund's

performance,

the

Board

noted

that

it

reviews

at

its

regularly

scheduled

meetings

information

about

the

Fund's

performance

results.

The

Trustees

also

reviewed

various

comparative

data

provided

to

them

in

connection

with

their

consideration

of

the

renewal

of

the

Advisory

Agreement,

including,

among

other

information,

a

comparison

of

each

Fund's

average

annual

total

returns

relative

to

its

Lipper

index

and

other

mutual

funds

deemed

to

be

in

its

peer

group

by

the

independent

third

party

in

its

report

(the

"performance

universe").

Each

Fund's

performance

universe

consisted

of

the

Fund

and

all

retail

and

institutional

open-end

investment

companies

with

the

same

classification/objective

as

the

Fund

regardless

of

asset

size

or

primary

channel

of

distribution.

Victory

Tax

Exempt

Intermediate-Term

Fund

This

comparison

indicated

that,

among

other

data,

the

Fund's

performance

was

below

the

average

of

its

performance

universe

for

the

one-year

period

ended

June

30,

2025,

was

above

the

average

of

its

performance

universe

for

the

three-,

five-

and

ten-year

periods

ended

June

30,

2025,

was

below

its

Lipper

index

for

the

one-year

period

ended

June

30,

2025,

was

equal

to

its

Lipper

index

for

the

three-year

period

ended

June

30,

2025,

and

was

above

its

Lipper

index

for

the

five-

and

ten-year

periods

ended

June

30,

2025. Victory

Tax

Exempt

Long-Term

Fund

This

comparison

indicated

that,

among

other

data,

the

Fund's

performance

was

below

the

average

of

its

performance

universe

for

the

one-

and

three-year

periods

ended

June

30,

2025,

was

above

the

average

of

its

performance

universe

for

the

five-

and

ten-year

periods

ended

June

30,

2025,

and

was

below

its

Lipper

index

for

the

one-,

three-,

five-

and

ten-year

periods

ended

June

30,

2025. The

Board

took

into

account

management's

discussion

of

the

Fund's

performance,

including

the

reasons

for

the

Fund's

underperformance

for

certain

periods.

Victory

Tax

Exempt

Short-Term

Fund

This

comparison

indicated

that,

among

other

data,

the

Fund's

performance

was

above

the

average

of

its

performance

universe

and

its

Lipper

index

for

the

one-,

three-,

five-

and

ten-year

periods

ended

June

30,

2025. As

part

of

its

consideration,

the

Board

received

a

description

of,

and

factored

into

its

evaluation

of

each

Fund's

expenses

and

performance,

the

potential

limitations

inherent

in

the

methodology

used

by

the

independent

third

party

for

developing

and

constructing

peer

groups

and

Supplemental

Information

—

continued

February

28,

2026

Victory

Portfolios

III

(Unaudited)

determining,

from

year

to

year,

which

mutual

funds

should

be

included

in

which

peer

groups,

among

other

things.

In

this

regard,

the

Board

also

noted

that

the

methodology

may

result

in

each

Fund's

being

included

in

one

peer

group

one

year

and

in

a

different

peer

group

the

next,

and

in

similar

funds

being

included

in

different

peer

groups.

The

Board

also

noted

that

the

number

of

mutual

funds

included

in

a

peer

group

may

be

relatively

small

and

may

differ

significantly

from

peer

group

to

peer

group

and

from

year

to

year

and

that

the

constituent

mutual

funds

included

in

a

peer

group

also

may

differ

from

year

to

year,

which,

among

other

factors,

can

limit

the

relevance

of

the

comparisons.

While

recognizing

these

inherent

limitations,

the

Board

believed

the

independent

analysis

conducted

by

the

third

party

provided

a

useful

measure

of

comparative

expenses

and

performance.

Compensation

and

Profitability

–

The

Board

took

into

consideration

the

level

and

method

of

computing

each

Fund's

management

fee.

The

information

considered

by

the

Board

included

operating

profit

margin

information

for

the

Adviser's

business

as

a

whole.

The

Board

also

received

and

considered

profitability

information

related

to

the

management

revenues

from

each

Fund.

This

information

included

a

review

of

the

methodology

used

in

the

allocation

of

certain

costs

to

each

Fund.

In

considering

the

profitability

data

with

respect

to

the

Funds,

the

Trustees

noted

that

the

Adviser

waived

a

portion

of

its

management

fee

and/or

reimbursed

certain

expenses

with

respect

to

certain

Funds.

The

Trustees

reviewed

the

profitability

of

the

Adviser's

relationship

with

each

Fund

before

tax

expenses.

The

Board

was

also

provided

with

a

profitability

analysis

of

other

publicly

traded

asset

managers

prepared

by

an

independent

information

service.

In

reviewing

the

overall

profitability

of

the

management

fee

to

the

Adviser,

the

Board

also

considered

the

fact

that

the

Adviser

and

its

affiliates

provide

transfer

agency

services,

shareholder

servicing

and

administrative

services

to

each

Fund

for

which

they

receive

compensation.

The

Trustees

recognized

that

the

Adviser

should

be

entitled

to

earn

a

reasonable

level

of

profits

in

exchange

for

the

level

of

services

it

provides

to

each

Fund

and

the

entrepreneurial

and

other

risks

that

it

assumes

as

Adviser.

Economies

of

Scale

–

The

Board

considered

whether

there

should

be

changes

in

the

management

fee

rate

or

structure

in

order

to

enable

the

Funds

to

participate

in

any

economies

of

scale.

The

Board

also

considered

the

fee

waiver

and/or

expense

limitation

arrangements

by

the

Adviser.

The

Board

took

into

account

management's

discussion

of

the

Fund's

current

advisory

fee

structure.

The

Board

also

considered

the

effect

of

the

change

in

size,

if

any,

of

each

of

the

Funds'

classes

on

its

performance

and

fees,

noting

that

the

Funds

may

realize

other

economies

of

scale

if

assets

increase

proportionally

more

than

expenses.

The

Board

also

considered

the

Adviser's

reinvestment

in

the

business

in

the

form

of

adding

to

its

investment

capabilities

and

resources,

improvements

in

technology,

and

customer

service.

The

Board

determined

that

the

current

investment

management

fee

structure

was

reasonable.

Other

Benefits

–

The

Board

also

considered

the

potential

direct

and

indirect

benefits

to

the

Adviser

from

its

relationship

with

the

Trust,

including

that

the

Adviser

may

derive

reputational

and

other

benefits

from

its

association

with

each

Fund.

These

potential

benefits

included,

among

other

things,

the

opportunity

to

offer

additional

products

and

services

to

each

Fund's

shareholders.

Conclusions

–

The

Board

reached

the

following

conclusions

regarding

each

Fund's

Advisory

Agreement

with

the

Adviser:

(i) the

Adviser

has

demonstrated

that

it

possesses

the

capability

and

resources

to

perform

the

duties

required

of

it

under

the

Advisory

Agreement;

(ii) the

overall

performance

of

each

Fund

is

reasonable

in

relation

to

the

performance

of

funds

with

similar

investment

objectives

and

to

relevant

indices

and

the

Adviser

is

appropriately

monitoring

each

Fund's

performance,

as

applicable;

(iii) each

Fund's

advisory

fees

are

reasonable

in

relation

to

those

of

similar

funds

and

to

the

services

to

be

provided

by

the

Adviser;

and

(iv) the

Adviser's

and

its

affiliates'

level

of

profitability

from

their

relationship

with

each

Fund

is

reasonable

in

light

of

the

nature

and

high

quality

of

services

provided

by

the

Adviser

and

its

affiliates

and

the

type

of

fund.

Based

on

its

conclusions,

the

Board

determined

that

continuation

of

the

Advisory

Agreement

would

be

in

the

best

interests

of

each

Fund

and

its

shareholders.

Victory

Funds

P.O.

Box

182593

Columbus,

Ohio

43218-2593

Visit

our

website

at:

vcm.com

Call

Victory

at:

(800) 235-8396

VP3-TE-0426

February

28,

2026

Annual:

Full

Financials

Victory

Tax

Exempt

Money

Market

Fund

vcm.com

News,

Information

And

Education

Hours

A

Day,

Days

A

Week

The

Victory

Capital

website

gives

fund

shareholders,

prospective

shareholders,

and

investment

professionals

a

convenient

way

to

access

fund

information,

get

guidance,

and

track

fund

performance

anywhere

they

can

access

the

Internet.

The

site

includes:

Detailed

performance

records

Daily

share

prices

The

latest

fund

news

Investment

resources

to

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a

better

investor

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Whether

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professional,

vcm.com

has

what

you

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always

open.

*TABLE* 

*OF* 

*CONTENTS*

*Victory* 

*Portfolios* 

*III*

*This* 

*report* 

*is* 

*for* 

*the* 

*information* 

*of* 

*the* 

*shareholders* 

*and* 

*others* 

*who* 

*have* 

*received* 

*a* 

*copy* 

*of* 

*the* 

*currently* 

*effective* 

*prospectus* 

*of* 

*the* 

*Fund,* 

*managed* 

*by* 

*Victory* 

*Capital* 

*Management* 

*Inc.* 

*It* 

*may* 

*be* 

*used* 

*as* 

*sales* 

*literature* 

*only* 

*when* 

*preceded* 

*or* 

*accompanied* 

*by* 

*a* 

*current* 

*prospectus,* 

*which* 

*provides* 

*further* 

*details* 

*about* 

*the* 

*Fund.*

#### IRA

#### DISTRIBUTION

#### WITHHOLDING

#### DISCLOSURE
*We* 

*generally* 

*must* 

*withhold* 

*federal* 

*income* 

*tax* 

*at* 

*a* 

*rate* 

*of* 

*10%* 

*of* 

*the* 

*taxable* 

*portion* 

*of* 

*your* 

*distribution* 

*and,* 

*if* 

*you* 

*live* 

*in* 

*a* 

*state* 

*that* 

*requires* 

*state* 

*income* 

*tax* 

*withholding,* 

*at* 

*your* 

*state's* 

*tax* 

*rate.* 

*However,* 

*you* 

*may* 

*elect* 

*not* 

*to* 

*have* 

*withholding* 

*apply* 

*or* 

*to* 

*have* 

*income* 

*tax* 

*withheld* 

*at* 

*a* 

*higher* 

*rate.* 

*Any* 

*withholding* 

*election* 

*that* 

*you* 

*make* 

*will* 

*apply* 

*to* 

*any* 

*subsequent* 

*distribution* 

*unless* 

*and* 

*until* 

*you* 

*change* 

*or* 

*revoke* 

*the* 

*election.* 

*If* 

*you* 

*wish* 

*to* 

*make* 

*a* 

*withholding* 

*election,* 

*or* 

*change* 

*or* 

*revoke* 

*a* 

*prior* 

*withholding* 

*election,* 

*call* 

(800) *235-8396,* 

*and* 

*form* 

*W-4P* 

*(OMB* 

*No.* 

*1545-0074* 

*withholding* 

*certificate* 

*for* 

*pension* 

*or* 

*annuity* 

*payments)* 

*will* 

*be* 

*electronically* 

*sent.*

*If* 

*you* 

*do* 

*not* 

*have* 

*a* 

*withholding* 

*election* 

*in* 

*place* 

*by* 

*the* 

*date* 

*of* 

*a* 

*distribution,* 

*federal* 

*income* 

*tax* 

*will* 

*be* 

*withheld* 

*from* 

*the* 

*taxable* 

*portion* 

*of* 

*your* 

*distribution* 

*at* 

*a* 

*rate* 

*of* 

*10%.* 

*If* 

*you* 

*must* 

*pay* 

*estimated* 

*taxes,* 

*you* 

*may* 

*be* 

*subject* 

*to* 

*estimated* 

*tax* 

*penalties* 

*if* 

*your* 

*estimated* 

*tax* 

*payments* 

*are* 

*not* 

*sufficient* 

*and* 

*sufficient* 

*tax* 

*is* 

*not* 

*withheld* 

*from* 

*your* 

*distribution.*

*For* 

*more* 

*specific* 

*information,* 

*please* 

*consult* 

*your* 

*tax* 

*adviser.*

• #### NOT

#### FDIC

#### INSURED
• #### NO

#### BANK

#### GUARANTEE
• #### MAY

#### LOSE

#### VALUE

#### Schedule

#### of

#### Portfolio

#### Investments

#### (Form

#### N-CSR

#### Item

#### 6)

#### Financial

#### Statements

#### (Form

#### N-CSR

#### Item

#### 7)
Statement

of

Assets

and

Liabilities

#### 5
Statement

of

Operations

#### 6
Statements

of

Changes

in

Net

Assets

#### 7
Financial

Highlights

#### 8

#### Notes

#### to

#### Financial

#### Statements

#### (Form

#### N-CSR

#### Item

#### 7)

#### 9

#### Report

#### of

#### Independent

#### Registered

#### Public

#### Accounting

#### Firm

#### (Form

#### N-CSR

#### Item

#### 7)

#### 14

#### Supplemental

#### Information
(Unaudited)

Additional

Federal

Income

Tax

Information

#### 15
Advisory

Contract

Approval

(Form

N-CSR

Item

11)

#### 16
Schedule

of

Portfolio

Investments

February

28,

2026

Victory

Portfolios

III

#### Victory

#### Tax

#### Exempt

#### Money

#### Market

#### Fund

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Municipal

Bonds

(98.5%)

Alabama

(3.7%):

Mobile

County

IDA

Revenue

(LOC

-

Swedbank

AB)

,

Series

B

,

.05

%

,

7/1/40

,

Continuously

Callable

@100

(a) ...................................................

$

15,000

$

15,000

Florida

(2.4%):

Hillsborough

County

IDA

Revenue

(LOC

-

Toronto-Dominion

Bank)

,

Series

C

,

.65

%

,

11/1/38

,

Continuously

Callable

@100

(a) ..................................

9,545

9,545

Georgia

(3.2%):

Development

Authority

of

Appling

County

Revenue

,

.30

%

,

9/1/29

,

Continuously

Callable

@100

(a) .........................................................

6,000

6,000

The

Development

Authority

of

Burke

County

Revenue

,

Series

,

.30

%

,

7/1/49

,

Continuously

Callable

@100

(a) ...................................................

7,000

7,000

13,000

Illinois

(6.5%):

Illinois

Educational

Facilities

Authority

Revenue

(LOC

-

Huntington

National

Bank)

,

Series

A

,

.10

%

,

10/1/32

,

Continuously

Callable

@100

(a) .............................

6,880

6,880

Illinois

Finance

Authority

Revenue

(LOC

-

PNC

Financial

Services

Group)

,

.88

%

,

4/1/37

,

Continuously

Callable

@100

(a) .........................................

15,000

15,000

Village

of

Channahon

Revenue

(LOC

-

U.S.

Bancorp)

,

.75

%

,

12/1/34

,

Continuously

Callable

@100

(a) .........................................................

4,580

4,580

26,460

Indiana

(1.5%):

City

of

Berne

Revenue

(LOC

-

Federal

Home

Loan

Bank

of

Indianapolis)

,

.97

%

,

10/1/33

,

Continuously

Callable

@100

(a) .........................................

3,065

3,065

Indiana

Finance

Authority

Revenue

(LOC

-

Federal

Home

Loan

Bank

of

Indianapolis)

,

Series

A

,

.97

%

,

7/1/29

,

Continuously

Callable

@100

(a) ...........................

3,385

3,385

6,450

Iowa

(6.7%):

Iowa

Finance

Authority

Revenue

Series

A

,

.98

%

,

9/1/36

,

Callable

4/1/26

@

(a) ...........................

8,985

8,985

Series

A

,

.66

%

,

9/1/36

,

Continuously

Callable

@100

(a) .......................

5,763

5,763

Series

A

,

.66

%

,

6/1/39

,

Continuously

Callable

@100

(a) .......................

12,600

12,600

27,348

Kansas

(2.8%):

City

of

Burlington

Revenue

Series

A

,

.18

%

,

9/1/35

,

Continuously

Callable

@100

(a) .......................

7,250

7,250

Series

B

,

.18

%

,

9/1/35

,

Continuously

Callable

@100

(a) .......................

4,200

4,200

11,450

Kentucky

(5.2%):

Kentucky

Economic

Development

Finance

Authority

Revenue

,

Series

C

,

.77

%

,

5/1/34

,

Continuously

Callable

@100

(a) .........................................

7,200

7,200

Lexington-Fayette

Urban

County

Government

Revenue

(LOC

-

Federal

Home

Loan

Bank

of

Cincinnati)

,

.83

%

,

12/1/27

,

Callable

3/5/26

@

(a) ........................

615

615

Louisville/Jefferson

County

Metropolitan

Government

Revenue

(LOC

-

PNC

Financial

Services

Group)

,

.75

%

,

10/1/43

,

Continuously

Callable

@100

(a) ................

13,105

13,105

20,920

Louisiana

(5.5%):

Parish

of

St.

James

Revenue

,

Series

,

.85

%

,

11/1/40

,

Continuously

Callable

@100

(a) ...

19,000

19,000

St.

Tammany

Corp.

Revenue

(LOC

-

Federal

Home

Loan

Bank

of

Dallas)

,

.77

%

,

3/1/33

,

Continuously

Callable

@100

(a) .........................................

3,400

3,400

22,400

Maryland

(1.0%):

Maryland

Health

&

Higher

Educational

Facilities

Authority

Revenue

(LOC

-

Toronto-

Dominion

Bank)

,

Series

B

,

.00

%

,

6/1/46

,

Continuously

Callable

@100

(a) ..........

4,000

4,000

Minnesota

(3.5%):

City

of

Rochester

Revenue

(LOC

-

Federal

Home

Loan

Bank

of

Indianapolis)

,

Series

A

,

.91

%

,

5/1/61

,

Continuously

Callable

@100

(a) .............................

13,940

13,940

Mississippi

(2.7%):

Mississippi

Business

Finance

Corp.

Revenue

,

Series

K

,

.00

%

,

11/1/35

,

Callable

4/1/26

@

(a) ...........................................................

8,340

8,340

Victory

Portfolios

III

#### Victory

#### Tax

#### Exempt

#### Money

#### Market

#### Fund

Schedule

of

Portfolio

Investments

—

continued

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Mississippi

Business

Finance

Corp.

Revenue

(LOC

-

Federal

Home

Loan

Bank

of

Dallas)

,

.77

%

,

3/1/33

,

Continuously

Callable

@100

(a) .............................

$

2,400

$

2,400

10,740

New

Hampshire

(4.7%):

New

Hampshire

Business

Finance

Authority

Revenue

(LOC

-

Landesbank

Hessen-Thuringen)

,

.66

%

,

9/1/30

,

Continuously

Callable

@100

(a) .............................

18,990

18,990

New

York

(14.1%):

Build

NYC

Resource

Corp.

Revenue

(LOC

-

Toronto-Dominion

Bank)

,

.83

%

,

12/1/45

,

Continuously

Callable

@100

(a) .........................................

6,865

6,865

Guilderland

Industrial

Development

Agency

Revenue

(LOC

-

Key

Bank,

N.A.)

,

Series

A

,

.15

%

,

7/1/32

,

Continuously

Callable

@100

(a) .............................

1,825

1,825

Metropolitan

Transportation

Authority

Revenue

(LOC

-

Barclays

Bank

PLC)

,

Series

,

.75

%

,

11/1/35

,

Callable

4/1/26

@

(a) .................................

19,000

19,000

New

York

City

Capital

Resources

Corp.

Revenue

(LOC

-

Manufacturers

&

Traders

Trust

Co.)

,

.85

%

,

12/1/40

,

Continuously

Callable

@100

(a) .............................

7,500

7,500

New

York

State

Energy

Research

&

Development

Authority

Revenue

(LOC

-

Mizuho

Corporate

Bank

Ltd.)

Series

,

.30

%

,

5/1/39

,

Continuously

Callable

@100

(a) .....................

3,500

3,500

Series

,

.60

%

,

5/1/39

,

Continuously

Callable

@100

(a) .....................

13,200

13,200

Onondaga

County

Industrial

Development

Agency

Revenue

(LOC

-

Manufacturers

&

Traders

Trust

Co.)

,

Series

A

,

.83

%

,

12/1/31

,

Continuously

Callable

@100

(a) .............

2,900

2,900

St.

Lawrence

County

Industrial

Development

Agency

Revenue

(LOC

-

Citizens

Financial

Group)

,

.78

%

,

7/1/37

(a) .............................................

1,475

1,475

56,265

Oklahoma

(5.6%):

Edmond

Economic

Development

Authority

Revenue

(LOC

-

Bank

of

Oklahoma,

N.A.)

,

Series

A

,

.92

%

,

6/1/31

,

Callable

4/1/26

@

(a) ................................

3,250

3,250

Garfield

County

Industrial

Authority

Revenue

,

Series

A

,

.75

%

,

10/1/39

,

Callable

4/1/26

@

(a) ...........................................................

19,000

19,000

22,250

South

Carolina

(4.2%):

South

Carolina

Jobs-Economic

Development

Authority

Revenue

(LOC

-

Federal

Home

Loan

Bank

of

Indianapolis)

,

.68

%

,

5/1/61

,

Continuously

Callable

@100

(a) .............

17,225

17,225

Tennessee

(5.0%):

Chattanooga

Health

Educational

&

Housing

Facility

Board

Revenue

,

Series

C

,

.63

%

,

5/1/39

,

Continuously

Callable

@100

(a) .........................................

11,000

11,000

Greeneville

Health

&

Educational

Facilities

Board

Revenue

(LOC

-

U.S.

Bancorp)

,

Series

B

,

.90

%

,

7/1/45

,

Continuously

Callable

@100

(a) .............................

9,455

9,455

20,455

Texas

(12.9%):

Port

of

Arthur

Navigation

District

Industrial

Development

Corp.

Revenue

,

Series

A

,

.69

%

,

12/1/40

,

Callable

4/1/26

@

(a) .......................................

16,000

16,000

Port

of

Port

Arthur

Navigation

District

Revenue

.18

%

,

11/1/40

,

Continuously

Callable

@100

(a) .............................

4,000

4,000

Series

A

,

.30

%

,

4/1/40

,

Continuously

Callable

@100

(a) .......................

7,000

7,000

Series

B

,

.30

%

,

4/1/40

,

Continuously

Callable

@100

(a) .......................

7,000

7,000

Tarrant

County

Cultural

Education

Facilities

Finance

Corp.

Revenue

(LOC

-

Sumitomo

Mitsui

Banking

Corp.)

,

Series

C1

,

.40

%

,

7/1/47

,

Continuously

Callable

@100

(a) ..........

18,000

18,000

52,000

Virginia

(4.7%):

Loudoun

County

Economic

Development

Authority

Revenue

Series

A

,

.25

%

,

2/15/38

,

Callable

4/1/26

@

(a) ..........................

9,000

9,000

Series

B

,

.25

%

,

2/15/38

,

Callable

4/1/26

@

(a) ..........................

10,000

10,000

19,000

West

Virginia

(2.6%):

West

Virginia

Hospital

Finance

Authority

Revenue

(LOC

-

PNC

Financial

Services

Group)

,

Series

D

,

.55

%

,

6/1/41

,

Continuously

Callable

@100

(a) ......................

10,410

10,410

Total

Municipal

Bonds

(Cost

$397,848)

a

a

a

397,848

Total

Investments

(Cost

$397,848)

—

98.5%

397,848

Other

assets

in

excess

of

liabilities

— 1.5%

6,058

NET

ASSETS

-

100.00%

$

403,906

Victory

Portfolios

III

#### Victory

#### Tax

#### Exempt

#### Money

#### Market

#### Fund

Schedule

of

Portfolio

Investments

—

continued

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

(a) Variable

Rate

Demand

Notes

that

provide

the

rights

to

sell

the

security

at

face

value

on

either

that

day

or

within

the

rate-reset

period.

The

interest

rate

is

reset

on

the

put

date

at

a

stipulated

daily,

weekly,

monthly,

quarterly,

or

other

specified

time

interval

to

reflect

current

market

conditions.

These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description.

Continuously

callable

—

Investment

is

continuously

callable

or

will

be

continuously

callable

on

any

date

after

the

first

call

date

until

its

maturity.

IDA

—

Industrial

Development

Authority

PLC

—

Public

Limited

Company

Credit

Enhancements

—Adds

the

financial

strength

of

the

provider

of

the

enhancement

to

support

the

issuer's

ability

to

repay

the

principal

and

interest

payments

when

due.

The

enhancement

may

be

provided

by

a

high-quality

bank,

insurance

company

or

other

corporation,

or

a

collateral

trust.

The

enhancements

do

not

guarantee

the

market

values

of

the

securities.

LOC—Principal

and

interest

payments

are

guaranteed

by

a

bank

letter

of

credit

or

other

bank

credit

agreement.

Statement

of

Assets

and

Liabilities

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Portfolios

III

(Amounts

in

Thousands,

Except

Per

Share

Amounts)

Victory

Tax

Exempt

Money

Market

Fund

Assets:

Investments,

at

value

(Cost

$397,848)

$

397,848

Cash

5,309

Receivables:

Interest

910

Capital

shares

issued

From

Adviser

Prepaid

expenses

Total

Assets

404,216

Liabilities:

Payables:

Capital

shares

redeemed

Accrued

expenses

and

other

payables:

Investment

advisory

fees

Administration

fees

Custodian

fees

—(a)

Transfer

agent

fees

Compliance

fees

—(a)

Trustees'

fees

Other

accrued

expenses

Total

Liabilities

Commitments

and

contingencies

(Note

3)

Net

Assets:

Capital

403,906

Total

accumulated

earnings

—(a)

Net

Assets

$

403,906

Shares

(unlimited

number

of

shares

authorized

with

no

par

value):

403,899

Net

asset

value,

offering

and

redemption

price

per

share:(b)

$

1.00 (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

Year

Ended

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Portfolios

III

(Amounts

in

Thousands)

Victory

Tax

Exempt

Money

Market

Fund

Investment

Income:

Interest

$

11,037

Total

Income

11,037

Expenses:

Investment

advisory

fees

1,172

Administration

fees

Sub-Administration

fees

Custodian

fees

Transfer

agent

fees

645

Trustees'

fees

Compliance

fees

Legal

and

audit

fees

State

registration

and

filing

fees

Other

expenses

Total

Expenses

2,458

Less

fees

paid

indirectly

(18)

Expenses

waived/reimbursed

by

Adviser

(97)

Net

Expenses

2,343

Net

Investment

Income

8,694

Change

in

net

assets

resulting

from

operations

$

8,694

(Amounts

in

Thousands)

Victory

Portfolios

III

Statements

of

Changes

in

Net

Assets

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Tax

Exempt

Money

Market

Fund

Year

Ended

February

28,

2026

Year

Ended

February

28,

2025

From

Investment

Activities:

Operations:

Net

Investment

Income

$

8,694

$

12,155

Change

in

net

assets

resulting

from

operations

8,694

12,155

Change

in

net

assets

resulting

from

distributions

to

shareholders

(8,695)

(12,155)

Change

in

net

assets

resulting

from

capital

transactions

(27,298)

(28,388)

Change

in

net

assets

(27,299)

(28,388)

Net

Assets:

Beginning

of

period

431,205

459,593

End

of

period

$

403,906

$

431,205

Capital

Transactions:

Proceeds

from

shares

issued

$

61,890

$

72,527

Distributions

reinvested

8,422

11,857

Cost

of

shares

redeemed

(97,610)

(112,772)

Change

in

net

assets

resulting

from

capital

transactions

$

(27,298)

$

(28,388)

Share

Transactions:

Issued

61,891

72,527

Reinvested

8,422

11,857

Redeemed

(97,610)

(112,772)

Change

in

Shares

(27,297)

(28,388)

Victory

Portfolios

III

Financial

Highlights

For

a

Share

Outstanding

Throughout

Each

Period

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Tax

Exempt

Money

Market

Fund

Year

Ended

February

28,

2026

Year

Ended

February

28,

2025

Year

Ended

February

29,

2024

Months

Ended

February

28,

2023(a)

Year

Ended

March

31,

2022

Year

Ended

March

31,

2021

Net

Asset

Value,

Beginning

of

Period

$1.00

$1.00

$1.00

$1.00

$1.00

$1.00

Investment

Activities:

Net

investment

income(b)

0.02 0.03 0.03 0.01 —(c)

—(c)

Net

realized

and

unrealized

gains

—

—

—

—

—(c)

—

Total

from

Investment

Activities

0.02 0.03 0.03 0.01 —(c)

—(c)

Distributions

to

Shareholders

from:

Net

investment

income

(0.02)

(0.03)

(0.03)

(0.01)

—(c)

—(c)

Net

realized

gains

—

—

—

—(c)

—

—(c)

Total

Distributions

(0.02)

(0.03)

(0.03)

(0.01)

—(c)

—(c)

Net

Asset

Value,

End

of

Period

$1.00

$1.00

$1.00

$1.00

$1.00

$1.00

Total

Return(d)(e)

2.09%

2.76%

2.98%

1.15%

0.01%

0.10%

Ratios

to

Average

Net

Assets:

Net

Expenses(f)(g)

0.56%(h)

0.56%(h)

0.56%(h)

0.55%(i)

0.16%(j)

0.35%

Net

Investment

Income(f)

2.08%

2.73%

2.94%

1.23%

0.01%

0.11%

Gross

Expenses(f)(g)

0.58%(h)

0.61%(h)

0.60%(h)

0.59%

0.58%

0.57%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$403,906

$431,205

$459,593

$474,143

$502,350

$562,015

(a) Effective

February

28,

2023,

the

Fund's

fiscal

year-end

changed

from

March

to

February

or

February

during

leap

years.

(b) Per

share

net

investment

income

has

been

calculated

using

the

average

daily

shares

method.

(c) Amount

is

less

than

$0.005

per

share.

(d) Not

annualized

for

periods

less

than

one

year.

(e) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(f) Annualized

for

periods

less

than

one

year.

(g) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(h) Reflects

total

annual

operating

expenses

before

reductions

of

any

expenses

paid

indirectly.

The

Fund's

expenses

paid

indirectly

decreased

the

expense

ratios

by

less

than

0.01%.

(i) Includes

impact

of

voluntary

waiver.

Without

this

voluntary

waiver,

the

net

expense

ratio

would

have

been

0.01%

higher.

(j) Includes

impact

of

voluntary

waiver.

Without

this

voluntary

waiver,

the

net

expense

ratio

would

have

been

0.40%

higher.

Notes

to

Financial

Statements

February

28,

2026

Victory

Portfolios

III

1. #### Organization:
Victory

Portfolios

III

(the

"Trust")

is

organized

as

a

Delaware

statutory

trust

and

is

registered

under

the Investment

Company

Act

of

1940,

as

amended

(the

"1940

Act"),

as

an

open-end

investment

company.

The

Trust

is

comprised

of

funds

and

is

authorized

to

issue

an

unlimited

number

of

shares,

which

are

units

of

beneficial

interest

with

no

par

value.

The

accompanying

financial

statements

are

those

of

the

following

fund

(the

"Fund"):

The

Fund

is

classified

as

diversified

under

the

1940

Act.

Victory

Capital

Management

Inc.

("VCM"

or

the

"Adviser")

is

an

indirect

wholly

owned

subsidiary

of

Victory

Capital

Holdings,

Inc.,

a

publicly

traded

Delaware

corporation,

and

a

wholly

owned

direct

subsidiary

of

Victory

Capital

Operating,

LLC. The

Fund

operates

as

a

retail

money

market

fund

in

compliance

with

the

requirements

of

Rule

2a-7

under

the

1940

Act

and

as

a

retail

money

market

fund,

shares

of

the

Fund

are

available

for

sale

only

to

accounts

that

are

beneficially

owned

by

natural

persons.

The

Fund

may

impose discretionary

liquidity

fees on

redemptions

from

the

Fund,

subject

to

the

Fund's

Board

of

Trustees

(the

"Board")

determination

that

such

liquidity

fees

are

in

the

best

interest

of

the

Fund.

Upon

such

determination,

the

Fund

may

impose

a

liquidity

fee

of

up

to

2%

of

the

value

of

the

shares

redeemed.

The

imposition

of

a

liquidity

fee

would

reduce

the

amount

you

would

receive

upon

redemption

of

your

shares

of

the

Fund.

Under

the

Trust's

organizational

documents,

its

officers

and

trustees

are

indemnified

against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Fund.

In

addition,

in

the

normal

course

of

business,

the

Fund

enters

into

contracts

with

its

vendors

and

others

that

provide

for

general

indemnifications.

The

Fund's

maximum

exposure

under

these

arrangements

is

unknown,

as

this

would

involve

future

claims

that

may

be

made

against

the

Fund.

However,

based

on

experience,

the

Fund

expects

that

risk

of

loss

to

be

remote.

2. #### Significant

#### Accounting

#### Policies:
The

following

is

a

summary

of

significant

accounting

policies

followed

by

the Fund

in

the

preparation

of

its

financial

statements.

The

policies

are

in

conformity

with

U.S.

Generally

Accepted

Accounting

Principles

("GAAP").

The

preparation

of

financial

statements

in

accordance

with

GAAP

requires

the

Adviser

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

and

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

income

and

expenses

for

the

period.

Actual

results

could

differ

from

those

estimates.

The

Fund

follows

the

specialized

accounting

and

reporting

requirements

under

GAAP

that

are

applicable

to

investment

companies

under

Accounting

Standards

Codification

Topic 946.

Investment

Valuation:

The

inputs

or

methodologies

used

for

valuing

securities

are

not

necessarily

an

indication

of

the

risks

associated

with

investing

in

those

securities.

For

example,

money

market

securities

are

valued

using

amortized

cost,

in

accordance

with

rules

under

the

1940

Act.

Generally,

amortized

cost

approximates

the

current

fair

value

of

a

security,

but

since

the

value

is

not

obtained

from

a

quoted

price

in

an

active

market,

such

securities

are

reflected

as

Level

2. The

Fund

records

investments

at

fair

value.

Fair

value

is

defined

as

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

The

valuation

techniques

described

below

maximize

the

use

of

observable

inputs

and

minimize

the

use

of

unobservable

inputs

in

determining

fair

value.

The

inputs

used

for

valuing

the

Fund's

investments

are

summarized

in

the

three

broad

levels

listed

below:

Level

—

quoted

prices

(unadjusted)

in

active

markets

for

identical

securities

Level

—

other

significant

observable

inputs

(including

quoted

prices

for

similar

securities,

interest

rates,

or

credit

spreads,

applicable

to

those

securities,

etc.)

Level

—

significant

unobservable

inputs

(including

the

Adviser's

assumptions

in

determining

the

fair

value

of

investments)

The Adviser,

appointed

as

the

valuation

designee

by the

Board has

established

the

Pricing

Committee

(the

"Committee"),

and

subject

to

Board

oversight,

the

Committee

administers

and

oversees

the

Fund's

valuation

policies

and

procedures,

which

are

approved

by

the

Board.

All

securities

held

in

the

Fund

are

short-term

debt

securities,

which

are

valued

pursuant

to

Rule

2a-7

under

the

1940

Act

and

the

Money

Market

Funds

Procedures

to

Stabilize

Net

Asset

Value

(the

"Procedures").

This

method

values

a

security

at

its

purchase

price,

and

thereafter,

assumes

a

constant

amortization

to

maturity

of

any

premiums

or

discounts.

Securities

for

which

amortized

cost

valuations

are

considered

unreliable

or

whose

values

have

been

materially

affected

by

a

significant

event

are

valued

in

good

faith,

at

fair

value,

using

methods

determined

by

the

Committee,

under the

Procedures

to

stabilize

net

assets

and

valuation

procedures

approved

by

the

Board.

Municipal

Obligations:

The

values

of

municipal

obligations

can

fluctuate

and

may

be

affected

by

adverse

tax,

legislative,

or

political

changes,

and

by

financial

developments

affecting

municipal

issuers.

Payments

of

municipal

obligations

may

depend

on

a

relatively

limited

source

of

revenue,

resulting

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.

Fund

(Legal

Name)

Fund

(Short

Name)

Victory

Tax

Exempt

Money

Market

Fund

Tax

Exempt

Money

Market

Fund

Notes

to

Financial

Statements

—

continued

February

28,

2026

Victory

Portfolios

III

Investment

Transactions

and

Related

Income:

Changes

in

holdings

of

investments

are

accounted

for

no

later

than

one

business

day

following

the

trade

date.

For

financial

reporting

purposes,

however,

investment

transactions

are

accounted

for

on

trade

date

or

the

last

business

day

of

the

reporting

period.

Interest

income

is

determined

on

the

basis

of

coupon

interest

accrued

and recorded

daily

using

the

effective

interest

method

which

adjusts,

where

applicable,

the

amortization

of

premiums

or

accretion

of

discounts. Interest

income

is

recorded

daily

on

the

accrual

basis. Gains

or

losses

realized

on

sales

of

securities

are

recorded

on

the

identified

cost

basis.

Federal

Income

Taxes:

The

Fund

intends

to

continue

to

qualify

as

a

regulated

investment

company

by

complying

with

the

provisions

available

to

certain

investment

companies,

as

defined

in

applicable

sections

of

the

Internal

Revenue

Code,

and

to

make

distributions

of

net

investment

income

and

net

realized

gains

sufficient

to

relieve

it

from

all,

or

substantially

all,

federal

income

taxes.

Accordingly,

no

provision

for

federal

income

taxes

is

required

in

the

financial

statements.

The

Fund

has

a

tax

year

end

of February

28 or

February

for

leap

years.

For

the

year

ended

February

28,

2026,

the

Fund

did

not

incur

any

income

tax,

interest,

or

penalties,

and

has

recorded

no

liability

for

net

unrecognized

tax

benefits

relating

to

uncertain

tax

positions.

Management

of

the

Fund

has

reviewed

tax

positions

taken

in

tax

years

that

remain

subject

to

examination

by

all

major

tax

jurisdictions,

including

federal

(i.e.,

the

last

four

tax

years,

which

includes

the

current

fiscal

tax

year

end).

Management

believes

that

there

is

no

tax

liability

resulting

from

unrecognized

tax

benefits

related

to

uncertain

tax

positions

taken.

Allocations:

Expenses

directly

attributable

to the

Fund

are

charged

to the

Fund,

while

expenses

that

are

attributable

to

more

than

one

fund

in

the

Trust,

or

jointly

with

an

affiliated

trust,

are

allocated

among

the

respective

funds

in

the

Trust

and/or

an

affiliated

trust

based

upon

net

assets

or

another

appropriate

basis.

Fees

Paid

Indirectly:

Expense

offsets

to

custody

fees

that

arise

from

credits

on

cash

balances

maintained

on

deposit

are

reflected

on

the

Statement

of

Operations,

as

applicable,

as

Fees

paid

indirectly.

3. #### Fees

#### and

#### Transactions

#### with

#### Affiliates

#### and

#### Related

#### Parties:
Investment

Advisory

Fees:

Investment

advisory

services

are

provided

to

the

Fund

by

the

Adviser,

which

is

a

New

York

corporation

registered

as

an

investment

adviser

with

the

Securities

and

Exchange

Commission

("SEC").

The

Fund's

Investment

Adviser

fee

is

accrued

daily

and

paid

monthly

at

an

annualized

rate

of

0.28%

of

the

Fund's

average

daily

net

assets.

Amounts

incurred

and

paid

to

VCM

for

the

year ended

February

28,

2026,

are

reflected

on

the

Statement

of

Operations

as

Investment

advisory

fees.

The

Trust

relies

on

an

exemptive

order

granted

to

VCM

and

its

affiliated

funds

by

the

SEC

in

March

2019,

permitting

the

use

of

a

"manager-of-

managers"

structure

for

certain

funds.

Under

a

manager-of-managers

structure,

the

investment

adviser

may

select

(with

approval

of

the

Board

and

without

shareholder

approval)

one

or

more

subadvisers

to

manage

the

day-to-day

investment

of

a

fund's

assets.

For

the

year

ended

February

28,

2026,

the

Fund

had

no

subadvisers.

Administration

and

Servicing

Fees:

VCM

also

serves

as

the

Fund's

administrator

and

fund

accountant.

Under

the Fund

Administration,

Servicing and Accounting

Agreement,

VCM

is

paid an

administration

and

servicing

fee

that

is

accrued

daily

and

paid

monthly

at

an

annualized rate

of

0.10%,

which

is

based

on

the

Fund's average

daily

net

assets.

Amounts

incurred

for

the

year ended

February

28,

2026, 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

the

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,

including

costs

associated

with

Chief

Compliance

Officer

("CCO"),

and

implementing

new

reports

required

by

new

rules

adopted

by

the

SEC

under

the

1940

Act.

Amounts

incurred

for

the

year

ended

February

28,

2026,

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

CCO,

and

other

resources

reasonably

necessary

to

provide

the

Trust

with

compliance

oversight

services

related

to

the

design,

administration,

and

oversight

of

a

compliance

program

for

the

Trust

in

accordance

with

Rule

38a-1

under

the

1940

Act.

The

CCO

is

an

employee

of

the

Adviser,

which

pays

the

compensation

of

the

CCO

and

support

staff.

The

funds

in

the

Trust

compensate

the

Adviser

for

these

services.

Amounts

incurred

for

the year

ended

February

28,

2026,

are

reflected

on

the

Statement

of

Operations

as

Compliance

fees.

Notes

to

Financial

Statements

—

continued

February

28,

2026

Victory

Portfolios

III

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

0.15% of

average

daily

net

assets,

plus

out-of-pocket

expenses.

VCTA

pays

a

portion

of

these

fees

to

certain

intermediaries

for

the

administration

and

servicing

of

accounts

that

are

held

with

such

intermediaries.

FIS

Investor

Services

LLC

serves

as

sub-transfer

agent

and

dividend

disbursing

agent

for

the

Fund

pursuant

to

a

Sub-Transfer

Agent

Agreement

between

VCTA

and

FIS

Investor

Services

LLC. VCTA

pays

FIS

Investor

Services

LLC

a

fee

for

providing

these

services.

Amounts

incurred

for

the

year

ended

February

28,

2026,

are

reflected

on

the

Statement

of

Operations

as

Transfer

agent

fees.

Distributor/Underwriting

Services:

Victory

Capital

Services, Inc.

(the

"Distributor"),

an

affiliate

of

the

Adviser,

serves

as

Distributor

for

the

continuous

offering

of

the

shares

of

the

Fund

pursuant

to

a

Distribution

Agreement

between

the

Distributor

and

the

Trust

and

receives

no

fee

or

other

compensation

for

these

services.

Other

Fees:

Citibank

serves

as

the

Fund's

custodian.

The

Fund

pays

Citibank

a

fee

for

providing

these

services.

Amounts

incurred

for

the

year ended

February

28,

2026, 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

February

28,

2026,

the

expense

limit

(excluding

voluntary

waivers) was:

Under

the

terms

of

the

expense

limitation

agreement,

the

Fund

has

agreed

to

repay

fees

and

expenses

that

were

waived

or

reimbursed

by

the

Adviser

for

a

period

of

up

to

three

years

(thirty-six

(36) months)

after

the

waiver

or

reimbursement

took

place,

subject

to

the

lesser

of

any

operating

expense

limit

in

effect

at

the

time

of:

(a) the

original

waiver

or

expense

reimbursement;

or

(b) the

recoupment,

after

giving

effect

to

the

recoupment

amount.

In

addition,

the

Fund

agreed

to

reimburse

the

Adviser

for

any

extra

waivers

(i.e.,

voluntary

fee

waivers

and/or

expense

reimbursements

made

in

excess

of

waivers

and

reimbursements

that

are

necessary

to

comply

with

any

Operating

Expense

Limit

in

effect

at

the

time

of

such

extra

waivers),

provided

that:

(a) the

Fund

is

not

obligated

to

reimburse

any

such

extra

waivers

more

than

three

years

after

the

date

in

which

the

extra

waiver

was

made

by

the

Adviser;

and

(b) such

payments

would

not

cause

the

Fund's

net

yield

to

fall

below

the

Fund's

minimum

yield

at

the

time

of:

(a) the

original

waiver

or

expense

reimbursement;

or

(b) the

expense

limit

in

effect

at

the

time

of

the

extra

waiver.

The

Fund

has

not

recorded

any

amounts

available

to

be

repaid

to

the

Adviser

as

a

commitment

and

contingency

liability

due

to

an

assessment

that

such

repayments

are

not

probable

at

February

28,

2026. As

of February

28,

2026,

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):

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

principal

risks

that

you

may

assume

as

an

investor

in

the

Fund.

The

Fund's

prospectus

contains

unaudited

information

regarding

the

Fund's

principal

risks.

Please

refer

to

that

document

when

considering

the

Fund's

principal

risks.

The

Fund

may

be

subject

to

other

risks

in

addition

to

these

identified

risks.

Stable

Net

Asset

Value

Risk

— You

could

lose

money

by

investing

in

the

Fund.

Although

the

Fund

seeks

to

preserve

the

value

of

your

investment

at

$1

per

share,

it

cannot

guarantee

it

will

do

so.

The

Fund

may

impose

a

fee

upon

sale

of

your

shares.

An

investment

in

the

Fund

is

not

a

bank deposit

and

is

not

insured

or

guaranteed

by

the

Federal

Deposit

Insurance

Corporation

or

any

other

government

agency.

The

Fund's

sponsor

is

not

required

to

reimburse

the

Fund

for

losses,

and

you

should

not

expect

that

the

sponsor

will

provide

financial

support

to

the

Fund

at

any

time,

including

during

periods

of

market

stress.

Credit

Risk

—

The

fixed-income

securities

held

in

the

Fund's

portfolio

are

subject

to

credit

risk,

which

is

the

possibility

that

an

issuer

of

a

fixed-income

security

will

fail

to

make

timely

interest

and/or

principal

payments

on

its

securities

or

that

negative

market

perceptions

of

the

In

effect

until

June

30,

2026

Tax

Exempt

Money

Market

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.56%

February

28,

2027

February

29,

2028

February

28,

2029

Total

Tax

Exempt

Money

Market

Fund

.........................................

$

$

$

$

Notes

to

Financial

Statements

—

continued

February

28,

2026

Victory

Portfolios

III

issuer's

ability

to

make

such

payments

will

cause

the

price

of

that

security

to

decline.

The

Fund

accepts

some

credit

risk

as

a

recognized

means

to

enhance

an

investor's

return.

All

fixed-income

securities,

varying

from

the

highest

quality

to

the

very

speculative,

have

some

degree

of

credit

risk.

Interest

Rate

Risk

—

The

Fund

also

is

subject

to

the

possibility

that

the

value

of

its

investments

will

fluctuate

because

of

changes

in

interest

rates,

changes

in

supply

of

and

demand

for

tax-exempt

securities,

or

other

market

factors.

Decisions

by

the

U.S.

Federal

Reserve regarding

interest

rate

and

monetary

policy,

which

can

be

difficult

to

predict

and

sometimes

change

direction

suddenly

in

response

to

economic

and

market

events,

can

have

a

significant

effect

on

the

value

of

fixed-income

securities

as

well

as

the

overall

strength

of

the

U.S.

economy.

Precise

interest

rate

predictions

are

difficult

to

make,

and

interest

rates

may

change

unexpectedly

and

dramatically

in

response

to

extreme

changes

in

market

or

economic

conditions.

As

a

result,

the

value

of

fixed-income

securities

may

vary

widely

under

certain

market

conditions.

Structural

Risk

— Some

tax-exempt

securities

are

subject

to

special

risks

due

to

their

unique

structure.

For

instance,

variable-rate

demand

notes

("VRDNs")

generally

are

long-term

municipal

bonds

combined

with

a

demand

feature,

which

represents

the

right

to

sell

the

instrument

back

to

the

remarketer

or

liquidity

provider,

usually

a

bank,

for

repurchase

on

short

notice,

normally

one

day

or

seven

days.

Because

the

demand

feature

is

dependent

upon

the

bank,

the

Fund

will

only

purchase

VRDNs

of

this

type

where

it

believes

that

the

banks

would

be

able

to

honor

their

guarantees

on

the

demand

feature.

Some

VRDNs,

sometimes

referred

to

as

"structured

instruments"

or

"synthetic

instruments,"

are

created

by

combining

an

intermediate-

or

long-term

municipal

bond

with

a

right

to

sell

the

instrument

back

to

the

remarketer

or

liquidity

provider

for

repurchase

on

short

notice,

referred

to

as

a

"tender

option."

However,

the

tender

option

usually

is

subject

to

a

conditional

guarantee,

which

means

that

the

bank

is

not

required

to

pay

under

the

guarantee

if

there

is

a

default

by

the

municipality

or

if

certain

other

events

occur.

Because

there

is

the

risk

that

the

Fund

will

not

be

able

to

exercise

the

demand

feature

at

all

times,

the

Fund

will

not

purchase

a

synthetic

instrument

of

this

type

unless

the

Fund

believes

there

is

minimal

risk

that

the

Fund

will

not

be

able

to

exercise

the

tender

option

at

all

times.

The

Fund

will

not

purchase

a

synthetic

instrument

unless

counsel

for

the

issuer

has

issued

an

opinion

that

interest

paid

on

the

instrument

is

entitled

to

tax-exempt

treatment.

Discretionary

Liquidity

Fees Risk

—

The

Fund

may

impose

liquidity

fees

on

redemptions

subject

to

the

Board's

determination

that

such liquidity

fees

are

in

the

best

interests

of

the

Fund.

The

imposition

of

a

liquidity

fee

would

reduce

the

amount

you

would

receive

upon

redemption

of

your

shares

of

the

Fund.

5. #### Borrowing:
Line

of

Credit:

The

Victory

Funds

Complex

participates

in

a

short-term

demand

note

"Line

of

Credit"

agreement

with

Citibank.

Under

the

agreement

with

Citibank,

the

funds

in

the

Trust,

Victory

Portfolios,

and

Victory

Portfolios

II

(collectively,

the

"Victory

Funds

Complex"),

in

the

aggregate,

may

borrow

up

to

$600

million,

of

which

$300

million

is

committed

and

$300

million

is

uncommitted.

For

the

interim

period

covered

by

this

report

prior

to

June

24,

2025,

$40

million

of

the

Line

of

Credit was

reserved

for

use

by

the

Victory

Floating

Rate

Fund,

another

series

of

the

Victory

Funds

Complex,

with

Victory

Floating

Rate

Fund

paying

the

related

commitment

fees

for

that

amount.

The

purpose

of

the

Line

of

Credit

is

to

meet

temporary

or

emergency

cash

needs.

For

the year

ended

February

28,

2026,

Citibank

received

an

annual

commitment

fee

of

0.15%

on

$300

million

for

providing

the

Line

of

Credit.

Each

fund

in

the

Victory

Funds

Complex

paid

a

pro-rata

portion

of

the

commitment

fees

plus

any

interest

on

amounts

borrowed.

Interest

is

based

on

the

one-month Secured

Overnight

Financing

Rate

plus

1.10 percent.

Effective

June

24,

2025,

the

agreement

was

renewed

with

a

termination

date

of

June

22,

2026,

and

the

annual

commitment

fee

of

0.15%

remained

unchanged.

Dedicated

portions

to

the

Victory

Floating

Rate

Fund

have

been

removed,

making

the

entire

Line

of

Credit

(committed

and

uncommitted)

available

to

all

Funds.

Interest

charged

to

the

Fund

during

the

period,

if

applicable,

is

reflected

on

the

Statement

of

Operations

under

Line

of

credit

fees.

The

Fund

had

no

borrowings

under the

Line

of

Credit

agreement

during

the

year

ended

February

28,

2026. 6. #### Federal

#### Income

#### Tax

#### Information:
Distributions

from

the

Fund's

net

investment

income

are

accrued

daily

and

distributed

on

the

last

business

day

of

each

month.

Distributable

net

realized

gains,

if

any,

are

declared

and

paid

at

least

annually.

The

amounts

of

dividends

from

net

investment

income

and

distributions

from

net

realized

gains

(collectively,

distributions

to

shareholders)

are

determined

in

accordance

with

federal

income

tax

regulations,

which

may

differ

from

GAAP.

To

the

extent

these

"book/tax"

differences

are

permanent

in

nature

(e.g.,

net

operating

loss

and

distribution

reclassification),

such

amounts

are

reclassified

within

the

components

of

net

assets

based

on

their

federal

tax-basis

treatment;

temporary

differences

(e.g.,

wash

sales)

do

not

require

reclassification.

To

the

extent

dividends

and

distributions

exceed

net

investment

income

and

net

realized

gains

for

tax

purposes,

they

are

reported

as

distributions

of

capital.

Net

investment

losses

incurred

by

the

Fund

may

be

reclassified

as

an

offset

to

capital

on

the

accompanying

Statement

of

Assets

and

Liabilities.

As

of

February

28,

2026,

on

the

Statement

of

Assets

and

Liabilities,

there

were

no

permanent

book-to-tax

difference

reclassification

adjustments.

Notes

to

Financial

Statements

—

continued

February

28,

2026

Victory

Portfolios

III

The

tax

character

of

distributions

paid

during

the

tax

years

ended,

as

noted

below,

were

as

follows

(total

distributions

paid

may

differ

from

the

Statements

of

Changes

in

Net

Assets

because,

for

tax

purposes,

dividends

are

recognized

when

actually

paid)

(amounts

in

thousands):

As

of

February

28,

2026,

the

components

of

accumulated

earnings

(loss)

on

a

tax

basis

were

as

follows

(amounts

in

thousands):

As

of February

28,

2026,

the

Fund

had

no

capital

loss

carryforward

for

federal

income

tax

purposes.

As

of February

28,

2026,

the

cost

basis

for

federal

income

tax

purposes,

gross

unrealized

appreciation,

gross

unrealized

depreciation,

and

net

unrealized

appreciation

(depreciation)

for

investments were

as

follows

(amounts

in

thousands):

7. #### Segment

#### Reporting:
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.

Year

Ended

February

28,

2026

Tax-Exempt

Income

Total

Distributions

Paid

Tax

Exempt

Money

Market

Fund

............................................................

$

8,695

$

8,695

Year

Ended

February

28,

2025

Tax-Exempt

Income

Total

Distributions

Paid

Tax

Exempt

Money

Market

Fund

............................................................

$

12,155

$

12,155

Undistributed

Tax-Exempt

Income

Distributions

Payable

Accumulated

Earnings

(Loss)

Total

Accumulated

Earnings

(Loss)

Tax

Exempt

Money

Market

Fund

...............................

$

512

$

(512) $

—

$

—

Cost

of

Investments

for

Federal

Tax

Purposes

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

Tax

Exempt

Money

Market

Fund

........................

$

397,848

$

—

$

—

$

—

Report

of

Independent

Registered

Public

Accounting

Firm

![](epub609485924073472.jpg)

To

the

Shareholders

and

the

Board

of

Trustees

of

Victory

Portfolios

III

Opinion

on

the

Financial

Statements

We

have

audited

the

accompanying

statement

of

assets

and

liabilities,

including

the

schedule

of

portfolio

investments,

of

Victory

Tax

Exempt

Money

Market

Fund

(the

"Fund"),

a

series

of

Victory

Portfolios

III,

as

of

February

28,

2026,

the

related

statement

of

operations,

the

statement

of

changes

in

net

assets,

the

financial

highlights,

and

the

related

notes

(collectively

referred

to

as

the

"financial

statements").

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Fund

as

of

February

28,

2026,

the

results

of

its

operations,

the

changes

in

its

net

assets,

and

the

financial

highlights

for

the

year

then

ended,

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

The

Fund's

financial

statements

and

financial

highlights

for

the

years

or

periods

ended

February

28,

2025,

and

prior,

were

audited

by

other

auditors

whose

report

dated

April

26,

2025,

expressed

an

unqualified

opinion

on

those

financial

statements

and

financial

highlights.

Basis

for

Opinion

These

financial

statements

are

the

responsibility

of

the

Fund's

management.

Our

responsibility

is

to

express

an

opinion

on

the

Fund's

financial

statements

based

on

our

audit.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

("PCAOB")

and

are

required

to

be

independent

with

respect

to

the

Fund

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audit

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement

whether

due

to

error

or

fraud.

Our

audit

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

February

28,

2026,

by

correspondence

with

the

custodian.

Our

audit

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

We

believe

that

our

audit

provides

a

reasonable

basis

for

our

opinion.

We

have

served

as

the

auditor

of

one

or

more

investment

companies

advised

by

Victory

Capital

Management

Inc.

since

2015. COHEN

&

COMPANY,

LTD.

Cleveland,

Ohio

April

24,

2026

Supplemental

Information

February

28,

2026

Victory

Portfolios

III

(Unaudited)

Additional

Federal

Income

Tax

Information

For

the

fiscal

year

ended

February

28,

2026,

the

Fund

hereby

designates

the

maximum

amount

allowable

of

its

net

taxable

income

as

qualified

dividends

taxed

at

individual

net

capital

gain

rates.

Shareholders

will

be

notified

via

IRS

Form

1099

of

the

amounts

for

use

in

preparing

their

income

tax

return.

For

the

year

ended

February

28,

2026,

the

Fund

designated tax-exempt

distributions

in

the

amount

of $8,695 thousand.

Victory

Portfolios

III

(Unaudited)

Supplemental

Information

—

continued

February

28,

2026

Considerations

of

the

Board

in

Continuing

the

Investment

Advisory

Agreement

Victory

Tax

Exempt

Money

Market

Fund

(the

"Fund")

At

a

meeting

of

the

Board

of

Trustees

(the

"Board")

of

Victory

Portfolios

III

(the

"Trust")

held

on

December

10-11,

2025,

the

Board,

including

the

Trustees

who

are

not

"interested

persons"

(as

that

term

is

defined

in

the

Investment

Company

Act

of

1940,

as

amended)

of

the

Trust

(the

"Independent

Trustees"),

approved

for

an

annual

period

the

continuance

of

the

Investment

Advisory

Agreement

(the

"Advisory

Agreement")

between

the

Trust

and

Victory

Capital

Management

Inc.

(the

"Adviser")

with

respect

to

the

Fund.

Prior

to

the

December

10-11,

2025,

meeting

at

which

the

Advisory

Agreement

was

approved,

the

Independent

Trustees

also

discussed

and

considered

information

regarding

the

proposed

continuation

of

the

Advisory

Agreement

at

a

meeting

held

on

November

17,

2025. In

advance

of

the

foregoing

meetings,

the

Trustees

requested,

received

and

considered

a

variety

of

information

relating

to

the

Advisory

Agreement

and

the

Adviser,

and

were

given

the

opportunity

to

ask

questions

and

request

additional

information

from

management.

The

information

provided

to

the

Board

included,

among

other

things:

(i) a

separate

report

prepared

by

an

independent

third

party

of

mutual

fund

data,

which

provided

a

statistical

analysis

comparing

the

Fund's

investment

performance,

expenses,

and

fees

to

comparable

investment

companies;

(ii) information

concerning

the

services

rendered

to

the

Fund,

as

well

as

information

regarding

the

Adviser's

revenues

and

costs

of

providing

services

to

the

Fund

and

compensation

paid

to

affiliates

of

the

Adviser;

and

(iii) information

about

the

Adviser's

operations

and

personnel.

Prior

to

voting,

the

Independent

Trustees

reviewed

the

proposed

continuance

of

the

Advisory

Agreement

with

management

and

with

experienced

independent

counsel

retained

by

the

Independent

Trustees

("Independent

Counsel")

and

received

materials

from

such

Independent

Counsel

discussing

the

legal

standards

for

their

consideration

of

the

proposed

continuation

of

the

Advisory

Agreement

with

respect

to

the

Fund.

The

Independent

Trustees

also

reviewed

the

proposed

continuation

of

the

Advisory

Agreement

with

respect

to

the

Fund

in

private

sessions

with

Independent

Counsel

at

which

no

representatives

of

management

were

present.

At

each

regularly

scheduled

meeting

of

the

Board

and

its

committees,

the

Board

receives

and

reviews,

among

other

things,

information

concerning

the

Fund's

performance

and

related

services

provided

by

the

Adviser.

At

the

meeting

at

which

the

renewal

of

the

Advisory

Agreement

is

considered,

particular

focus

is

given

to

information

concerning

Fund

performance,

fees

and

total

expenses

as

compared

to

comparable

investment

companies,

and

the

Adviser's

profitability

with

respect

to

the

Fund.

However,

the

Board

noted

that

the

evaluation

process

with

respect

to

the

Adviser

is

an

ongoing

one.

In

this

regard,

the

Board's

and

its

committees'

consideration

of

the

Advisory

Agreement

included

information

previously

received

at

such

meetings.

The

Board

also

recognized

that

the

contractual

arrangements

for

the

Fund

have

been

reviewed

by

the

Board

and

discussed

with

the

Adviser

in

prior

years

and

that

the

Board's

conclusions

may

be

based,

in

part,

on

its

consideration

of

these

same

arrangements

in

prior

years.

ADVISORY

AGREEMENT

After

full

consideration

of

a

variety

of

factors,

the

Board,

including

the

Independent

Trustees,

voted

to

approve

the

Advisory

Agreement.

In

approving

the

Advisory

Agreement,

the

Trustees

did

not

identify

any

single

factor

as

controlling,

and

each

Trustee

may

have

attributed

different

weights

to

various

factors.

Throughout

their

deliberations,

the

Independent

Trustees

were

represented

and

assisted

by

Independent

Counsel.

Nature,

Extent,

and

Quality

of

Services

–

In

considering

the

nature,

extent,

and

quality

of

the

services

provided

by

the

Adviser

under

the

Advisory

Agreement,

the

Board

reviewed

information

provided

by

the

Adviser

relating

to

its

operations

and

personnel.

The

Board

considered

that

the

Adviser

manages

the

Fund's

assets

directly

through

one

or

more

investment

franchises,

and

in

doing

so,

continuously

supervises

the

investment

and

reinvestment

of

cash

and

securities

comprising

the

Fund's

assets.

The

Board

also

considered

that

the

Adviser

monitors

pertinent

economic,

statistical,

and

financial

data

to

determine

which

issuers

and

securities

to

include

in

the

Fund's

portfolio

as

part

of

a

continuous

investment

program.

The

Board

also

took

into

account

its

knowledge

of

the

Adviser's

management

and

the

quality

of

the

performance

of

the

Adviser's

duties

through

Board

meetings,

discussions,

and

reports

during

the

preceding

year.

The

Board

considered

the

fees

paid

to

the

Adviser

and

the

services

provided

to

the

Fund

by

the

Adviser

under

the

Advisory

Agreement,

as

well

as

other

services

provided

by

the

Adviser

and

its

affiliates

under

other

agreements,

and

the

personnel

who

provide

these

services.

In

addition

to

the

investment

advisory

services

provided

to

the

Fund,

the

Adviser

and

its

affiliates

provide

administrative

services,

transfer

agency

services,

shareholder

services,

oversight

of

Fund

accounting,

marketing

services,

assistance

in

meeting

legal

and

regulatory

requirements,

and

other

services

necessary

for

the

operation

of

the

Fund

and

the

Trust.

The

Board

considered

the

scope

of

services

provided

by,

and

the

undertakings

required

of,

the

Adviser

in

connection

with

those

services,

including,

among

other

things,

maintaining

(i) its

own

and

the

Fund's

compliance

programs,

(ii) risk

management

programs,

(iii) liquidity

risk

management

program,

(iv) derivatives

risk

management

program,

and

(v) cybersecurity

programs,

each

of

which

had

expanded

over

time

as

a

result

of

regulatory,

market,

and

other

developments.

The

Board

also

considered

the

significant

risks

assumed

by

the

Adviser

in

connection

with

the

services

provided

to

the

Fund,

including

investment,

operational,

enterprise,

litigation,

regulatory

and

compliance

risks.

The

Board

considered

the

Adviser's

management

style

and

the

performance

of

the

Adviser's

duties

under

the

Advisory

Agreement.

The

Board

considered

the

level

and

depth

of

knowledge

of

the

Adviser,

including

the

professional

experience

and

qualifications

of

its

senior

and

investment

personnel,

as

well

as

current

staffing

levels.

The

allocation

of

the

Fund's

brokerage,

including

the

Adviser's

process

for

monitoring

"best

execution,"

also

was

considered.

The

Adviser's

role

in

coordinating

the

activities

of

the

Fund's

other

service

providers

was

also

considered.

The

Board

also

considered

the

Adviser's

risk

management

processes.

The

Board

considered

the

Adviser's

financial

condition

and

that

it

had

the

financial

wherewithal

to

continue

to

provide

the

same

scope

and

high

quality

of

services

under

the

Advisory

Agreement.

In

reviewing

the

Advisory

Agreement,

the

Board

focused

on

the

experience,

resources,

and

strengths

of

the

Adviser

and

its

affiliates

in

managing

the

Fund,

as

well

as

the

other

funds

in

the

Trust.

Supplemental

Information

—

continued

February

28,

2026

Victory

Portfolios

III

(Unaudited)

The

Board

also

reviewed

the

compliance

and

administrative

services

provided

to

the

Fund

by

the

Adviser

and

its

affiliates,

including

the

Adviser's

oversight

of

the

Fund's

day-to-day

operations

and

oversight

of

Fund

accounting.

The

Trustees,

guided

also

by

information

obtained

from

their

experiences

as

Trustees

of

the

Trust,

also

focused

on

the

quality

of

the

Adviser's

compliance

and

administrative

staff.

Expenses

and

Performance

–

In

connection

with

its

consideration

of

the

Advisory

Agreement,

the

Board

evaluated

the

Fund's

advisory

fees

and

total

expense

ratio

as

compared

to

other

open-end

investment

companies

deemed

to

be

comparable

to

the

Fund

as

determined

by

the

independent

third

party

in

its

report.

The

Fund's

expenses

were

compared

to

(i) a

group

of

investment

companies

chosen

by

the

independent

third

party

to

be

comparable

to

the

Fund

based

upon

certain

factors,

including

fund

type,

comparability

of

investment

objective

and

classification,

sales

load

type,

asset

size,

and

expense

components

(the

"expense

group")

and

(ii) a

larger

group

of

investment

companies

with

the

same

investment

classification/objective

as

the

Fund

regardless

of

asset

size,

excluding

outliers

(the

"expense

universe").

Among

other

data,

the

Board

noted

that

the

Fund's

net

management

fee

rate

–

which

includes

advisory

and

administrative

services,

as

well

as

any

fee

waivers

and

reimbursements

–

was

above

the

medians

of

its

expense

group

and

expense

universe.

The

data

indicated

that

the

Fund's

total

expenses,

including

after

any

reimbursements,

were

above

the

medians

of

its

expense

group

and

expense

universe.

The

Board

also

took

into

account

the

Adviser's

current

undertakings

to

maintain

expense

limitations

for

the

Fund.

The

Board

took

into

account

the

various

other

services

provided

to

the

Fund

by

the

Adviser

and

its

affiliates

as

described

above

and

noted

the

high

quality

of

services

received

by

the

Fund.

The

Board

further

took

into

account

management's

representations

regarding

its

belief

that

the

Fund's

pricing

is

competitive.

In

considering

the

Fund's

performance,

the

Board

noted

that

it

reviews

at

its

regularly

scheduled

meetings

information

about

the

Fund's

performance

results.

The

Trustees

also

reviewed

various

comparative

data

provided

to

them

in

connection

with

their

consideration

of

the

renewal

of

the

Advisory

Agreement,

including,

among

other

information,

a

comparison

of

the

Fund's

average

annual

total

returns

relative

to

its

Lipper

index

and

other

mutual

funds

deemed

to

be

in

its

peer

group

by

the

independent

third

party

in

its

report

(the

"performance

universe").

The

Fund's

performance

universe

consisted

of

the

Fund

and

all

retail

open-end

investment

companies

with

the

same

classification/objective

as

the

Fund

regardless

of

asset

size

or

primary

channel

of

distribution.

This

comparison

indicated

that,

among

other

data,

the

Fund's

performance

was

above

the

average

of

its

performance

universe

for

the

three-,

five-

and

ten-year

periods

ended

June

30,

2025,

was

below

the

average

of

its

performance

universe

for

the

one-year

period

ended

June

30,

2025,

and

was

below

its

Lipper

index

for

the

one-,

three-,

five-

and

ten-year

periods

ended

June

30,

2025. The

Board

noted

the

relatively

narrow

range

of

returns

of

the

funds

in

the

Fund's

peer

group.

As

part

of

its

consideration,

the

Board

factored

into

its

evaluation

of

the

Fund's

expenses

and

performance,

the

potential

limitations

inherent

in

the

methodology

used

by

the

independent

third

party

for

developing

and

constructing

peer

groups

and

determining,

from

year

to

year,

which

mutual

funds

should

be

included

in

which

peer

groups,

among

other

things.

In

this

regard,

the

Board

also

noted

that

the

methodology

may

result

in

the

Fund's

being

included

in

one

peer

group

one

year

and

in

a

different

peer

group

the

next,

and

in

similar

funds

being

included

in

different

peer

groups.

The

Board

also

noted

that

the

number

of

mutual

funds

included

in

a

peer

group

may

be

relatively

small

and

may

differ

significantly

from

peer

group

to

peer

group

and

from

year

to

year

and

that

the

constituent

mutual

funds

included

in

a

peer

group

also

may

differ

from

year

to

year,

which,

among

other

factors,

can

limit

the

relevance

of

the

comparisons.

While

recognizing

these

inherent

limitations,

the

Board

believed

the

independent

analysis

conducted

by

the

third

party

provided

a

useful

measure

of

comparative

expenses

and

performance.

Compensation

and

Profitability

–

The

Board

took

into

consideration

the

level

and

method

of

computing

the

management

fee.

The

information

considered

by

the

Board

included

operating

profit

margin

information

for

the

Adviser's

business

as

a

whole.

The

Board

also

received

and

considered

profitability

information

related

to

the

management

revenues

from

the

Fund.

This

information

included

a

review

of

the

methodology

used

in

the

allocation

of

certain

costs

to

the

Fund.

In

considering

the

profitability

data

with

respect

to

the

Fund,

the

Trustees

noted

that

the

Adviser

waived

a

portion

of

its

management

fees

and/or

reimbursed

certain

expenses

with

respect

to

the

Fund.

The

Trustees

reviewed

the

profitability

of

the

Adviser's

relationship

with

the

Fund

before

tax

expenses.

The

Board

was

also

provided

with

a

profitability

analysis

of

other

publicly

traded

asset

managers

prepared

by

an

independent

information

service.

In

reviewing

the

overall

profitability

of

the

management

fee

to

the

Adviser,

the

Board

also

considered

the

fact

that

the

Adviser

and

its

affiliates

provide

transfer

agency

services,

shareholder

servicing

and

administrative

services

to

the

Fund

for

which

they

receive

compensation.

The

Trustees

recognized

that

the

Adviser

should

be

entitled

to

earn

a

reasonable

level

of

profits

in

exchange

for

the

level

of

services

it

provides

to

the

Fund

and

the

entrepreneurial

and

other

risks

that

it

assumes

as

Adviser.

Economies

of

Scale

–

The

Board

considered

whether

there

should

be

changes

in

the

management

fee

rate

or

structure

in

order

to

enable

the

Fund

to

participate

in

any

economies

of

scale.

The

Board

also

considered

the

fee

waiver

and/or

expense

limitation

arrangements

by

the

Adviser.

The

Board

took

into

account

management's

discussion

of

the

Fund's

current

advisory

fee

structure.

The

Board

also

considered

the

effect

of

the

Fund's

change

in

size,

if

any,

on

its

performance

and

fees,

noting

that

the

Fund

may

realize

other

economies

of

scale

if

assets

increase

proportionally

more

than

expenses.

The

Board

also

considered

the

Adviser's

reinvestment

in

the

business

in

the

form

of

adding

to

its

investment

capabilities

and

resources,

improvements

in

technology,

and

customer

service.

The

Board

determined

that

the

current

investment

management

fee

structure

was

reasonable.

Other

Benefits

–

The

Board

also

considered

the

potential

direct

and

indirect

benefits

to

the

Adviser

from

its

relationship

with

the

Trust,

including

that

the

Adviser

may

derive

reputational

and

other

benefits

from

its

association

with

the

Fund.

These

potential

benefits

included,

among

other

things,

the

opportunity

to

offer

additional

products

and

services

to

the

Fund's

shareholders.

Conclusions

–

The

Board

reached

the

following

conclusions

regarding

the

Fund's

Advisory

Agreement

with

the

Adviser:

(i) the

Adviser

has

demonstrated

that

it

possesses

the

capability

and

resources

to

perform

the

duties

required

of

it

under

the

Advisory

Agreement;

(ii) the

overall

performance

of

the

Fund

is

reasonable

in

relation

to

the

performance

of

funds

with

similar

investment

objectives

and

to

relevant

indices;

(iii) the

Fund's

advisory

fees

are

reasonable

in

relation

to

those

of

similar

funds

and

to

the

services

to

be

provided

by

the

Adviser;

and

(iv) the

Adviser's

Supplemental

Information

—

continued

February

28,

2026

Victory

Portfolios

III

(Unaudited)

and

its

affiliates'

level

of

profitability

from

their

relationship

with

the

Fund

is

reasonable

in

light

of

the

nature

and

high

quality

of

services

provided

by

the

Adviser

and

its

affiliates

and

the

type

of

fund.

Based

on

its

conclusions,

the

Board

determined

that

continuation

of

the

Advisory

Agreement

would

be

in

the

best

interests

of

the

Fund

and

its

shareholders.

Victory

Funds

P.O.

Box

182593

Columbus,

Ohio

43218-2593

Visit

our

website

at:

vcm.com

Call

Victory

at:

(800) 235-8396

40859-0426

February

28,

2026

Annual:

Full

Financials

Victory

Treasury

Money

Market

Trust

vcm.com

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*TABLE* 

*OF* 

*CONTENTS*

*Victory* 

*Portfolios* 

*III*

*This* 

*report* 

*is* 

*for* 

*the* 

*information* 

*of* 

*the* 

*shareholders* 

*and* 

*others* 

*who* 

*have* 

*received* 

*a* 

*copy* 

*of* 

*the* 

*currently* 

*effective* 

*prospectus* 

*of* 

*the* 

*Fund,* 

*managed* 

*by* 

*Victory* 

*Capital* 

*Management* 

*Inc.* 

*It* 

*may* 

*be* 

*used* 

*as* 

*sales* 

*literature* 

*only* 

*when* 

*preceded* 

*or* 

*accompanied* 

*by* 

*a* 

*current* 

*prospectus,* 

*which* 

*provides* 

*further* 

*details* 

*about* 

*the* 

*Fund.*

#### IRA

#### DISTRIBUTION

#### WITHHOLDING

#### DISCLOSURE
*We* 

*generally* 

*must* 

*withhold* 

*federal* 

*income* 

*tax* 

*at* 

*a* 

*rate* 

*of* 

*10%* 

*of* 

*the* 

*taxable* 

*portion* 

*of* 

*your* 

*distribution* 

*and,* 

*if* 

*you* 

*live* 

*in* 

*a* 

*state* 

*that* 

*requires* 

*state* 

*income* 

*tax* 

*withholding,* 

*at* 

*your* 

*state's* 

*tax* 

*rate.* 

*However,* 

*you* 

*may* 

*elect* 

*not* 

*to* 

*have* 

*withholding* 

*apply* 

*or* 

*to* 

*have* 

*income* 

*tax* 

*withheld* 

*at* 

*a* 

*higher* 

*rate.* 

*Any* 

*withholding* 

*election* 

*that* 

*you* 

*make* 

*will* 

*apply* 

*to* 

*any* 

*subsequent* 

*distribution* 

*unless* 

*and* 

*until* 

*you* 

*change* 

*or* 

*revoke* 

*the* 

*election.* 

*If* 

*you* 

*wish* 

*to* 

*make* 

*a* 

*withholding* 

*election,* 

*or* 

*change* 

*or* 

*revoke* 

*a* 

*prior* 

*withholding* 

*election,* 

*call* 

(800) *235-8396,* 

*and* 

*form* 

*W-4P* 

*(OMB* 

*No.* 

*1545-0074* 

*withholding* 

*certificate* 

*for* 

*pension* 

*or* 

*annuity* 

*payments)* 

*will* 

*be* 

*electronically* 

*sent.*

*If* 

*you* 

*do* 

*not* 

*have* 

*a* 

*withholding* 

*election* 

*in* 

*place* 

*by* 

*the* 

*date* 

*of* 

*a* 

*distribution,* 

*federal* 

*income* 

*tax* 

*will* 

*be* 

*withheld* 

*from* 

*the* 

*taxable* 

*portion* 

*of* 

*your* 

*distribution* 

*at* 

*a* 

*rate* 

*of* 

*10%.* 

*If* 

*you* 

*must* 

*pay* 

*estimated* 

*taxes,* 

*you* 

*may* 

*be* 

*subject* 

*to* 

*estimated* 

*tax* 

*penalties* 

*if* 

*your* 

*estimated* 

*tax* 

*payments* 

*are* 

*not* 

*sufficient* 

*and* 

*sufficient* 

*tax* 

*is* 

*not* 

*withheld* 

*from* 

*your* 

*distribution.*

*For* 

*more* 

*specific* 

*information,* 

*please* 

*consult* 

*your* 

*tax* 

*adviser.*

• #### NOT

#### FDIC

#### INSURED
• #### NO

#### BANK

#### GUARANTEE
• #### MAY

#### LOSE

#### VALUE

#### Schedule

#### of

#### Portfolio

#### Investments

#### (Form

#### N-CSR

#### Item

#### 6)

#### 2

#### Financial

#### Statements

#### (Form

#### N-CSR

#### Item

#### 7)
Statement

of

Assets

and

Liabilities

#### 3
Statement

of

Operations

#### 4
Statements

of

Changes

in

Net

Assets

#### 5
Financial

Highlights

#### 6

#### Notes

#### to

#### Financial

#### Statements

#### (Form

#### N-CSR

#### Item

#### 7)

#### 7

#### Report

#### of

#### Independent

#### Registered

#### Public

#### Accounting

#### Firm

#### (Form

#### N-CSR

#### Item

#### 7)

#### 12

#### Supplemental

#### Information
(Unaudited)

Additional

Federal

Income

Tax

Information

#### 13
Advisory

Contract

Approval

(Form

N-CSR

Item

11)

#### 14
Schedule

of

Portfolio

Investments

February

28,

2026

Victory

Portfolios

III

#### Victory

#### Treasury

#### Money

#### Market

#### Trust

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) U.S.

Treasury

Obligations

(51.9%)

U.S.

Treasury

Bills

.49

%

,

3/3/26

(a) ...................................................

$

50,000

$

49,989

.31

%

,

3/12/26

(a) ..................................................

50,000

49,945

.54

%

,

3/17/26

(a) ..................................................

50,000

49,917

.60

%

,

4/9/26

(a) ...................................................

50,000

49,801

.45

%

,

4/21/26

(a) ..................................................

50,000

49,752

.65

%

,

5/7/26

(a) ...................................................

50,000

49,657

.51

%

,

5/12/26

(a) ..................................................

50,000

49,646

.57

%

,

6/9/26

(a) ...................................................

50,000

49,504

.58

%

,

6/11/26

(a) ...................................................

50,000

49,493

.48

%

,

7/9/26

(a) ...................................................

50,000

49,374

.55

%

,

7/23/26

(a) ..................................................

50,000

49,296

Total

U.S.

Treasury

Obligations

(Cost

$546,374)

a

a

a

546,374

Repurchase

Agreements

(47.5%)

Fixed

Income

Clearing

Corporation-State

Street

Bank

&

Trust

Co.

,

.64

%

,

purchased

on

2/27/26,

with

a

maturity

date

of

3/2/26,

with

a

repurchase

value

of

$500,152

(collateralized

by

U.S.

Treasury

Bonds

,

3.00%-4.75%,

due

11/15/43

-

8/15/55,

with

an

aggregate

value

of

$510,000)

............................................................

500,000

500,000

Total

Repurchase

Agreements

(Cost

$500,000)

a

a

a

500,000

Total

Investments

(Cost

$1,046,374)

—

99.4%

1,046,374

Other

assets

in

excess

of

liabilities

— 0.6%

5,876

NET

ASSETS

-

100.00%

$

1,052,250

(a) Rate

represents

the

effective

yield

at

February

28,

2026. Statement

of

Assets

and

Liabilities

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Portfolios

III

(Amounts

in

Thousands,

Except

Per

Share

Amounts)

Victory

Treasury

Money

Market

Trust

Assets:

Investments,

at

value

(Cost

$546,374)

$

546,374

Repurchase

agreements,

at

value

(Cost

$500,000)

500,000

Cash

5,938

Receivables:

Interest

Capital

shares

issued

Prepaid

expenses

Total

Assets

1,052,747

Liabilities:

Payables:

Capital

shares

redeemed

Payable

to

Adviser

Accrued

expenses

and

other

payables:

Investment

advisory

fees

Administration

fees

Custodian

fees

—

(a) Transfer

agent

fees

Compliance

fees

Trustees'

fees

Other

accrued

expenses

Total

Liabilities

Commitments

and

contingencies

(Note

3)

Net

Assets:

Capital

1,052,259

Total

accumulated

earnings

(9)

Net

Assets

$

1,052,250

Shares

(unlimited

number

of

shares

authorized

with

no

par

value):

1,052,259

Net

asset

value,

offering

and

redemption

price

per

share:(b)

$

1.00 (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

Year

Ended

February

28,

2026

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Portfolios

III

(Amounts

in

Thousands)

Victory

Treasury

Money

Market

Trust

Investment

Income:

Interest

$

39,910

Total

Income

39,910

Expenses:

Investment

advisory

fees

1,217

Administration

fees

974

Sub-Administration

fees

Custodian

fees

Transfer

agent

fees

1,014

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

3,455

Less

fees

paid

indirectly

(23) Expenses

waived/reimbursed

by

Adviser

(24) Net

Expenses

3,408

Net

Investment

Income

36,502

Realized

Gains

from

Investments:

Net

realized

gains

from

investment

securities

—(a)

Net

realized

gains

on

investments

—(a)

Change

in

net

assets

resulting

from

operations

$

36,502

(a) Rounds

to

less

than

$1

thousand.

(Amounts

in

Thousands)

Victory

Portfolios

III

Statements

of

Changes

in

Net

Assets

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Treasury

Money

Market

Trust

Year

Ended

February

28,

2026

Year

Ended

February

28,

2025

From

Investment

Activities:

Operations:

Net

Investment

Income

$

36,502

$

40,271

Net

realized

gains

—

(a) —

(a) Change

in

net

assets

resulting

from

operations

36,502

40,271

Change

in

net

assets

resulting

from

distributions

to

shareholders

(36,512)

(40,270)

Change

in

net

assets

resulting

from

capital

transactions

129,794

96,197

Change

in

net

assets

129,784

96,198

Net

Assets:

Beginning

of

period

922,466

826,268

End

of

period

$

1,052,250

$

922,466

Capital

Transactions:

Proceeds

from

shares

issued

$

956,175

$

646,892

Distributions

reinvested

36,319

40,410

Cost

of

shares

redeemed

(862,700)

(591,105)

Change

in

net

assets

resulting

from

capital

transactions

$

129,794

$

96,197

Share

Transactions:

Issued

956,175

646,892

Reinvested

36,319

40,410

Redeemed

(862,700)

(591,105)

Change

in

Shares

129,794

96,197

(a) Rounds

to

less

than

$1

thousand.

Victory

Portfolios

III

Financial

Highlights

For

a

Share

Outstanding

Throughout

Each

Period

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Treasury

Money

Market

Trust

Year

Ended

February

28,

2026

Year

Ended

February

28,

2025

Year

Ended

February

29,

2024

Nine

Months

Ended

February

28,

2023(a)

Year

Ended

May

31,

2022

Year

Ended

May

31,

2021

Net

Asset

Value,

Beginning

of

Period

$1.00

$1.00

$1.00

$1.00

$1.00

$1.00

Investment

Activities:

Net

investment

income(b)

0.04 0.05 0.05 0.02 —(c)

—(c)

Net

realized

and

unrealized

gains

—(c)

—(c)

—(c)

—

—

—(c)

Total

from

Investment

Activities

0.04 0.05 0.05 0.02 —(c)

—(c)

Distributions

to

Shareholders

from:

Net

investment

income

(0.04)

(0.05)

(0.05)

(0.02)

—(c)

—(c)

Total

Distributions

(0.04)

(0.05)

(0.05)

(0.02)

—(c)

—(c)

Net

Asset

Value,

End

of

Period

$1.00

$1.00

$1.00

$1.00

$1.00

$1.00

Total

Return(d)(e)

3.83%

4.77%

4.98%

2.06%

0.04%

0.03%

Ratios

to

Average

Net

Assets:

Net

Expenses(f)(g)

0.35%(h)

0.35%(h)

0.35%(h)

0.35%

0.11%

0.12%

Net

Investment

Income(f)

3.75%

4.66%

4.88%

2.82%

0.04%

0.03%

Gross

Expenses(f)(g)

0.35%(h)

0.37%(h)

0.37%(h)

0.37%

0.37%

0.38%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$1,052,250

$922,466

$826,268

$669,552

$519,981

$496,777

(a) Effective

February

28,

2023,

the

Fund's

fiscal

year-end

changed

from

May

to

February

or

February

during

leap

years.

(b) Per

share

net

investment

income

has

been

calculated

using

the

average

daily

shares

method.

(c) Amount

is

less

than

$0.005

per

share.

(d) Not

annualized

for

periods

less

than

one

year.

(e) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(f) Annualized

for

periods

less

than

one

year.

(g) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(h) Reflects

total

annual

operating

expenses

before

reductions

of

any

expenses

paid

indirectly.

The

Fund's

expenses

paid

indirectly

decreased

the

expense

ratios

by

less

than

0.01%.

Notes

to

Financial

Statements

February

28,

2026

Victory

Portfolios

III

1. #### Organization:
Victory

Portfolios

III

(the

"Trust")

is

organized

as

a

Delaware

statutory

trust

and

is

registered

under

the Investment

Company

Act

of

1940,

as

amended

(the

"1940

Act"),

as

an

open-end

investment

company.

The

Trust

is

comprised

of

funds

and

is

authorized

to

issue

an

unlimited

number

of

shares,

which

are

units

of

beneficial

interest

with

no

par

value.

The

accompanying

financial

statements

are

those

of

the

following

fund

(the

"Fund"):

The

Fund

is

classified

as

diversified

under

the

1940

Act.

Victory

Capital

Management

Inc.

("VCM"

or

the

"Adviser")

is

an

indirect

wholly

owned

subsidiary

of

Victory

Capital

Holdings,

Inc.,

a

publicly

traded

Delaware

corporation,

and

a

wholly

owned

direct

subsidiary

of

Victory

Capital

Operating,

LLC. The

Fund

operates

as

a

government

money

market

fund

in

compliance

with

the

requirements

of

Rule

2a-7

under

the

1940

Act

and

as

a

government

money

market

fund,

shares

of

the

Fund

are

available

for

sale

only

to

accounts

that

are

beneficially

owned

by

natural

persons.

Government

money

market

funds,

such

as

the

Fund,

are

not

required

to

impose

a

liquidity

fee

upon

the

sale

of

fund

shares

as

some

other

types

of

money

market

funds

are.

Under

the

Trust's

organizational

documents,

its

officers

and

trustees

are

indemnified

against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Fund.

In

addition,

in

the

normal

course

of

business,

the

Fund

enters

into

contracts

with

its

vendors

and

others

that

provide

for

general

indemnifications.

The

Fund's

maximum

exposure

under

these

arrangements

is

unknown,

as

this

would

involve

future

claims

that

may

be

made

against

the

Fund.

However,

based

on

experience,

the

Fund

expects

that

risk

of

loss

to

be

remote.

2. #### Significant

#### Accounting

#### Policies:
The

following

is

a

summary

of

significant

accounting

policies

followed

by

the Fund

in

the

preparation

of

its

financial

statements.

The

policies

are

in

conformity

with

U.S.

Generally

Accepted

Accounting

Principles

("GAAP").

The

preparation

of

financial

statements

in

accordance

with

GAAP

requires

the

Adviser

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

and

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

income

and

expenses

for

the

period.

Actual

results

could

differ

from

those

estimates.

The

Fund

follows

the

specialized

accounting

and

reporting

requirements

under

GAAP

that

are

applicable

to

investment

companies

under

Accounting

Standards

Codification

Topic 946.

Investment

Valuation:

The

inputs

or

methodologies

used

for

valuing

securities

are

not

necessarily

an

indication

of

the

risks

associated

with

investing

in

those

securities.

For

example,

money

market

securities

are

valued

using

amortized

cost,

in

accordance

with

rules

under

the

1940

Act.

Generally,

amortized

cost

approximates

the

current

fair

value

of

a

security,

but

since

the

value

is

not

obtained

from

a

quoted

price

in

an

active

market,

such

securities

are

reflected

as

Level

2. The

Fund

records

investments

at

fair

value.

Fair

value

is

defined

as

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

The

valuation

techniques

described

below

maximize

the

use

of

observable

inputs

and

minimize

the

use

of

unobservable

inputs

in

determining

fair

value.

The

inputs

used

for

valuing

the

Fund's

investments

are

summarized

in

the

three

broad

levels

listed

below:

Level

—

quoted

prices

(unadjusted)

in

active

markets

for

identical

securities

Level

—

other

significant

observable

inputs

(including

quoted

prices

for

similar

securities,

interest

rates,

or

credit

spreads,

applicable

to

those

securities,

etc.)

Level

—

significant

unobservable

inputs

(including

the

Adviser's

assumptions

in

determining

the

fair

value

of

investments)

The Adviser,

appointed

as

the

valuation

designee

by the

Trust's

Board

of

Trustees

(the

"Board"), has

established

the

Pricing

Committee

(the

"Committee"),

and

subject

to

Board

oversight,

the

Committee

administers

and

oversees

the

Fund's

valuation

policies

and

procedures,

which

are

approved

by

the

Board.

Repurchase

agreements

are

valued

at

cost,

which

approximates

market

value.

All

securities

held

in

the

Fund

are

short-term

debt

securities,

which

are

valued

pursuant

to

Rule

2a-7

under

the

1940

Act

and

the

Money

Market

Funds

Procedures

to

Stabilize

Net

Asset

Value

(the

"Procedures").

This

method

values

a

security

at

its

purchase

price,

and

thereafter,

assumes

a

constant

amortization

to

maturity

of

any

premiums

or

discounts.

Securities

for

which

amortized

cost

valuations

are

considered

unreliable

or

whose

values

have

been

materially

affected

by

a

significant

event

are

valued

in

good

faith,

at

fair

value,

using

methods

determined

by

the

Committee,

under the

Procedures

to

stabilize

net

assets

and

valuation

procedures

approved

by

the

Board.

Repurchase

Agreements:

The

Fund

may

enter

into

repurchase

agreements

with

commercial

banks

or

recognized

security

dealers

pursuant

to

the

terms

of

a

Master

Repurchase

Agreement.

A

repurchase

agreement

is

an

arrangement

wherein

the

Fund

purchases

securities

and

the

seller

agrees

to

repurchase

the

securities

at

an

agreed

upon

time

and

at

an

agreed

upon

price.

The

purchased

securities

are

marked-to-market

daily

to

ensure

their

value

is

Fund

(Legal

Name)

Fund

(Short

Name)

Victory

Treasury

Money

Market

Trust

Treasury

Money

Market

Trust

Notes

to

Financial

Statements

—

continued

February

28,

2026

Victory

Portfolios

III

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

February

28,

2026,

the

value

of

the

related

collateral

exceeded

the

value

of

the

repurchase

agreements,

reducing

the

net

settlement

amount

to

zero.

Details

on

the

collateral

are

included

on

the

Schedule

of

Portfolio

Investments.

Investment

Transactions

and

Related

Income:

Changes

in

holdings

of

investments

are

accounted

for

no

later

than

one

business

day

following

the

trade

date.

For

financial

reporting

purposes,

however,

investment

transactions

are

accounted

for

on

trade

date

or

the

last

business

day

of

the

reporting

period.

Interest

income

is

determined

on

the

basis

of

coupon

interest

accrued

and recorded

daily

using

the

effective

interest

method

which

adjusts,

where

applicable,

the

amortization

of

premiums

or

accretion

of

discounts. Interest

income

is

recorded

daily

on

the

accrual

basis. Gains

or

losses

realized

on

sales

of

securities

are

recorded

on

the

identified

cost

basis.

Federal

Income

Taxes:

The

Fund

intends

to

continue

to

qualify

as

a

regulated

investment

company

by

complying

with

the

provisions

available

to

certain

investment

companies,

as

defined

in

applicable

sections

of

the

Internal

Revenue

Code,

and

to

make

distributions

of

net

investment

income

and

net

realized

gains

sufficient

to

relieve

it

from

all,

or

substantially

all,

federal

income

taxes.

Accordingly,

no

provision

for

federal

income

taxes

is

required

in

the

financial

statements.

The

Fund

has

a

tax

year

end

of February

28 or

February

for

leap

years.

For

the

year

ended

February

28,

2026,

the

Fund

did

not

incur

any

income

tax,

interest,

or

penalties,

and

has

recorded

no

liability

for

net

unrecognized

tax

benefits

relating

to

uncertain

tax

positions.

Management

of

the

Fund

has

reviewed

tax

positions

taken

in

tax

years

that

remain

subject

to

examination

by

all

major

tax

jurisdictions,

including

federal

(i.e.,

the

last

four

tax

years,

which

includes

the

current

fiscal

tax

year

end).

Management

believes

that

there

is

no

tax

liability

resulting

from

unrecognized

tax

benefits

related

to

uncertain

tax

positions

taken.

Allocations:

Expenses

directly

attributable

to the

Fund

are

charged

to the

Fund,

while

expenses

that

are

attributable

to

more

than

one

fund

in

the

Trust,

or

jointly

with

an

affiliated

trust,

are

allocated

among

the

respective

funds

in

the

Trust

and/or

an

affiliated

trust

based

upon

net

assets

or

another

appropriate

basis.

Fees

Paid

Indirectly:

Expense

offsets

to

custody

fees

that

arise

from

credits

on

cash

balances

maintained

on

deposit

are

reflected

on

the

Statement

of

Operations,

as

applicable,

as

Fees

paid

indirectly.

3. #### Fees

#### and

#### Transactions

#### with

#### Affiliates

#### and

#### Related

#### Parties:
Investment

Advisory

Fees:

Investment

advisory

services

are

provided

to

the

Fund

by

the

Adviser,

which

is

a

New

York

corporation

registered

as

an

investment

adviser

with

the

Securities

and

Exchange

Commission

("SEC").

The

Fund's

Investment

Adviser

fee

is

accrued

daily

and

paid

monthly

at

an

annualized

rate

of

0.125%

of

the

Fund's

average

daily

net

assets.

Amounts

incurred

and

paid

to

VCM

for

the

year ended

February

28,

2026,

are

reflected

on

the

Statement

of

Operations

as

Investment

advisory

fees.

The

Trust

relies

on

an

exemptive

order

granted

to

VCM

and

its

affiliated

funds

by

the

SEC

in

March

2019,

permitting

the

use

of

a

"manager-of-

managers"

structure

for

certain

funds.

Under

a

manager-of-managers

structure,

the

investment

adviser

may

select

(with

approval

of

the

Board

and

without

shareholder

approval)

one

or

more

subadvisers

to

manage

the

day-to-day

investment

of

a

fund's

assets.

For

the

year

ended

February

28,

2026,

the

Fund

had

no

subadvisers.

Administration

and

Servicing

Fees:

VCM

also

serves

as

the

Fund's

administrator

and

fund

accountant.

Under

the Fund

Administration,

Servicing and Accounting

Agreement,

VCM

is

paid an

administration

and

servicing

fee

that

is

accrued

daily

and

paid

monthly

at

an

annualized rate

of

0.10%,

which

is

based

on

the

Fund's average

daily

net

assets.

Amounts

incurred

for

the

year ended

February

28,

2026, 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

the

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,

including

costs

associated

with

Chief

Notes

to

Financial

Statements

—

continued

February

28,

2026

Victory

Portfolios

III

Compliance

Officer

("CCO"),

and

implementing

new

reports

required

by

new

rules

adopted

by

the

SEC

under

the

1940

Act.

Amounts

incurred

for

the

year

ended

February

28,

2026,

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

CCO,

and

other

resources

reasonably

necessary

to

provide

the

Trust

with

compliance

oversight

services

related

to

the

design,

administration,

and

oversight

of

a

compliance

program

for

the

Trust

in

accordance

with

Rule

38a-1

under

the

1940

Act.

The

CCO

is

an

employee

of

the

Adviser,

which

pays

the

compensation

of

the

CCO

and

support

staff.

The

funds

in

the

Trust

compensate

the

Adviser

for

these

services.

Amounts

incurred

for

the year

ended

February

28,

2026,

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

0.10% of

average

daily

net

assets,

plus

out-of-pocket

expenses.

VCTA

pays

a

portion

of

these

fees

to

certain

intermediaries

for

the

administration

and

servicing

of

accounts

that

are

held

with

such

intermediaries.

FIS

Investor

Services

LLC

serves

as

sub-transfer

agent

and

dividend

disbursing

agent

for

the

Fund

pursuant

to

a

Sub-Transfer

Agent

Agreement

between

VCTA

and

FIS

Investor

Services

LLC. VCTA

pays

FIS

Investor

Services

LLC

a

fee

for

providing

these

services.

Amounts

incurred

for

the

year

ended

February

28,

2026,

are

reflected

on

the

Statement

of

Operations

as

Transfer

agent

fees.

Distributor/Underwriting

Services:

Victory

Capital

Services, Inc.

(the

"Distributor"),

an

affiliate

of

the

Adviser,

serves

as

Distributor

for

the

continuous

offering

of

the

shares

of

the

Fund

pursuant

to

a

Distribution

Agreement

between

the

Distributor

and

the

Trust

and

receives

no

fee

or

other

compensation

for

these

services.

Other

Fees:

Citibank

serves

as

the

Fund's

custodian.

The

Fund

pays

Citibank

a

fee

for

providing

these

services.

Amounts

incurred

for

the

year ended

February

28,

2026, 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

February

28,

2026,

the

expense

limit

(excluding

voluntary

waivers) was:

Under

the

terms

of

the

expense

limitation

agreement,

the

Fund

has

agreed

to

repay

fees

and

expenses

that

were

waived

or

reimbursed

by

the

Adviser

for

a

period

of

up

to

three

years

(thirty-six

(36) months)

after

the

waiver

or

reimbursement

took

place,

subject

to

the

lesser

of

any

operating

expense

limit

in

effect

at

the

time

of:

(a) the

original

waiver

or

expense

reimbursement;

or

(b) the

recoupment,

after

giving

effect

to

the

recoupment

amount.

In

addition,

the

Fund

agreed

to

reimburse

the

Adviser

for

any

extra

waivers

(i.e.,

voluntary

fee

waivers

and/or

expense

reimbursements

made

in

excess

of

waivers

and

reimbursements

that

are

necessary

to

comply

with

any

Operating

Expense

Limit

in

effect

at

the

time

of

such

extra

waivers),

provided

that:

(a) the

Fund

is

not

obligated

to

reimburse

any

such

extra

waivers

more

than

three

years

after

the

date

in

which

the

extra

waiver

was

made

by

the

Adviser;

and

(b) such

payments

would

not

cause

the

Fund's

net

yield

to

fall

below

the

Fund's

minimum

yield

at

the

time

of:

(a) the

original

waiver

or

expense

reimbursement;

or

(b) the

expense

limit

in

effect

at

the

time

of

the

extra

waiver.

The

Fund

has

not

recorded

any

amounts

available

to

be

repaid

to

the

Adviser

as

a

commitment

and

contingency

liability

due

to

an

assessment

that

such

repayments

are

not

probable

at

February

28,

2026. For

the year ended

February

28,

2026,

recoupment

in

the

amount

of

$5 thousand

was

paid

to

the

Adviser.

As

of February

28,

2026,

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):

Certain

officers

and/or

interested

trustees

of

the

Fund

are

also

officers

and/or

employees

of

the

Adviser,

administrator,

fund

accountant,

and

Distributor.

In

effect

until

June

30,

2026

Treasury

Money

Market

Trust

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.35%

February

28,

2027

February

29,

2028

February

28,

2029

Total

Treasury

Money

Market

Trust

............................................

$

$

$

$

Notes

to

Financial

Statements

—

continued

February

28,

2026

Victory

Portfolios

III

4. #### Risks:
The

following

describes

principal

risks

that

you

may

assume

as

an

investor

in

the

Fund.

The

Fund's

prospectus

contains

unaudited

information

regarding

the

Fund's

principal

risks.

Please

refer

to

that

document

when

considering

the

Fund's

principal

risks.

The

Fund

may

be

subject

to

other

risks

in

addition

to

these

identified

risks.

Stable

Net

Asset

Value

Risk

— You

could

lose

money

by

investing

in

the

Fund.

Although

the

Fund

seeks

to

preserve

the

value

of

your

investment

at

$1

per

share,

it

cannot

guarantee

it

will

do

so.

The

Fund

may

impose

a

fee

upon

sale

of

your

shares.

An

investment

in

the

Fund

is

not

a

bank deposit

and

is

not

insured

or

guaranteed

by

the

Federal

Deposit

Insurance

Corporation

or

any

other

government

agency.

The

Fund's

sponsor

is

not

required

to

reimburse

the

Fund

for

losses,

and

you

should

not

expect

that

the

sponsor

will

provide

financial

support

to

the

Fund

at

any

time,

including

during

periods

of

market

stress.

Interest

Rate

Risk

—

When

interest

rates

rise,

debt

security

prices

generally

fall.

The

opposite

also

generally

is

true:

debt

security

prices

rise

when

interest

rates

fall.

Interest

rate

changes

are

influenced

by

a

number

of

factors

including

government

policy,

monetary

policy,

inflation

expectations,

perceptions

of

risk,

and

supply

and

demand

of

debt

securities.

The

Fund's

yield

will

vary.

A

sharp

and

unexpected

rise

in

interest

rates

could

cause

the

Fund's

share

price

to

drop

below

a

dollar.

A

low

interest

rate

environment

may

prevent

the

Fund

from

providing

a

positive

yield

and

could

also

impair

the

Fund's

ability

to

maintain

a

stable

net

asset

value.

Large-Shareholder Risk

—

The

actions

by

one

shareholder

or

multiple

shareholders

may

have

an

impact

on

the

Fund

and,

therefore,

indirectly

on

other

shareholders.

Shareholder

purchase

and

redemption

activity

may

affect

the

per

share

amount

of

the

Fund's

distributions

of

its

net

investment

income

and

net

realized

capital

gains,

if

any,

thereby

affecting

the

tax

burden

on

the

Fund's

shareholders

subject

to

federal

income

tax.

To

the

extent

a

larger

shareholder

is

permitted

to

invest

in

the

Fund,

the

Fund

may

experience

large

inflows

or

outflows

of

cash

from

time

to

time.

This

activity

could

magnify

these

adverse

effects

on

the

Fund.

Management Risk

—

The

Fund

is

actively

managed,

and

the

investment

techniques

and

risk

analyses

used

by

the

Fund's

portfolio

managers

may

not

produce

the

desired

results.

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

including

securities

that

are

backed

by

the

full

faith

and

credit

of

the

U.S.

government.

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.

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.

For

the

interim

period

covered

by

this

report

prior

to

June

24,

2025,

$40

million

of

the

Line

of

Credit was

reserved

for

use

by

the

Victory

Floating

Rate

Fund,

another

series

of

the

Victory

Funds

Complex,

with

Victory

Floating

Rate

Fund

paying

the

related

commitment

fees

for

that

amount.

The

purpose

of

the

Line

of

Credit

is

to

meet

temporary

or

emergency

cash

needs.

For

the year

ended

February

28,

2026,

Citibank

received

an

annual

commitment

fee

of

0.15%

on

$300

million

for

providing

the

Line

of

Credit.

Each

fund

in

the

Victory

Funds

Complex

paid

a

pro-rata

portion

of

the

commitment

fees

plus

any

interest

on

amounts

borrowed.

Interest

is

based

on

the

one-month Secured

Overnight

Financing

Rate

plus

1.10 percent.

Effective

June

24,

2025,

the

agreement

was

renewed

with

a

termination

date

of

June

22,

2026,

and

the

annual

commitment

fee

of

0.15%

remained

unchanged.

Dedicated

portions

to

the

Victory

Floating

Rate

Fund

have

been

removed,

making

the

entire

Line

of

Credit

(committed

and

uncommitted)

available

to

all

Funds.

Interest

charged

to

the

Fund

during

the

period,

if

applicable,

is

reflected

on

the

Statement

of

Operations

under

Line

of

credit

fees.

The

Fund

had

no

borrowings

under the

Line

of

Credit

agreement

during

the

year

ended

February

28,

2026. 6. #### Federal

#### Income

#### Tax

#### Information:
Distributions

from

the

Fund's

net

investment

income

are

accrued

daily

and

distributed

on

the

last

business

day

of

each

month.

Distributable

net

realized

gains,

if

any,

are

declared

and

paid

at

least

annually.

The

amounts

of

dividends

from

net

investment

income

and

distributions

from

net

realized

gains

(collectively,

distributions

to

shareholders)

are

determined

in

accordance

with

federal

income

tax

regulations,

which

may

differ

from

GAAP.

To

the

extent

these

"book/tax"

differences

are

permanent

in

nature

(e.g.,

net

operating

loss

and

distribution

reclassification),

such

amounts

are

reclassified

within

the

components

of

net

assets

based

on

their

federal

tax-basis

treatment;

temporary

differences

(e.g.,

wash

sales)

do

not

require

reclassification.

To

the

extent

dividends

and

distributions

exceed

net

investment

income

and

net

realized

gains

for

tax

purposes,

they

are

reported

as

distributions

of

capital.

Net

investment

losses

incurred

by

the

Fund

may

be

reclassified

as

an

offset

to

capital

on

the

accompanying

Statement

of

Assets

and

Liabilities.

As

of

February

28,

2026,

on

the

Statement

of

Assets

and

Liabilities,

there

were

no

permanent

book-to-tax

difference

reclassification

adjustments

(amounts

in

thousands).

The

tax

character

of

distributions

paid

during

the

tax

years

ended,

as

noted

below,

were

as

follows

(total

distributions

paid

may

differ

from

the

Statements

of

Changes

in

Net

Assets

because,

for

tax

purposes,

dividends

are

recognized

when

actually

paid)

(amounts

in

thousands):

Notes

to

Financial

Statements

—

continued

February

28,

2026

Victory

Portfolios

III

As

of

February

28,

2026,

the

components

of

accumulated

earnings

(loss)

on

a

tax

basis

were

as

follows

(amounts

in

thousands):

As

of February

28,

2026,

the

Fund

had

no

capital

loss

carryforward

for

federal

income

tax

purposes.

As

of February

28,

2026,

the

cost

basis

for

federal

income

tax

purposes,

gross

unrealized

appreciation,

gross

unrealized

depreciation,

and

net

unrealized

appreciation

(depreciation)

for

investments were

as

follows

(amounts

in

thousands):

7. #### Segment

#### Reporting:
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

predetermined

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.

Year

Ended

February

28,

2026

Distributions

Paid

From:

Ordinary

Income

Total

Distributions

Paid

Treasury

Money

Market

Trust

...............................................................

$

36,512

$

36,512

Year

Ended

February

28,

2025

Distributions

Paid

From:

Ordinary

Income

Total

Distributions

Paid

Treasury

Money

Market

Trust

...............................................................

$

40,270

$

40,270

Undistributed

Ordinary

Income

Distributions

Payable

Accumulated

Earnings

(Loss)

Accumulated

Capital

and

Other

Losses

Total

Accumulated

Earnings

(Loss)

Treasury

Money

Market

Trust

........................

$

2,648

$

(2,657)

$

(9) $

—

$

(9) Cost

of

Investments

for

Federal

Tax

Purposes

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

Treasury

Money

Market

Trust

...........................

$

1,046,374

$

—

$

—

$

—

Report

of

Independent

Registered

Public

Accounting

Firm

To

the

Shareholders

and

the

Board

of

Trustees

of

Victory

Portfolios

III

Opinion

on

the

Financial

Statements

We

have

audited

the

accompanying

statement

of

assets

and

liabilities,

including

the

schedule

of

portfolio

investments,

of

Victory

Treasury

Money

Market

Trust

(the

"Fund"),

a

series

of

Victory

Portfolios

III,

as

of

February

28,

2026,

the

related

statement

of

operations,

the

statement

of

changes

in

net

assets,

the

financial

highlights,

and

the

related

notes

(collectively

referred

to

as

the

"financial

statements").

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Fund

as

of

February

28,

2026,

the

results

of

its

operations,

the

changes

in

its

net

assets,

and

the

financial

highlights

for

the

year

then

ended,

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

The

Fund's

financial

statements

and

financial

highlights

for

the

years

or

periods

ended

February

28,

2025,

and

prior,

were

audited

by

other

auditors

whose

report

dated

April

24,

2025,

expressed

an

unqualified

opinion

on

those

financial

statements

and

financial

highlights.

Basis

for

Opinion

These

financial

statements

are

the

responsibility

of

the

Fund's

management.

Our

responsibility

is

to

express

an

opinion

on

the

Fund's

financial

statements

based

on

our

audit.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

("PCAOB")

and

are

required

to

be

independent

with

respect

to

the

Fund

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audit

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement

whether

due

to

error

or

fraud.

Our

audit

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

February

28,

2026,

by

correspondence

with

the

custodian

and

counterparties.

Our

audit

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

We

believe

that

our

audit

provides

a

reasonable

basis

for

our

opinion.

We

have

served

as

the

auditor

of

one

or

more

of

the

investment

companies

advised

by

Victory

Capital

Management

Inc.

since

2015. COHEN

&

COMPANY,

LTD.

Cleveland,

Ohio

April

24,

2026

Supplemental

Information

February

28,

2026

Victory

Portfolios

III

(Unaudited)

Additional

Federal

Income

Tax

Information

For

the

fiscal

year

ended

February

28,

2026,

the

Fund

hereby

designates

the

maximum

amount

allowable

of

its

net

taxable

income

as

qualified

dividends

taxed

at

individual

net

capital

gain

rates.

Shareholders

will

be

notified

via

IRS

Form

1099

of

the

amounts

for

use

in

preparing

their

income

tax

return.

Victory

Portfolios

III

(Unaudited)

Supplemental

Information

—

continued

February

28,

2026

Considerations

of

the

Board

in

Continuing

the

Investment

Advisory

Agreement

Victory

Treasury

Money

Market

Trust

(the

"Fund")

At

a

meeting

of

the

Board

of

Trustees

(the

"Board")

of

Victory

Portfolios

III

(the

"Trust")

held

on

December

10-11,

2025,

the

Board,

including

the

Trustees

who

are

not

"interested

persons"

(as

that

term

is

defined

in

the

Investment

Company

Act

of

1940,

as

amended)

of

the

Trust

(the

"Independent

Trustees"),

approved

for

an

annual

period

the

continuance

of

the

Investment

Advisory

Agreement

(the

"Advisory

Agreement")

between

the

Trust

and

Victory

Capital

Management

Inc.

(the

"Adviser")

with

respect

to

the

Fund.

Prior

to

the

December

10-11,

2025,

meeting

at

which

the

Advisory

Agreement

was

approved,

the

Independent

Trustees

also

discussed

and

considered

information

regarding

the

proposed

continuation

of

the

Advisory

Agreement

at

a

meeting

held

on

November

17,

2025. In

advance

of

the

foregoing

meetings,

the

Trustees

requested,

received

and

considered

a

variety

of

information

relating

to

the

Advisory

Agreement

and

the

Adviser,

and

were

given

the

opportunity

to

ask

questions

and

request

additional

information

from

management.

The

information

provided

to

the

Board

included,

among

other

things:

(i) a

separate

report

prepared

by

an

independent

third

party

of

mutual

fund

data,

which

provided

a

statistical

analysis

comparing

the

Fund's

investment

performance,

expenses,

and

fees

to

comparable

investment

companies;

(ii) information

concerning

the

services

rendered

to

the

Fund,

as

well

as

information

regarding

the

Adviser's

revenues

and

costs

of

providing

services

to

the

Fund

and

compensation

paid

to

affiliates

of

the

Adviser;

and

(iii) information

about

the

Adviser's

operations

and

personnel.

Prior

to

voting,

the

Independent

Trustees

reviewed

the

proposed

continuance

of

the

Advisory

Agreement

with

management

and

with

experienced

independent

counsel

retained

by

the

Independent

Trustees

("Independent

Counsel")

and

received

materials

from

such

Independent

Counsel

discussing

the

legal

standards

for

their

consideration

of

the

proposed

continuation

of

the

Advisory

Agreement

with

respect

to

the

Fund.

The

Independent

Trustees

also

reviewed

the

proposed

continuation

of

the

Advisory

Agreement

with

respect

to

the

Fund

in

private

sessions

with

Independent

Counsel

at

which

no

representatives

of

management

were

present.

At

each

regularly

scheduled

meeting

of

the

Board

and

its

committees,

the

Board

receives

and

reviews,

among

other

things,

information

concerning

the

Fund's

performance

and

related

services

provided

by

the

Adviser.

At

the

meeting

at

which

the

renewal

of

the

Advisory

Agreement

is

considered,

particular

focus

is

given

to

information

concerning

Fund

performance,

fees

and

total

expenses

as

compared

to

comparable

investment

companies,

and

the

Adviser's

profitability

with

respect

to

the

Fund.

However,

the

Board

noted

that

the

evaluation

process

with

respect

to

the

Adviser

is

an

ongoing

one.

In

this

regard,

the

Board's

and

its

committees'

consideration

of

the

Advisory

Agreement

included

information

previously

received

at

such

meetings.

The

Board

also

recognized

that

the

contractual

arrangements

for

the

Fund

have

been

reviewed

by

the

Board

and

discussed

with

the

Adviser

in

prior

years

and

that

the

Board's

conclusions

may

be

based,

in

part,

on

its

consideration

of

these

same

arrangements

in

prior

years.

ADVISORY

AGREEMENT

After

full

consideration

of

a

variety

of

factors,

the

Board,

including

the

Independent

Trustees,

voted

to

approve

the

Advisory

Agreement.

In

approving

the

Advisory

Agreement,

the

Trustees

did

not

identify

any

single

factor

as

controlling,

and

each

Trustee

may

have

attributed

different

weights

to

various

factors.

Throughout

their

deliberations,

the

Independent

Trustees

were

represented

and

assisted

by

Independent

Counsel.

Nature,

Extent,

and

Quality

of

Services

–

In

considering

the

nature,

extent,

and

quality

of

the

services

provided

by

the

Adviser

under

the

Advisory

Agreement,

the

Board

reviewed

information

provided

by

the

Adviser

relating

to

its

operations

and

personnel.

The

Board

considered

that

the

Adviser

manages

the

Fund's

assets

directly

through

one

or

more

investment

franchises,

and

in

doing

so,

continuously

supervises

the

investment

and

reinvestment

of

cash

and

securities

comprising

the

Fund's

assets.

The

Board

also

considered

that

the

Adviser

monitors

pertinent

economic,

statistical,

and

financial

data

to

determine

which

issuers

and

securities

to

include

in

the

Fund's

portfolio

as

part

of

a

continuous

investment

program.

The

Board

also

took

into

account

its

knowledge

of

the

Adviser's

management

and

the

quality

of

the

performance

of

the

Adviser's

duties

through

Board

meetings,

discussions,

and

reports

during

the

preceding

year.

The

Board

considered

the

fees

paid

to

the

Adviser

and

the

services

provided

to

the

Fund

by

the

Adviser

under

the

Advisory

Agreement,

as

well

as

other

services

provided

by

the

Adviser

and

its

affiliates

under

other

agreements,

and

the

personnel

who

provide

these

services.

In

addition

to

the

investment

advisory

services

provided

to

the

Fund,

the

Adviser

and

its

affiliates

provide

administrative

services,

transfer

agency

services,

shareholder

services,

oversight

of

Fund

accounting,

marketing

services,

assistance

in

meeting

legal

and

regulatory

requirements,

and

other

services

necessary

for

the

operation

of

the

Fund

and

the

Trust.

The

Board

considered

the

scope

of

services

provided

by,

and

the

undertakings

required

of,

the

Adviser

in

connection

with

those

services,

including,

among

other

things,

maintaining

(i) its

own

and

the

Fund's

compliance

programs,

(ii) risk

management

programs,

(iii) liquidity

risk

management

program,

(iv) derivatives

risk

management

program,

and

(v) cybersecurity

programs,

each

of

which

had

expanded

over

time

as

a

result

of

regulatory,

market,

and

other

developments.

The

Board

also

considered

the

significant

risks

assumed

by

the

Adviser

in

connection

with

the

services

provided

to

the

Fund,

including

investment,

operational,

enterprise,

litigation,

regulatory

and

compliance

risks.

The

Board

considered

the

Adviser's

management

style

and

the

performance

of

the

Adviser's

duties

under

the

Advisory

Agreement.

The

Board

considered

the

level

and

depth

of

knowledge

of

the

Adviser,

including

the

professional

experience

and

qualifications

of

its

senior

and

investment

personnel,

as

well

as

current

staffing

levels.

The

allocation

of

the

Fund's

brokerage,

including

the

Adviser's

process

for

monitoring

"best

execution,"

also

was

considered.

The

Adviser's

role

in

coordinating

the

activities

of

the

Fund's

other

service

providers

was

also

considered.

The

Board

also

considered

the

Adviser's

risk

management

processes.

The

Board

considered

the

Adviser's

financial

condition

and

that

it

had

the

financial

wherewithal

to

continue

to

provide

the

same

scope

and

high

quality

of

services

under

the

Advisory

Agreement.

In

reviewing

the

Advisory

Agreement,

the

Board

focused

on

the

experience,

resources,

and

strengths

of

the

Adviser

and

its

affiliates

in

managing

the

Fund,

as

well

as

the

other

funds

in

the

Trust.

Supplemental

Information

—

continued

February

28,

2026

Victory

Portfolios

III

(Unaudited)

The

Board

also

reviewed

the

compliance

and

administrative

services

provided

to

the

Fund

by

the

Adviser

and

its

affiliates,

including

the

Adviser's

oversight

of

the

Fund's

day-to-day

operations

and

oversight

of

Fund

accounting.

The

Trustees,

guided

also

by

information

obtained

from

their

experiences

as

Trustees

of

the

Trust,

also

focused

on

the

quality

of

the

Adviser's

compliance

and

administrative

staff.

Expenses

and

Performance

–

In

connection

with

its

consideration

of

the

Advisory

Agreement,

the

Board

evaluated

the

Fund's

advisory

fees

and

total

expense

ratio

as

compared

to

other

open-end

investment

companies

deemed

to

be

comparable

to

the

Fund

as

determined

by

the

independent

third

party

in

its

report.

The

Fund's

expenses

were

compared

to

(i) a

group

of

investment

companies

chosen

by

the

independent

third

party

to

be

comparable

to

the

Fund

based

upon

certain

factors,

including

fund

type,

comparability

of

investment

objective

and

classification,

sales

load

type,

asset

size,

and

expense

components

(the

"expense

group")

and

(ii) a

larger

group

of

investment

companies

with

the

same

investment

classification/objective

as

the

Fund

regardless

of

asset

size,

excluding

outliers

(the

"expense

universe").

Among

other

data,

the

Board

noted

that

the

Fund's

net

management

fee

rate

–

which

includes

advisory

and

administrative

services,

as

well

as

any

fee

waivers

and

reimbursements

–

was

below

the

medians

of

its

expense

group

and

expense

universe.

The

data

indicated

that

the

Fund's

total

expenses,

including

after

any

reimbursements,

were

below

the

medians

of

its

expense

group

and

expense

universe.

The

Board

also

took

into

account

the

Adviser's

current

undertakings

to

maintain

expense

limitations

for

the

Fund.

The

Board

took

into

account

the

various

other

services

provided

to

the

Fund

by

the

Adviser

and

its

affiliates

as

described

above

and

noted

the

high

quality

of

services

received

by

the

Fund.

In

considering

the

Fund's

performance,

the

Board

noted

that

it

reviews

at

its

regularly

scheduled

meetings

information

about

the

Fund's

performance

results.

The

Trustees

also

reviewed

various

comparative

data

provided

to

them

in

connection

with

their

consideration

of

the

renewal

of

the

Advisory

Agreement,

including,

among

other

information,

a

comparison

of

the

Fund's

average

annual

total

returns

relative

to

its

Lipper

index

and

other

mutual

funds

deemed

to

be

in

its

peer

group

by

the

independent

third

party

in

its

report

(the

"performance

universe").

The

Fund's

performance

universe

consisted

of

the

Fund

and

all

retail

open-end

investment

companies

with

the

same

classification/objective

as

the

Fund

regardless

of

asset

size

or

primary

channel

of

distribution.

This

comparison

indicated

that,

among

other

data,

the

Fund's

performance

was

above

the

average

of

its

performance

universe

for

the

one-,

three-,

five-

and

ten-year

periods

ended

June

30,

2025,

was

below

its

Lipper

index

for

the

one-year

period

ended

June

30,

2025,

and

was

above

its

Lipper

index

for

the

three-,

five-

and

ten-year

periods

ended

June

30,

2025. The

Board

noted

the

relatively

narrow

range

of

returns

of

the

funds

in

the

Fund's

peer

group.

As

part

of

its

consideration,

the

Board

factored

into

its

evaluation

of

the

Fund's

expenses

and

performance,

the

potential

limitations

inherent

in

the

methodology

used

by

the

independent

third

party

for

developing

and

constructing

peer

groups

and

determining,

from

year

to

year,

which

mutual

funds

should

be

included

in

which

peer

groups,

among

other

things.

In

this

regard,

the

Board

also

noted

that

the

methodology

may

result

in

the

Fund's

being

included

in

one

peer

group

one

year

and

in

a

different

peer

group

the

next,

and

in

similar

funds

being

included

in

different

peer

groups.

The

Board

also

noted

that

the

number

of

mutual

funds

included

in

a

peer

group

may

be

relatively

small

and

may

differ

significantly

from

peer

group

to

peer

group

and

from

year

to

year

and

that

the

constituent

mutual

funds

included

in

a

peer

group

also

may

differ

from

year

to

year,

which,

among

other

factors,

can

limit

the

relevance

of

the

comparisons.

While

recognizing

these

inherent

limitations,

the

Board

believed

the

independent

analysis

conducted

by

the

third

party

provided

a

useful

measure

of

comparative

expenses

and

performance.

Compensation

and

Profitability

–

The

Board

took

into

consideration

the

level

and

method

of

computing

the

management

fee.

The

information

considered

by

the

Board

included

operating

profit

margin

information

for

the

Adviser's

business

as

a

whole.

The

Board

also

received

and

considered

profitability

information

related

to

the

management

revenues

from

the

Fund.

This

information

included

a

review

of

the

methodology

used

in

the

allocation

of

certain

costs

to

the

Fund.

In

considering

the

profitability

data

with

respect

to

the

Fund,

the

Trustees

noted

that

the

Adviser

waived

a

portion

of

its

management

fees

and/or

reimbursed

certain

expenses

with

respect

to

the

Fund.

The

Trustees

reviewed

the

profitability

of

the

Adviser's

relationship

with

the

Fund

before

tax

expenses.

The

Board

was

also

provided

with

a

profitability

analysis

of

other

publicly

traded

asset

managers

prepared

by

an

independent

information

service.

In

reviewing

the

overall

profitability

of

the

management

fee

to

the

Adviser,

the

Board

also

considered

the

fact

that

the

Adviser

and

its

affiliates

provide

transfer

agency

services,

shareholder

servicing

and

administrative

services

to

the

Fund

for

which

they

receive

compensation.

The

Trustees

recognized

that

the

Adviser

should

be

entitled

to

earn

a

reasonable

level

of

profits

in

exchange

for

the

level

of

services

it

provides

to

the

Fund

and

the

entrepreneurial

and

other

risks

that

it

assumes

as

Adviser.

Economies

of

Scale

–

The

Board

considered

whether

there

should

be

changes

in

the

management

fee

rate

or

structure

in

order

to

enable

the

Fund

to

participate

in

any

economies

of

scale.

The

Board

also

considered

the

fee

waiver

and/or

expense

limitation

arrangements

by

the

Adviser.

The

Board

also

considered

the

effect

of

the

Fund's

change

in

size,

if

any,

on

its

performance

and

fees,

noting

that

the

Fund

may

realize

other

economies

of

scale

if

assets

increase

proportionally

more

than

expenses.

The

Board

also

considered

the

Adviser's

reinvestment

in

the

business

in

the

form

of

adding

to

its

investment

capabilities

and

resources,

improvements

in

technology,

and

customer

service.

The

Board

determined

that

the

current

investment

management

fee

structure

was

reasonable.

Other

Benefits

–

The

Board

also

considered

the

potential

direct

and

indirect

benefits

to

the

Adviser

from

its

relationship

with

the

Trust,

including

that

the

Adviser

may

derive

reputational

and

other

benefits

from

its

association

with

the

Fund.

These

potential

benefits

included,

among

other

things,

the

opportunity

to

offer

additional

products

and

services

to

the

Fund's

shareholders.

Conclusions

–

The

Board

reached

the

following

conclusions

regarding

the

Fund's

Advisory

Agreement

with

the

Adviser:

(i) the

Adviser

has

demonstrated

that

it

possesses

the

capability

and

resources

to

perform

the

duties

required

of

it

under

the

Advisory

Agreement;

(ii) the

overall

performance

of

the

Fund

is

reasonable

in

relation

to

the

performance

of

funds

with

similar

investment

objectives

and

to

relevant

indices

in

view

of

the

Fund's

investment

approach;

(iii) the

Fund's

advisory

fees

are

reasonable

in

relation

to

those

of

similar

funds

and

to

the

services

to

be

provided

by

the

Adviser;

and

(iv) the

Adviser's

and

its

affiliates'

level

of

profitability

from

their

relationship

with

the

Fund

is

reasonable

in

light

Supplemental

Information

—

continued

February

28,

2026

Victory

Portfolios

III

(Unaudited)

of

the

nature

and

high

quality

of

services

provided

by

the

Adviser

and

its

affiliates

and

the

type

of

fund.

Based

on

its

conclusions,

the

Board

determined

that

continuation

of

the

Advisory

Agreement

would

be

in

the

best

interests

of

the

Fund

and

its

shareholders.

Victory

Funds

P.O.

Box

182593

Columbus,

Ohio

43218-2593

Visit

our

website

at:

vcm.com

Call

Victory

at:

(800) 235-8396

23415-0426

(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.**

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.** 

Approval of Investment Advisory Contract is a part of the Financial Statements filed under Item 7(a) of this Form.

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.** 

Not applicable.

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.** 

Not applicable.

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable.

**Item 15. Submission of Matters to a Vote of Security Holders.**

Not applicable.

**Item 16. Controls and Procedures.**

(a) The Registrant's principal executive officer and principal financial officer have concluded, based on their evaluation of the Registrant's disclosure controls and procedures as conducted within 90 days of the filing date of this report, that those disclosure controls and procedures provide reasonable assurance that material information required to be disclosed by the Registrant on this report is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms.

(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17CFR 270.30a-3(d)) that occurred during the period covered by this report that have materially affected or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable.

**Item 18. Recovery of Erroneously Awarded Compensation.**

Not applicable.

**Item 19. Exhibits.** 

(a)(1) [Code of Ethics](codeofethics.htm)

(a)(2) Not applicable.

(a)(3) [The certifications required by Rule 30a-2(a) of the Investment Company Act of 1940 are attached hereto.](ex99.htm)

(a)(4) Not Applicable

(a)(5) Not Applicable

(b) [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)

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;&nbsp;&nbsp;&nbsp;&nbsp;&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)&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;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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; Carol D. Trevino, Treasurer and Principal Financial Officer

Date <u>&nbsp;&nbsp;&nbsp;&nbsp; May 7, 2026</u><u>&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>/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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 <u>&nbsp;&nbsp;&nbsp;&nbsp; May 7, 2026</u><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

***By (Signature and Title)*** <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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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

Date <u>&nbsp;&nbsp;&nbsp;&nbsp; May 7, 2026</u><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

## Ex-99.Code

**VICTORY PORTFOLIOS III**

**CODE OF CONDUCT**

**FOR PRINCIPAL EXECUTIVE OFFICER AND PRINCIPAL FINANCIAL OFFICER**

**I. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Covered Officers/Purpose of the Code**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** This Code of Conduct (the "Code") applies to the Principal Executive Officer and Principal Financial Officer of Victory Portfolios III (the Trust or the Funds) as detailed in Exhibit A, for the purpose of promoting:

1. &nbsp;&nbsp;&nbsp;&nbsp; Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

2. &nbsp;&nbsp;&nbsp;&nbsp; Full, fair, accurate, timely and understandable disclosure in reports and documents that a registrant files with, or submits to, the Securities and Exchange Commission ("SEC") and in other public communications made by the Trust;

3. &nbsp;&nbsp;&nbsp;&nbsp; Compliance with applicable laws and governmental rules and regulations;

4. &nbsp;&nbsp;&nbsp;&nbsp; The prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and

5. &nbsp;&nbsp;&nbsp;&nbsp; Accountability for adherence to the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

II. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Covered Officers Should Handle Ethically Any Actual or Apparent Conflicts of Interest

**A. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Overview.** A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his or her service to, the Trust. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of his or her position with the Trust.

Certain conflicts of interest that could arise out of the relationships between Covered Officers and the Trust already are subject to conflict of interest provisions in the Investment Company Act of 1940 ("Investment Company Act") and the Investment Advisers Act of 1940 ("Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Trust because of their status as "affiliated persons" of the Trust. The Trust and its investment adviser's compliance program and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts may arise or result from the contractual relationship between the Trust and the investment adviser and the administrator, whose officers or employees also serve as Covered Officers. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Trust or for the adviser or the administrator, or for both), be involved in establishing policies and implementing decisions that will have different effects on the adviser, the administrator and the Trust. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the adviser, the administrator and the Trust and is consistent with the performance by the Covered Officers of their duties as officers of the Trust. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Trust's Board of Trustees (the "Board") that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act or the Investment Advisers Act.

Section C describes the types of conflicts of interest that are covered under this Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Company.

**B. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Obligations of Covered Officers.** Each Covered Officer must:

1. &nbsp;&nbsp;&nbsp;&nbsp; Not use his personal influence or personal relationships improperly to influence investment decisions or financial reporting by the Trust whereby the Covered Officer would benefit personally to the detriment of the Trust;

2. &nbsp;&nbsp;&nbsp;&nbsp; Not cause the Trust to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit of the Trust;

3. &nbsp;&nbsp;&nbsp;&nbsp; Report at least annually outside business affiliations or other relationships (*e.g.,* officer, director, governor, trustee, part-time employment) other than his or her relationship to the Trust, the investment adviser and the administrator.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Conflicts of interest.** When a Covered Person becomes aware of a situation that could involve a conflict of interest, or that could reasonably be considered an appearance of a conflict of interest, the Covered Person should disclose this matter to the Chief Compliance Officer. For purposes of this Code, the Chief Compliance Officer shall be the Chief Compliance Officer of the Trust. Examples of these include:

1. &nbsp;&nbsp;&nbsp;&nbsp; Service as a director on the board of any public or private company;

2. &nbsp;&nbsp;&nbsp;&nbsp; The receipt, as an officer of the Trust, of any gift in excess of $100;

3. &nbsp;&nbsp;&nbsp;&nbsp; The receipt of any entertainment from any company with which the Trust has current or prospective business dealings, unless such entertainment is business-related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety;

4. &nbsp;&nbsp;&nbsp;&nbsp; Any ownership interest in, or any consulting or employment relationship with, any of the Trust's service providers, other than their investment adviser, principal underwriter, administrator or any affiliated person thereof;

5. &nbsp;&nbsp;&nbsp;&nbsp; A direct or indirect financial interest in commissions, transaction charges or spreads paid by the Trust for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer's employment, such as compensation or equity ownership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Conflicts of interest not specifically enumerated.** It is impractical to attempt to list in this Code all possible situations that could result in a conflict of interest. If a proposed transaction, interest, personal activity, or investment raises any concerns, questions or doubts, a Covered Officer should consult with the Chief Compliance Officer before engaging in such transaction or investment or pursuing such interest or activity. The Chief Compliance Officer shall review the facts and circumstances of the actual or potential conflict of interest in accordance with Section IV of these Procedures.

III. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Disclosure and Compliance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** Each Covered Officer should familiarize himself or herself with the disclosure requirements generally applicable to the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** Each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about the Trust to others, whether within or outside the Trust, including to the Trust's Trustees and auditors, and to governmental regulators and self-regulatory organizations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** Each Covered Officer should, to the extent appropriate within his or her area of responsibility, consult with other officers and employees of the Trust, the adviser and the administrator with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Trust file with, or submit to, the SEC and in other public communications made by the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** It is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

IV. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reporting and Accountability

**A. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Responsibilities and conduct.** Each Covered Officer must:

1. &nbsp;&nbsp;&nbsp;&nbsp; Upon adoption of the Code (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing to the appropriate Board that he or she has received, read, and understands the Code;

2. &nbsp;&nbsp;&nbsp;&nbsp; Annually thereafter affirm to the appropriate Board that he or she has complied with the requirements of the Code;

3. &nbsp;&nbsp;&nbsp;&nbsp; Not retaliate against any other Covered Officer or any employee of the Trust or their affiliated persons for reports of potential violations that are made in good faith; and

4. &nbsp;&nbsp;&nbsp;&nbsp; Notify the Chief Compliance Officer promptly if he or she knows of any violation of this Code. Failure to do so is itself a violation of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chief Compliance Officer.** The Chief Compliance Officer is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation. Based on its review, the Chief Compliance Officer shall advise the Covered Officer that the proposed transaction, investment, interest or activity: (i) would not violate this Code; (ii) would not violate this Code only if conducted in a particular manner and/or subject to certain conditions or safeguards; or (iii) would violate the Code and is, therefore, prohibited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Waivers.** A Covered Officer may request a waiver from a provision of this Code if there is a reasonable likelihood that a contemplated action would not involve an actual conflict of interest that this Code is designed to prevent. The Audit and Compliance Committee of the Board (the "Committee") shall review and act upon any request for a waiver from any provision of the Code. The Committee shall disclose any waiver from a provision of the Code to the extent required by SEC rules or any other policy of the Trust or VCM.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enforcing the Code of Conduct.** The Trust will adhere to the following procedures in investigating and enforcing this Code:

1. &nbsp;&nbsp;&nbsp;&nbsp; The Chief Compliance Officer will take all appropriate action to investigate any potential violations reported to him or her;

2. &nbsp;&nbsp;&nbsp;&nbsp; If, after such investigation, the Chief Compliance Officer believes that no violation has occurred, no further action is required;

3. &nbsp;&nbsp;&nbsp;&nbsp; Any matter that the Chief Compliance Officer believes is a violation shall be reported to the Committee; and

4. &nbsp;&nbsp;&nbsp;&nbsp; If the Committee concurs that a violation has occurred, it will inform the Board and make a recommendation of appropriate courses of action. The Board will consider and take appropriate action regarding the violation. The Board may among other things, notify VCM, the Trust's administrator, or their Boards of Directors; recommend the assessment of a monetary penalty against the Covered Person; issue a formal written reprimand to, or recommend the dismissal of, the Covered Officer; require additional training by the violator; or recommend modifications to the Trust's policies and procedures.

V. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Policies and Procedures

This Code shall be the sole code of conduct adopted by the Trust for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies relating to that section. Insofar as other policies or procedures of the Trust, the Trust's investment adviser, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Codes of Ethics under Rule 17j-1 under the Investment Company Act, and any insider trading policies are separate policies of the Trust, VCM, any sub-adviser or the principal underwriter that apply to the Covered Officers and others, and are not part of this Code.

VI. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amendments

Any amendments to this Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of the Board, including a majority of the Trustees who are not "interested persons" (as defined in the Investment Company Act) (the "Independent Trustees"). Any changes to this Code will, to the extent required, will be disclosed as provided by SEC rules.

VII. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Confidentiality

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than officers and Trustees of the Trust, the Trust's investment adviser, administrator or sub-administrator, counsel to the Trust or counsel to the Independent Trustees.

VIII. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Internal Use

The Code is intended solely for the internal use by the Trust and does not constitute an admission, by or on behalf of the Trust, as to any fact, circumstance, or legal conclusion.

Adopted:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; July 1, 2019 (USAA Funds)

Amended:&nbsp;&nbsp;&nbsp;&nbsp; April 24, 2023

# Exhibit A
**<u>Persons Covered by this Code of Conduct</u>**

Victory Portfolios III

Principal Executive Officer: Thomas Dusenberry, President Principal Financial Officer: Carol D. Trevino, Treasurer

As of February 2, 2026

# Exhibit B <u>Acknowledgement</u> 
Pursuant to the requirements of the Code of Conduct adopted by Victory Portfolios III (the Trust or the Funds), I hereby acknowledge and affirm that I have received, read and understand the Code and agree to adhere to and abide by the letter and spirit of its provisions.

Signature: &nbsp;&nbsp;&nbsp;&nbsp; <u>/s/ Thomas Dusenberry</u> 

Print Name:&nbsp;&nbsp;&nbsp;&nbsp; Thomas Dusenberry

<sup>Date:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</sup> February 2, 2026

# Exhibit B <u>Acknowledgement</u> 
Pursuant to the requirements of the Code of Conduct adopted by Victory Portfolios III (the Trust or the Funds), I hereby acknowledge and affirm that I have received, read and understand the Code and agree to adhere to and abide by the letter and spirit of its provisions.

Signature: &nbsp;&nbsp;&nbsp;&nbsp; <u>/s/ Carol D.Trevino&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

Print Name:&nbsp;&nbsp;&nbsp;&nbsp; Carol D. Trevino <sup>Date:</sup><sup>&nbsp;&nbsp;&nbsp;&nbsp;</sup> February 2, 2026

# Exhibit C <u>Annual Certification</u> 
Pursuant to the requirements of the Code of Conduct adopted by Victory Portfolios III (the Trust or the Funds), I hereby acknowledge and affirm that since the date of the last annual certification given pursuant to the Code, I have complied with all requirements of the Code.

Signature: &nbsp;&nbsp;&nbsp;&nbsp; <u>/s/ Thomas Dusenberry</u> 

Print Name:&nbsp;&nbsp;&nbsp;&nbsp; Thomas Dusenberry <sup>Date:</sup> February 2, 2026

# Exhibit C <u>Annual Certification</u> 
Pursuant to the requirements of the Code of Conduct adopted by Victory Portfolios III (the Trust or the Funds), I hereby acknowledge and affirm that since the date of the last annual certification given pursuant to the Code, I have complied with all requirements of the Code.

Signature: &nbsp;&nbsp;&nbsp;&nbsp; <u>/s/ Carol D.Trevino</u> 

Print Name:&nbsp;&nbsp;&nbsp;&nbsp; Carol D. Trevino

Date:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; February 2, 2026

## 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>May 7, 2026&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>/s/ Thomas Dusenberry&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> <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>May 7, 2026&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>/s/ Carol D. Trevino&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> <br> Date&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carol D. Trevino<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Treasurer and Principal Financial Officer

## Exhibit 99.906

<u>Section 906 – CERTIFICATIONS</u>

This certification is provided pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. § 1350, and accompanies the report on Form N-CSR for the period ended February 28, 2026, 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>May 7, 2026&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

Date

<u>/s/ Thomas Dusenberry&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

Thomas Dusenberry

President and Principal Executive Officer

<u>/s/ Carol D. Trevino&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

Carol D. Trevino

Treasurer and Principal Financial Officer

This certification is being furnished solely pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and is not being filed as part of Form N-CSR or as a separate disclosure document. A signed original of this written statement required by Section 906 has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission or its staff upon request.