Schedule
of
Portfolio
Investments
January
31,
2024
Victory
Portfolios
III
Victory
Target
Retirement
Income
Fund
1
(Unaudited)
Security
Description
Shares
Value
(000)
Affiliated
Exchange-Traded
Funds
(20.1%)
VictoryShares
Corporate
Bond
ETF
..........................................
1,899,203
$
40,293
VictoryShares
Emerging
Markets
Value
Momentum
ETF
..........................
256,416
11,243
VictoryShares
Free
Cash
Flow
ETF(a)
........................................
136,657
3,865
VictoryShares
International
Value
Momentum
ETF
...............................
313,161
14,371
VictoryShares
International
Volatility
Wtd
ETF
.................................
154,761
6,375
VictoryShares
Nasdaq
Next
50
ETF
..........................................
149,092
3,970
VictoryShares
Short-Term
Bond
ETF
.........................................
443,598
22,127
VictoryShares
Small
Cap
Free
Cash
Flow
ETF(a)
................................
20,000
499
VictoryShares
US
Multi-Factor
Minimum
Volatility
ETF
...........................
107,387
4,598
VictoryShares
US
Small
Mid
Cap
Value
Momentum
ETF
..........................
86,772
6,261
VictoryShares
US
Value
Momentum
ETF
......................................
107,876
7,423
VictoryShares
WestEnd
U.S.
Sector
ETF(a)
....................................
314,123
10,448
Total
Affiliated
Exchange-Traded
Funds
(Cost
$126,167)
a
a
a
131,473
Affiliated
Mutual
Funds
(79.6%)
Victory
500
Index
Fund,
Reward
Shares
.......................................
283,204
17,482
Victory
Core
Plus
Intermediate
Bond
Fund,
Institutional
Shares
......................
5,319,751
49,048
Victory
Global
Managed
Volatility
Fund,
Institutional
Shares
........................
3,864,466
39,108
Victory
Government
Securities
Fund,
Institutional
Shares
..........................
15,929,262
141,133
Victory
Growth
Fund,
Institutional
Shares
.....................................
272,182
8,914
Victory
High
Income
Fund,
Institutional
Shares
.................................
5,834,722
40,260
Victory
Income
Stock
Fund,
Institutional
Shares
.................................
248,090
4,575
Victory
Integrity
Mid-Cap
Value
Fund,
Class
R6
.................................
250,549
5,833
Victory
Market
Neutral
Income
Fund,
Institutional
Shares
..........................
4,026,396
34,989
Victory
Nasdaq-100
Index
Fund,
Class
R6
.....................................
65,818
2,822
Victory
Precious
Metals
and
Minerals
Fund,
Institutional
Shares
.....................
143,823
2,272
Victory
RS
International
Fund,
Class
R6
......................................
1,913,767
22,238
Victory
Short-Term
Bond
Fund,
Institutional
Shares
..............................
10,086,755
90,176
Victory
Small
Cap
Stock
Fund,
Institutional
Shares
...............................
665,491
8,711
Victory
Sophus
Emerging
Markets
Fund,
Class
R6
...............................
194,839
3,579
Victory
Target
Managed
Allocation
Fund
......................................
3,482,469
33,467
Victory
Trivalent
International
Fund-Core
Equity,
Class
R6
.........................
2,157,528
16,376
Total
Affiliated
Mutual
Funds
(Cost
$511,760)
a
a
a
520,983
Collateral
for
Securities
Loaned
(0.0%)^(b)
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares,
5.22%(c)
........
5,913
6
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares,
5.27%(c)
............
5,913
6
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares,
5.24%(c)
...............
5,913
6
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares,
5.21%(c)
.
5,913
6
Total
Collateral
for
Securities
Loaned
(Cost
$24)
a
a
a
24
Total
Investments
(Cost
$637,951)
—
99.7%
652,480
Other
assets
in
excess
of
liabilities
—
0.3%
2,265
NET
ASSETS
-
100.00%
$
654,745
At
January
31,
2024,
the
foreign
securities
held
by
the
underlying
Funds
were
17.3%
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
January
31,
2024.
ETF
—
Exchange-Traded
Fund
Victory
Portfolios
III
Victory
Target
Retirement
Income
Fund
2
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Affiliated Holdings
(Amounts
in
thousands)
Fair
Value
4/30/2023
Purchases
at
Cost
Proceeds
from
Sales
Net
Realized
Gains
(Losses)
Capital
Gain
Distributions
Net
Change
in
Unrealized
Appreciation/
Depreciation
Fair
Value
1/31/2024
Dividend
Income
Victory
500
Index
Fund,
Reward
Shares
................
$
18,405
$
339
$
(3,765)
$
(446)
$
144
$
2,949
$
17,482
$
194
Victory
Core
Plus
Intermediate
Bond
Fund,
Institutional
Shares
................
45,274
3,841
(1)
—*
—
(66)
49,048
1,518
Victory
Global
Managed
Volatility
Fund,
Institutional
Shares
................
40,308
690
(5,297)
(661)
—
4,068
39,108
690
Victory
Government
Securities
Fund,
Institutional
Shares
..
147,521
3,230
(7,989)
(1,116)
—
(513)
141,133
3,643
Victory
Growth
Fund,
Institutional
Shares
.......
7,450
533
(509)
353
533
1,087
8,914
—
Victory
High
Income
Fund,
Institutional
Shares
.......
36,910
2,181
—
—
—
1,169
40,260
2,181
Victory
Income
Stock
Fund,
Institutional
Shares
.......
4,094
233
—
—
134
248
4,575
99
Victory
Integrity
Mid-Cap
Value
Fund,
Class
R6
..........
6,981
210
(1,739)
(9)
161
390
5,833
49
Victory
Market
Neutral
Income
Fund,
Institutional
Shares
..
33,115
1,194
—
—
—
680
34,989
1,194
Victory
Nasdaq-100
Index
Fund,
Class
R6
..............
2,173
74
—
—
21
575
2,822
53
Victory
Precious
Metals
and
Minerals
Fund,
Institutional
Shares
................
2,711
63
—
—
—
(502)
2,272
63
Victory
RS
International
Fund,
Class
R6
..............
20,908
571
(500)
53
—
1,206
22,238
571
Victory
Short-Term
Bond
Fund,
Institutional
Shares
.......
103,243
2,810
(17,631)
(771)
—
2,525
90,176
3,110
Victory
Small
Cap
Stock
Fund,
Institutional
Shares
.......
8,426
26
(638)
(72)
—
969
8,711
26
Victory
Sophus
Emerging
Markets
Fund,
Class
R6
....
4,423
95
(1,008)
(437)
—
506
3,579
95
Victory
Target
Managed
Allocation
Fund
.........
34,042
489
(3,897)
(627)
—
3,460
33,467
489
Victory
Trivalent
International
Fund-Core
Equity,
Class
R6
.
15,098
608
—
—
—
670
16,376
608
VictoryShares
Corporate
Bond
ETF
..................
39,799
—
—
—
—
494
40,293
1,154
VictoryShares
Emerging
Markets
Value
Momentum
ETF
....
10,870
—
—
—
—
373
11,243
495
VictoryShares
Free
Cash
Flow
ETF
..................
—
3,408
—
—
—
457
3,865
29
VictoryShares
International
Value
Momentum
ETF
....
16,576
—
(2,813)
(386)
—
994
14,371
535
VictoryShares
International
Volatility
Wtd
ETF
.......
6,311
—
—
—
—
64
6,375
140
VictoryShares
Nasdaq
Next
50
ETF
..................
3,714
—
—
—
—
256
3,970
22
VictoryShares
Short-Term
Bond
ETF
..................
21,847
—
—
—
—
280
22,127
814
VictoryShares
Small
Cap
Free
Cash
Flow
ETF
..........
—
503
—
—
—
(4)
499
—
VictoryShares
US
Multi-Factor
Minimum
Volatility
ETF
...
5,603
—
(1,407)
325
—
77
4,598
65
VictoryShares
US
Small
Mid
Cap
Value
Momentum
ETF
.
5,492
—
—
—
—
769
6,261
76
Victory
Portfolios
III
Victory
Target
Retirement
Income
Fund
3
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Affiliated Holdings
(Amounts
in
thousands)
Fair
Value
4/30/2023
Purchases
at
Cost
Proceeds
from
Sales
Net
Realized
Gains
(Losses)
Capital
Gain
Distributions
Net
Change
in
Unrealized
Appreciation/
Depreciation
Fair
Value
1/31/2024
Dividend
Income
VictoryShares
US
Value
Momentum
ETF
.........
$
12,047
$
—
$
(5,166)
$
1,008
$
—
$
(466)
$
7,423
$
132
VictoryShares
WestEnd
U.S.
Sector
ETF
.............
9,736
—
(669)
94
—
1,287
10,448
86
$
663,077
$
21,098
$
(53,029)
$
(2,692)
$
993
$
24,002
$
652,456
$
18,131
*
Rounds
to
less
than
$1
thousand.
Schedule
of
Portfolio
Investments
January
31,
2024
Victory
Portfolios
III
Victory
Target
Retirement
2030
Fund
4
(Unaudited)
Security
Description
Shares
Value
(000)
Affiliated
Exchange-Traded
Funds
(24.8%)
VictoryShares
Corporate
Bond
ETF
..........................................
1,952,524
$
41,424
VictoryShares
Emerging
Markets
Value
Momentum
ETF
..........................
609,025
26,705
VictoryShares
Free
Cash
Flow
ETF
..........................................
433,670
12,265
VictoryShares
International
Value
Momentum
ETF
...............................
907,878
41,663
VictoryShares
International
Volatility
Wtd
ETF(a)
...............................
443,850
18,282
VictoryShares
Nasdaq
Next
50
ETF
..........................................
560,188
14,918
VictoryShares
Short-Term
Bond
ETF
.........................................
874,703
43,630
VictoryShares
Small
Cap
Free
Cash
Flow
ETF
..................................
272,000
6,792
VictoryShares
US
Multi-Factor
Minimum
Volatility
ETF
...........................
264,132
11,310
VictoryShares
US
Small
Mid
Cap
Value
Momentum
ETF
..........................
260,422
18,789
VictoryShares
US
Value
Momentum
ETF(a)
....................................
369,822
25,448
VictoryShares
WestEnd
U.S.
Sector
ETF(a)
....................................
1,057,197
35,162
Total
Affiliated
Exchange-Traded
Funds
(Cost
$271,369)
a
a
a
296,388
Affiliated
Mutual
Funds
(75.1%)
Victory
500
Index
Fund,
Reward
Shares
.......................................
928,026
57,287
Victory
Core
Plus
Intermediate
Bond
Fund,
Institutional
Shares
......................
7,022,724
64,750
Victory
Global
Managed
Volatility
Fund,
Institutional
Shares
........................
11,609,668
117,490
Victory
Government
Securities
Fund,
Institutional
Shares
..........................
21,300,132
188,719
Victory
Growth
Fund,
Institutional
Shares
.....................................
617,524
20,224
Victory
High
Income
Fund,
Institutional
Shares
.................................
7,265,361
50,131
Victory
Income
Stock
Fund,
Institutional
Shares
.................................
892,966
16,466
Victory
Integrity
Mid-Cap
Value
Fund,
Class
R6
.................................
938,367
21,845
Victory
Market
Neutral
Income
Fund,
Institutional
Shares
..........................
3,226,321
28,037
Victory
Nasdaq-100
Index
Fund,
Class
R6
.....................................
539,437
23,131
Victory
Precious
Metals
and
Minerals
Fund,
Institutional
Shares
.....................
261,845
4,137
Victory
RS
International
Fund,
Class
R6
......................................
5,103,647
59,304
Victory
Short-Term
Bond
Fund,
Institutional
Shares
..............................
7,477,066
66,845
Victory
Small
Cap
Stock
Fund,
Institutional
Shares
...............................
1,687,620
22,091
Victory
Sophus
Emerging
Markets
Fund,
Class
R6
...............................
529,376
9,725
Victory
Target
Managed
Allocation
Fund
......................................
10,997,979
105,691
Victory
Trivalent
International
Fund-Core
Equity,
Class
R6
.........................
5,549,422
42,120
Total
Affiliated
Mutual
Funds
(Cost
$863,640)
a
a
a
897,993
Collateral
for
Securities
Loaned
(0.0%)^(b)
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares,
5.22%(c)
........
131,750
131
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares,
5.27%(c)
............
131,750
132
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares,
5.24%(c)
...............
131,750
132
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares,
5.21%(c)
.
131,750
132
Total
Collateral
for
Securities
Loaned
(Cost
$527)
a
a
a
527
Total
Investments
(Cost
$1,135,536)
—
99.9%
1,194,908
Other
assets
in
excess
of
liabilities
—
0.1%
1,213
NET
ASSETS
-
100.00%
$
1,196,121
At
January
31,
2024,
the
foreign
securities
held
by
the
underlying
Funds
were
26.4%
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
January
31,
2024.
ETF
—
Exchange-Traded
Fund
Victory
Portfolios
III
Victory
Target
Retirement
2030
Fund
5
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Affiliated Holdings
(Amounts
in
thousands)
Fair
Value
4/30/2023
Purchases
at
Cost
Proceeds
from
Sales
Net
Realized
Gains
(Losses)
Capital
Gain
Distributions
Net
Change
in
Unrealized
Appreciation/
Depreciation
Fair
Value
1/31/2024
Dividend
Income
Victory
500
Index
Fund,
Reward
Shares
................
$
65,470
$
1,167
$
(18,454)
$
(1,249)
$
510
$
10,353
$
57,287
$
657
Victory
Core
Plus
Intermediate
Bond
Fund,
Institutional
Shares
................
61,125
3,775
(1)
—*
—
(149)
64,750
2,008
Victory
Global
Managed
Volatility
Fund,
Institutional
Shares
................
117,296
2,031
(12,022)
(857)
—
11,042
117,490
2,031
Victory
Government
Securities
Fund,
Institutional
Shares
..
186,297
4,212
—
—*
—
(1,790)
188,719
4,763
Victory
Growth
Fund,
Institutional
Shares
.......
24,138
1,282
(9,351)
5,098
1,283
(943)
20,224
—
Victory
High
Income
Fund,
Institutional
Shares
.......
45,960
2,716
—
—
—
1,455
50,131
2,716
Victory
Income
Stock
Fund,
Institutional
Shares
.......
14,735
839
—
—
481
892
16,466
357
Victory
Integrity
Mid-Cap
Value
Fund,
Class
R6
..........
26,735
730
(6,969)
1,053
560
296
21,845
170
Victory
Market
Neutral
Income
Fund,
Institutional
Shares
..
22,754
4,837
—
—
—
446
28,037
837
Victory
Nasdaq-100
Index
Fund,
Class
R6
..............
17,807
604
—
—
172
4,720
23,131
432
Victory
Precious
Metals
and
Minerals
Fund,
Institutional
Shares
................
4,936
114
—
—
—
(913)
4,137
114
Victory
RS
International
Fund,
Class
R6
..............
54,486
1,522
—
—
—
3,296
59,304
1,522
Victory
Short-Term
Bond
Fund,
Institutional
Shares
.......
63,777
1,821
(23)
(2)
—
1,272
66,845
2,042
Victory
Small
Cap
Stock
Fund,
Institutional
Shares
.......
22,781
70
(3,198)
(351)
—
2,789
22,091
70
Victory
Sophus
Emerging
Markets
Fund,
Class
R6
....
9,350
259
—
—
—
116
9,725
259
Victory
Target
Managed
Allocation
Fund
.........
106,044
1,491
(10,619)
(1,804)
—
10,579
105,691
1,491
Victory
Trivalent
International
Fund-Core
Equity,
Class
R6
.
39,732
1,565
(895)
(1)
—
1,719
42,120
1,565
VictoryShares
Corporate
Bond
ETF
..................
37,040
3,839
—
—
—
545
41,424
1,111
VictoryShares
Emerging
Markets
Value
Momentum
ETF
....
25,817
—
—
—
—
888
26,705
1,176
VictoryShares
Free
Cash
Flow
ETF
..................
—
10,907
—
—
—
1,358
12,265
92
VictoryShares
International
Value
Momentum
ETF
....
46,133
—
(6,203)
(966)
—
2,699
41,663
1,537
VictoryShares
International
Volatility
Wtd
ETF
.......
18,100
—
—
—
—
182
18,282
401
VictoryShares
Nasdaq
Next
50
ETF
..................
17,344
—
(3,496)
(838)
—
1,908
14,918
90
VictoryShares
Short-Term
Bond
ETF
..................
41,109
1,958
—
—
—
563
43,630
1,574
VictoryShares
Small
Cap
Free
Cash
Flow
ETF
..........
—
6,766
—
—
—
26
6,792
—
VictoryShares
US
Multi-Factor
Minimum
Volatility
ETF
...
10,447
—
—
—
—
863
11,310
147
VictoryShares
US
Small
Mid
Cap
Value
Momentum
ETF
.
19,583
—
(3,532)
829
—
1,909
18,789
269
Victory
Portfolios
III
Victory
Target
Retirement
2030
Fund
6
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Affiliated Holdings
(Amounts
in
thousands)
Fair
Value
4/30/2023
Purchases
at
Cost
Proceeds
from
Sales
Net
Realized
Gains
(Losses)
Capital
Gain
Distributions
Net
Change
in
Unrealized
Appreciation/
Depreciation
Fair
Value
1/31/2024
Dividend
Income
VictoryShares
US
Value
Momentum
ETF
.........
$
39,411
$
—
$
(16,033)
$
3,068
$
—
$
(998)
$
25,448
$
448
VictoryShares
WestEnd
U.S.
Sector
ETF
.............
33,629
—
(3,150)
506
—
4,177
35,162
296
$
1,172,036
$
52,505
$
(93,946)
$
4,486
$
3,006
$
59,300
$
1,194,381
$
28,175
*
Rounds
to
less
than
$1
thousand.
Schedule
of
Portfolio
Investments
January
31,
2024
Victory
Portfolios
III
Victory
Target
Retirement
2040
Fund
7
(Unaudited)
Security
Description
Shares
Value
(000)
Affiliated
Exchange-Traded
Funds
(27.5%)
VictoryShares
Corporate
Bond
ETF
..........................................
1,469,335
$
31,173
VictoryShares
Emerging
Markets
Value
Momentum
ETF
..........................
1,056,858
46,341
VictoryShares
Free
Cash
Flow
ETF
..........................................
729,836
20,641
VictoryShares
International
Value
Momentum
ETF
...............................
1,427,525
65,509
VictoryShares
International
Volatility
Wtd
ETF(a)
...............................
654,183
26,946
VictoryShares
Nasdaq
Next
50
ETF
..........................................
970,735
25,851
VictoryShares
Short-Term
Bond
ETF
.........................................
584,514
29,155
VictoryShares
Small
Cap
Free
Cash
Flow
ETF
..................................
442,000
11,037
VictoryShares
US
Multi-Factor
Minimum
Volatility
ETF
...........................
428,496
18,348
VictoryShares
US
Small
Mid
Cap
Value
Momentum
ETF
..........................
420,524
30,341
VictoryShares
US
Value
Momentum
ETF
......................................
644,960
44,381
VictoryShares
WestEnd
U.S.
Sector
ETF(a)
....................................
1,828,537
60,817
Total
Affiliated
Exchange-Traded
Funds
(Cost
$365,503)
a
a
a
410,540
Affiliated
Mutual
Funds
(72.2%)
Victory
500
Index
Fund,
Reward
Shares
.......................................
1,576,053
97,290
Victory
Core
Plus
Intermediate
Bond
Fund,
Institutional
Shares
......................
4,516,232
41,640
Victory
Global
Managed
Volatility
Fund,
Institutional
Shares
........................
18,928,183
191,553
Victory
Government
Securities
Fund,
Institutional
Shares
..........................
11,283,267
99,970
Victory
Growth
Fund,
Institutional
Shares
.....................................
1,043,401
34,171
Victory
High
Income
Fund,
Institutional
Shares
.................................
8,400,540
57,964
Victory
Income
Stock
Fund,
Institutional
Shares
.................................
1,452,245
26,779
Victory
Integrity
Mid-Cap
Value
Fund,
Class
R6
.................................
1,647,193
38,347
Victory
Market
Neutral
Income
Fund,
Institutional
Shares
..........................
2,530,270
21,988
Victory
Nasdaq-100
Index
Fund,
Class
R6
.....................................
941,523
40,373
Victory
Precious
Metals
and
Minerals
Fund,
Institutional
Shares
.....................
291,216
4,601
Victory
RS
International
Fund,
Class
R6
......................................
8,299,496
96,440
Victory
Short-Term
Bond
Fund,
Institutional
Shares
..............................
2,924,508
26,145
Victory
Small
Cap
Stock
Fund,
Institutional
Shares
...............................
2,730,254
35,739
Victory
Sophus
Emerging
Markets
Fund,
Class
R6
...............................
805,788
14,802
Victory
Target
Managed
Allocation
Fund
......................................
18,582,381
178,577
Victory
Trivalent
International
Fund-Core
Equity,
Class
R6
.........................
9,088,045
68,978
Total
Affiliated
Mutual
Funds
(Cost
$998,114)
a
a
a
1,075,357
Collateral
for
Securities
Loaned
(0.1%)^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares,
5.22%(b)
........
206,681
206
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares,
5.27%(b)
............
206,681
207
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares,
5.24%(b)
...............
206,681
207
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares,
5.21%(b)
.
206,681
207
Total
Collateral
for
Securities
Loaned
(Cost
$827)
a
a
a
827
Total
Investments
(Cost
$1,364,444)
—
99.8%
1,486,724
Other
assets
in
excess
of
liabilities
—
0.2%
3,045
NET
ASSETS
-
100.00%
$
1,489,769
At
January
31,
2024,
the
foreign
securities
held
by
the
underlying
Funds
were
34.3%
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
January
31,
2024.
ETF
—
Exchange-Traded
Fund
Victory
Portfolios
III
Victory
Target
Retirement
2040
Fund
8
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Affiliated Holdings
(Amounts
in
thousands)
Fair
Value
4/30/2023
Purchases
at
Cost
Proceeds
from
Sales
Net
Realized
Gains
(Losses)
Capital
Gain
Distributions
Net
Change
in
Unrealized
Appreciation/
Depreciation
Fair
Value
1/31/2024
Dividend
Income
Victory
500
Index
Fund,
Reward
Shares
................
$
105,996
$
1,986
$
(26,007)
$
(1,495)
$
866
$
16,810
$
97,290
$
1,120
Victory
Core
Plus
Intermediate
Bond
Fund,
Institutional
Shares
................
37,574
4,099
(1)
—*
—
(32)
41,640
1,249
Victory
Global
Managed
Volatility
Fund,
Institutional
Shares
................
187,333
3,311
(15,480)
(2,366)
—
18,755
191,553
3,311
Victory
Government
Securities
Fund,
Institutional
Shares
..
98,687
2,231
—
—*
—
(948)
99,970
2,523
Victory
Growth
Fund,
Institutional
Shares
.......
39,812
2,354
(14,878)
8,217
2,354
(1,334)
34,171
—
Victory
High
Income
Fund,
Institutional
Shares
.......
48,425
7,923
—
—
—
1,616
57,964
2,923
Victory
Income
Stock
Fund,
Institutional
Shares
.......
23,964
1,364
—
—
784
1,451
26,779
580
Victory
Integrity
Mid-Cap
Value
Fund,
Class
R6
..........
42,781
1,263
(8,062)
1,108
980
1,257
38,347
283
Victory
Market
Neutral
Income
Fund,
Institutional
Shares
..
16,062
5,605
—
—
—
321
21,988
605
Victory
Nasdaq-100
Index
Fund,
Class
R6
..............
30,167
2,055
—
—
300
8,151
40,373
755
Victory
Precious
Metals
and
Minerals
Fund,
Institutional
Shares
................
5,489
127
—
—
—
(1,015)
4,601
127
Victory
RS
International
Fund,
Class
R6
..............
89,536
3,475
(2,002)
77
—
5,354
96,440
2,475
Victory
Short-Term
Bond
Fund,
Institutional
Shares
.......
24,945
712
(9)
(1)
—
498
26,145
799
Victory
Small
Cap
Stock
Fund,
Institutional
Shares
.......
32,643
1,103
(1,524)
(762)
—
4,279
35,739
103
Victory
Sophus
Emerging
Markets
Fund,
Class
R6
....
13,290
1,394
—
—
—
118
14,802
394
Victory
Target
Managed
Allocation
Fund
.........
162,155
2,460
—
—
—
13,962
178,577
2,460
Victory
Trivalent
International
Fund-Core
Equity,
Class
R6
.
65,532
2,562
(2,005)
(154)
—
3,043
68,978
2,562
VictoryShares
Corporate
Bond
ETF
..................
18,296
12,423
—
—
—
454
31,173
599
VictoryShares
Emerging
Markets
Value
Momentum
ETF
....
42,819
2,005
—
—
—
1,517
46,341
2,000
VictoryShares
Free
Cash
Flow
ETF
..................
—
18,402
—
—
—
2,239
20,641
155
VictoryShares
International
Value
Momentum
ETF
....
69,736
—
(6,978)
(1,126)
—
3,877
65,509
2,310
VictoryShares
International
Volatility
Wtd
ETF
.......
26,678
—
—
—
—
268
26,946
591
VictoryShares
Nasdaq
Next
50
ETF
..................
28,996
—
(4,997)
(936)
—
2,788
25,851
153
VictoryShares
Short-Term
Bond
ETF
..................
24,289
4,459
—
—
—
407
29,155
970
VictoryShares
Small
Cap
Free
Cash
Flow
ETF
..........
—
11,009
—
—
—
28
11,037
—
VictoryShares
US
Multi-Factor
Minimum
Volatility
ETF
...
16,948
—
—
—
—
1,400
18,348
238
VictoryShares
US
Small
Mid
Cap
Value
Momentum
ETF
.
28,711
3,500
(6,040)
589
—
3,581
30,341
427
Victory
Portfolios
III
Victory
Target
Retirement
2040
Fund
9
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Affiliated Holdings
(Amounts
in
thousands)
Fair
Value
4/30/2023
Purchases
at
Cost
Proceeds
from
Sales
Net
Realized
Gains
(Losses)
Capital
Gain
Distributions
Net
Change
in
Unrealized
Appreciation/
Depreciation
Fair
Value
1/31/2024
Dividend
Income
VictoryShares
US
Value
Momentum
ETF
.........
$
62,734
$
—
$
(21,965)
$
4,104
$
—
$
(492)
$
44,381
$
759
VictoryShares
WestEnd
U.S.
Sector
ETF
.............
56,197
—
(3,127)
391
—
7,356
60,817
491
$
1,399,795
$
95,822
$
(113,075)
$
7,646
$
5,284
$
95,709
$
1,485,897
$
30,962
*
Rounds
to
less
than
$1
thousand.
Schedule
of
Portfolio
Investments
January
31,
2024
Victory
Portfolios
III
Victory
Target
Retirement
2050
Fund
10
(Unaudited)
Security
Description
Shares
Value
(000)
Affiliated
Exchange-Traded
Funds
(28.4%)
VictoryShares
Corporate
Bond
ETF
..........................................
513,750
$
10,899
VictoryShares
Emerging
Markets
Value
Momentum
ETF
..........................
746,226
32,721
VictoryShares
Free
Cash
Flow
ETF
..........................................
528,080
14,935
VictoryShares
International
Value
Momentum
ETF
...............................
1,035,667
47,526
VictoryShares
International
Volatility
Wtd
ETF(a)
...............................
442,741
18,237
VictoryShares
Nasdaq
Next
50
ETF
..........................................
672,474
17,908
VictoryShares
Small
Cap
Free
Cash
Flow
ETF
..................................
352,000
8,789
VictoryShares
US
Multi-Factor
Minimum
Volatility
ETF
...........................
310,087
13,278
VictoryShares
US
Small
Mid
Cap
Value
Momentum
ETF
..........................
281,624
20,319
VictoryShares
US
Value
Momentum
ETF
......................................
461,874
31,783
VictoryShares
WestEnd
U.S.
Sector
ETF(a)
....................................
1,380,725
45,923
Total
Affiliated
Exchange-Traded
Funds
(Cost
$229,975)
a
a
a
262,318
Affiliated
Mutual
Funds
(71.3%)
Victory
500
Index
Fund,
Reward
Shares
.......................................
1,210,193
74,705
Victory
Core
Plus
Intermediate
Bond
Fund,
Institutional
Shares
......................
2,572,403
23,718
Victory
Global
Managed
Volatility
Fund,
Institutional
Shares
........................
13,358,220
135,185
Victory
Government
Securities
Fund,
Institutional
Shares
..........................
3,462,503
30,678
Victory
Growth
Fund,
Institutional
Shares
.....................................
886,594
29,036
Victory
High
Income
Fund,
Institutional
Shares
.................................
1,560,563
10,768
Victory
Income
Stock
Fund,
Institutional
Shares
.................................
1,012,094
18,663
Victory
Integrity
Mid-Cap
Value
Fund,
Class
R6
.................................
1,135,743
26,440
Victory
Market
Neutral
Income
Fund,
Institutional
Shares
..........................
803,282
6,981
Victory
Nasdaq-100
Index
Fund,
Class
R6
.....................................
671,385
28,789
Victory
Precious
Metals
and
Minerals
Fund,
Institutional
Shares
.....................
163,609
2,585
Victory
RS
International
Fund,
Class
R6
......................................
5,623,113
65,341
Victory
Short-Term
Bond
Fund,
Institutional
Shares
..............................
97,449
871
Victory
Small
Cap
Stock
Fund,
Institutional
Shares
...............................
1,925,833
25,209
Victory
Sophus
Emerging
Markets
Fund,
Class
R6
...............................
627,825
11,533
Victory
Target
Managed
Allocation
Fund
......................................
12,639,635
121,467
Victory
Trivalent
International
Fund-Core
Equity,
Class
R6
.........................
6,223,906
47,239
Total
Affiliated
Mutual
Funds
(Cost
$600,848)
a
a
a
659,208
Collateral
for
Securities
Loaned
(0.0%)^(b)
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares,
5.22%(c)
........
102,269
103
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares,
5.27%(c)
............
102,269
102
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares,
5.24%(c)
...............
102,269
102
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares,
5.21%(c)
.
102,269
102
Total
Collateral
for
Securities
Loaned
(Cost
$409)
a
a
a
409
Total
Investments
(Cost
$831,232)
—
99.7%
921,935
Other
assets
in
excess
of
liabilities
—
0.3%
3,061
NET
ASSETS
-
100.00%
$
924,996
At
January
31,
2024,
the
foreign
securities
held
by
the
underlying
Funds
were
38.7%
of
net
assets.
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
All
or
a
portion
of
this
security
is
on
loan.
(b)
Amount
represents
less
than
0.05%
of
net
assets.
(c)
Rate
disclosed
is
the
daily
yield
on
January
31,
2024.
ETF
—
Exchange-Traded
Fund
Victory
Portfolios
III
Victory
Target
Retirement
2050
Fund
11
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Affiliated Holdings
(Amounts
in
thousands)
Fair
Value
4/30/2023
Purchases
at
Cost
Proceeds
from
Sales
Net
Realized
Gains
(Losses)
Capital
Gain
Distributions
Net
Change
in
Unrealized
Appreciation/
Depreciation
Fair
Value
1/31/2024
Dividend
Income
Victory
500
Index
Fund,
Reward
Shares
................
$
74,128
$
1,468
$
(12,025)
$
(877)
$
659
$
12,011
$
74,705
$
809
Victory
Core
Plus
Intermediate
Bond
Fund,
Institutional
Shares
................
21,176
2,615
(1)
—*
—
(72)
23,718
700
Victory
Global
Managed
Volatility
Fund,
Institutional
Shares
................
127,767
2,337
(6,394)
(965)
—
12,440
135,185
2,337
Victory
Government
Securities
Fund,
Institutional
Shares
..
24,664
6,114
—
—*
—
(100)
30,678
703
Victory
Growth
Fund,
Institutional
Shares
.......
25,858
1,849
(3,728)
1,295
1,849
3,762
29,036
—
Victory
High
Income
Fund,
Institutional
Shares
.......
9,872
583
—
—
—
313
10,768
583
Victory
Income
Stock
Fund,
Institutional
Shares
.......
16,701
951
—
—
547
1,011
18,663
405
Victory
Integrity
Mid-Cap
Value
Fund,
Class
R6
..........
29,000
874
(5,061)
612
679
1,015
26,440
195
Victory
Market
Neutral
Income
Fund,
Institutional
Shares
..
6,607
238
—
—
—
136
6,981
238
Victory
Nasdaq-100
Index
Fund,
Class
R6
..............
22,163
752
—
—
214
5,874
28,789
538
Victory
Precious
Metals
and
Minerals
Fund,
Institutional
Shares
................
3,084
71
—
—
—
(570)
2,585
71
Victory
RS
International
Fund,
Class
R6
..............
60,031
1,677
—
—
—
3,633
65,341
1,677
Victory
Short-Term
Bond
Fund,
Institutional
Shares
.......
831
24
—
—*
—
16
871
27
Victory
Small
Cap
Stock
Fund,
Institutional
Shares
.......
23,611
2,078
(2,933)
(1,146)
—
3,599
25,209
78
Victory
Sophus
Emerging
Markets
Fund,
Class
R6
....
11,089
307
—
—
—
137
11,533
307
Victory
Target
Managed
Allocation
Fund
.........
110,297
1,673
—
—
—
9,497
121,467
1,673
Victory
Trivalent
International
Fund-Core
Equity,
Class
R6
.
43,553
1,755
—
—
—
1,931
47,239
1,755
VictoryShares
Corporate
Bond
ETF
..................
10,766
—
—
—
—
133
10,899
312
VictoryShares
Emerging
Markets
Value
Momentum
ETF
....
31,632
—
—
—
—
1,089
32,721
1,441
VictoryShares
Free
Cash
Flow
ETF
..................
—
13,328
—
—
—
1,607
14,935
112
VictoryShares
International
Value
Momentum
ETF
....
47,544
—
(1,998)
(350)
—
2,330
47,526
1,600
VictoryShares
International
Volatility
Wtd
ETF
.......
18,055
—
—
—
—
182
18,237
400
VictoryShares
Nasdaq
Next
50
ETF
..................
19,762
—
(3,000)
(869)
—
2,015
17,908
108
VictoryShares
Small
Cap
Free
Cash
Flow
ETF
..........
—
8,749
—
—
—
40
8,789
—
VictoryShares
US
Multi-Factor
Minimum
Volatility
ETF
...
12,265
—
—
—
—
1,013
13,278
173
VictoryShares
US
Small
Mid
Cap
Value
Momentum
ETF
.
19,671
1,502
(3,681)
327
—
2,500
20,319
284
VictoryShares
US
Value
Momentum
ETF
.........
42,510
—
(13,343)
2,525
—
91
31,783
535
Victory
Portfolios
III
Victory
Target
Retirement
2050
Fund
12
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Affiliated Holdings
(Amounts
in
thousands)
Fair
Value
4/30/2023
Purchases
at
Cost
Proceeds
from
Sales
Net
Realized
Gains
(Losses)
Capital
Gain
Distributions
Net
Change
in
Unrealized
Appreciation/
Depreciation
Fair
Value
1/31/2024
Dividend
Income
VictoryShares
WestEnd
U.S.
Sector
ETF
.............
$
40,234
$
—
$
—
$
—
$
—
$
5,689
$
45,923
$
357
$
852,871
$
48,945
$
(52,164)
$
552
$
3,948
$
71,322
$
921,526
$
17,418
*
Rounds
to
less
than
$1
thousand.
Schedule
of
Portfolio
Investments
January
31,
2024
Victory
Portfolios
III
Victory
Target
Retirement
2060
Fund
13
(Unaudited)
Security
Description
Shares
Value
(000)
Affiliated
Exchange-Traded
Funds
(28.8%)
VictoryShares
Corporate
Bond
ETF
..........................................
67,206
$
1,426
VictoryShares
Emerging
Markets
Value
Momentum
ETF
..........................
108,347
4,751
VictoryShares
Free
Cash
Flow
ETF
..........................................
79,736
2,255
VictoryShares
International
Value
Momentum
ETF
...............................
148,180
6,800
VictoryShares
International
Volatility
Wtd
ETF
.................................
75,768
3,121
VictoryShares
Nasdaq
Next
50
ETF
..........................................
101,854
2,712
VictoryShares
Small
Cap
Free
Cash
Flow
ETF
..................................
51,000
1,273
VictoryShares
US
Multi-Factor
Minimum
Volatility
ETF
...........................
43,625
1,868
VictoryShares
US
Small
Mid
Cap
Value
Momentum
ETF
..........................
40,988
2,957
VictoryShares
US
Value
Momentum
ETF
......................................
70,597
4,858
VictoryShares
WestEnd
U.S.
Sector
ETF
......................................
207,979
6,917
Total
Affiliated
Exchange-Traded
Funds
(Cost
$33,885)
a
a
a
38,938
Affiliated
Mutual
Funds
(70.8%)
Victory
500
Index
Fund,
Reward
Shares
.......................................
179,444
11,077
Victory
Core
Plus
Intermediate
Bond
Fund,
Institutional
Shares
......................
356,456
3,287
Victory
Global
Managed
Volatility
Fund,
Institutional
Shares
........................
2,019,043
20,433
Victory
Government
Securities
Fund,
Institutional
Shares
..........................
521,666
4,622
Victory
Growth
Fund,
Institutional
Shares
.....................................
125,152
4,099
Victory
Income
Stock
Fund,
Institutional
Shares
.................................
170,204
3,139
Victory
Integrity
Mid-Cap
Value
Fund,
Class
R6
.................................
172,093
4,006
Victory
Nasdaq-100
Index
Fund,
Class
R6
.....................................
106,796
4,579
Victory
Precious
Metals
and
Minerals
Fund,
Institutional
Shares
.....................
20,334
321
Victory
RS
International
Fund,
Class
R6
......................................
822,149
9,553
Victory
Short-Term
Bond
Fund,
Institutional
Shares
..............................
123
1
Victory
Small
Cap
Stock
Fund,
Institutional
Shares
...............................
292,873
3,834
Victory
Sophus
Emerging
Markets
Fund,
Class
R6
...............................
91,337
1,678
Victory
Target
Managed
Allocation
Fund
......................................
1,876,152
18,030
Victory
Trivalent
International
Fund-Core
Equity,
Class
R6
.........................
907,214
6,886
Total
Affiliated
Mutual
Funds
(Cost
$89,578)
a
a
a
95,545
Total
Investments
(Cost
$123,463)
—
99.6%
134,483
Other
assets
in
excess
of
liabilities
—
0.4%
552
NET
ASSETS
-
100.00%
$
135,035
At
January
31,
2024,
the
foreign
securities
held
by
the
underlying
Funds
were
39.4%
of
net
assets.
ETF
—
Exchange-Traded
Fund
Affiliated Holdings
(Amounts
in
thousands)
Fair
Value
4/30/2023
Purchases
at
Cost
Proceeds
from
Sales
Net
Realized
Gains
(Losses)
Capital
Gain
Distributions
Net
Change
in
Unrealized
Appreciation/
Depreciation
Fair
Value
1/31/2024
Dividend
Income
Victory
500
Index
Fund,
Reward
Shares
................
$
10,845
$
207
$
(1,553)
$
(192)
$
91
$
1,770
$
11,077
$
116
Victory
Core
Plus
Intermediate
Bond
Fund,
Institutional
Shares
................
3,204
93
—
—*
—
(10)
3,287
104
Victory
Global
Managed
Volatility
Fund,
Institutional
Shares
................
19,090
353
(753)
(125)
—
1,868
20,433
353
Victory
Government
Securities
Fund,
Institutional
Shares
..
4,563
103
—
—
—
(44)
4,622
117
Victory
Growth
Fund,
Institutional
Shares
.......
4,011
270
(936)
139
271
615
4,099
—
Victory
Income
Stock
Fund,
Institutional
Shares
.......
2,809
160
—
—
92
170
3,139
68
Victory
Portfolios
III
Victory
Target
Retirement
2060
Fund
14
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Affiliated Holdings
(Amounts
in
thousands)
Fair
Value
4/30/2023
Purchases
at
Cost
Proceeds
from
Sales
Net
Realized
Gains
(Losses)
Capital
Gain
Distributions
Net
Change
in
Unrealized
Appreciation/
Depreciation
Fair
Value
1/31/2024
Dividend
Income
Victory
Integrity
Mid-Cap
Value
Fund,
Class
R6
..........
$
4,224
$
127
$
(583)
$
35
$
97
$
203
$
4,006
$
29
Victory
Nasdaq-100
Index
Fund,
Class
R6
..............
3,525
120
—
—
34
934
4,579
86
Victory
Precious
Metals
and
Minerals
Fund,
Institutional
Shares
................
383
9
—
—
—
(71)
321
9
Victory
RS
International
Fund,
Class
R6
..............
9,030
745
(749)
(8)
—
535
9,553
245
Victory
Short-Term
Bond
Fund,
Institutional
Shares
.......
1
—
—
—*
—
—*
1
–*
Victory
Small
Cap
Stock
Fund,
Institutional
Shares
.......
3,902
263
(785)
(363)
—
817
3,834
13
Victory
Sophus
Emerging
Markets
Fund,
Class
R6
....
1,613
45
—
—
—
20
1,678
45
Victory
Target
Managed
Allocation
Fund
.........
16,372
248
—
—
—
1,410
18,030
248
Victory
Trivalent
International
Fund-Core
Equity,
Class
R6
.
6,349
256
—
—
—
281
6,886
256
VictoryShares
Corporate
Bond
ETF
..................
1,408
—
—
—
—
18
1,426
41
VictoryShares
Emerging
Markets
Value
Momentum
ETF
....
4,593
—
—
—
—
158
4,751
209
VictoryShares
Free
Cash
Flow
ETF
..................
—
2,001
—
—
—
254
2,255
17
VictoryShares
International
Value
Momentum
ETF
....
7,043
—
(503)
(134)
—
394
6,800
237
VictoryShares
International
Volatility
Wtd
ETF
.......
3,090
—
—
—
—
31
3,121
68
VictoryShares
Nasdaq
Next
50
ETF
..................
2,790
—
(250)
(76)
—
248
2,712
16
VictoryShares
Small
Cap
Free
Cash
Flow
ETF
..........
—
1,255
—
—
—
18
1,273
—
VictoryShares
US
Multi-Factor
Minimum
Volatility
ETF
...
1,726
—
—
—
—
142
1,868
24
VictoryShares
US
Small
Mid
Cap
Value
Momentum
ETF
.
2,684
383
(500)
17
—
373
2,957
41
VictoryShares
US
Value
Momentum
ETF
.........
6,111
—
(1,616)
283
—
80
4,858
76
VictoryShares
WestEnd
U.S.
Sector
ETF
.............
6,060
—
—
—
—
857
6,917
54
$
125,426
$
6,638
$
(8,228)
$
(424)
$
585
$
11,071
$
134,483
$
2,472
*
Rounds
to
less
than
$1
thousand.
Schedule
of
Portfolio
Investments
January
31,
2024
Victory
Portfolios
III
Victory
500
Index
Fund
15
(Unaudited)
Security
Description
Shares
Value
(000)
Common
Stocks
(99.5%)
Communication
Services
(8.9%):
Alphabet,
Inc.
,
Class
A
(a)
.................................................
1,550,446
$
217,217
Alphabet,
Inc.
,
Class
C
(a)
.................................................
1,401,141
198,682
AT&T,
Inc.
...........................................................
1,879,117
33,242
Charter
Communications,
Inc.
,
Class
A
(a)
.....................................
26,550
9,842
Comcast
Corp.
,
Class
A
..................................................
1,047,957
48,772
Electronic
Arts,
Inc.
.....................................................
64,001
8,805
Fox
Corp.
,
Class
A
......................................................
65,275
2,108
Fox
Corp.
,
Class
B
......................................................
34,705
1,041
Liberty
Broadband
Corp.
,
Class
A
(a)
.........................................
4,358
339
Liberty
Broadband
Corp.
,
Class
C
(a)
.........................................
30,540
2,396
Liberty
Media
Corp.-Liberty
Formula
One
,
Class
A
(a)
............................
5,863
358
Liberty
Media
Corp.-Liberty
Formula
One
,
Class
C
(a)
............................
53,147
3,574
Live
Nation
Entertainment,
Inc.
(a)
...........................................
37,735
3,353
Meta
Platforms,
Inc.
,
Class
A
(a)
............................................
582,011
227,066
Netflix,
Inc.
(a)
.........................................................
113,505
64,029
Omnicom
Group,
Inc.
....................................................
51,500
4,655
Pinterest,
Inc.
,
Class
A
(a)
.................................................
151,685
5,684
ROBLOX
Corp.
,
Class
A
(a)
...............................................
122,882
4,769
Snap,
Inc.
,
Class
A
(a)
....................................................
271,281
4,311
Take-Two
Interactive
Software,
Inc.
(a)
........................................
41,057
6,772
The
Interpublic
Group
of
Cos.,
Inc.
..........................................
100,369
3,311
The
Trade
Desk,
Inc.
,
Class
A
(a)
............................................
116,150
7,948
The
Walt
Disney
Co.
....................................................
481,175
46,217
T-Mobile
US,
Inc.
......................................................
119,492
19,266
Verizon
Communications,
Inc.
..............................................
1,105,440
46,815
Warner
Bros
Discovery,
Inc.
(a)
.............................................
581,563
5,827
976,399
Communications
Equipment
(0.8%):
Arista
Networks,
Inc.
(a)
..................................................
66,622
17,234
Cisco
Systems,
Inc.
.....................................................
1,066,353
53,509
Motorola
Solutions,
Inc.
..................................................
43,477
13,891
84,634
Consumer
Discretionary
(9.9%):
Airbnb,
Inc.
,
Class
A
(a)
..................................................
108,495
15,639
Amazon.com,
Inc.
(a)
....................................................
2,384,158
370,021
Aptiv
PLC
(a)
..........................................................
74,025
6,020
AutoZone,
Inc.
(a)
.......................................................
4,622
12,767
Best
Buy
Co.,
Inc.
......................................................
50,402
3,654
Booking
Holdings,
Inc.
(a)
.................................................
9,099
31,915
Carnival
Corp.
(a)
.......................................................
258,706
4,289
Chipotle
Mexican
Grill,
Inc.
(a)
.............................................
7,171
17,273
D.R.
Horton,
Inc.
.......................................................
76,293
10,903
Darden
Restaurants,
Inc.
..................................................
31,520
5,125
Deckers
Outdoor
Corp.
(a)
.................................................
6,685
5,039
Domino's
Pizza,
Inc.
.....................................................
9,117
3,886
DoorDash,
Inc.
,
Class
A
(a)
................................................
71,008
7,399
DraftKings,
Inc.
(a)
......................................................
117,183
4,576
eBay,
Inc.
............................................................
136,111
5,590
Expedia
Group,
Inc.
(a)
...................................................
34,843
5,168
Ford
Motor
Co.
........................................................
1,032,451
12,100
Garmin
Ltd.
...........................................................
40,327
4,819
General
Motors
Co.
.....................................................
359,416
13,945
Genuine
Parts
Co.
......................................................
36,743
5,153
Hilton
Worldwide
Holdings,
Inc.
............................................
69,733
13,316
Las
Vegas
Sands
Corp.
...................................................
95,389
4,666
Lennar
Corp.
,
Class
A
....................................................
64,318
9,638
Lennar
Corp.
,
Class
B
...................................................
2,779
386
LKQ
Corp.
...........................................................
69,871
3,261
Lowe's
Cos.,
Inc.
.......................................................
151,128
32,166
Victory
Portfolios
III
Victory
500
Index
Fund
16
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Shares
Value
(000)
Lululemon
Athletica,
Inc.
(a)
...............................................
29,041
$
13,179
Marriott
International,
Inc.
,
Class
A
..........................................
65,146
15,617
McDonald's
Corp.
......................................................
190,457
55,751
MGM
Resorts
International
................................................
72,142
3,129
NIKE,
Inc.
,
Class
B
.....................................................
311,137
31,590
NVR,
Inc.
(a)
..........................................................
800
5,660
O'Reilly
Automotive,
Inc.
(a)
...............................................
15,409
15,764
Pool
Corp.
............................................................
9,877
3,667
PulteGroup,
Inc.
........................................................
56,314
5,888
Rivian
Automotive,
Inc.
,
Class
A
(a)
..........................................
176,254
2,698
Ross
Stores,
Inc.
.......................................................
86,817
12,179
Royal
Caribbean
Cruises
Ltd.
(a)
............................................
61,678
7,864
Starbucks
Corp.
........................................................
291,082
27,079
Tesla,
Inc.
(a)
..........................................................
727,143
136,187
The
Home
Depot,
Inc.
...................................................
261,124
92,166
The
TJX
Cos.,
Inc.
......................................................
299,305
28,407
Tractor
Supply
Co.
......................................................
28,343
6,366
Ulta
Beauty,
Inc.
(a)
.....................................................
12,748
6,400
Yum!
Brands,
Inc.
......................................................
73,660
9,538
1,087,843
Consumer
Staples
(6.0%):
Albertsons
Cos.,
Inc.
,
Class
A
..............................................
87,036
1,847
Altria
Group,
Inc.
.......................................................
464,639
18,641
Archer-Daniels-Midland
Co.
...............................................
139,226
7,738
Brown-Forman
Corp.
,
Class
A
..............................................
12,727
717
Brown-Forman
Corp.
,
Class
B
.............................................
78,593
4,315
Campbell
Soup
Co.
.....................................................
51,718
2,308
Church
&
Dwight
Co.,
Inc.
................................................
64,676
6,458
Colgate-Palmolive
Co.
...................................................
216,260
18,209
Conagra
Brands,
Inc.
....................................................
125,107
3,647
Constellation
Brands,
Inc.
,
Class
A
..........................................
44,499
10,906
Costco
Wholesale
Corp.
..................................................
115,894
80,532
Dollar
General
Corp.
....................................................
57,545
7,600
Dollar
Tree,
Inc.
(a)
......................................................
57,151
7,465
General
Mills,
Inc.
......................................................
152,473
9,897
Hormel
Foods
Corp.
.....................................................
75,835
2,303
Kellanova
............................................................
75,333
4,125
Kenvue,
Inc.
..........................................................
455,117
9,448
Keurig
Dr.
Pepper,
Inc.
...................................................
260,869
8,202
Kimberly-Clark
Corp.
....................................................
88,658
10,725
Lamb
Weston
Holdings,
Inc.
...............................................
37,488
3,840
McCormick
&
Co.,
Inc.
..................................................
69,588
4,743
Mondelez
International,
Inc.
,
Class
A
.........................................
357,392
26,901
Monster
Beverage
Corp.
(a)
................................................
196,166
10,793
PepsiCo,
Inc.
..........................................................
360,421
60,742
Philip
Morris
International,
Inc.
.............................................
407,633
37,034
Sysco
Corp.
...........................................................
132,419
10,717
Target
Corp.
..........................................................
121,123
16,846
The
Clorox
Co.
........................................................
32,553
4,728
The
Coca-Cola
Co.
......................................................
1,129,964
67,222
The
Estee
Lauder
Cos.,
Inc.
...............................................
60,836
8,030
The
Hershey
Co.
.......................................................
39,314
7,609
The
J.M.
Smucker
Co.
...................................................
27,222
3,581
The
Kraft
Heinz
Co.
.....................................................
295,635
10,977
The
Kroger
Co.
........................................................
187,759
8,663
The
Procter
&
Gamble
Co.
................................................
619,538
97,354
Tyson
Foods,
Inc.
,
Class
A
................................................
73,054
4,001
Walgreens
Boots
Alliance,
Inc.
.............................................
187,520
4,232
Walmart,
Inc.
..........................................................
376,120
62,154
665,250
Victory
Portfolios
III
Victory
500
Index
Fund
17
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Shares
Value
(000)
Electronic
Equipment,
Instruments
&
Components
(0.6%):
Amphenol
Corp.
,
Class
A
.................................................
156,440
$
15,816
CDW
Corp.
...........................................................
35,143
7,968
Corning,
Inc.
..........................................................
202,644
6,584
Jabil,
Inc.
............................................................
32,260
4,042
Keysight
Technologies,
Inc.
(a)
.............................................
46,303
7,096
TE
Connectivity
Ltd.
....................................................
81,597
11,602
Teledyne
Technologies,
Inc.
(a)
.............................................
12,264
5,132
Trimble,
Inc.
(a)
........................................................
65,111
3,312
Zebra
Technologies
Corp.
(a)
...............................................
13,406
3,211
64,763
Energy
(3.8%):
Baker
Hughes
Co.
......................................................
264,305
7,533
Cheniere
Energy,
Inc.
....................................................
61,729
10,123
Chevron
Corp.
.........................................................
494,887
72,961
ConocoPhillips
........................................................
312,044
34,908
Coterra
Energy,
Inc.
.....................................................
194,103
4,829
Devon
Energy
Corp.
.....................................................
167,415
7,035
Diamondback
Energy,
Inc.
................................................
45,306
6,965
EOG
Resources,
Inc.
....................................................
152,794
17,387
EQT
Corp.
............................................................
101,040
3,577
Exxon
Mobil
Corp.
.....................................................
1,051,994
108,156
Halliburton
Co.
........................................................
234,541
8,361
Hess
Corp.
............................................................
72,992
10,258
Kinder
Morgan,
Inc.
.....................................................
509,707
8,624
Marathon
Oil
Corp.
.....................................................
153,300
3,503
Marathon
Petroleum
Corp.
................................................
99,648
16,502
Occidental
Petroleum
Corp.
...............................................
230,970
13,297
ONEOK,
Inc.
..........................................................
152,592
10,414
Phillips
66
Co.
.........................................................
115,388
16,652
Pioneer
Natural
Resources
Co.
.............................................
60,984
14,016
Schlumberger
NV
......................................................
375,018
18,263
Targa
Resources
Corp.
...................................................
57,571
4,891
Texas
Pacific
Land
Corp.
.................................................
2,016
2,946
The
Williams
Cos.,
Inc.
..................................................
318,705
11,046
Valero
Energy
Corp.
.....................................................
89,105
12,377
424,624
Financials
(13.1%):
Aflac,
Inc.
............................................................
138,203
11,656
American
Express
Co.
...................................................
191,449
38,431
American
International
Group,
Inc.
..........................................
184,362
12,815
Ameriprise
Financial,
Inc.
.................................................
26,563
10,275
Aon
PLC
,
Class
A
......................................................
52,036
15,529
Apollo
Global
Management,
Inc.
............................................
104,123
10,454
Arch
Capital
Group
Ltd.
(a)
................................................
95,209
7,848
Ares
Management
Corp.
,
Class
A
...........................................
40,651
4,938
Arthur
J.
Gallagher
&
Co.
.................................................
56,123
13,029
Bank
of
America
Corp.
...................................................
2,078,260
70,682
Berkshire
Hathaway,
Inc.
,
Class
A
(a)
.........................................
60
34,681
Berkshire
Hathaway,
Inc.
,
Class
B
(a)
.........................................
342,829
131,557
BlackRock,
Inc.
........................................................
38,521
29,827
Blackstone,
Inc.
........................................................
185,223
23,051
Block,
Inc.
(a)
..........................................................
141,573
9,204
Brown
&
Brown,
Inc.
....................................................
62,447
4,843
Capital
One
Financial
Corp.
...............................................
98,829
13,374
Cboe
Global
Markets,
Inc.
................................................
27,641
5,082
Chubb
Ltd.
...........................................................
106,660
26,132
Cincinnati
Financial
Corp.
................................................
40,420
4,479
Citigroup,
Inc.
.........................................................
502,097
28,203
Citizens
Financial
Group,
Inc.
..............................................
121,804
3,983
CME
Group,
Inc.
.......................................................
94,358
19,423
Victory
Portfolios
III
Victory
500
Index
Fund
18
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Shares
Value
(000)
Coinbase
Global,
Inc.
,
Class
A
(a)
...........................................
44,145
$
5,659
Discover
Financial
Services
...............................................
65,350
6,896
Everest
Group
Ltd.
......................................................
8,699
3,349
FactSet
Research
Systems,
Inc.
.............................................
9,970
4,745
Fidelity
National
Information
Services,
Inc.
....................................
155,420
9,676
Fifth
Third
Bancorp
.....................................................
178,129
6,099
First
Citizens
Bancshares,
Inc.
,
Class
A
.......................................
2,656
4,011
Fiserv,
Inc.
(a)
..........................................................
156,694
22,230
FleetCor
Technologies,
Inc.
(a)
..............................................
17,838
5,172
Franklin
Resources,
Inc.
..................................................
74,761
1,991
Global
Payments,
Inc.
....................................................
67,754
9,027
Huntington
Bancshares,
Inc.
...............................................
376,202
4,789
Intercontinental
Exchange,
Inc.
.............................................
149,057
18,979
Jack
Henry
&
Associates,
Inc.
..............................................
19,033
3,156
JPMorgan
Chase
&
Co.
..................................................
753,026
131,298
KKR
&
Co.,
Inc.
.......................................................
175,645
15,207
Loews
Corp.
..........................................................
48,062
3,502
LPL
Financial
Holdings,
Inc.
...............................................
19,731
4,719
M&T
Bank
Corp.
.......................................................
43,419
5,996
Markel
Group,
Inc.
(a)
....................................................
3,408
5,103
Marsh
&
McLennan
Cos.,
Inc.
.............................................
129,534
25,109
Mastercard,
Inc.
,
Class
A
.................................................
218,745
98,267
MetLife,
Inc.
..........................................................
163,128
11,308
Moody's
Corp.
.........................................................
48,036
18,832
Morgan
Stanley
........................................................
331,299
28,903
MSCI,
Inc.
...........................................................
20,149
12,062
Nasdaq,
Inc.
..........................................................
111,980
6,469
Northern
Trust
Corp.
....................................................
53,325
4,247
PayPal
Holdings,
Inc.
(a)
..................................................
281,143
17,248
Principal
Financial
Group,
Inc.
.............................................
62,368
4,933
Prudential
Financial,
Inc.
.................................................
94,788
9,946
Raymond
James
Financial,
Inc.
.............................................
49,482
5,452
Regions
Financial
Corp.
..................................................
243,978
4,555
S&P
Global,
Inc.
.......................................................
83,225
37,314
State
Street
Corp.
.......................................................
80,680
5,960
Synchrony
Financial
.....................................................
108,056
4,200
T.
Rowe
Price
Group,
Inc.
.................................................
57,513
6,237
The
Allstate
Corp.
......................................................
68,335
10,609
The
Bank
of
New
York
Mellon
Corp.
.........................................
201,788
11,191
The
Charles
Schwab
Corp.
................................................
436,629
27,473
The
Goldman
Sachs
Group,
Inc.
............................................
85,309
32,759
The
Hartford
Financial
Services
Group,
Inc.
....................................
78,775
6,850
The
PNC
Financial
Services
Group,
Inc.
......................................
104,369
15,782
The
Progressive
Corp.
...................................................
153,437
27,350
The
Travelers
Cos.,
Inc.
..................................................
59,851
12,650
Truist
Financial
Corp.
....................................................
349,693
12,960
U.S.
Bancorp
..........................................................
408,634
16,975
Visa,
Inc.
,
Class
A
......................................................
414,567
113,285
W.R.
Berkley
Corp.
.....................................................
53,022
4,341
Wells
Fargo
&
Co.
......................................................
953,954
47,869
Willis
Towers
Watson
PLC
................................................
27,047
6,662
1,448,898
Health
Care
(12.7%):
Abbott
Laboratories
.....................................................
453,431
51,306
AbbVie,
Inc.
..........................................................
463,730
76,237
Agilent
Technologies,
Inc.
.................................................
76,634
9,970
Align
Technology,
Inc.
(a)
.................................................
18,838
5,036
Alnylam
Pharmaceuticals,
Inc.
(a)
...........................................
32,870
5,684
Amgen,
Inc.
...........................................................
140,454
44,139
Avantor,
Inc.
(a)
........................................................
173,357
3,986
Baxter
International,
Inc.
.................................................
132,452
5,125
Becton
Dickinson
&
Co.
..................................................
76,259
18,211
Victory
Portfolios
III
Victory
500
Index
Fund
19
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Shares
Value
(000)
Biogen,
Inc.
(a)
.........................................................
37,881
$
9,344
BioMarin
Pharmaceutical,
Inc.
(a)
...........................................
48,618
4,282
Boston
Scientific
Corp.
(a)
.................................................
383,676
24,271
Bristol-Myers
Squibb
Co.
.................................................
534,810
26,136
Cardinal
Health,
Inc.
....................................................
64,422
7,034
Cencora,
Inc.
..........................................................
44,578
10,372
Centene
Corp.
(a)
.......................................................
139,013
10,469
CVS
Health
Corp.
......................................................
337,860
25,127
Danaher
Corp.
.........................................................
177,239
42,521
Dexcom,
Inc.
(a)
........................................................
100,177
12,157
Edwards
Lifesciences
Corp.
(a)
.............................................
157,162
12,333
Elevance
Health,
Inc.
....................................................
61,547
30,370
Eli
Lilly
&
Co.
.........................................................
223,019
143,983
Exact
Sciences
Corp.
(a)
..................................................
47,122
3,082
GE
HealthCare
Technologies,
Inc.
...........................................
103,224
7,573
Gilead
Sciences,
Inc.
....................................................
327,464
25,627
HCA
Healthcare,
Inc.
....................................................
51,230
15,620
Hologic,
Inc.
(a)
........................................................
62,305
4,638
Humana,
Inc.
..........................................................
32,231
12,185
IDEXX
Laboratories,
Inc.
(a)
...............................................
21,618
11,135
Illumina,
Inc.
(a)
........................................................
41,591
5,948
Incyte
Corp.
(a)
.........................................................
58,317
3,427
Insulet
Corp.
(a)
........................................................
18,248
3,483
Intuitive
Surgical,
Inc.
(a)
.................................................
91,974
34,786
IQVIA
Holdings,
Inc.
(a)
..................................................
47,497
9,890
Johnson
&
Johnson
.....................................................
632,066
100,435
Laboratory
Corp.
of
America
Holdings
........................................
22,264
4,949
McKesson
Corp.
.......................................................
34,978
17,485
Medtronic
PLC
........................................................
349,463
30,592
Merck
&
Co.,
Inc.
......................................................
665,577
80,388
Mettler-Toledo
International,
Inc.
(a)
.........................................
5,615
6,722
Moderna,
Inc.
(a)
.......................................................
87,170
8,809
Molina
Healthcare,
Inc.
(a)
................................................
15,170
5,407
Pfizer,
Inc.
............................................................
2,324,183
62,939
Quest
Diagnostics,
Inc.
...................................................
29,322
3,766
Regeneron
Pharmaceuticals,
Inc.
(a)
..........................................
27,425
25,856
ResMed,
Inc.
..........................................................
38,374
7,299
Revvity,
Inc.
..........................................................
32,334
3,466
Royalty
Pharma
PLC
,
Class
A
..............................................
99,349
2,821
STERIS
PLC
..........................................................
25,910
5,673
Stryker
Corp.
..........................................................
93,434
31,345
The
Cigna
Group
.......................................................
75,522
22,728
The
Cooper
Cos.,
Inc.
....................................................
12,955
4,833
Thermo
Fisher
Scientific,
Inc.
..............................................
101,455
54,682
UnitedHealth
Group,
Inc.
.................................................
242,492
124,093
Veeva
Systems,
Inc.
,
Class
A
(a)
.............................................
34,417
7,138
Vertex
Pharmaceuticals,
Inc.
(a)
.............................................
67,585
29,290
Viatris,
Inc.
...........................................................
312,752
3,681
Waters
Corp.
(a)
........................................................
15,510
4,928
West
Pharmaceutical
Services,
Inc.
..........................................
19,352
7,219
Zimmer
Biomet
Holdings,
Inc.
.............................................
54,907
6,896
Zoetis,
Inc.
...........................................................
120,669
22,663
1,401,590
Industrials
(8.6%):
3M
Co.
..............................................................
145,129
13,693
AMETEK,
Inc.
........................................................
60,439
9,794
Automatic
Data
Processing,
Inc.
............................................
107,624
26,452
Axon
Enterprise,
Inc.
(a)
..................................................
18,433
4,591
Booz
Allen
Hamilton
Holding
Corp.
.........................................
33,696
4,743
Broadridge
Financial
Solutions,
Inc.
.........................................
30,723
6,274
Builders
FirstSource,
Inc.
(a)
...............................................
31,685
5,505
Carlisle
Cos.,
Inc.
.......................................................
12,708
3,994
Victory
Portfolios
III
Victory
500
Index
Fund
20
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Shares
Value
(000)
Carrier
Global
Corp.
.....................................................
220,387
$
12,057
Caterpillar,
Inc.
........................................................
133,699
40,151
Cintas
Corp.
..........................................................
22,783
13,774
Copart,
Inc.
(a)
.........................................................
229,001
11,001
CSX
Corp.
............................................................
518,593
18,514
Cummins,
Inc.
.........................................................
36,657
8,772
Deere
&
Co.
..........................................................
70,443
27,725
Delta
Air
Lines,
Inc.
.....................................................
168,626
6,600
Dover
Corp.
...........................................................
36,598
5,482
Eaton
Corp.
PLC
.......................................................
104,654
25,753
Emerson
Electric
Co.
....................................................
149,346
13,699
Equifax,
Inc.
..........................................................
32,262
7,883
Expeditors
International
of
Washington,
Inc.
....................................
37,983
4,798
Fastenal
Co.
...........................................................
149,985
10,233
FedEx
Corp.
..........................................................
60,636
14,631
Fortive
Corp.
..........................................................
92,138
7,203
General
Dynamics
Corp.
..................................................
71,349
18,907
General
Electric
Co.
.....................................................
285,196
37,766
Graco,
Inc.
...........................................................
43,965
3,750
HEICO
Corp.
..........................................................
11,083
1,990
HEICO
Corp.
,
Class
A
...................................................
19,890
2,814
Honeywell
International,
Inc.
..............................................
173,248
35,041
Howmet
Aerospace,
Inc.
..................................................
107,629
6,055
Hubbell,
Inc.
..........................................................
14,056
4,717
IDEX
Corp.
...........................................................
19,854
4,199
Illinois
Tool
Works,
Inc.
..................................................
78,884
20,581
Ingersoll
Rand,
Inc.
.....................................................
106,272
8,487
J.B.
Hunt
Transport
Services,
Inc.
...........................................
21,457
4,312
Jacobs
Solutions,
Inc.
....................................................
32,800
4,420
Johnson
Controls
International
PLC
..........................................
177,645
9,360
L3Harris
Technologies,
Inc.
...............................................
49,596
10,337
Leidos
Holdings,
Inc.
....................................................
35,763
3,951
Lennox
International,
Inc.
.................................................
8,389
3,592
Lockheed
Martin
Corp.
...................................................
65,215
28,004
Nordson
Corp.
.........................................................
13,419
3,378
Norfolk
Southern
Corp.
..................................................
59,419
13,978
Northrop
Grumman
Corp.
.................................................
39,562
17,675
Old
Dominion
Freight
Line,
Inc.
............................................
24,670
9,646
Otis
Worldwide
Corp.
....................................................
107,544
9,511
PACCAR,
Inc.
.........................................................
135,128
13,565
Parker-Hannifin
Corp.
...................................................
33,602
15,608
Paychex,
Inc.
..........................................................
84,844
10,328
Paycom
Software,
Inc.
...................................................
13,486
2,566
Quanta
Services,
Inc.
....................................................
37,748
7,325
Republic
Services,
Inc.
...................................................
82,672
14,147
Rockwell
Automation,
Inc.
................................................
30,108
7,626
Rollins,
Inc.
...........................................................
73,107
3,166
RTX
Corp.
............................................................
377,898
34,434
Snap-on,
Inc.
..........................................................
13,624
3,950
Southwest
Airlines
Co.
...................................................
156,133
4,667
SS&C
Technologies
Holdings,
Inc.
..........................................
56,470
3,446
Stanley
Black
&
Decker,
Inc.
..............................................
39,547
3,690
Textron,
Inc.
..........................................................
51,242
4,341
The
Boeing
Co.
(a)
......................................................
158,892
33,533
Trane
Technologies
PLC
..................................................
59,662
15,038
TransDigm
Group,
Inc.
...................................................
14,434
15,772
TransUnion
...........................................................
50,715
3,509
Uber
Technologies,
Inc.
(a)
................................................
520,826
33,994
Union
Pacific
Corp.
.....................................................
159,801
38,980
United
Airlines
Holdings,
Inc.
(a)
............................................
85,876
3,553
United
Parcel
Service,
Inc.
,
Class
B
..........................................
190,179
26,986
United
Rentals,
Inc.
.....................................................
17,729
11,088
Veralto
Corp.
..........................................................
60,864
4,668
Victory
Portfolios
III
Victory
500
Index
Fund
21
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Shares
Value
(000)
Verisk
Analytics,
Inc.
....................................................
37,859
$
9,144
Vertiv
Holdings
Co.
,
Class
A
...............................................
91,603
5,160
W.W.
Grainger,
Inc.
.....................................................
11,815
10,582
Waste
Management,
Inc.
..................................................
105,699
19,621
Watsco,
Inc.
(b)
.........................................................
8,829
3,452
Westinghouse
Air
Brake
Technologies
Corp.
....................................
46,652
6,138
Xylem,
Inc.
...........................................................
63,197
7,106
942,976
IT
Services
(1.5%):
Accenture
PLC
,
Class
A
..................................................
164,637
59,908
Akamai
Technologies,
Inc.
(a)
..............................................
38,943
4,799
Cloudflare,
Inc.
,
Class
A
(a)
................................................
76,927
6,081
Cognizant
Technology
Solutions
Corp.
,
Class
A
.................................
131,628
10,151
EPAM
Systems,
Inc.
(a)
...................................................
14,802
4,117
Gartner,
Inc.
(a)
........................................................
19,852
9,081
International
Business
Machines
Corp.
........................................
239,988
44,076
MongoDB,
Inc.
(a)
......................................................
18,049
7,229
Okta,
Inc.
(a)
..........................................................
40,627
3,358
Snowflake,
Inc.
,
Class
A
(a)
................................................
79,198
15,494
VeriSign,
Inc.
(a)
........................................................
26,607
5,292
169,586
Materials
(2.2%):
Air
Products
and
Chemicals,
Inc.
............................................
57,526
14,710
Albemarle
Corp.
.......................................................
30,776
3,531
Amcor
PLC
...........................................................
378,946
3,573
Avery
Dennison
Corp.
...................................................
20,849
4,158
Ball
Corp.
............................................................
82,409
4,570
Celanese
Corp.
.........................................................
28,516
4,172
CF
Industries
Holdings,
Inc.
...............................................
50,015
3,777
Corteva,
Inc.
..........................................................
185,099
8,418
Dow,
Inc.
............................................................
184,051
9,865
DuPont
de
Nemours,
Inc.
.................................................
112,703
6,965
Ecolab,
Inc.
...........................................................
66,686
13,218
Freeport-McMoRan,
Inc.
.................................................
371,063
14,727
International
Flavors
&
Fragrances,
Inc.
.......................................
60,421
4,875
International
Paper
Co.
...................................................
89,958
3,223
Linde
PLC
............................................................
125,347
50,744
LyondellBasell
Industries
NV
,
Class
A
........................................
67,890
6,390
Martin
Marietta
Materials,
Inc.
.............................................
16,142
8,207
Newmont
Corp.
........................................................
302,760
10,448
Nucor
Corp.
...........................................................
64,217
12,004
Packaging
Corp.
of
America
...............................................
23,050
3,824
PPG
Industries,
Inc.
.....................................................
61,886
8,728
Reliance
Steel
&
Aluminum
Co.
............................................
15,008
4,284
Steel
Dynamics,
Inc.
.....................................................
39,813
4,805
The
Mosaic
Co.
........................................................
85,442
2,624
The
Sherwin-Williams
Co.
................................................
61,954
18,858
Vulcan
Materials
Co.
....................................................
34,892
7,886
Westlake
Corp.
........................................................
8,630
1,194
239,778
Real
Estate
(2.2%):
Alexandria
Real
Estate
Equities,
Inc.
.........................................
45,215
5,467
American
Tower
Corp.
...................................................
121,824
23,835
AvalonBay
Communities,
Inc.
..............................................
37,230
6,665
CBRE
Group,
Inc.
,
Class
A
(a)
..............................................
79,481
6,860
CoStar
Group,
Inc.
(a)
....................................................
106,221
8,867
Crown
Castle,
Inc.
......................................................
113,583
12,295
Digital
Realty
Trust,
Inc.
..................................................
79,505
11,167
Equinix,
Inc.
..........................................................
24,612
20,422
Equity
Residential
......................................................
98,022
5,900
Essex
Property
Trust,
Inc.
.................................................
16,762
3,910
Victory
Portfolios
III
Victory
500
Index
Fund
22
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Shares
Value
(000)
Extra
Space
Storage,
Inc.
.................................................
54,980
$
7,941
Gaming
and
Leisure
Properties,
Inc.
.........................................
67,187
3,067
Invitation
Homes,
Inc.
...................................................
160,372
5,281
Iron
Mountain,
Inc.
.....................................................
76,145
5,141
Mid-America
Apartment
Communities,
Inc.
....................................
30,478
3,852
Prologis,
Inc.
..........................................................
241,811
30,635
Public
Storage
.........................................................
41,533
11,762
Realty
Income
Corp.
....................................................
190,213
10,346
SBA
Communications
Corp.
...............................................
28,062
6,282
Simon
Property
Group,
Inc.
...............................................
85,054
11,789
Sun
Communities,
Inc.
...................................................
32,131
4,028
UDR,
Inc.
............................................................
86,048
3,100
Ventas,
Inc.
...........................................................
105,369
4,888
VICI
Properties,
Inc.
....................................................
271,178
8,168
Welltower,
Inc.
.........................................................
140,909
12,190
Weyerhaeuser
Co.
......................................................
191,346
6,270
WP
Carey,
Inc.
.........................................................
56,857
3,523
243,651
Semiconductors
&
Semiconductor
Equipment
(8.4%):
Advanced
Micro
Devices,
Inc.
(a)
............................................
420,510
70,515
Analog
Devices,
Inc.
....................................................
130,030
25,012
Applied
Materials,
Inc.
...................................................
219,196
36,014
Broadcom,
Inc.
........................................................
120,416
142,091
Enphase
Energy,
Inc.
(a)
..................................................
34,579
3,601
Entegris,
Inc.
..........................................................
39,251
4,620
First
Solar,
Inc.
(a)
......................................................
26,329
3,852
Intel
Corp.
............................................................
1,108,321
47,746
KLA
Corp.
...........................................................
35,708
21,212
Lam
Research
Corp.
.....................................................
34,487
28,458
Marvell
Technology,
Inc.
.................................................
225,249
15,249
Microchip
Technology,
Inc.
................................................
139,295
11,865
Micron
Technology,
Inc.
..................................................
288,392
24,730
Monolithic
Power
Systems,
Inc.
............................................
11,952
7,204
NVIDIA
Corp.
.........................................................
623,230
383,455
ON
Semiconductor
Corp.
(a)
...............................................
112,802
8,024
QUALCOMM,
Inc.
.....................................................
292,452
43,432
Skyworks
Solutions,
Inc.
.................................................
41,922
4,379
Teradyne,
Inc.
.........................................................
40,061
3,869
Texas
Instruments,
Inc.
...................................................
238,545
38,196
923,524
Software
(11.5%):
Adobe,
Inc.
(a)
.........................................................
118,931
73,473
ANSYS,
Inc.
(a)
........................................................
22,786
7,470
Atlassian
Corp.
,
Class
A
(a)
................................................
38,615
9,645
Autodesk,
Inc.
(a)
.......................................................
56,076
14,233
Bentley
Systems,
Inc.
,
Class
B
.............................................
54,631
2,753
Cadence
Design
Systems,
Inc.
(a)
............................................
70,865
20,442
Crowdstrike
Holdings,
Inc.
,
Class
A
(a)
.......................................
58,360
17,070
Datadog,
Inc.
,
Class
A
(a)
.................................................
70,891
8,822
Dynatrace,
Inc.
(a)
......................................................
70,745
4,033
Fair
Isaac
Corp.
(a)
......................................................
6,334
7,593
Fortinet,
Inc.
(a)
........................................................
166,805
10,757
Gen
Digital,
Inc.
.......................................................
153,197
3,597
HubSpot,
Inc.
(a)
.......................................................
12,663
7,737
Intuit,
Inc.
............................................................
71,517
45,151
Microsoft
Corp.
........................................................
1,925,519
765,548
Oracle
Corp.
..........................................................
417,420
46,626
Palantir
Technologies,
Inc.
,
Class
A
(a)
........................................
480,240
7,727
Palo
Alto
Networks,
Inc.
(a)
................................................
81,720
27,663
PTC,
Inc.
(a)
...........................................................
30,965
5,594
Roper
Technologies,
Inc.
..................................................
27,976
15,023
Victory
Portfolios
III
Victory
500
Index
Fund
23
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Shares
Value
(000)
Salesforce,
Inc.
(a)
......................................................
246,296
$
69,231
ServiceNow,
Inc.
(a)
.....................................................
53,634
41,052
Splunk,
Inc.
(a)
.........................................................
40,648
6,234
Synopsys,
Inc.
(a)
.......................................................
39,759
21,206
Tyler
Technologies,
Inc.
(a)
................................................
10,993
4,647
Unity
Software,
Inc.
(a)
...................................................
60,196
1,950
Workday,
Inc.
,
Class
A
(a)
.................................................
54,159
15,764
Zoom
Video
Communications,
Inc.
,
Class
A
(a)
..................................
60,392
3,902
Zscaler,
Inc.
(a)
.........................................................
23,177
5,462
1,270,405
Technology
Hardware,
Storage
&
Peripherals
(7.2%):
Apple,
Inc.
...........................................................
4,087,143
753,669
Dell
Technologies,
Inc.
,
Class
C
............................................
62,786
5,204
Hewlett
Packard
Enterprise
Co.
.............................................
336,303
5,142
HP,
Inc.
..............................................................
259,404
7,448
NetApp,
Inc.
..........................................................
54,012
4,710
Seagate
Technology
Holdings
PLC
..........................................
54,707
4,687
Super
Micro
Computer,
Inc.
(a)
.............................................
12,715
6,734
Western
Digital
Corp.
(a)
..................................................
84,828
4,856
792,450
Utilities
(2.1%):
Alliant
Energy
Corp.
....................................................
67,001
3,260
Ameren
Corp.
.........................................................
68,849
4,790
American
Electric
Power
Co.,
Inc.
...........................................
138,225
10,801
American
Water
Works
Co.,
Inc.
............................................
51,102
6,338
Atmos
Energy
Corp.
.....................................................
38,932
4,436
CenterPoint
Energy,
Inc.
..................................................
165,569
4,626
CMS
Energy
Corp.
......................................................
76,359
4,365
Consolidated
Edison,
Inc.
.................................................
90,655
8,241
Constellation
Energy
Corp.
................................................
83,917
10,238
Dominion
Energy,
Inc.
...................................................
219,767
10,048
DTE
Energy
Co.
.......................................................
54,096
5,703
Duke
Energy
Corp.
......................................................
202,465
19,402
Edison
International
.....................................................
100,801
6,802
Entergy
Corp.
.........................................................
55,361
5,523
Evergy,
Inc.
...........................................................
59,559
3,024
Eversource
Energy
......................................................
91,507
4,961
Exelon
Corp.
..........................................................
261,284
9,095
FirstEnergy
Corp.
.......................................................
150,774
5,530
NextEra
Energy,
Inc.
....................................................
537,113
31,491
PG&E
Corp.
..........................................................
528,193
8,911
PPL
Corp.
............................................................
193,387
5,067
Public
Service
Enterprise
Group,
Inc.
.........................................
130,903
7,591
Sempra
..............................................................
165,371
11,834
The
AES
Corp.
........................................................
175,199
2,922
The
Southern
Co.
.......................................................
286,277
19,902
WEC
Energy
Group,
Inc.
.................................................
82,844
6,690
Xcel
Energy,
Inc.
.......................................................
144,917
8,676
230,267
Total
Common
Stocks
(Cost
$3,221,505)
a
a
a
10,966,638
Collateral
for
Securities
Loaned
(0.0%)^(c)
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
5
.22
%
(d)
........
212,363
213
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
5
.27
%
(d)
............
212,363
212
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
5
.24
%
(d)
...............
212,363
212
Victory
Portfolios
III
Victory
500
Index
Fund
24
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Shares
Value
(000)
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
5
.21
%
(d)
.
212,363
$
212
Total
Collateral
for
Securities
Loaned
(Cost
$849)
a
a
a
849
Total
Investments
(Cost
$3,222,354)
—
99.5%
10,967,487
Other
assets
in
excess
of
liabilities
—
0.5%
50,072
NET
ASSETS
-
100.00%
$
11,017,559
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Amount
represents
less
than
0.05%
of
net
assets.
(d)
Rate
disclosed
is
the
daily
yield
on
January
31,
2024.
PLC
—
Public
Limited
Company
Futures
Contracts
Purchased
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
E-Mini
S&P
500
Futures
..............
191
3/15/24
$
46,005,371
$
46,513,275
$
507,904
Total
unrealized
appreciation
$
507,904
Total
unrealized
depreciation
—
Total
net
unrealized
appreciation
(depreciation)
$
507,904
Schedule
of
Portfolio
Investments
January
31,
2024
Victory
Portfolios
III
Victory
Aggressive
Growth
Fund
25
(Unaudited)
Security
Description
Shares
Value
(000)
Common
Stocks
(98.5%)
Communication
Services
(13.5%):
Alphabet,
Inc.
,
Class
C
(a)
.................................................
744,173
$
105,524
Meta
Platforms,
Inc.
,
Class
A
(a)
............................................
258,187
100,729
Netflix,
Inc.
(a)
.........................................................
52,890
29,836
The
Trade
Desk,
Inc.
,
Class
A
(a)
............................................
481,515
32,950
269,039
Communications
Equipment
(3.7%):
Arista
Networks,
Inc.
(a)
..................................................
185,170
47,900
Motorola
Solutions,
Inc.
..................................................
81,089
25,908
73,808
Consumer
Discretionary
(13.4%):
Airbnb,
Inc.
,
Class
A
(a)
..................................................
99,772
14,381
Amazon.com,
Inc.
(a)
....................................................
659,002
102,277
Chipotle
Mexican
Grill,
Inc.
(a)
.............................................
3,405
8,202
DraftKings,
Inc.
(a)
......................................................
298,979
11,675
Lululemon
Athletica,
Inc.
(a)
...............................................
80,691
36,619
On
Holding
AG
,
Class
A
(a)
(b)
.............................................
773,493
20,544
O'Reilly
Automotive,
Inc.
(a)
...............................................
30,902
31,615
Ross
Stores,
Inc.
.......................................................
85,266
11,961
Tesla,
Inc.
(a)
..........................................................
125,643
23,532
Yum!
Brands,
Inc.
......................................................
42,831
5,546
266,352
Consumer
Staples
(1.8%):
Celsius
Holdings,
Inc.
(a)
..................................................
259,082
12,928
Costco
Wholesale
Corp.
..................................................
18,294
12,712
PepsiCo,
Inc.
..........................................................
58,330
9,831
35,471
Energy
(0.3%):
Diamondback
Energy,
Inc.
................................................
39,464
6,067
Financials
(7.9%):
Blackstone,
Inc.
........................................................
114,410
14,238
MSCI,
Inc.
...........................................................
64,801
38,791
The
Progressive
Corp.
...................................................
78,073
13,917
Visa,
Inc.
,
Class
A
......................................................
328,620
89,799
156,745
Health
Care
(11.0%):
Dexcom,
Inc.
(a)
........................................................
345,531
41,930
Eli
Lilly
&
Co.
.........................................................
49,796
32,149
Exact
Sciences
Corp.
(a)
..................................................
162,822
10,648
Intuitive
Surgical,
Inc.
(a)
.................................................
90,047
34,058
UnitedHealth
Group,
Inc.
.................................................
71,811
36,748
Veeva
Systems,
Inc.
,
Class
A
(a)
.............................................
113,678
23,578
Vertex
Pharmaceuticals,
Inc.
(a)
.............................................
44,404
19,244
Zoetis,
Inc.
...........................................................
115,984
21,783
220,138
Industrials
(6.0%):
Builders
FirstSource,
Inc.
(a)
...............................................
29,184
5,070
HEICO
Corp.
,
Class
A
...................................................
88,159
12,472
Lincoln
Electric
Holdings,
Inc.
.............................................
38,986
8,664
Old
Dominion
Freight
Line,
Inc.
............................................
24,800
9,697
Quanta
Services,
Inc.
....................................................
207,330
40,232
Uber
Technologies,
Inc.
(a)
................................................
563,864
36,803
Verisk
Analytics,
Inc.
....................................................
30,728
7,422
120,360
Victory
Portfolios
III
Victory
Aggressive
Growth
Fund
26
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Shares
Value
(000)
IT
Services
(0.8%):
Snowflake,
Inc.
,
Class
A
(a)
................................................
84,023
$
16,438
Real
Estate
(1.2%):
CoStar
Group,
Inc.
(a)
....................................................
276,135
23,052
Semiconductors
&
Semiconductor
Equipment
(13.4%):
Applied
Materials,
Inc.
...................................................
39,068
6,419
Broadcom,
Inc.
........................................................
50,841
59,992
Lam
Research
Corp.
.....................................................
16,027
13,225
Marvell
Technology,
Inc.
.................................................
101,268
6,856
Monolithic
Power
Systems,
Inc.
............................................
21,573
13,002
NVIDIA
Corp.
.........................................................
272,833
167,866
267,360
Software
(20.5%):
Adobe,
Inc.
(a)
.........................................................
63,380
39,155
Cadence
Design
Systems,
Inc.
(a)
............................................
154,721
44,631
Intuit,
Inc.
............................................................
29,253
18,468
Microsoft
Corp.
........................................................
396,891
157,796
Palo
Alto
Networks,
Inc.
(a)
................................................
158,083
53,513
Salesforce,
Inc.
(a)
......................................................
28,942
8,135
ServiceNow,
Inc.
(a)
.....................................................
75,165
57,531
Synopsys,
Inc.
(a)
.......................................................
30,683
16,365
Workday,
Inc.
,
Class
A
(a)
.................................................
44,484
12,948
408,542
Technology
Hardware,
Storage
&
Peripherals
(5.0%):
Apple,
Inc.
...........................................................
539,813
99,541
Total
Common
Stocks
(Cost
$957,127)
a
a
a
1,962,913
Collateral
for
Securities
Loaned
(0.1%)^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
5
.22
%
(c)
........
427,988
428
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
5
.27
%
(c)
............
427,988
428
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
5
.24
%
(c)
...............
427,988
428
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
5
.21
%
(c)
.
427,988
428
Total
Collateral
for
Securities
Loaned
(Cost
$1,712)
a
a
a
1,712
Total
Investments
(Cost
$958,839)
—
98.6%
1,964,625
Other
assets
in
excess
of
liabilities
—
1.4%
28,338
NET
ASSETS
-
100.00%
$
1,992,963
^
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
January
31,
2024.
Schedule
of
Portfolio
Investments
January
31,
2024
Victory
Portfolios
III
Victory
Capital
Growth
Fund
27
(Unaudited)
Security
Description
Shares
Value
(000)
Common
Stocks
(99.4%)
Australia
(2.1%):
Consumer
Discretionary
(0.3%):
Aristocrat
Leisure
Ltd.
...................................................
92,350
$
2,662
Energy
(0.1%):
Woodside
Energy
Group
Ltd.
..............................................
23,956
501
Financials
(0.4%):
Macquarie
Group
Ltd.
...................................................
16,128
1,990
National
Australia
Bank
Ltd.
...............................................
60,677
1,279
QBE
Insurance
Group
Ltd.
................................................
47,136
485
3,754
Health
Care
(0.3%):
Cochlear
Ltd.
..........................................................
2,948
585
CSL
Ltd.
.............................................................
8,757
1,719
2,304
Industrials
(0.1%):
Brambles
Ltd.
.........................................................
51,126
487
Qantas
Airways
Ltd.(a)
...................................................
124,971
451
938
Materials
(0.6%):
BHP
Group
Ltd.
........................................................
116,038
3,549
Northern
Star
Resources
Ltd.
..............................................
56,260
483
Rio
Tinto
Ltd.
.........................................................
10,036
863
4,895
Real
Estate
(0.3%):
Charter
Hall
Group
......................................................
47,982
374
Goodman
Group
.......................................................
32,484
539
Scentre
Group
.........................................................
1,073,436
2,134
3,047
18,101
Austria
(0.1%):
Industrials
(0.1%):
ANDRITZ
AG
.........................................................
11,087
683
Belgium
(0.2%):
Information
Technology
(0.2%):
Melexis
NV
...........................................................
15,537
1,331
Bermuda
(0.2%):
Financials
(0.2%):
Everest
Group
Ltd.
......................................................
4,709
1,813
Brazil
(0.4%):
Consumer
Discretionary
(0.1%):
Cury
Construtora
e
Incorporadora
SA
........................................
79,200
296
Vibra
Energia
SA
.......................................................
61,511
295
591
Consumer
Staples
(0.1%):
Dimed
SA
Distribuidora
DA
Medicamentos
....................................
105,900
267
Sao
Martinho
SA
.......................................................
49,100
279
546
Victory
Portfolios
III
Victory
Capital
Growth
Fund
28
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Shares
Value
(000)
Financials
(0.0%):(b)
Banco
ABC
Brasil
SA,
Preference
Shares
......................................
60,400
$
291
Industrials
(0.1%):
Santos
Brasil
Participacoes
SA
.............................................
165,200
336
SIMPAR
SA
..........................................................
137,616
217
553
Information
Technology
(0.0%):(b)
TOTVS
SA
...........................................................
39,400
251
Materials
(0.0%):(b)
Metalurgica
Gerdau
SA
..................................................
141,600
283
Real
Estate
(0.0%):(b)
Multiplan
Empreendimentos
Imobiliarios
SA
...................................
61,400
345
Utilities
(0.1%):
Neoenergia
SA
.........................................................
88,000
362
3,222
Canada
(2.2%):
Consumer
Staples
(0.4%):
Alimentation
Couche-Tard,
Inc.
.............................................
59,430
3,483
Energy
(0.1%):
Parex
Resources,
Inc.
....................................................
32,595
540
Financials
(0.8%):
Brookfield
Asset
Management
Ltd.,
Class
A
....................................
68,418
2,751
Manulife
Financial
Corp.
.................................................
116,196
2,569
National
Bank
of
Canada
.................................................
16,800
1,285
The
Toronto-Dominion
Bank
...............................................
5,816
353
6,958
Industrials
(0.1%):
Bombardier,
Inc.,
Class
B(a)
...............................................
24,384
901
Information
Technology
(0.6%):
Constellation
Software,
Inc.
...............................................
1,780
4,920
Materials
(0.2%):
Agnico
Eagle
Mines
Ltd.
.................................................
19,567
962
Stella-Jones,
Inc.
.......................................................
18,031
1,067
2,029
18,831
Chile
(0.1%):
Materials
(0.0%):(b)
CAP
SA
.............................................................
37,213
268
Real
Estate
(0.1%):
Parque
Arauco
SA
......................................................
266,729
427
Utilities
(0.0%):(b)
Enel
Chile
SA
.........................................................
5,978,039
359
1,054
China
(0.3%):
Communication
Services
(0.1%):
Tencent
Holdings
Ltd.
...................................................
27,700
961
Victory
Portfolios
III
Victory
Capital
Growth
Fund
29
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Shares
Value
(000)
Health
Care
(0.0%):(b)
Kangji
Medical
Holdings
Ltd.
..............................................
202,500
$
151
Tong
Ren
Tang
Technologies
Co.
Ltd.,
Class
H
..................................
258,000
187
338
Industrials
(0.1%):
Anhui
Expressway
Co.
Ltd.,
Class
H
.........................................
258,000
267
China
Communications
Services
Corp.
Ltd.,
Class
H
..............................
672,000
277
544
Information
Technology
(0.0%):(b)
AsiaInfo
Technologies
Ltd.(c)
..............................................
236,000
236
Chinasoft
International
Ltd.
...............................................
324,000
185
421
Materials
(0.1%):
Fufeng
Group
Ltd.
......................................................
660,000
358
Western
Mining
Co.
Ltd.,
Class
A
...........................................
118,300
234
592
2,856
Denmark
(1.7%):
Consumer
Discretionary
(0.4%):
Pandora
A/S
..........................................................
24,684
3,607
Health
Care
(1.3%):
Novo
Nordisk
A/S,
Class
B
................................................
94,016
10,748
14,355
Finland
(0.0%):(b)
Utilities
(0.0%):(b)
Fortum
Oyj
...........................................................
32,283
441
France
(3.7%):
Communication
Services
(0.1%):
Publicis
Groupe
SA
.....................................................
10,432
1,045
Consumer
Discretionary
(1.0%):
La
Francaise
des
Jeux
SAEM(c)
............................................
50,995
2,067
LVMH
Moet
Hennessy
Louis
Vuitton
SE
......................................
7,913
6,583
8,650
Consumer
Staples
(0.4%):
L'Oreal
SA
...........................................................
6,305
3,017
Energy
(0.2%):
Gaztransport
Et
Technigaz
SA
..............................................
9,445
1,324
Technip
Energies
NV
....................................................
21,594
447
1,771
Financials
(0.2%):
AXA
SA
.............................................................
28,314
950
BNP
Paribas
SA
........................................................
12,475
838
1,788
Health
Care
(0.1%):
EssilorLuxottica
SA
.....................................................
2,323
455
Ipsen
SA
.............................................................
3,902
450
905
Industrials
(0.8%):
Cie
de
Saint-Gobain
SA
..................................................
12,839
908
Victory
Portfolios
III
Victory
Capital
Growth
Fund
30
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Shares
Value
(000)
Eiffage
SA
............................................................
5,608
$
587
Rexel
SA
.............................................................
81,930
2,182
Safran
SA
............................................................
15,513
2,896
6,573
Information
Technology
(0.4%):
Capgemini
SE
.........................................................
12,215
2,715
STMicroelectronics
NV
..................................................
13,790
606
3,321
Materials
(0.4%):
Arkema
SA
...........................................................
33,627
3,660
Real
Estate
(0.0%):(b)
Klepierre
SA
..........................................................
15,216
394
Utilities
(0.1%):
Engie
SA
.............................................................
33,514
535
31,659
Germany
(1.8%):
Communication
Services
(0.2%):
Deutsche
Telekom
AG
...................................................
61,104
1,500
Consumer
Discretionary
(0.2%):
HUGO
BOSS
AG
......................................................
8,486
530
Volkswagen
AG,
Preference
Shares
..........................................
12,833
1,651
2,181
Consumer
Staples
(0.1%):
Henkel
AG
&
Co.
KGaA,
Preference
Shares
....................................
6,040
463
Financials
(0.4%):
Allianz
SE,
Registered
Shares
..............................................
9,907
2,647
Muenchener
Rueckversicherungs-Gesellschaft
AG
in
Muenchen,
Class
R
...............
2,024
861
3,508
Industrials
(0.2%):
Daimler
Truck
Holding
AG
................................................
13,131
469
Siemens
AG,
Registered
Shares
.............................................
9,335
1,671
2,140
Information
Technology
(0.6%):
Infineon
Technologies
AG
.................................................
14,012
511
SAP
SE
..............................................................
25,425
4,404
4,915
Utilities
(0.1%):
RWE
AG
.............................................................
16,757
619
15,326
Greece
(0.2%):
Energy
(0.0%):(b)
Motor
Oil
Hellas
Corinth
Refineries
SA
.......................................
12,748
349
Financials
(0.0%):(b)
National
Bank
of
Greece
SA(a)
.............................................
45,773
348
Industrials
(0.1%):
Mytilineos
SA
.........................................................
10,163
417
Victory
Portfolios
III
Victory
Capital
Growth
Fund
31
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Shares
Value
(000)
Utilities
(0.1%):
Public
Power
Corp.
SA(a)
.................................................
26,499
$
351
1,465
Hong
Kong
(0.5%):
Consumer
Discretionary
(0.1%):
Man
Wah
Holdings
Ltd.
..................................................
605,200
377
Tam
Jai
International
Co.
Ltd.
..............................................
1,072,000
159
536
Financials
(0.1%):
AIA
Group
Ltd.
........................................................
86,200
676
BOC
Hong
Kong
Holdings
Ltd.
............................................
127,500
306
982
Industrials
(0.1%):
China
State
Construction
Development
Holdings
Ltd.
.............................
918,000
250
CK
Hutchison
Holdings
Ltd.
...............................................
74,500
385
635
Information
Technology
(0.0%):(b)
BOE
Varitronix
Ltd.(d)
...................................................
318,000
206
Materials
(0.0%):(b)
Shougang
Fushan
Resources
Group
Ltd.
......................................
818,000
323
Real
Estate
(0.2%):
CK
Asset
Holdings
Ltd.
..................................................
315,000
1,421
Sino
Land
Co.
Ltd.
......................................................
352,000
368
1,789
4,471
India
(1.1%):
Consumer
Discretionary
(0.0%):(b)
Safari
Industries
India
Ltd.
................................................
17,157
419
Financials
(0.2%):
Home
First
Finance
Co.
India
Ltd.(c)
.........................................
43,321
513
LIC
Housing
Finance
Ltd.
.................................................
62,517
471
Manappuram
Finance
Ltd.
................................................
199,975
445
Ujjivan
Small
Finance
Bank
Ltd.(c)
..........................................
687,106
458
1,887
Health
Care
(0.1%):
JB
Chemicals
&
Pharmaceuticals
Ltd.
........................................
21,748
441
Narayana
Hrudayalaya
Ltd.
................................................
30,501
484
925
Industrials
(0.3%):
Ashok
Leyland
Ltd.
.....................................................
229,038
485
Ashoka
Buildcon
Ltd.(a)
..................................................
112,071
245
Carysil
Ltd.
...........................................................
38,840
404
Craftsman
Automation
Ltd.
................................................
5,122
270
GMM
Pfaudler
Ltd.
.....................................................
25,771
482
ISGEC
Heavy
Engineering
Ltd.
.............................................
34,439
428
2,314
Information
Technology
(0.1%):
Cyient
Ltd.
...........................................................
23,736
565
KPIT
Technologies
Ltd.
..................................................
21,421
400
965
Victory
Portfolios
III
Victory
Capital
Growth
Fund
32
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Shares
Value
(000)
Materials
(0.3%):
APL
Apollo
Tubes
Ltd.
...................................................
22,748
$
412
Coromandel
International
Ltd.
..............................................
22,721
288
JK
Paper
Ltd.
..........................................................
78,817
414
MOIL
Ltd.
............................................................
99,033
414
Shree
Digvijay
Cement
Co.
Ltd.
............................................
233,943
325
Supreme
Industries
Ltd.
..................................................
5,794
288
Surya
Roshni
Ltd.
......................................................
46,026
435
2,576
Utilities
(0.1%):
PTC
India
Ltd.
.........................................................
164,770
476
9,562
Indonesia
(0.1%):
Consumer
Discretionary
(0.0%):(b)
PT
Mitra
Adiperkasa
Tbk
.................................................
3,414,200
423
Financials
(0.1%):
PT
Bank
CIMB
Niaga
Tbk
................................................
4,500,500
502
Real
Estate
(0.0%):(b)
PT
Puradelta
Lestari
Tbk
.................................................
24,920,300
254
1,179
Ireland
(1.1%):
Financials
(0.1%):
Bank
of
Ireland
Group
PLC
...............................................
48,977
450
Health
Care
(0.2%):
ICON
PLC(a)
.........................................................
2,674
698
Medtronic
PLC
........................................................
16,623
1,455
2,153
Industrials
(0.7%):
AerCap
Holdings
NV(a)
..................................................
12,817
981
Ryanair
Holdings
PLC,
ADR
...............................................
5,658
756
Trane
Technologies
PLC
..................................................
18,339
4,623
6,360
Materials
(0.1%):
James
Hardie
Industries
PLC(a)
............................................
16,222
609
9,572
Israel
(0.1%):
Financials
(0.0%):(b)
Bank
Leumi
Le-Israel
BM
................................................
43,579
332
Information
Technology
(0.1%):
Nice
Ltd.(a)
...........................................................
2,326
483
815
Italy
(0.6%):
Health
Care
(0.0%):(b)
Recordati
Industria
Chimica
e
Farmaceutica
SpA
................................
9,675
534
Industrials
(0.1%):
Leonardo
SpA
.........................................................
33,959
593
Utilities
(0.5%):
Enel
SpA
.............................................................
333,035
2,272
Victory
Portfolios
III
Victory
Capital
Growth
Fund
33
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Shares
Value
(000)
Iren
SpA
.............................................................
149,846
$
314
Snam
SpA
............................................................
338,435
1,653
4,239
5,366
Japan
(6.7%):
Communication
Services
(0.3%):
Capcom
Co.
Ltd.
.......................................................
32,500
1,240
Kakaku.com,
Inc.
.......................................................
63,600
723
Nippon
Telegraph
&
Telephone
Corp.
........................................
829,500
1,042
3,005
Consumer
Discretionary
(1.0%):
Honda
Motor
Co.
Ltd.
...................................................
67,300
752
Isuzu
Motors
Ltd.
.......................................................
62,400
852
Panasonic
Holdings
Corp.
.................................................
45,400
428
Suzuki
Motor
Corp.
.....................................................
17,000
764
Toyota
Motor
Corp.
.....................................................
252,700
5,046
ZOZO,
Inc.
...........................................................
58,700
1,285
9,127
Consumer
Staples
(0.4%):
Asahi
Group
Holdings
Ltd.
................................................
16,800
625
Lawson,
Inc.
..........................................................
11,700
670
Toyo
Suisan
Kaisha
Ltd.
..................................................
34,800
1,812
3,107
Financials
(1.0%):
Mizuho
Financial
Group,
Inc.
..............................................
179,020
3,252
ORIX
Corp.
...........................................................
28,800
556
Sumitomo
Mitsui
Financial
Group,
Inc.
.......................................
24,600
1,280
Tokio
Marine
Holdings,
Inc.
...............................................
133,000
3,507
8,595
Health
Care
(0.7%):
Hoya
Corp.
...........................................................
23,000
2,922
Otsuka
Holdings
Co.
Ltd.
.................................................
16,000
629
Shionogi
&
Co.
Ltd.
.....................................................
45,700
2,194
5,745
Industrials
(2.2%):
Central
Japan
Railway
Co.
................................................
22,600
565
Fuji
Electric
Co.
Ltd.
....................................................
73,500
3,681
ITOCHU
Corp.
........................................................
34,500
1,566
Komatsu
Ltd.
..........................................................
29,100
828
MISUMI
Group,
Inc.
....................................................
51,400
881
Mitsubishi
Heavy
Industries
Ltd.
............................................
59,900
3,996
Mitsui
&
Co.
Ltd.
.......................................................
30,700
1,245
Nippon
Yusen
KK
......................................................
57,900
1,996
OKUMA
Corp.
........................................................
23,800
1,071
Sanwa
Holdings
Corp.
...................................................
196,500
3,004
18,833
Information
Technology
(0.7%):
Advantest
Corp.
........................................................
15,700
625
Canon,
Inc.(d)
.........................................................
19,200
529
Disco
Corp.
...........................................................
6,200
1,673
Fujitsu
Ltd.
...........................................................
12,800
1,772
NEC
Corp.
...........................................................
14,200
928
TDK
Corp.
...........................................................
15,300
762
6,289
Victory
Portfolios
III
Victory
Capital
Growth
Fund
34
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Shares
Value
(000)
Materials
(0.2%):
Nippon
Steel
Corp.
......................................................
30,100
$
724
Shin-Etsu
Chemical
Co.
Ltd.
...............................................
14,700
579
Tosoh
Corp.
...........................................................
39,700
512
1,815
Real
Estate
(0.1%):
Daiwa
House
Industry
Co.
Ltd.
.............................................
18,800
582
Utilities
(0.1%):
Tokyo
Gas
Co.
Ltd.
.....................................................
40,800
937
58,035
Luxembourg
(0.1%):
Energy
(0.1%):
Tenaris
SA
............................................................
30,807
487
Malaysia
(0.0%):(b)
Consumer
Discretionary
(0.0%):(b)
Bermaz
Auto
Bhd
.......................................................
540,400
279
Mexico
(0.1%):
Financials
(0.1%):
Regional
SAB
de
CV
....................................................
44,999
418
Real
Estate
(0.0%):(b)
Corp
Inmobiliaria
Vesta
SAB
de
CV
.........................................
81,090
308
726
Netherlands
(1.7%):
Communication
Services
(0.3%):
Koninklijke
KPN
NV
....................................................
870,122
2,960
Consumer
Discretionary
(0.2%):
Prosus
NV
............................................................
16,352
484
Stellantis
NV
..........................................................
72,853
1,604
2,088
Consumer
Staples
(0.1%):
Koninklijke
Ahold
Delhaize
NV
............................................
31,991
900
Financials
(0.5%):
ING
Groep
NV
........................................................
255,744
3,633
NN
Group
NV
.........................................................
11,407
468
4,101
Industrials
(0.2%):
Wolters
Kluwer
NV
.....................................................
8,884
1,309
Information
Technology
(0.4%):
ASM
International
NV
...................................................
5,152
2,855
ASML
Holding
NV
.....................................................
702
609
3,464
14,822
New
Zealand
(0.1%):
Health
Care
(0.1%):
Fisher
&
Paykel
Healthcare
Corp.
Ltd.
........................................
64,719
934
Norway
(0.3%):
Victory
Portfolios
III
Victory
Capital
Growth
Fund
35
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Shares
Value
(000)
Consumer
Staples
(0.0%):(b)
Mowi
ASA
...........................................................
32,507
$
585
Energy
(0.2%):
Aker
BP
ASA
.........................................................
36,188
961
Equinor
ASA
..........................................................
17,377
497
1,458
Financials
(0.1%):
SpareBank
1
SMN
......................................................
61,656
840
2,883
Panama
(0.0%):(b)
Industrials
(0.0%):(b)
Copa
Holdings
SA,
Class
A
................................................
3,765
362
Philippines
(0.0%):(b)
Utilities
(0.0%):(b)
Aboitiz
Power
Corp.
.....................................................
450,100
304
Portugal
(0.1%):
Energy
(0.1%):
Galp
Energia
SGPS
SA
...................................................
35,739
563
Russian
Federation
(0.0%):(b)
Consumer
Discretionary
(0.0%):(b)
Detsky
Mir
PJSC(a)(c)(e)(f)
...............................................
214,920
2
Financials
(0.0%):
Bank
St
Petersburg
PJSC(a)(e)(f)
............................................
372,110
—
Industrials
(0.0%):(b)
Globaltrans
Investment
PLC,
Registered
Shares,
GDR(a)(f)
.........................
54,896
2
4
Singapore
(0.2%):
Consumer
Discretionary
(0.0%):(b)
Genting
Singapore
Ltd.
...................................................
756,400
568
Financials
(0.1%):
DBS
Group
Holdings
Ltd.
.................................................
27,600
654
Utilities
(0.1%):
Sembcorp
Industries
Ltd.
.................................................
205,000
863
2,085
South
Africa
(0.1%):
Consumer
Discretionary
(0.0%):(b)
The
Foschini
Group
Ltd.
..................................................
59,510
361
Financials
(0.1%):
Investec
PLC
..........................................................
69,931
455
816
South
Korea
(0.8%):
Communication
Services
(0.0%):(b)
JYP
Entertainment
Corp.
.................................................
5,520
311
Victory
Portfolios
III
Victory
Capital
Growth
Fund
36
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Shares
Value
(000)
Consumer
Discretionary
(0.1%):
Myoung
Shin
Industrial
Co.
Ltd.(a)
..........................................
34,292
$
423
Consumer
Staples
(0.0%):(b)
BGF
retail
Co.
Ltd.
.....................................................
3,004
318
Financials
(0.1%):
DB
Insurance
Co.
Ltd.(a)
.................................................
4,495
296
JB
Financial
Group
Co.
Ltd.
...............................................
37,633
323
KIWOOM
Securities
Co.
Ltd.
..............................................
2,818
204
823
Health
Care
(0.1%):
Classys,
Inc.
..........................................................
12,646
291
InBody
Co.
Ltd.
........................................................
12,563
233
524
Industrials
(0.2%):
Doosan
Bobcat,
Inc.
.....................................................
9,488
361
Hanwha
Aerospace
Co.
Ltd.
...............................................
3,758
388
HD
Hyundai
Electric
Co.
Ltd.
..............................................
4,977
381
Hyundai
Rotem
Co.
Ltd.(a)
................................................
17,831
376
Samsung
Engineering
Co.
Ltd.(a)
...........................................
16,813
281
1,787
Information
Technology
(0.2%):
HAESUNG
DS
Co.
Ltd.
..................................................
7,498
281
Hana
Materials,
Inc.
.....................................................
9,221
325
Innox
Advanced
Materials
Co.
Ltd.
..........................................
16,232
331
Samwha
Capacitor
Co.
Ltd.
...............................................
10,437
268
1,205
Materials
(0.1%):
Dongsung
Finetec
Co.
Ltd.
................................................
29,673
254
Poongsan
Corp.
........................................................
8,632
252
Wonik
Materials
Co.
Ltd.
.................................................
13,199
281
787
6,178
Spain
(0.8%):
Consumer
Discretionary
(0.1%):
Industria
de
Diseno
Textil
SA
..............................................
26,327
1,126
Energy
(0.1%):
Repsol
SA
............................................................
32,607
481
Financials
(0.5%):
Banco
Bilbao
Vizcaya
Argentaria
SA
.........................................
372,419
3,485
Banco
Santander
SA
.....................................................
198,413
798
Bankinter
SA
..........................................................
65,291
403
4,686
Utilities
(0.1%):
Iberdrola
SA
..........................................................
53,433
643
6,936
Sweden
(0.6%):
Consumer
Discretionary
(0.1%):
Evolution
AB(c)
........................................................
4,834
565
Financials
(0.0%):(b)
Swedbank
AB,
Class
A
...................................................
26,062
531
Victory
Portfolios
III
Victory
Capital
Growth
Fund
37
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Shares
Value
(000)
Industrials
(0.5%):
Atlas
Copco
AB,
Class
B
.................................................
261,752
$
3,626
Volvo
AB,
Class
B
......................................................
27,471
658
4,284
5,380
Switzerland
(3.3%):
Consumer
Staples
(0.8%):
Coca-Cola
HBC
AG
.....................................................
89,536
2,631
Nestle
SA,
Registered
Shares
..............................................
35,416
4,037
6,668
Financials
(0.9%):
Partners
Group
Holding
AG
...............................................
1,429
1,929
Swiss
Life
Holding
AG
...................................................
1,082
777
UBS
Group
AG
........................................................
142,656
4,271
Zurich
Insurance
Group
AG
...............................................
1,036
527
7,504
Health
Care
(1.3%):
Novartis
AG,
Registered
Shares
.............................................
66,332
6,862
Roche
Holding
AG
......................................................
14,068
4,007
Sandoz
Group
AG(a)
....................................................
27,473
942
11,811
Industrials
(0.1%):
ABB
Ltd.,
Registered
Shares
...............................................
14,042
594
Information
Technology
(0.0%):(b)
Logitech
International
SA,
Class
R
..........................................
5,399
453
Materials
(0.2%):
Glencore
PLC
.........................................................
87,221
461
Holcim
AG
...........................................................
16,266
1,243
1,704
28,734
Taiwan
(0.9%):
Consumer
Discretionary
(0.2%):
Eurocharm
Holdings
Co.
Ltd.
..............................................
53,000
293
Makalot
Industrial
Co.
Ltd.
................................................
32,000
367
Poya
International
Co.
Ltd.
................................................
20,200
333
Tong
Yang
Industry
Co.
Ltd.
...............................................
154,000
419
1,412
Health
Care
(0.0%):(b)
Bora
Pharmaceuticals
Co.
Ltd.
.............................................
15,000
321
TTY
Biopharm
Co.
Ltd.
..................................................
129,000
320
641
Industrials
(0.1%):
Fortune
Electric
Co.
Ltd.
.................................................
45,000
637
Information
Technology
(0.5%):
Chipbond
Technology
Corp.
...............................................
169,000
389
Compeq
Manufacturing
Co.
Ltd.
............................................
225,000
499
Elite
Material
Co.
Ltd.
...................................................
43,000
632
Gold
Circuit
Electronics
Ltd.
...............................................
86,400
632
King
Yuan
Electronics
Co.
Ltd.
.............................................
290,000
775
Sigurd
Microelectronics
Corp.
..............................................
206,000
444
Tripod
Technology
Corp.
.................................................
87,000
519
Victory
Portfolios
III
Victory
Capital
Growth
Fund
38
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Shares
Value
(000)
Wiwynn
Corp.
.........................................................
7,000
$
494
4,384
Materials
(0.1%):
Taiwan
Hon
Chuan
Enterprise
Co.
Ltd.
.......................................
132,000
589
Tung
Ho
Steel
Enterprise
Corp.
.............................................
143,000
337
926
8,000
Thailand
(0.2%):
Consumer
Discretionary
(0.1%):
AAPICO
Hitech
PCL
....................................................
363,400
299
Somboon
Advance
Technology
PCL
.........................................
461,200
236
The
Erawan
Group
PCL-NVDR
............................................
1,922,600
276
811
Consumer
Staples
(0.1%):
Ichitan
Group
PCL
......................................................
765,300
375
Materials
(0.0%):(b)
TOA
Paint
Thailand
PCL
.................................................
366,000
217
Real
Estate
(0.0%):(b)
Amata
Corp.
PCL
.......................................................
409,800
246
1,649
Turkey
(0.1%):
Financials
(0.1%):
Turkiye
Sigorta
As
......................................................
263,476
417
Health
Care
(0.0%):(b)
Mlp
Saglik
Hizmetleri
As(a)(c)
.............................................
55,456
298
Industrials
(0.0%):(b)
Pegasus
Hava
Tasimaciligi
AS(a)
............................................
8,378
207
922
United
Kingdom
(4.9%):
Communication
Services
(0.1%):
Informa
PLC
..........................................................
61,275
602
Consumer
Discretionary
(0.5%):
Greggs
PLC
...........................................................
49,154
1,655
Next
PLC
............................................................
21,939
2,342
Pearson
PLC
..........................................................
50,638
621
4,618
Consumer
Staples
(0.9%):
Associated
British
Foods
PLC
..............................................
26,860
796
Coca-Cola
Europacific
Partners
PLC
.........................................
9,927
684
Diageo
PLC
...........................................................
45,619
1,647
Imperial
Brands
PLC
....................................................
110,032
2,641
Marks
&
Spencer
Group
PLC
..............................................
180,582
564
Reckitt
Benckiser
Group
PLC
..............................................
10,323
746
Tesco
PLC
............................................................
223,008
808
7,886
Energy
(0.9%):
BP
PLC
..............................................................
465,119
2,716
Harbour
Energy
PLC
....................................................
84,723
298
Victory
Portfolios
III
Victory
Capital
Growth
Fund
39
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Shares
Value
(000)
Shell
PLC
............................................................
156,583
$
4,853
7,867
Financials
(0.9%):
3i
Group
PLC
.........................................................
54,514
1,706
Barclays
PLC
.........................................................
472,597
878
HSBC
Holdings
PLC
....................................................
350,888
2,739
Legal
&
General
Group
PLC
...............................................
441,915
1,421
Standard
Chartered
PLC
..................................................
114,552
866
7,610
Health
Care
(0.2%):
AstraZeneca
PLC
.......................................................
13,601
1,803
Industrials
(0.6%):
Ashtead
Group
PLC
.....................................................
24,428
1,597
BAE
Systems
PLC
......................................................
46,230
689
Ferguson
PLC
.........................................................
12,413
2,332
RELX
PLC
...........................................................
12,293
507
5,125
Information
Technology
(0.1%):
The
Sage
Group
PLC
....................................................
44,708
666
Materials
(0.6%):
Croda
International
PLC
..................................................
9,396
569
Pan
African
Resources
PLC
...............................................
1,874,960
434
Rio
Tinto
PLC
.........................................................
53,931
3,732
4,735
Real
Estate
(0.0%):(b)
Safestore
Holdings
PLC
..................................................
37,507
391
Utilities
(0.1%):
Centrica
PLC
..........................................................
497,742
871
Drax
Group
PLC
.......................................................
50,432
325
1,196
42,499
United
States
(61.9%):
Communication
Services
(6.1%):
Alphabet,
Inc.,
Class
C(a)
.................................................
182,893
25,934
AT&T,
Inc.
...........................................................
78,374
1,387
Comcast
Corp.,
Class
A
..................................................
93,570
4,355
Meta
Platforms,
Inc.,
Class
A(a)
............................................
46,648
18,199
Netflix,
Inc.(a)
.........................................................
2,672
1,507
Verizon
Communications,
Inc.
..............................................
34,398
1,457
52,839
Consumer
Discretionary
(6.4%):
AutoNation,
Inc.(a)
.....................................................
15,005
2,096
AutoZone,
Inc.(a)
.......................................................
1,475
4,074
Best
Buy
Co.,
Inc.
......................................................
18,700
1,355
Booking
Holdings,
Inc.(a)
.................................................
1,082
3,795
D.R.
Horton,
Inc.
.......................................................
20,528
2,934
Deckers
Outdoor
Corp.(a)
.................................................
3,537
2,666
Expedia
Group,
Inc.(a)
...................................................
20,109
2,983
Ford
Motor
Co.
........................................................
122,542
1,436
General
Motors
Co.
.....................................................
45,306
1,758
Lennar
Corp.,
Class
A
....................................................
25,462
3,815
Lowe's
Cos.,
Inc.
.......................................................
6,171
1,313
McDonald's
Corp.
......................................................
4,520
1,323
Murphy
USA,
Inc.
......................................................
7,627
2,689
Victory
Portfolios
III
Victory
Capital
Growth
Fund
40
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Shares
Value
(000)
NVR,
Inc.(a)
..........................................................
446
$
3,156
O'Reilly
Automotive,
Inc.(a)
...............................................
4,161
4,257
PulteGroup,
Inc.
........................................................
38,978
4,075
Samsonite
International
SA(a)(c)
............................................
84,600
236
Starbucks
Corp.
........................................................
11,642
1,083
The
Home
Depot,
Inc.
...................................................
4,073
1,438
Toll
Brothers,
Inc.
......................................................
37,657
3,741
TopBuild
Corp.(a)
......................................................
10,384
3,833
Ulta
Beauty,
Inc.(a)
.....................................................
3,077
1,545
55,601
Consumer
Staples
(4.1%):
Altria
Group,
Inc.
.......................................................
103,778
4,164
Colgate-Palmolive
Co.
...................................................
39,039
3,287
Costco
Wholesale
Corp.
..................................................
8,666
6,022
Kimberly-Clark
Corp.
....................................................
22,381
2,707
Philip
Morris
International,
Inc.
.............................................
40,293
3,661
The
Kraft
Heinz
Co.
.....................................................
36,693
1,362
The
Kroger
Co.
........................................................
58,081
2,680
The
Procter
&
Gamble
Co.
................................................
40,129
6,306
Walmart,
Inc.
..........................................................
29,289
4,840
35,029
Energy
(2.1%):
APA
Corp.
............................................................
34,819
1,091
Chevron
Corp.
.........................................................
8,804
1,298
ConocoPhillips
........................................................
34,038
3,808
Devon
Energy
Corp.
.....................................................
28,185
1,184
EOG
Resources,
Inc.
....................................................
10,341
1,177
Marathon
Oil
Corp.
.....................................................
50,435
1,153
Marathon
Petroleum
Corp.
................................................
28,159
4,663
Valero
Energy
Corp.
.....................................................
25,978
3,608
17,982
Financials
(5.6%):
Aflac,
Inc.
............................................................
15,371
1,296
American
Express
Co.
...................................................
21,500
4,316
Ameriprise
Financial,
Inc.
.................................................
10,437
4,037
Apollo
Global
Management,
Inc.
............................................
37,436
3,759
Capital
One
Financial
Corp.
...............................................
11,887
1,609
Corebridge
Financial,
Inc.
.................................................
51,152
1,236
Discover
Financial
Services
...............................................
31,983
3,375
FactSet
Research
Systems,
Inc.
.............................................
2,688
1,279
Fiserv,
Inc.(a)
..........................................................
9,998
1,418
JPMorgan
Chase
&
Co.
..................................................
57,525
10,030
Marsh
&
McLennan
Cos.,
Inc.
.............................................
6,286
1,218
Mastercard,
Inc.,
Class
A
.................................................
3,143
1,412
MSCI,
Inc.
...........................................................
2,380
1,425
Regions
Financial
Corp.
..................................................
77,616
1,449
T.
Rowe
Price
Group,
Inc.
.................................................
12,807
1,389
The
Bank
of
New
York
Mellon
Corp.
.........................................
26,855
1,489
The
Goldman
Sachs
Group,
Inc.
............................................
3,707
1,424
U.S.
Bancorp
..........................................................
33,443
1,389
Visa,
Inc.,
Class
A
......................................................
19,471
5,321
48,871
Health
Care
(8.3%):
AbbVie,
Inc.
..........................................................
45,825
7,534
Amgen,
Inc.
...........................................................
18,957
5,957
Bristol-Myers
Squibb
Co.
.................................................
24,550
1,200
Cencora,
Inc.
..........................................................
18,889
4,395
Centene
Corp.(a)
.......................................................
54,261
4,086
CVS
Health
Corp.
......................................................
18,289
1,360
DaVita,
Inc.(a)
.........................................................
12,413
1,343
Victory
Portfolios
III
Victory
Capital
Growth
Fund
41
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Shares
Value
(000)
Elevance
Health,
Inc.
....................................................
7,852
$
3,874
Eli
Lilly
&
Co.
.........................................................
11,160
7,205
Gilead
Sciences,
Inc.
....................................................
60,063
4,701
HCA
Healthcare,
Inc.
....................................................
5,191
1,583
IDEXX
Laboratories,
Inc.(a)
...............................................
2,667
1,374
McKesson
Corp.
.......................................................
7,501
3,750
Merck
&
Co.,
Inc.
......................................................
47,246
5,706
Tenet
Healthcare
Corp.(a)
.................................................
15,239
1,261
The
Cigna
Group
.......................................................
12,451
3,747
Thermo
Fisher
Scientific,
Inc.
..............................................
2,627
1,416
UnitedHealth
Group,
Inc.
.................................................
14,301
7,318
Vertex
Pharmaceuticals,
Inc.(a)
.............................................
9,165
3,972
71,782
Industrials
(6.4%):
3M
Co.
..............................................................
12,970
1,224
Builders
FirstSource,
Inc.(a)
...............................................
24,493
4,255
Caterpillar,
Inc.
........................................................
18,310
5,499
Cintas
Corp.
..........................................................
7,073
4,276
Copart,
Inc.(a)
.........................................................
25,240
1,212
Core
&
Main,
Inc.,
Class
A(a)
..............................................
41,346
1,708
Cummins,
Inc.
.........................................................
5,586
1,337
Deere
&
Co.
..........................................................
3,297
1,298
Expeditors
International
of
Washington,
Inc.
....................................
21,306
2,692
Fastenal
Co.
...........................................................
20,562
1,403
FedEx
Corp.
..........................................................
13,059
3,151
General
Dynamics
Corp.
..................................................
5,074
1,344
Illinois
Tool
Works,
Inc.
..................................................
5,221
1,362
Lennox
International,
Inc.
.................................................
2,968
1,271
Lockheed
Martin
Corp.
...................................................
2,793
1,199
Old
Dominion
Freight
Line,
Inc.
............................................
3,120
1,220
Otis
Worldwide
Corp.
....................................................
14,873
1,315
Owens
Corning
........................................................
8,662
1,312
PACCAR,
Inc.
.........................................................
42,920
4,309
Parker-Hannifin
Corp.
...................................................
7,682
3,568
United
Parcel
Service,
Inc.,
Class
B
..........................................
8,496
1,206
United
Rentals,
Inc.
.....................................................
7,513
4,699
W.W.
Grainger,
Inc.
.....................................................
4,734
4,240
55,100
Information
Technology
(18.4%):
Adobe,
Inc.(a)
.........................................................
10,859
6,708
Apple,
Inc.
...........................................................
212,341
39,156
Arista
Networks,
Inc.(a)
..................................................
5,839
1,510
Broadcom,
Inc.
........................................................
8,450
9,971
Cadence
Design
Systems,
Inc.(a)
............................................
12,469
3,597
Cisco
Systems,
Inc.
.....................................................
145,588
7,306
Cognizant
Technology
Solutions
Corp.,
Class
A
.................................
42,835
3,303
Fair
Isaac
Corp.(a)
......................................................
2,897
3,473
Fortinet,
Inc.(a)
........................................................
24,751
1,596
Hewlett
Packard
Enterprise
Co.
.............................................
79,285
1,212
HP,
Inc.
..............................................................
44,236
1,270
International
Business
Machines
Corp.
........................................
8,151
1,497
KLA
Corp.
...........................................................
5,967
3,545
Microsoft
Corp.
........................................................
112,002
44,530
Motorola
Solutions,
Inc.
..................................................
3,925
1,254
NVIDIA
Corp.
.........................................................
34,272
21,087
ON
Semiconductor
Corp.(a)
...............................................
17,967
1,278
QUALCOMM,
Inc.
.....................................................
31,484
4,676
Texas
Instruments,
Inc.
...................................................
8,215
1,315
VeriSign,
Inc.(a)
........................................................
5,960
1,185
159,469
Victory
Portfolios
III
Victory
Capital
Growth
Fund
42
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Shares
Value
(000)
Materials
(2.2%):
CF
Industries
Holdings,
Inc.
...............................................
24,800
$
1,873
Linde
PLC
............................................................
3,055
1,237
LyondellBasell
Industries
NV,
Class
A
........................................
41,885
3,942
Nucor
Corp.
...........................................................
24,555
4,590
PPG
Industries,
Inc.
.....................................................
9,234
1,302
Steel
Dynamics,
Inc.
.....................................................
32,228
3,890
The
Mosaic
Co.
........................................................
33,935
1,042
The
Sherwin-Williams
Co.
................................................
4,634
1,410
19,286
Real
Estate
(0.8%):
American
Tower
Corp.
...................................................
9,617
1,882
Equinix,
Inc.
..........................................................
2,679
2,223
Prologis,
Inc.
..........................................................
20,484
2,595
6,700
Utilities
(1.5%):
Consolidated
Edison,
Inc.
.................................................
13,672
1,243
DTE
Energy
Co.
.......................................................
12,058
1,271
Edison
International
.....................................................
41,820
2,822
Entergy
Corp.
.........................................................
12,627
1,260
Sempra
..............................................................
17,259
1,235
The
Southern
Co.
.......................................................
44,426
3,088
Vistra
Corp.
...........................................................
43,231
1,774
12,693
535,352
Total
Common
Stocks
(Cost
$656,220)
860,052
Rights
(0.0%)(b)
Brazil
(0.0%):(b)
Financials
(0.0%):(b)
Banco
ABC
Brasil
SA,
Expires
2/5/24(a)(f)
....................................
2,556
2
Total
Rights
(Cost
$–)
2
Warrants
(0.0%)
Canada
(0.0%):
Information
Technology
(0.0%):
Constellation
Software,
Inc.(a)(f)
............................................
1,780
—
Total
Warrants
(Cost
$–)
—
Exchange-Traded
Funds
(0.0%)(b)
United
States
(0.0%):(b)
iShares
Core
MSCI
EAFE
ETF
.............................................
4,447
311
Total
Exchange-Traded
Funds
(Cost
$299)
311
Total
Investments
(Cost
$656,519)
—
99.4%
860,365
Other
assets
in
excess
of
liabilities
—
0.6%
4,987
NET
ASSETS
-
100.00%
$
865,352
(a)
Non-income
producing
security.
(b)
Amount
represents
less
than
0.05%
of
net
assets.
(c)
Rule
144A
security
or
other
security
that
is
restricted
as
to
resale
to
institutional
investors.
As
of
January
31,
2024,
the
fair
value
of
these
securities
was
$4,375
(thousands)
and
amounted
to
0.5%
of
net
assets.
(d)
All
or
a
portion
of
this
security
is
on
loan.
Victory
Portfolios
III
Victory
Capital
Growth
Fund
43
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Name
Acquisition
Date
Cost
Bank
St
Petersburg
PJSC
......................................
12/15/2021
$
410
Detsky
Mir
PJSC
............................................
9/30/2020
348
(e)
The
following
table
details
the
earliest
acquisition
date
and
cost
of
the
Fund's
restricted
securities
due
to
trading
restrictions
at
January
31,
2024
(amounts
in
thousands):
(f)
Security
was
fair
valued
using
significant
unobservable
inputs
as
of
January
31,
2024.
ADR
—
American
Depositary
Receipt
ETF
—
Exchange-Traded
Fund
GDR
—
Global
Depositary
Receipt
NVDR
—
Non-Voting
Depository
Receipt
PCL
—
Public
Company
Limited
PLC
—
Public
Limited
Company
Schedule
of
Portfolio
Investments
January
31,
2024
Victory
Portfolios
III
Victory
Core
Plus
Intermediate
Bond
Fund
44
(Unaudited)
Security
Description
Principal
Amount
(000)
Value
(000)
Asset-Backed
Securities
(20.9%)
ABS
Auto
(11.2%):
American
Credit
Acceptance
Receivables
Trust
.................................
Series
2020-4,
Class
E,
3.65%,
12/14/26,
Callable
4/13/24
@
100(a)
..............
$
666
$
663
Series
2022-1,
Class
C,
2.12%,
3/13/28,
Callable
5/13/25
@
100(a)
...............
2,779
2,752
AmeriCredit
Automobile
Receivables
Trust,
Series
2021-1,
Class
D,
1.21%,
12/18/26,
Callable
6/18/25
@
100
.....................................................
2,944
2,770
ARI
Fleet
Lease
Trust
....................................................
Series
2021-A,
Class
A2,
0.37%,
3/15/30,
Callable
6/15/24
@
100(a)
..............
27
27
Series
2022-A,
Class
A3,
3.43%,
1/15/31,
Callable
4/15/25
@
100(a)
..............
2,476
2,422
Series
2022-A,
Class
B,
3.79%,
1/15/31,
Callable
4/15/25
@
100(a)
...............
1,517
1,471
Series
2022-A,
Class
C,
4.17%,
1/15/31,
Callable
4/15/25
@
100(a)
...............
2,200
2,123
Avis
Budget
Rental
Car
Funding
AESOP
LLC
..................................
Series
2019-2A,
Class
B,
3.55%,
9/22/25,
Callable
10/20/24
@
100(a)
.............
1,400
1,385
Series
2020-1A,
Class
B,
2.68%,
8/20/26,
Callable
9/20/25
@
100(a)
..............
4,000
3,836
Series
2022-5A,
Class
B,
7.09%,
4/20/27(a)
................................
3,250
3,330
Series
2023-3A,
Class
C,
7.05%,
2/22/28(a)
................................
8,750
8,907
Series
2023-5A,
Class
C,
6.85%,
4/20/28(a)
................................
7,000
7,098
Series
2023-6A,
Class
B,
6.40%,
12/20/29(a)
...............................
2,811
2,887
Series
2023-6A,
Class
C,
7.03%,
12/20/29(a)
...............................
3,749
3,860
Canadian
Pacer
Auto
Receivables
Trust,
Series
2021-1A,
Class
C,
1.46%,
12/20/27,
Callable
7/19/25
@
100(a)
...................................................
2,156
2,048
CarMax
Auto
Owner
Trust
................................................
Series
2020-1,
Class
C,
2.34%,
11/17/25,
Callable
3/15/24
@
100
................
4,230
4,210
Series
2020-2,
Class
B,
2.90%,
8/15/25,
Callable
5/15/24
@
100
.................
1,083
1,074
Series
2020-3,
Class
C,
1.69%,
4/15/26,
Callable
7/15/24
@
100
.................
2,500
2,449
Series
2020-4,
Class
C,
1.30%,
8/17/26,
Callable
12/15/24
@
100
................
3,450
3,317
Series
2021-3,
Class
D,
1.50%,
1/18/28,
Callable
10/15/25
@
100
................
3,981
3,707
Series
2021-4,
Class
D,
1.48%,
3/15/28,
Callable
1/15/26
@
100
.................
2,831
2,612
Series
2023-2,
Class
B,
5.18%,
11/15/28,
Callable
2/15/27
@
100
................
3,250
3,263
Carvana
Auto
Receivables
Trust
............................................
Series
2020-P1,
Class
C,
1.32%,
11/9/26
,
Callable
1/8/26
@
100
.................
551
509
Series
2021-N1,
Class
D,
1.50%,
1/10/28,
Callable
6/10/26
@
100
................
543
513
Series
2021-N2,
Class
D,
1.27%,
3/10/28,
Callable
1/10/27
@
100
................
783
726
Series
2021-N4,
Class
D,
2.30%,
9/11/28
,
Callable
3/10/27
@
100
................
749
723
Series
2021-P2,
Class
C,
1.60%,
6/10/27,
Callable
2/10/27
@
100
................
10,000
9,030
Chesapeake
Funding
II
LLC
...............................................
Series
2023-1A,
Class
B,
5.59%,
5/15/35,
Callable
3/15/26
@
100(a)
..............
826
829
Series
2023-1A,
Class
C,
6.07%,
5/15/35,
Callable
3/15/26
@
100(a)
..............
936
944
Series
2023-1A,
Class
D,
6.69%,
5/15/35,
Callable
3/15/26
@
100(a)
..............
1,404
1,429
Series
2023-2A,
Class
B,
5.97%,
10/15/35,
Callable
7/15/26
@
100(a)
.............
1,858
1,900
Series
2023-2A,
Class
C,
6.15%,
10/15/35,
Callable
7/15/26
@
100(a)
.............
2,874
2,940
Credit
Acceptance
Auto
Loan
Trust
..........................................
Series
2021-2A,
Class
B,
1.26%,
4/15/30,
Callable
8/15/24
@
100(a)
..............
2,077
2,057
Series
2021-4,
Class
B,
1.74%,
12/16/30,
Callable
4/15/25
@
100(a)
..............
720
691
Series
2022-3A,
Class
C,
8.45%,
2/15/33,
Callable
10/15/26
@
100(a)
.............
150
158
Series
2023-1A,
Class
C,
7.71%,
7/15/33,
Callable
11/15/26
@
100(a)
.............
125
128
Series
2023-2A,
Class
C,
7.15%,
9/15/33,
Callable
12/15/26
@
100(a)
.............
2,911
3,002
Series
2023-3A,
Class
A,
6.39%,
8/15/33,
Callable
3/15/27
@
100(a)
..............
2,875
2,928
Series
2023-3A,
Class
B,
7.09%,
10/17/33,
Callable
3/15/27
@
100(a)
.............
2,724
2,810
Series
2023-3A,
Class
C,
7.62%,
12/15/33,
Callable
3/15/27
@
100(a)
.............
4,691
4,909
Series
2023-5A,
Class
A,
6.13%,
12/15/33,
Callable
6/15/27
@
100(a)
.............
4,598
4,676
Series
2023-5A,
Class
C,
7.30%,
4/17/34,
Callable
6/15/27
@
100(a)
..............
3,566
3,704
Drive
Auto
Receivables
Trust,
Series
2021-2,
Class
D,
1.39%,
3/15/29,
Callable
7/15/25
@
100
5,744
5,471
DT
Auto
Owner
Trust
....................................................
Series
2020-1A,
Class
E,
3.48%,
2/16/27,
Callable
8/15/24
@
100(a)
..............
5,875
5,795
Series
2020-2A,
Class
D,
4.73%,
3/16/26,
Callable
9/15/24
@
100(a)
..............
2,811
2,798
Series
2020-3A,
Class
E,
3.62%,
10/15/27,
Callable
1/15/25
@
100(a)
.............
1,381
1,345
Series
2021-3A,
Class
C,
0.87%,
5/17/27,
Callable
9/15/25
@
100(a)
..............
1,590
1,562
Ent
Auto
Receivables
Trust
................................................
Series
2023-1A,
Class
A4,
6.26%,
11/15/29,
Callable
6/15/28
@
100(a)
............
1,176
1,200
Series
2023-1A,
Class
C,
6.77%,
4/15/30,
Callable
6/15/28
@
100(a)
..............
770
781
Enterprise
Fleet
Financing
LLC
.............................................
Victory
Portfolios
III
Victory
Core
Plus
Intermediate
Bond
Fund
45
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
Series
2022-3,
Class
A3,
4.29%,
7/20/29,
Callable
4/20/26
@
100(a)
..............
$
1,125
$
1,107
Series
2022-4,
Class
A3,
5.65%,
10/22/29,
Callable
6/20/26
@
100(a)
.............
2,750
2,791
Series
2023-2,
Class
A2,
5.56%,
4/22/30,
Callable
2/20/27
@
100(a)
..............
2,811
2,820
Series
2023-3,
Class
A3,
6.41%,
6/20/30,
Callable
7/20/27
@
100(a)
..............
2,349
2,457
Series
2024-1,
Class
A2,
5.23%,
3/20/30,
Callable
9/20/27
@
100(a)
..............
3,711
3,721
Exeter
Automobile
Receivables
Trust,
Series
2020-1A,
Class
E,
3.74%,
1/15/27,
Callable
10/15/24
@
100(a)
..................................................
1,000
984
Flagship
Credit
Auto
Trust
................................................
Series
2019-2,
Class
D,
3.53%,
5/15/25,
Callable
11/15/24
@
100(a)
..............
1,119
1,111
Series
2019-4,
Class
E,
4.11%,
3/15/27,
Callable
4/15/25
@
100(a)
...............
2,500
2,422
Series
2020-2,
Class
D,
5.75%,
4/15/26,
Callable
7/15/25
@
100(a)
...............
532
530
Ford
Credit
Auto
Lease
Trust
..............................................
Series
2023-A,
Class
C,
5.54%,
12/15/26
,
Callable
9/15/25
@
100
................
1,080
1,077
Series
2023-B,
Class
C,
6.43%,
4/15/27,
Callable
4/15/26
@
100
.................
2,584
2,634
Ford
Credit
Auto
Owner
Trust
..............................................
Series
2021-1,
Class
C,
1.91%,
10/17/33,
Callable
4/15/26
@
100(a)
..............
1,708
1,576
Series
2021-1,
Class
D,
2.31%,
10/17/33,
Callable
4/15/26
@
100(a)
..............
1,650
1,509
Series
2021-2,
Class
C,
2.11%,
5/15/34,
Callable
11/15/26
@
100(a)
..............
2,250
2,052
Series
2021-2,
Class
D,
2.60%,
5/15/34,
Callable
11/15/26
@
100(a)
..............
500
457
Series
2022-1,
Class
C,
4.67%,
11/15/34,
Callable
5/15/27
@
100(a)
..............
2,000
1,949
Series
2023-1,
Class
B,
5.29%,
8/15/35,
Callable
2/15/28
@
100(a)
...............
4,111
4,075
Series
2023-1,
Class
C,
5.58%,
8/15/35,
Callable
2/15/28
@
100(a)
...............
10,250
10,253
Series
2023-1,
Class
D,
6.26%,
8/15/35,
Callable
2/15/28
@
100(a)
...............
10,940
10,904
Series
2023-2,
Class
B,
5.92%,
2/15/36,
Callable
8/15/28
@
100(a)
...............
4,925
5,011
Series
2023-2,
Class
C,
6.16%,
2/15/36,
Callable
8/15/28
@
100(a)
...............
2,950
3,019
Series
2023-2,
Class
D,
6.60%,
2/15/36,
Callable
8/15/28
@
100(a)
...............
1,881
1,906
Foursight
Capital
Automobile
Receivables
Trust
.................................
Series
2021-1,
Class
C,
1.02%,
9/15/26,
Callable
8/15/24
@
100(a)
...............
570
566
Series
2023-1,
Class
B,
5.35%,
3/15/28,
Callable
7/15/26
@
100(a)
...............
4,385
4,344
GECU
Auto
Receivables
Trust,
Series
2023-1A,
Class
C,
6.33%,
4/15/30,
Callable
9/15/28
@
100(a)
...........................................................
1,185
1,186
GLS
Auto
Receivables
Issuer
Trust
..........................................
Series
2019-2A,
Class
D,
4.52%,
2/17/26,
Callable
2/15/24
@
100(a)
..............
8,129
8,123
Series
2019-4A,
Class
D,
4.09%,
8/17/26,
Callable
6/15/24
@
100(a)
..............
2,185
2,170
Series
2020-2A,
Class
C,
4.57%,
4/15/26,
Callable
12/15/24
@
100(a)
.............
637
634
Series
2021-3A,
Class
C,
1.11%,
9/15/26,
Callable
1/15/26
@
100(a)
..............
1,990
1,950
GLS
Auto
Select
Receivables
Trust,
Series
2024-1A,
Class
C,
5.69%,
3/15/30,
Callable
11/15/28
@
100(a)
..................................................
1,381
1,378
GM
Financial
Automobile
Leasing
Trust
......................................
Series
2022-1,
Class
C,
2.64%,
2/20/26,
Callable
7/20/24
@
100
.................
3,756
3,687
Series
2023-2,
Class
B,
5.54%,
5/20/27,
Callable
12/20/25
@
100
................
1,250
1,252
GM
Financial
Revolving
Receivables
Trust,
Series
2021-1,
Class
C,
1.67%,
6/12/34,
Callable
9/11/26
@
100(a)
...................................................
1,000
902
GMF
Floorplan
Owner
Revolving
Trust
.......................................
Series
2019-2,
Class
C,
3.30%,
4/15/26(a)
.................................
1,925
1,915
Series
2023-1,
Class
B,
5.73%,
6/15/28(a)
.................................
3,050
3,084
GTE
Auto
Receivables
Trust
...............................................
Series
2023-1,
Class
B,
5.39%,
8/15/29,
Callable
12/15/26
@
100(a)
..............
3,276
3,240
Series
2023-1,
Class
C,
5.88%,
11/15/29,
Callable
12/15/26
@
100(a)
.............
2,457
2,424
Hertz
Vehicle
Financing
III
LLC
............................................
Series
2022-1A,
Class
B,
2.19%,
6/25/26,
Callable
6/25/25
@
100(a)
..............
1,900
1,815
Series
2022-1A,
Class
C,
2.63%,
6/25/26,
Callable
6/25/25
@
100(a)
..............
1,355
1,297
Series
2023-1A,
Class
C,
6.91%,
6/25/27(a)
................................
3,739
3,790
Series
2023-2A,
Class
B,
6.49%,
9/25/29(a)
................................
3,038
3,125
Series
2023-2A,
Class
C,
7.13%,
9/25/29(a)
................................
1,075
1,113
Series
2023-3A,
Class
A,
5.94%,
2/25/28(a)
................................
2,875
2,930
Series
2023-3A,
Class
B,
6.53%,
2/25/28(a)
................................
1,112
1,133
Hertz
Vehicle
Financing
III
LP,
Series
2021-2A,
Class
C,
2.52%,
12/27/27(a)
............
1,833
1,665
Hertz
Vehicle
Financing
LLC
..............................................
Series
2021-1A,
Class
C,
2.05%,
12/26/25(a)
...............................
1,667
1,615
Series
2022-2A,
Class
A,
2.33%,
6/26/28,
Callable
6/25/27
@
100(a)
..............
3,750
3,441
Series
2022-2A,
Class
B,
2.65%,
6/26/28,
Callable
6/25/27
@
100(a)
..............
2,480
2,265
Series
2022-2A,
Class
C,
2.95%,
6/26/28,
Callable
6/25/27
@
100(a)
..............
3,500
3,171
Victory
Portfolios
III
Victory
Core
Plus
Intermediate
Bond
Fund
46
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
Series
2022-4A,
Class
A,
3.73%,
9/25/26,
Callable
9/25/25
@
100(a)
..............
$
3,000
$
2,929
Series
2022-4A,
Class
B,
4.12%,
9/25/26,
Callable
9/25/25
@
100(a)
..............
5,000
4,868
JPMorgan
Chase
Bank
NA
................................................
Series
2021-1
,
Class
B,
0.88%,
9/25/28,
Callable
5/25/25
@
100(a)
...............
331
325
Series
2021-1,
Class
D,
1.17%,
9/25/28,
Callable
5/25/25
@
100(a)
...............
476
469
Series
2021-2,
Class
C,
0.97%,
12/26/28,
Callable
8/25/25
@
100(a)
..............
363
355
Series
2021-2,
Class
D,
1.14%,
12/26/28,
Callable
8/25/25
@
100(a)
..............
163
160
Series
2021-3,
Class
B,
0.76%,
2/26/29,
Callable
5/25/25
@
100(a)
...............
1,051
1,017
Series
2021-3,
Class
D,
1.01%,
2/26/29,
Callable
5/25/25
@
100(a)
...............
719
695
LAD
Auto
Receivables
Trust
...............................................
Series
2021-1A,
Class
B,
1.94%,
11/16/26,
Callable
11/15/25
@
100(a)
............
1,750
1,709
Series
2021-1A,
Class
C,
2.35%,
4/15/27,
Callable
11/15/25
@
100(a)
.............
2,756
2,652
Series
2023-1A,
Class
B,
5.59%
,
8/16/27,
Callable
6/15/27
@
100(a)
..............
2,760
2,772
Series
2023-1A,
Class
C,
6.18%,
12/15/27,
Callable
6/15/27
@
100(a)
.............
4,600
4,630
Series
2023-1A,
Class
D,
7.30%,
6/17/30,
Callable
6/15/27
@
100(a)
..............
2,037
2,099
Series
2023-2A,
Class
B,
5.45%,
4/15/28,
Callable
10/15/27
@
100(a)
.............
4,531
4,548
Series
2023-2A,
Class
C,
5.58%,
9/15/28,
Callable
10/15/27
@
100(a)
.............
7,300
7,274
Series
2023-2A,
Class
D,
6.30%,
2/15/31,
Callable
10/15/27
@
100(a)
.............
1,698
1,715
Series
2023-3A,
Class
B,
6.09%,
6/15/28,
Callable
12/15/27
@
100(a)
.............
4,094
4,172
Series
2023-3A,
Class
D,
6.92%,
12/16/30,
Callable
12/15/27
@
100(a)
............
2,616
2,692
Series
2023-4A,
Class
B,
6.39%,
10/16/28,
Callable
2/15/28
@
100(a)
.............
2,818
2,898
Series
2023-4A,
Class
C,
6.76%,
3/15/29,
Callable
2/15/28
@
100(a)
..............
3,288
3,392
Series
2023-4A,
Class
D,
7.37%,
4/15/31,
Callable
2/15/28
@
100(a)
..............
4,696
4,892
Navistar
Financial
Dealer
Note
Master
Owner
Trust
II,
Series
2023-1,
Class
A,
6.18%,
8/25/28(a)
........................................................
1,263
1,284
OCCU
Auto
Receivables
Trust
.............................................
Series
2023-1A,
Class
A4,
6.29%,
9/17/29,
Callable
4/15/28
@
100(a)
.............
3,145
3,205
Series
2023-1A,
Class
D,
7.88%,
12/15/31,
Callable
4/15/28
@
100(a)
.............
5,171
5,285
Oscar
U.S.
Funding
XII
LLC,
Series
2021-1A,
Class
A4,
1.00%,
4/10/28,
Callable
2/10/25
@
100(a)
...........................................................
930
891
Oscar
U.S.
Funding
XIV
LLC,
Series
2022-1A,
Class
A4,
2.82%,
4/10/29,
Callable
4/10/26
@
100(a)
...........................................................
2,000
1,906
PenFed
Auto
Receivables
Owner
Trust
........................................
Series
2022-A,
Class
A4,
4.18%,
12/15/28,
Callable
4/15/26
@
100(a)
.............
3,000
2,965
Series
2022-A,
Class
D,
5.85%,
6/17/30
,
Callable
4/15/26
@
100(a)
...............
1,382
1,386
Prestige
Auto
Receivables
Trust
............................................
Series
2019-1A,
Class
D,
3.01%,
8/15/25,
Callable
3/15/24
@
100(a)
..............
3,582
3,568
Series
2021-1A,
Class
C,
1.53%,
2/15/28,
Callable
7/15/26
@
100(a)
..............
916
869
Santander
Bank
Auto
Credit-Linked
Notes
.....................................
Series
2022-A,
Class
B,
5.28%,
5/15/32,
Callable
1/15/26
@
100(a)
...............
1,606
1,595
Series
2022-A,
Class
C,
7.38%,
5/15/32,
Callable
1/15/26
@
100(a)
...............
1,579
1,581
Series
2022-A,
Class
D,
9.97%,
5/15/32,
Callable
1/15/26
@
100(a)
...............
1,551
1,599
Series
2022-B,
Class
C,
5.92%,
8/16/32,
Callable
5/15/26
@
100(a)
...............
1,403
1,399
Series
2022-B,
Class
D,
6.79%,
8/16/32,
Callable
5/15/26
@
100(a)
...............
1,817
1,815
Series
2022-C,
Class
C,
6.99%,
12/15/32,
Callable
12/15/26
@
100(a)
.............
1,012
1,015
Series
2022-C,
Class
D,
8.20%,
12/15/32,
Callable
12/15/26
@
100(a)
.............
3,291
3,317
Series
2023-A,
Class
C,
6.74%,
6/15/33,
Callable
7/15/27
@
100(a)
...............
1,028
1,033
Series
2023-A,
Class
D,
7.08%,
6/15/33,
Callable
7/15/27
@
100(a)
...............
1,154
1,158
Series
2023-B,
Class
B,
5.64%,
12/15/33,
Callable
10/15/27
@
100(a)
.............
2,997
3,000
Series
2023-B,
Class
C,
5.93%,
12/15/33,
Callable
10/15/27
@
100(a)
.............
1,266
1,272
Series
2023-B,
Class
D,
6.66%,
12/15/33,
Callable
10/15/27
@
100(a)
.............
5,893
5,922
Santander
Bank
NA,
Series
2021-1A,
Class
B,
1.83%,
12/15/31,
Callable
9/15/25
@
100(a)
..
652
636
Santander
Consumer
Auto
Receivables
Trust
...................................
Series
2020-AA,
Class
D,
5.49%,
4/15/26,
Callable
11/15/24
@
100(a)
............
1,134
1,134
Series
2020-BA,
Class
C,
1.29%,
4/15/26,
Callable
7/15/25
@
100(a)
.............
1,249
1,240
Series
2020-BA,
Class
D,
2.14%,
12/15/26,
Callable
7/15/25
@
100(a)
............
5,000
4,890
Series
2020-BA,
Class
E,
4.13%,
1/15/27,
Callable
7/15/25
@
100(a)
..............
1,000
976
Series
2021-AA,
Class
E,
3.28%,
3/15/27,
Callable
1/15/26
@
100(a)
.............
940
888
Santander
Retail
Auto
Lease
Trust,
Series
2021-C,
Class
C,
1.11%,
3/20/26,
Callable
6/20/24
@
100(a)
.........................................................
1,312
1,290
SCCU
Auto
Receivables
Trust
..............................................
Series
2023-1A,
Class
C,
6.61%,
3/15/30,
Callable
2/15/28
@
100(a)
..............
6,570
6,642
Series
2023-1A,
Class
D,
7.34%,
11/17/31,
Callable
2/15/28
@
100(a)
.............
3,459
3,472
Victory
Portfolios
III
Victory
Core
Plus
Intermediate
Bond
Fund
47
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
SFS
Auto
Receivables
Securitization
Trust
.....................................
Series
2023-1A,
Class
C,
5.97%,
2/20/31,
Callable
8/20/27
@
100(a)
..............
$
2,541
$
2,596
Series
2024-1A,
Class
C,
5.51%,
1/20/32,
Callable
4/20/28
@
100(a)
..............
1,841
1,853
Tesla
Auto
Lease
Trust
...................................................
Series
2023-A,
Class
A4,
5.94%,
7/20/27,
Callable
9/20/25
@
100(a)
..............
2,950
2,986
Series
2023-A,
Class
B,
6.41%,
7/20/27,
Callable
9/20/25
@
100(a)
...............
4,323
4,381
Series
2023-B,
Class
A4,
6.22%,
3/22/27,
Callable
12/20/25
@
100(a)
.............
1,362
1,390
Tesla
Electric
Vehicle
Trust,
Series
2023-1,
Class
B,
5.82%,
5/20/31,
Callable
4/20/26
@
100(a)
...........................................................
2,900
2,936
Toyota
Lease
Owner
Trust
,
Series
2023-A,
Class
A4,
5.05%,
8/20/27,
Callable
9/20/25
@
100(a)
...........................................................
5,234
5,231
U.S.
Bank
NA,
Series
2023-1,
Class
B,
6.79%,
8/25/32,
Callable
7/25/25
@
100(a)
........
5,270
5,304
United
Auto
Credit
Securitization
Trust
.......................................
Series
2022-1
,
Class
C,
2.61%,
6/10/27,
Callable
12/10/25
@
100(a)
..............
862
860
Series
2023-1,
Class
C,
6.28%,
7/10/28,
Callable
5/10/26
@
100(a)
...............
7,000
7,007
Veridian
Auto
Receivables
Trust
............................................
Series
2023-1A,
Class
B,
5.86%,
4/16/29,
Callable
7/15/27
@
100(a)
..............
1,499
1,503
Series
2023-1A,
Class
C,
6.37%,
7/16/29,
Callable
7/15/27
@
100(a)
..............
3,280
3,283
Westlake
Automobile
Receivables
Trust
.......................................
Series
2020-1A,
Class
E,
3.31%,
10/15/25,
Callable
2/15/24
@
100(a)
.............
2,183
2,181
Series
2023-P1,
Class
C,
6.44%,
6/15/27,
Callable
4/15/26
@
100(a)
..............
1,200
1,216
Wheels
Fleet
Lease
Funding
1
LLC
..........................................
Series
2023-1A,
Class
A,
5.80%,
4/18/38(a)
................................
2,531
2,545
Series
2023-2A,
Class
B,
6.75%,
8/18/38(a)
................................
2,819
2,922
Series
2023-2A,
Class
C,
6.94%,
8/18/38(a)
................................
3,036
3,145
Series
2023-2A,
Class
D,
7.38%,
8/18/38(a)
................................
3,425
3,524
World
Omni
Auto
Receivables
Trust,
Series
2021-C,
Class
C,
1.06%,
4/17/28,
Callable
9/15/25
@
100
...........................................................
5,000
4,665
World
Omni
Select
Auto
Trust
..............................................
Series
2020-A,
Class
C,
1.25%,
10/15/26,
Callable
9/15/24
@
100
................
3,750
3,670
Series
2021-A,
Class
C,
1.09%,
11/15/27,
Callable
10/15/25
@
100
...............
1,250
1,168
446,211
ABS
Card
(2.6%):
CARDS
II
Trust,
Series
2021-1A,
Class
C,
1.20%,
4/15/27(a)
.......................
7,750
7,658
Evergreen
Credit
Card
Trust
...............................................
Series
2021-1,
Class
B,
1.15%,
10/15/26(a)
................................
7,500
7,246
Series
2021-1,
Class
C,
1.42%,
10/15/26(a)
................................
6,300
6,080
Series
2022-CRT1,
Class
B,
5.61%,
7/15/26(a)
..............................
3,000
2,985
Series
2022-CRT2,
Class
B,
6.56%,
11/15/26(a)
.............................
2,750
2,754
Series
2022-CRT2,
Class
C,
7.44%,
11/15/26(a)
.............................
6,600
6,619
Series
2023-CRT3,
Class
B,
6
.58%,
2/15/27(a)
..............................
3,918
3,942
Series
2023-CRT3,
Class
C,
7.31%,
2/15/27(a)
..............................
2,178
2,187
Golden
Credit
Card
Trust
.................................................
Series
2021-1A,
Class
A,
1.14%,
8/15/28(a)
................................
5,000
4,571
Series
2021-1A,
Class
B,
1.44%,
8/15/28(a)
................................
4,500
4,069
Series
2021-1A,
Class
C,
1.74%,
8/15/28(a)
................................
2,233
2,007
Master
Credit
Card
Trust
.................................................
Series
2021-1A,
Class
C,
1.06%,
11/21/25(a)
...............................
5,775
5,679
Series
2022-2A,
Class
C,
2.73%,
7/21/28(a)
................................
1,719
1,547
Master
Credit
Card
Trust
II
................................................
Series
2023-1A,
Class
C,
5.87%,
6/21/27(a)
................................
1,800
1,800
Series
2023-2A,
Class
B,
6.26%,
1/21/27(a)
................................
2,051
2,065
Series
2023-2A,
Class
C,
6.89%,
1/21/27(a)
................................
3,476
3,495
Series
2023-4A,
Class
B,
6.56%,
10/21/32(a)
...............................
1,646
1,729
Series
2023-4A,
Class
C,
7.53%,
10/21/32(a)
...............................
4,190
4,395
Series
2024-1A,
Class
B,
5.53%,
1/21/28(a)
................................
2,838
2,844
Series
2024-1A,
Class
C,
6.02%,
1/21/28(a)
................................
2,515
2,521
Synchrony
Card
Funding
LLC
.............................................
Series
2022-A1,
Class
A,
3.37%,
4/15/28,
Callable
4/15/25
@
100
................
2,200
2,155
Series
2023-A1,
Class
A,
5.54%,
7/15/29
..................................
941
958
Trillium
Credit
Card
Trust
II
...............................................
Series
2021-1A,
Class
C,
2.42%,
10/26/29(a)
...............................
9,300
8,389
Victory
Portfolios
III
Victory
Core
Plus
Intermediate
Bond
Fund
48
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
Series
2023-1A,
Class
C,
6.06%,
3/26/31(a)
................................
$
1,053
$
1,028
Series
2023-2A,
Class
B,
5.35%,
3/26/33(a)
................................
2,900
2,880
Series
2023-2A,
Class
C,
6.32%,
3/26/33(a)
................................
2,702
2,683
Series
2023-3A,
Class
B,
6.26%,
8/26/28(a)
................................
3,625
3,660
Series
2023-3A,
Class
C,
6.94%,
8/26/28(a)
................................
3,319
3,346
Series
2024-1A,
Class
B,
5.50%,
12/27/28(a)
...............................
2,995
2,996
Series
2024-1A,
Class
C,
5.99%,
12/27/28(a)
...............................
1,677
1,677
105,965
ABS
Other
(7.0%):
Aligned
Data
Centers
Issuer
LLC
...........................................
Series
2021-1A,
Class
A2,
1.94%,
8/15/46,
Callable
8/15/24
@
100(a)
.............
3,000
2,706
Series
2021-1A,
Class
B,
2.48%,
8/15/46,
Callable
8/15/24
@
100(a)
..............
1,500
1,328
AMSR
Trust
..........................................................
Series
2021-SFR1,
Class
C,
2.35%,
6/17/38(a)
..............................
1,800
1,570
Series
2021-SFR1,
Class
D,
2.60%,
6/17/38(a)
..............................
1,500
1,320
Amur
Equipment
Finance
Receivables
IX
LLC
..................................
Series
2021-1A,
Class
B,
1.38%,
2/22/27
,
Callable
11/20/24
@
100(a)
.............
1,640
1,603
Series
2021-1A,
Class
C,
1.75%,
6/21/27,
Callable
11/20/24
@
100(a)
.............
1,700
1,646
Amur
Equipment
Finance
Receivables
X
LLC,
Series
2022-1A,
Class
B,
2.20%,
1/20/28,
Callable
9/20/25
@
100(a)
............................................
1,216
1,158
Amur
Equipment
Finance
Receivables
XI
LLC,
Series
2022-2A,
Class
A2,
5.30%,
6/21/28,
Callable
6/20/26
@
100(a)
............................................
352
352
Amur
Equipment
Finance
Receivables
XII
LLC
.................................
Series
2023-1A,
Class
C,
6.36%,
12/20/29,
Callable
5/20/27
@
100(a)
.............
1,998
2,047
Series
2023-1A,
Class
D,
7.48%,
7/22/30,
Callable
5/20/27
@
100(a)
..............
563
580
Amur
Equipment
Finance
Receivables
XIII
LLC
................................
Series
2024-1A,
Class
B,
5.37%,
1/21/31,
Callable
1/20/28
@
100(a)
..............
1,638
1,645
Series
2024-1A,
Class
C,
5.55%,
1/21/31,
Callable
1/20/28
@
100(a)
..............
1,966
1,976
Atalaya
Equipment
Leasing
Trust,
Series
2021-1A,
Class
A2,
1.23%,
5/15/26,
Callable
10/15/24
@
100(a)
..................................................
135
134
Auxilior
Term
Funding
LLC
...............................................
Series
2023-1A,
Class
B,
6.05%,
6/17/30,
Callable
2/15/28
@
100(a)
..............
1,890
1,934
Series
2023-1A,
Class
C,
6.50%,
11/15/30,
Callable
2/15/28
@
100(a)
.............
1,337
1,384
Series
2023-1A,
Class
D,
7.27%,
12/16/30,
Callable
2/15/28
@
100(a)
.............
1,018
1,046
CARS-DB5
LP,
Series
2021-1A,
Class
A2,
2.28%,
8/15/51,
Callable
8/15/28
@
100(a)
.....
2,095
1,650
CARS-DB7
LP,
Series
2023-1A,
Class
A1,
5.75%,
9/15/53,
Callable
9/15/28
@
100(a)
.....
3,245
3,237
CCG
Receivables
Trust
...................................................
Series
2020-1,
Class
C,
1.84%,
12/14/27,
Callable
5/14/24
@
100(a)
..............
5,786
5,714
Series
2021-2,
Class
C,
1.50%,
3/14/29,
Callable
6/14/25
@
100(a)
...............
4,488
4,258
Series
2023-1,
Class
C,
6.28%,
9/16/30,
Callable
10/14/26
@
100(a)
..............
2,493
2,555
Series
2023-2,
Class
D,
7.18%,
4/14/32,
Callable
10/14/27
@
100(a)
..............
1,424
1,459
CF
Hippolyta
Issuer
LLC,
Series
2021-1A,
Class
B1,
1.98%,
3/15/61,
Callable
3/15/24
@
100(a)
...........................................................
1,885
1,609
CNH
Equipment
Trust,
Series
2020-A,
Class
B,
2.30%,
10/15/27,
Callable
3/15/24
@
100
...
1,100
1,095
Conn's
Receivables
Funding
LLC
...........................................
Series
2022-A,
Class
B,
9.52%,
12/15/26,
Callable
8/15/24
@
100(a)
..............
970
972
Series
2023-A,
Class
A,
8.01%,
1/17/28
,
Callable
4/15/24
@
100(a)
...............
2,319
2,323
CP
EF
Asset
Securitization
I
LLC,
Series
2022-1A,
Class
A,
5.96%,
4/15/30,
Callable
11/15/25
@
100(a)
.........................................................
2,037
2,034
DB
Master
Finance
LLC,
Series
2021-1A,
Class
A2II,
2.49%,
11/20/51,
Callable
11/20/25
@
100(a)
...........................................................
7,626
6,690
Dell
Equipment
Finance
Trust
..............................................
Series
2021-2,
Class
C,
0.94%,
12/22/26,
Callable
4/22/24
@
100(a)
..............
2,347
2,319
Series
2021-2,
Class
D,
1.21%,
6/22/27,
Callable
4/22/24
@
100(a)
...............
1,312
1,296
Series
2023-1,
Class
D,
6.80%,
3/22/29,
Callable
10/22/25
@
100(a)
..............
2,125
2,142
Series
2023-2,
Class
C,
6.06%,
1/22/29,
Callable
12/22/25
@
100(a)
..............
1,975
2,000
Series
2023-2,
Class
D,
6.74%,
7/23/29,
Callable
12/22/25
@
100(a)
..............
3,569
3,597
Series
2023-3,
Class
D,
6.75%,
10/22/29,
Callable
5/22/26
@
100(a)
..............
1,164
1,174
Dext
ABS
LLC
........................................................
Series
2020-1,
Class
C,
3.03%,
11/15/27,
Callable
9/15/24
@
100(a)
..............
1,780
1,765
Series
2023-1,
Class
B,
6.55%,
3/15/32,
Callable
5/15/27
@
100(a)
...............
8,330
8,521
Series
2023-2,
Class
C,
6.93%,
5/15/34,
Callable
1/15/28
@
100(a)
...............
3,476
3,610
Victory
Portfolios
III
Victory
Core
Plus
Intermediate
Bond
Fund
49
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
Series
2023-2,
Class
D,
8.30%,
5/15/34,
Callable
1/15/28
@
100(a)
...............
$
1,566
$
1,525
Diamond
Infrastructure
Funding
LLC
........................................
Series
2021-1A,
Class
B,
2.36%,
4/15/49,
Callable
9/20/25
@
100(a)
..............
6,000
5,284
Series
2021-1A,
Class
C,
3.48%,
4/15/49,
Callable
9/20/25
@
100(a)
..............
3,000
2,604
Diamond
Issuer,
Series
2021-1A,
Class
B,
2.70%,
11/20/51,
Callable
11/20/25
@
100(a)
....
4,418
3,761
Diamond
Resorts
Owner
Trust,
Series
2021-1A,
Class
B,
2.05%,
11/21/33,
Callable
10/20/25
@
100(a)
.........................................................
503
478
DLLAA
LLC,
Series
2023-1A,
Class
A2,
5.93%,
7/20/26(a)
........................
2,425
2,434
ExteNet
LLC,
Series
2019-1A,
Class
A2,
3.20%,
7/25/49,
Callable
2/25/24
@
100(a)
......
1,875
1,840
FirstKey
Homes
Trust
....................................................
Series
2021-SFR2,
Class
C,
1.71%,
9/17/38(a)
..............................
6,512
5,881
Series
2021-SFR2,
Class
D,
2.06%,
9/17/38(a)
..............................
4,500
4,087
Series
2021-SFR3,
Class
A,
2.14%,
12/17/38(a)
.............................
2,470
2,279
Ford
Credit
Floorplan
Master
Owner
Trust
.....................................
Series
2023-1,
Class
B,
5.31%,
5/15/28(a)
.................................
3,430
3,386
Series
2023-1,
Class
C,
5.75%,
5/15/28
(a)
.................................
3,886
3,873
Frontier
Issuer
LLC
.....................................................
Series
2023-1,
Class
A2,
6.60%,
8/20/53,
Callable
7/20/26
@
100(a)
..............
14,019
14,115
Series
2023-1,
Class
B,
8.30%,
8/20/53,
Callable
7/20/26
@
100(a)
...............
6,585
6,597
Series
2023-1,
Class
C,
11.50%,
8/20/53,
Callable
7/20/26
@
100(a)
..............
4,297
4,402
FRTKL,
Series
2021-SFR1,
Class
D,
2.17%,
9/17/38(a)
...........................
1,500
1,339
Granite
Park
Equipment
Leasing
LLC
........................................
Series
2023-1A,
Class
B,
6.62%,
4/20/33,
Callable
8/20/30
@
100
(a)
..............
1,538
1,610
Series
2023-1A,
Class
C,
6.97%,
8/22/33,
Callable
8/20/30
@
100(a)
..............
1,411
1,501
Series
2023-1A,
Class
E,
7.00%,
6/20/35,
Callable
8/20/30
@
100(a)
..............
1,176
1,010
Greatamerica
Leasing
Receivables,
Series
2024-1,
Class
C,
5.43%,
12/15/31,
Callable
2/15/28
@
100(a)
.........................................................
910
911
HPEFS
Equipment
Trust
..................................................
Series
2021-1A,
Class
D,
1.03%,
3/20/31,
Callable
3/20/24
@
100(a)
..............
12,355
12,241
Series
2021-2A,
Class
C,
0.88%,
9/20/28
,
Callable
8/20/24
@
100(a)
..............
915
906
Series
2021-2A,
Class
D,
1.29%,
3/20/29,
Callable
8/20/24
@
100(a)
..............
4,531
4,412
Series
2022-3A,
Class
C,
6.13%,
8/20/29,
Callable
5/20/26
@
100(a)
..............
735
741
Series
2023-2A,
Class
D,
6.97%
,
7/21/31,
Callable
9/20/26
@
100(a)
..............
2,350
2,409
Series
2024-1A,
Class
D,
5.82%,
11/20/31,
Callable
8/20/27
@
100(a)
.............
2,259
2,268
Kubota
Credit
Owner
Trust,
Series
2022-1A,
Class
A3,
2.67%,
10/15/26,
Callable
1/15/26
@
100(a)
...........................................................
2,000
1,950
M&T
Equipment
Notes,
Series
2023-1A,
Class
A3,
5.74%,
7/15/30,
Callable
7/15/27
@
100(a)
1,882
1,892
MMAF
Equipment
Finance
LLC
............................................
Series
2021-A,
Class
A4,
1.04%,
11/13/30(a)
...............................
3,682
3,376
Series
2023-A,
Class
A4
,
5.50%,
12/13/38(a)
...............................
2,348
2,390
Series
2024-A,
Class
A4,
5.10%,
7/13/49,
Callable
3/13/30
@
100(a)
..............
638
645
MVW
LLC,
Series
2021-1WA,
Class
B,
1.44%,
1/22/41,
Callable
10/20/26
@
100(a)
......
486
448
MVW
Owner
Trust,
Series
2018-1A,
Class
A,
3.45%,
1/21/36,
Callable
7/20/24
@
100(a)
...
1,042
1,028
New
Economy
Assets
Phase
1
Sponsor
LLC
....................................
Series
2021-1,
Class
A1,
1.91%,
10/20/61,
Callable
10/20/24
@
100(a)
............
6,097
5,364
Series
2021-1,
Class
B1,
2
.41%,
10/20/61,
Callable
10/20/24
@
100(a)
............
1,832
1,494
NP
SPE
II
LLC
........................................................
Series
2017-1A,
Class
A2,
4.22%,
10/21/47,
Callable
2/20/24
@
100(a)
............
5,875
5,492
Series
2019-2A,
Class
A2,
3.10%,
11/19/49,
Callable
2/19/24
@
100(a)
............
1,827
1,676
Series
2019-2A,
Class
C1,
6.44%,
11/19/49,
Callable
2/19/24
@
100(a)
............
2,562
2,405
Pawnee
Equipment
Receivables
LLC,
Series
2021-1,
Class
B,
1.82%,
7/15/27,
Callable
8/15/25
@
100(a)
...................................................
1,637
1,569
Progress
Residential
Trust
.................................................
Series
2021-SFR3,
Class
D,
2.29%,
5/17/26(a)
..............................
2,000
1,840
Series
2021-SFR4,
Class
C,
2.04%,
5/17/38(a)
..............................
2,351
2,171
Series
2021-SFR4,
Class
D,
2.31%,
5/17/38(a)
..............................
2,500
2,301
Series
2021-SFR5
,
Class
D,
2.11%,
7/17/38(a)
..............................
2,000
1,807
Series
2021-SFR6,
Class
D,
2.23%,
7/17/38,
Callable
7/17/26
@
100(a)
............
3,000
2,741
Series
2021-SFR7,
Class
B,
1.94%,
8/17/40(a)
..............................
3,250
2,795
SCF
Equipment
Leasing
LLC
..............................................
Series
2019-2A,
Class
C,
3.11%,
6/21/27,
Callable
5/20/24
@
100(a)
..............
7,500
7,420
Series
2020-1A,
Class
B,
2.02%,
3/20/28,
Callable
5/20/24
@
100(a)
..............
1,402
1,394
Series
2020-1A,
Class
C,
2.60%,
8/21/28,
Callable
5/20/24
@
100(a)
..............
3,800
3,714
Victory
Portfolios
III
Victory
Core
Plus
Intermediate
Bond
Fund
50
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
Series
2021-1A,
Class
B,
1.37%,
8/20/29,
Callable
8/20/25
@
100(a)
..............
$
500
$
478
Series
2021-1A,
Class
D,
1.93%,
9/20/30,
Callable
8/20/25
@
100(a)
..............
817
766
Series
2022-2A,
Class
C,
6.50%,
8/20/32,
Callable
8/20/29
@
100
(a)
..............
2,356
2,419
Series
2022-2A,
Class
D,
6.50%,
10/20/32,
Callable
8/20/29
@
100(a)
.............
2,144
2,170
Series
2023-1A,
Class
A3,
6.17%,
5/20/32,
Callable
8/20/30
@
100(a)
.............
2,347
2,408
Tricon
Residential
Trust,
Series
2022-SFR2,
Class
B,
5.24%,
7/17/40,
Callable
7/17/28
@
100(a)
...........................................................
1,800
1,786
Trinity
Rail
Leasing
LLC
.................................................
Series
2009-1A,
Class
A,
6.66%,
11/16/39(a)
...............................
207
208
Series
2019-1A,
Class
A,
3.82%,
4/17/49,
Callable
2/17/24
@
100(a)
..............
3,150
3,006
Series
2021-1A,
Class
A,
2.26%,
7/19/51,
Callable
2/19/24
@
100(a)
..............
899
785
Series
2022-1A,
Class
A,
4.55%,
5/20/52,
Callable
10/21/24
@
100(a)
.............
2,369
2,241
Vantage
Data
Centers
Issuer
LLC,
Series
2019-1A,
Class
A2,
3.19%,
7/15/44,
Callable
2/15/24
@
100(a)
.........................................................
2,246
2,211
Vantage
Data
Centers
LLC,
Series
2020-2A,
Class
A2,
1.99%,
9/15/45,
Callable
9/15/25
@
100(a)
...........................................................
9,000
7,801
VB-S1
Issuer
LLC
......................................................
Series
2022-1A,
Class
C2II,
3.71%,
2/15/57,
Callable
2/15/30
@
100(a)
............
4,500
3,699
Series
2022-1A,
Class
D,
4.29%,
2/15/52,
Callable
2/15/26
@
100(a)
..............
3,263
2,904
Series
2022-1A,
Class
F,
5.27%,
2/15/52,
Callable
2/15/26
@
100(a)
..............
7,500
6,473
Verdant
Receivables
LLC
.................................................
Series
2023-1A,
Class
A2,
6.24%,
1/13/31,
Callable
3/12/27
@
100(a)
.............
1,400
1,414
Series
2023-1A,
Class
C,
6.73%,
1/13/31,
Callable
3/12/27
@
100(a)
..............
1,077
1,111
Verizon
Master
Trust
....................................................
Series
2021-2,
Class
C,
1.38%,
4/20/28
,
Callable
10/20/24
@
100
................
2,000
1,936
Series
2023-2,
Class
A,
4.89%,
4/13/28,
Callable
4/20/25
@
100
.................
1,871
1,867
Series
2024-2,
Class
B,
5.08%,
12/22/31,
Callable
12/20/28
@
100(a)
.............
3,866
3,884
279,822
Agency
ABS
Other
(0.1%):
SLM
Student
Loan
Trust
..................................................
Series
2003-14,
Class
B,
6.17%
(SOFR90A+81bps),
10/25/65,
Callable
1/25/28
@
100(b)
...........................................................
373
344
Series
2012-6,
Class
B,
6.46%
(SOFR30A+111bps),
4/27/43,
Callable
3/25/30
@
100(b)
2,500
2,254
2,598
Total
Asset-Backed
Securities
(Cost
$847,421)
a
a
a
834,596
Collateralized
Loan
Obligations
(3.9%)
Cash
Flow
CLO
(3.9%):
720
East
CLO
IV
Ltd.
,
Series
2024-1A,
Class
A2
(TSFR3M+180bps),
4/15/37(a)(b)(c)
.....
2,767
2,767
720
East
CLO
Ltd.
......................................................
Series
2022-1A,
Class
B,
8.57%
(TSFR3M+325bps),
1/20/36,
Callable
1/20/25
@
100(a)
(b)
.............................................................
4,650
4,704
Series
2022-1A,
Class
C,
9.57%
(
TSFR3M+425bps),
1/20/36,
Callable
1/20/25
@
100(a)
(b)
.............................................................
6,000
6,049
Series
2023-2A,
Class
A2,
7.55%
(TSFR3M+215bps),
10/15/36,
Callable
10/15/25
@
100(a)(b)
.........................................................
3,755
3,743
Series
2023-2A,
Class
D,
10.55%
(TSFR3M+515bps),
10/15/36
,
Callable
10/15/25
@
100(a)(b)
.........................................................
2,816
2,854
Series
2023-IA,
Class
B,
7.81%
(TSFR3M+250bps),
4/15/36,
Callable
4/15/25
@
100(a)
(b)
.............................................................
3,000
3,005
Series
2023-IA,
Class
D,
11.16%
(TSFR3M+585bps),
4/15/36,
Callable
4/15/25
@
100(a)(b)
.........................................................
5,750
5,777
Aimco
CLO
Ltd.
.......................................................
Series
2023-20A,
Class
B1,
7.56%
(TSFR3M+220bps),
10/16/36,
Callable
10/16/25
@
100(a)(b)
.........................................................
2,822
2,821
Series
2023-20A,
Class
C1,
8.06%
(TSFR3M+270bps),
10/16/36,
Callable
10/16/25
@
100(a)(b)
.........................................................
2,822
2,820
AIMCO
CLO
Ltd.,
Series
2022-17A,
Class
B,
7.42%
(TSFR3M+210bps),
7/20/35,
Callable
7/20/24
@
100(a)(b)
.................................................
2,000
2,002
Ballyrock
CLO
Ltd.
.....................................................
Victory
Portfolios
III
Victory
Core
Plus
Intermediate
Bond
Fund
51
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
Series
2021-1A,
Class
B,
7.63%
(LIBOR03M+231bps),
4/15/34,
Callable
4/15/24
@
100(a)
(b)
.........................................................
$
5,000
$
5,000
Series
2022-20A,
Class
A2AR,
7.51%
(TSFR3M+220bps),
7/15/34,
Callable
10/15/24
@
100(a)(b)
.........................................................
3,054
3,041
Barrow
Hanley
CLO
I
Ltd.
................................................
Series
2023-1A,
Class
A1,
7.62%
(TSFR3M+230bps),
4/20/35,
Callable
4/20/24
@
100
(a)(b)
.........................................................
4,600
4,628
Series
2023-1A,
Class
A2,
7.97%
(TSFR3M+265bps),
4/20/35,
Callable
4/20/24
@
100(a)(b)
.........................................................
7,500
7,592
Series
2023-1A,
Class
C,
9.32%
(TSFR3M+400bps),
4/20/35,
Callable
4/20/24
@
100(a)
(b)
.............................................................
1,825
1,899
Series
2023-1A,
Class
D,
11.48%
(TSFR3M+616bps),
4/20/35,
Callable
4/20/24
@
100(a)(b)
.........................................................
7,300
7,335
Barrow
Hanley
CLO
II
Ltd.
...............................................
Series
2023-2A,
Class
C,
8.84%
(TSFR3M+350bps),
10/20/35,
Callable
10/20/24
@
100(a)(b)
.........................................................
2,816
2,790
Series
2023-2A,
Class
D1,
11.09%
(TSFR3M+575bps),
10/20/35,
Callable
10/20/24
@
100(a)(b)
.........................................................
4,224
4,226
Columbia
Cent
CLO
Ltd.,
Series
2022-32A,
Class
BF,
5.20%,
7/24/34,
Callable
4/24/24
@
100(a)
...........................................................
3,750
3,599
Dryden
CLO
Ltd.,
Series
2023-102A,
Class
A2,
7.39%
(TSFR3M+200bps),
10/15/36,
Callable
10/15/25
@
100(a)(b)
................................................
1,690
1,693
Flatiron
CLO
Ltd.,
Series
2018-1A,
Class
A,
6.53%
(TSFR3M+121bps),
4/17/31,
Callable
4/17/24
@
100(a)(b)
.................................................
2,684
2,684
Golub
Capital
Partners
CLO
Ltd.
............................................
Series
2020-52A,
Class
A2,
7.38%
(TSFR3M+206bps),
1/20/34,
Callable
4/20/24
@
100(a)(b)
.........................................................
5,000
4,953
Series
2023-68A,
Class
B,
8.12%
(TSFR3M+280bps),
7/25/36,
Callable
7/25/25
@
100(a)(b)
.........................................................
2,345
2,368
LCM
Ltd.,
Series
36A,
Class
A2,
6.98%
(TSFR3M+166bps),
1/15/34,
Callable
4/15/24
@
100(a)(b)
.........................................................
3,000
2,949
Magnetite
XXXV
Ltd.,
Series
2022-35A,
Class
AR,
6.97%
(TSFR3M+165bps),
10/25/36,
Callable
10/25/25
@
100(a)(b)
.........................................
4,705
4,732
Mountain
View
CLO
Ltd.,
Series
2013-1A,
Class
CRR,
7.79%
(TSFR3M+246bps),
10/12/30,
Callable
4/12/24
@
100(a)(b)
..........................................
4,000
3,875
Neuberger
Berman
Loan
Advisers
CLO
Ltd.,
Series
2018-29A,
Class
B2,
4.60%,
10/19/31,
Callable
4/19/24
@
100(a)
............................................
5,000
4,796
Oaktree
CLO
Ltd.
......................................................
Series
2022-3A,
Class
B1,
8.41%
(TSFR3M+310bps),
7/15/35,
Callable
7/15/24
@
100(a)(b)
.........................................................
3,100
3,116
Series
2022-3A,
Class
C,
9.46%
(TSFR3M+415bps),
7/15/35,
Callable
7/15/24
@
100(a)
(b)
.............................................................
3,000
3,013
Series
2023-1A,
Class
B,
7.86%
(TSFR3M+255bps),
4/15/36,
Callable
4/15/25
@
100(a)
(b)
.............................................................
2,250
2,259
Octagon
57
Ltd.,
Series
2021-1A,
Class
B1,
7.23%
(TSFR3M+191bps),
10/15/34,
Callable
4/15/24
@
100(a)(b)
.................................................
3,000
2,995
Octagon
68
Ltd.,
Series
2023-1A,
Class
X,
6.65%
(TSFR3M+130bps),
10/20/36,
Callable
10/20/25
@
100(a)(b)
................................................
4,703
4,702
Palmer
Square
Loan
Funding
Ltd.
...........................................
Series
2020-4A,
Class
B,
7.94%
(TSFR3M+256bps),
11/25/28,
Callable
2/25/24
@
100(a)(b)
.........................................................
5,000
5,003
Series
2022-2A,
Class
A2,
7.21%
(TSFR3M+190bps),
10/15/30,
Callable
4/15/24
@
100(a)(b)
.........................................................
3,000
2,994
Series
2023-1A,
Class
A2,
7.82%
(TSFR3M+250bps),
7/20/31,
Callable
7/20/24
@
100(a)(b)
.........................................................
5,622
5,626
Stratus
CLO
Ltd.,
Series
2021-3A,
Class
B,
7.13%
(TSFR3M+181bps),
12/29/29,
Callable
4/20/24
@
100(a)(b)
.................................................
2,259
2,243
Trestles
CLO
IV
Ltd.,
Series
2021-4A,
Class
B2,
2.72%,
7/21/34,
Callable
4/21/24
@
100(a)
.
1,000
859
Trimaran
Cavu
Ltd.,
Series
2021-3A,
Class
C1,
8.03%
(TSFR3M+273bps),
1/18/35,
Callable
4/18/24
@
100(a)(b)
.................................................
5,000
4,966
Venture
CLO
Ltd.
......................................................
Series
2022-46A,
Class
A2F,
5.02%,
7/20/35,
Callable
7/20/24
@
100(a)
...........
4,500
4,216
Victory
Portfolios
III
Victory
Core
Plus
Intermediate
Bond
Fund
52
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
Series
2022-46A,
Class
BN,
8.32%
(TSFR3M+300bps),
7/20/35,
Callable
7/20/24
@
100(a)(b)
.........................................................
$
3,000
$
3,013
Series
2023-47A,
Class
AJ,
7.62%
(TSFR3M+230bps),
4/20/36,
Callable
4/20/25
@
100(a)(b)
.........................................................
2,806
2,814
Series
2023-48A,
Class
B1,
8.07%
(TSFR3M+275bps),
10/20/36,
Callable
10/20/25
@
100(a)(b)
.........................................................
3,053
3,035
155,556
Total
Collateralized
Loan
Obligations
(Cost
$156,028)
a
a
a
155,556
Collateralized
Mortgage
Obligations
(9.7%)
Agency
CMO
Other
(0.4%):
Federal
Home
Loan
Mortgage
Corporation,
Series
5270,
Class
AB,
5.50%,
1/25/49
........
4,083
4,124
Federal
National
Mortgage
Association,
Series
2022-88,
Class
BA,
5.50%,
7/25/47
........
2,427
2,445
Government
National
Mortgage
Association
....................................
Series
2022-207,
Class
NA,
3.00%,
1/20/52
................................
2,633
2,280
Series
2023-107,
Class
PA,
5.50%,
1/20/46
................................
4,603
4,665
Series
2023-131,
Class
P,
5.50%,
6/20/48
..................................
2,794
2,779
16,293
Agency
Commercial
MBS
(0.2%):
Federal
Home
Loan
Mortgage
Corporation
.....................................
Series
K142,
Class
A2,
2.40%,
3/25/32,
Callable
3/25/32
@
100
.................
4,549
3,909
Series
K145,
Class
A2,
2.58%,
5/25/32
...................................
4,610
4,002
Federal
National
Mortgage
Association,
Series
2017-M7,
Class
A2,
2.96%,
2/25/27(d)
.....
2,074
1,990
9,901
Commercial
MBS
(9.1%):
AOA
Mortgage
Trust
....................................................
Series
2021-1177,
Class
B,
6.62%
(TSFR1M+129bps),
10/15/38(a)(b)
.............
3,000
2,685
Series
2021-1177,
Class
D,
7.27%
(TSFR1M+194bps),
10/15/38(a)(b)
.............
10,600
8,908
Arbor
Multifamily
Mortgage
Securities
Trust
...................................
Series
2020-MF1,
Class
C,
3.72%,
5/15/53,
Callable
5/15/30
@
100(a)(d)
..........
1,500
1,268
Series
2021-MF2,
Class
B,
2.56%,
6/15/54,
Callable
7/15/31
@
100(a)(d)
..........
3,200
2,553
Austin
Fairmont
Hotel
Trust,
Series
2019-FAIR,
Class
D,
7.18%
(TSFR1M+185bps),
9/15/32(a)(b)
......................................................
3,585
3,545
Aventura
Mall
Trust
.....................................................
Series
2018-AVM,
Class
A,
4.25%,
7/5/40(a)(d)
.............................
1,450
1,377
Series
2018-AVM,
Class
C,
4.25%,
7/5/40(a)(d)
.............................
1,310
1,195
Series
2018-AVM,
Class
D,
4.25%,
7/5/40(a)(d)
.............................
12,860
11,224
BAMLL
Commercial
Mortgage
Securities
Trust
.................................
Series
2015-200P,
Class
D,
3.72%
(LIBOR01M+105bps),
4/14/33,
Callable
4/14/25
@
100(a)(b)
.........................................................
7,485
7,030
Series
2020-BOC,
Class
C,
3.03%,
1/15/32(a)
..............................
5,000
3,539
BANK,
Series
2017-BNK4,
Class
AS,
3.78%,
5/15/50,
Callable
4/15/27
@
100
..........
5,000
4,603
BBCMS
Mortgage
Trust
..................................................
Series
2020-BID,
Class
C,
9.09%
(TSFR1M+375bps),
10/15/37(a)(b)
.............
3,781
3,686
Series
2020-BID,
Class
D,
10.08%
(TSFR1M+474bps),
10/15/37(a)(b)
............
3,800
3,673
Series
2022-C16,
Class
AS,
4
.60%,
6/15/55,
Callable
6/15/32
@
100(d)
............
1,622
1,525
BBCRE
Trust,
Series
2015-GTP,
Class
A,
3.97%,
8/10/33,
Callable
5/10/25
@
100(a)
......
5,935
5,609
Benchmark
Mortgage
Trust
................................................
Series
2019-B14,
Class
AS,
3.35%,
12/15/62,
Callable
11/15/29
@
100
............
5,000
4,381
Series
2021-B25,
Class
300D,
3.09%,
4/15/54,
Callable
4/15/31
@
100(a)(d)
........
2,417
1,563
Series
2022-B36,
Class
XA,
0.81%,
7/15/55,
Callable
6/15/32
@
100(d)(e)
.........
40,630
1,911
BPR
Trust
............................................................
Series
2021-TY,
Class
B,
6.60%
(TSFR1M+126bps),
9/15/38(a)(b)
...............
750
728
Series
2021-TY,
Class
D,
7.80%
(TSFR1M+246bps),
9/15/38(a)(b)
...............
10,138
10,003
Series
2022-OANA,
Class
A,
7.23%
(TSFR1M+190bps),
4/15/37(a)(b)
............
4,500
4,496
Series
2022-OANA,
Class
D,
9.03%
(TSFR1M+370bps),
4/15/37(a)(b)
............
9,500
9,347
Series
2022-STAR,
Class
A,
8.57%
(TSFR1M+323bps),
8/15/24(a)(b)
.............
2,804
2,801
BX
Commercial
Mortgage
Trust
............................................
Series
2019-XL,
Class
B,
6.53%
(TSFR1M+119
bps),
10/15/36(a)(b)
..............
7,766
7,742
Victory
Portfolios
III
Victory
Core
Plus
Intermediate
Bond
Fund
53
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
Series
2019-XL,
Class
C,
6.70%
(TSFR1M+136bps),
10/15/36(a)(b)
..............
$
3,117
$
3,105
Series
2019-XL,
Class
D,
6.90%
(TSFR1M+156bps),
10/15/36(a)(b)
..............
3,400
3,387
Series
2020-VIV4,
Class
X,
0.82%,
11/10/42,
Callable
9/9/29
@
100(a)(d)(e)
........
60,200
2,133
Series
2022-CLS,
Class
B,
6.30%,
10/13/27(a)
..............................
3,000
2,791
Series
2022-CSMO,
Class
C,
9.22%
(TSFR1M+389bps),
6/15/27(a)(b)
............
7,500
7,512
Series
2022-CSMO,
Class
D,
9.67%
(TSFR1M+434bps),
6/15/27(a)(b)
............
2,400
2,404
BX
Mortgage
Trust
.....................................................
Series
2021-PAC,
Class
B,
6.35%
(TSFR1M+101bps),
10/15/36(a)(b)
.............
3,250
3,186
Series
2022-CLS,
Class
C,
6.79%,
10/13/27(a)
..............................
2,500
2,290
BXP
Trust
............................................................
Series
2021-601L,
Class
B,
2.87%,
1/15/44(a)(d)
............................
5,545
4,231
Series
2021-601L,
Class
C,
2.87%,
1/15/44(a)(d)
............................
3,750
2,668
Series
2021-601L,
Class
D,
2.87%,
1/15/44(a)(d)
............................
5,750
3,675
CAMB
Commercial
Mortgage
Trust,
Series
2021-CX2,
Class
A,
2.70%,
11/10/46,
Callable
11/10/31
@
100(a)
..................................................
2,000
1,659
Citigroup
Commercial
Mortgage
Trust
........................................
Series
2020-555,
Class
B,
2.83%,
12/10/41(a)
..............................
4,000
3,342
Series
2020-555,
Class
D,
3.23%,
12/10/41(a)
..............................
5,000
4,164
COMM
Mortgage
Trust
..................................................
Series
2014-277P,
Class
A,
3.73%,
8/10/49,
Callable
8/10/24
@
100(a)(d)
..........
11,600
11,035
Series
2015-PC1,
Class
AM,
4.29%,
7/10/50,
Callable
6/10/25
@
100(d)
...........
3,000
2,925
Series
2015-PC1,
Class
B,
4.42%,
7/10/50,
Callable
6/10/25
@
100(d)
.............
3,399
3,219
Series
2020-CBM,
Class
A2,
2.90%,
2/10/37,
Callable
2/10/25
@
100(a)
...........
2,660
2,562
Series
2020-CBM,
Class
C,
3.40%,
2/10/37,
Callable
2/10/25
@
100(a)
............
9,700
9,241
Series
2020-CX,
Class
A,
2.17%,
11/10/46,
Callable
11/10/30
@
100(a)
............
8,375
6,856
CSMC
Trust
..........................................................
Series
2019-UVIL,
Class
A,
3.16%,
12/15/41(a)
.............................
1,950
1,729
Series
2019-UVIL,
Class
C,
3.39%,
12/15/41(a)(d)
...........................
5,000
4,249
Series
2020-WEST,
Class
A,
3.04%,
2/15/35,
Callable
2/15/30
@
100(a)
...........
2,500
1,875
DBJPM
Mortgage
Trust
..................................................
Series
2016-SFC,
Class
A,
2.83%,
8/10/36,
Callable
8/10/26
@
100(a)
.............
5,000
2,307
Series
2016-SFC,
Class
B,
3.24%,
8/10/36,
Callable
8/10/26
@
100(a)
.............
2,500
261
Extended
Stay
America
Trust,
Series
2021-ESH,
Class
D,
7.70%
(TSFR1M+236bps),
7/15/38(a)(b)
......................................................
4,122
4,079
GS
Mortgage
Securities
Corp.
II,
Series
2023-SHIP,
Class
C,
5.69%,
9/10/38(a)(d)
........
1,882
1,839
GS
Mortgage
Securities
Corp.
Trust
..........................................
Series
2019-GSA1,
Class
A4,
3.05%,
11/10/52,
Callable
11/10/29
@
100
...........
4,000
3,604
Series
2019-GSA1,
Class
AS,
3.34%,
11/10/52,
Callable
11/10/29
@
100
...........
5,000
4,398
Series
2020-UPTN,
Class
B,
2.95%,
2/10/37,
Callable
2/10/25
@
100(a)
...........
1,735
1,627
Hilton
USA
Trust
.......................................................
Series
2016-HHV,
Class
B,
4.33%,
11/5/38(a)(d)
............................
4,650
4,458
Series
2016-HHV,
Class
C,
4.33%,
11/5/38(a)(d)
............................
824
785
Houston
Galleria
Mall
Trust,
Series
2015-HGLR,
Class
A1A2,
3.09%,
3/5/37(a)
..........
12,233
11,796
Hudson
Yards
Mortgage
Trust
..............................................
Series
2016-10HY,
Class
A,
2.84%,
8/10/38,
Callable
8/10/26
@
100(a)
............
8,135
7,636
Series
2019-30HY,
Class
A,
3.23%,
7/10/39(a)
..............................
745
671
Series
2019-30HY,
Class
D,
3.56%,
7/10/39(a)(d)
............................
4,947
4,167
Series
2019-55HY,
Class
A,
3.04%,
12/10/41(a)(d)
...........................
4,960
4,373
Series
2019-55HY,
Class
D,
3.04%,
12/10/41(a)(d)
...........................
5,672
4,565
ILPT
Commercial
Mortgage
Trust
...........................................
Series
2022-LPF2,
Class
C,
8.83%
(TSFR1M+349bps),
10/15/39(a)(b)
............
1,900
1,883
Series
2022-LPFX,
Class
C,
3.95%,
3/15/32(a)(d)
............................
2,500
2,025
Jackson
Park
Trust
......................................................
Series
2019-LIC,
Class
A,
2.77%,
10/14/39(a)
..............................
5,000
4,364
Series
2019-LIC,
Class
C,
3.13%,
10/14/39(a)(d)
............................
5,000
4,260
JP
Morgan
Chase
Commercial
Mortgage
Securities
Trust
..........................
Series
2013-C10,
Class
C,
4.21%,
12/15/47,
Callable
1/15/25
@
100(d)
............
1,692
1,516
Series
2019-OSB,
Class
A,
3.40%,
6/5/39,
Callable
6/5/29
@
100(a)
..............
5,000
4,538
Series
2019-OSB,
Class
C,
3.75%,
6/5/39,
Callable
6/5/29
@
100(a)(d)
............
2,436
2,186
Series
2019-OSB,
Class
D,
3.91%,
6/5/39,
Callable
6/5/29
@
100(a)
(d)
............
2,000
1,736
Series
2021-2NU,
Class
D,
2.15%,
1/5/40(a)
...............................
2,700
1,857
Series
2021-2NU,
Class
XA,
0.15%,
1/5/40(a)(d)(e)
..........................
226,300
766
KNDL
Mortgage
Trust
...................................................
Victory
Portfolios
III
Victory
Core
Plus
Intermediate
Bond
Fund
54
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
Series
2019-KNSQ,
Class
B,
6.48%
(TSFR1M+115bps),
5/15/36(a)
(b)
............
$
2,250
$
2,237
Series
2019-KNSQ,
Class
E,
7.33%
(TSFR1M+200bps),
5/15/36(a)(b)
.............
2,500
2,475
Life
Mortgage
Trust,
Series
2022-BMR2,
Class
C,
7.43%
(TSFR1M+209bps),
5/15/39,
Callable
5/15/24
@
100(a)(b)
..........................................
2,250
2,221
Manhattan
West
Mortgage
Trust
............................................
Series
2020-1MW,
Class
A,
2.13%,
9/10/39(a)
..............................
11,098
9,950
Series
2020-1MW,
Class
C,
2.41%,
9/10/39(a)(d)
............................
5,000
4,377
Series
2020-1MW,
Class
D,
2.41%,
9/10/39(a)(d)
............................
4,250
3,622
MHC
Commercial
Mortgage
Trust
..........................................
Series
2021-MHC,
Class
D,
7.05%
(LIBOR01M+172bps),
4/15/38(a)(b)
...........
1,678
1,656
Series
2021-MHC2,
Class
D,
6.95%
(TSFR1M+161bps),
5/15/38(a)(b)
............
1,520
1,498
MHP,
Series
2022-MHIL,
Class
D,
6.95%
(
TSFR1M+161bps),
1/15/27(a)(b)
............
2,279
2,232
Morgan
Stanley
Capital
I
Trust,
Series
2021-PLZA,
Class
C,
2.90%,
11/9/43(a)
..........
2,750
1,385
MTN
Commercial
Mortgage
Trust,
Series
2022-LPFL,
Class
C,
7.73%
(TSFR1M+239bps),
3/15/39(a)(b)
......................................................
3,000
2,891
One
Bryant
Park
Trust,
Series
2019-OBP,
Class
A,
2.52%,
9/15/54(a)
..................
12,912
11,134
One
New
York
Plaza
Trust,
Series
2020-1NYP,
Class
A,
6.40%
(TSFR1M+106bps),
1/15/36(a)
(b)
.............................................................
2,625
2,570
ONE
PARK
Mortgage
Trust,
Series
2021-PARK,
Class
D,
6.95%
(LIBOR01M+161bps),
3/15/36(a)(b)
......................................................
5,000
4,644
ORL
Trust,
Series
2023-GLKS,
Class
A,
7.68%
(TSFR1M+235bps),
10/19/36(a)(b)
.......
1,880
1,883
SCOTT
Trust,
Series
2023-SFS,
Class
AS,
6.20%,
3/15/40(a)
.......................
2,357
2,344
SLG
Office
Trust
.......................................................
Series
2021-OVA,
Class
B,
2.71%,
7/15/41(a)
..............................
4,000
3,282
Series
2021-OVA,
Class
C,
2.85%,
7/15/41(a)
..............................
4,000
3,233
SREIT
Trust,
Series
2021-MFP2,
Class
D,
7.02%
(TSFR1M+168bps),
11/15/36(a)(b)
......
1,000
982
SUMIT
Mortgage
Trust,
Series
2022-BVUE,
Class
D,
2.99%,
2/12/41,
Callable
2/12/29
@
100(a)(d)
.........................................................
1,636
925
TTAN,
Series
2021-MHC,
Class
D,
7.20%
(TSFR1M+186bps),
3/15/38(a)(b)
............
1,523
1,500
Wells
Fargo
Commercial
Mortgage
Trust
......................................
Series
2015-NXS3,
Class
B,
4.65%,
9/15/57,
Callable
10/15/25
@
100(d)
..........
2,000
1,905
Series
2015-NXS4,
Class
AS,
3.97%,
12/15/48,
Callable
11/15/25
@
100
...........
3,500
3,332
Series
2015-NXS4,
Class
B
,
4.22%,
12/15/48,
Callable
11/15/25
@
100(d)
..........
5,000
4,711
Series
2018-AUS,
Class
A,
4.19%,
8/17/36(a)(d)
............................
4,200
3,935
Series
2020-C56,
Class
AS,
3.11%,
6/15/53,
Callable
4/15/30
@
100
..............
2,000
1,712
Series
2021-SAVE,
Class
D
,
7.95%
(TSFR1M+261bps),
2/15/40(a)(b)
.............
1,200
1,109
361,072
Private
CMO
FLT
(0.0%):(f)
Structured
Asset
Mortgage
Investments
II
Trust,
Series
2005-AR5,
Class
B1,
6.20%
(TSFR1M+86bps),
7/19/35,
Callable
2/19/24
@
100(b)
........................
567
531
Total
Collateralized
Mortgage
Obligations
(Cost
$429,661)
a
a
a
387,797
Shares
Preferred
Stocks
(0.4%)
Consumer
Staples
(0.2%):
CHS,
Inc.,
Series
2,
7.10%(US0003M+430bps)(b)(g)
.............................
400,000
10,220
Financials
(0.2%):
Citigroup
Capital
XIII,
11.95%(TSFR3M+663bps),
10/30/40(b)
.....................
87,500
2,540
U.S.
Bancorp,
Series
A,
6.60%(TSFR3M+128bps)(b)(g)
...........................
5,000
4,200
6,740
Total
Preferred
Stocks
(Cost
$15,932)
a
a
a
16,960
Principal
Amount
(000)
Senior
Secured
Loans
(1.4%)
Communication
Services
(0.0%):(f)
Cincinnati
Bell,
Inc.,
Term
B2,
First
Lien,
8.61%
(SOFR01M+325bps),
11/17/28(b)
.......
$
490
484
Flutter
Financing
BV,
7.60%
(SOFR03M+225bps),
11/25/30(b)
......................
1,400
1,393
1,877
Victory
Portfolios
III
Victory
Core
Plus
Intermediate
Bond
Fund
55
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
Consumer
Discretionary
(0.3%):
Academy
Ltd.,
Refinancing
Term
Loans,
First
Lien,
9.10%
(SOFR01M+375bps),
11/6/27(b)
.
$
238
$
238
Alterra
Mountain
Co.,
Facility
2028
Term
Loan
B,
First
Lien,
8.86%
(SOFR01M+350bps),
8/17/28(b)
........................................................
431
431
Aramark
Services,
Inc.,
U.S.
Term
B-6
Loan,
First
Lien,
7.86%
(SOFR01M+250bps),
6/14/30(b)
........................................................
467
465
Carnival
Corp.,
2021
Incremental
Term
B
Advance,
First
Lien,
8.61%
(SOFR01M+325bps),
10/18/28(b)
.......................................................
492
492
Carnival
Corp.,
Initial
Advance,
First
Lien,
8.34%
(SOFR01M+300bps),
8/8/27(b)
........
896
895
Delta
Air
Lines,
Inc.
and
SkyMiles
IP
Ltd.,
Initial
Term
Loan,
First
Lien,
9.07%
(SOFR03M+375bps),
10/20/27(b)
.......................................
167
170
Great
Outdoors
Group
LLC,
Term
B1,
First
Lien,
9.11%
(SOFR01M+375bps),
3/5/28(b)
....
155
154
Hilton
Grand
Vacations
Borrower
LLC,
Initial
Term
Loan,
First
Lien,
8.11%
(SOFR01M+275bps),
8/2/28(b)
.........................................
1,945
1,941
Irb
Holding
Corp.,
Term
B,
First
Lien,
8.11%
(SOFR01M+275bps),
12/15/27(b)
..........
736
734
Light
&
Wonder
International,
Inc.,
Term
Loan
B-1,
First
Lien,
8.08%
(SOFR01M+275bps),
4/14/29(b)
........................................................
980
980
Petco
Health
&
Wellness
Co.,
Inc.,
Initial
Term
Loans,
First
Lien,
8.60%
(SOFR03M+325bps),
2/25/28(b)
........................................................
2,240
2,100
Sotheby's,
2021
2nd
Refin
Term
Loan,
First
Lien,
9.81%
(SOFR03M+450bps),
1/15/27(b)
...
1,164
1,151
Topgolf
Callaway
Brands
Corp.,
Initial
Term
Loans,
First
Lien,
8.86%
(SOFR01M+350bps),
3/12/30(b)
........................................................
1,985
1,979
Travel
+
Leisure
Co.,
2023
Incremental
Term
Loans,
First
Lien,
8.59%
(SOFR01M+325bps),
12/14/29(b)
.......................................................
993
993
12,723
Consumer
Staples
(0.0%):(f)
Alliance
Laundry
Systems
LLC,
Initial
Term
B
Loans,
First
Lien,
8.83%
(SOFR01M+350
bps),
10/8/27(b)
........................................................
685
684
Kronos
Acquisition
Holdings,
Inc.,
Tranche
B-1
Term
Loans,
First
Lien,
9.10%
(SOFR03M+375bps),
12/22/26(b)
.......................................
4
4
688
Financials
(0.5%):
AssuredPartners,
Inc.,
2021
Term
Loan,
First
Lien,
8
.86%
(SOFR01M+350bps),
2/13/27(b)
..
1,407
1,401
Assuredpartners,
Inc.,
Term
Loan,
First
Lien,
9.11%
(SOFR01M+375bps),
2/13/27(b)
......
494
492
Blackstone
CQP
Holdco
LP,
Initial
Term
Loans,
First
Lien,
8.35%
(SOFR03M+300bps),
5/26/28(b)
........................................................
887
885
Central
Parent,
Inc.,
2023
Term
Loans,
First
Lien,
9.35%
(SOFR03M+400bps),
7/6/29(b)
...
1,737
1,739
Delta
2
Lux
Sarl,
Term
Loan
B
,
First
lien,
7.60%
(SOFR03M+225bps),
1/15/30(b)
........
1,500
1,498
Fertitta
Entertainment
LLC,
Initial
B
Term
Loan,
First
Lien,
9.36%
(SOFR01M+400bps),
1/27/29(b)
........................................................
481
480
Gtcr
W
Merger
Sub
LLC,
Term
Loan
B,
First
Lien,
9/20/30(h)
.......................
2,800
2,797
Hyperion
Refinance
Sarl,
2023
Term
Loans,
First
Lien,
9
.38%
(SOFR03M+400bps),
3/24/30(b)
........................................................
496
495
Medline
Borrower
LP,
Initial
Dollar
Term
Loans,
First
Lien,
8.34%
(SOFR01M+300bps),
10/21/28(b)
.......................................................
211
211
Mileage
Plus
Holdings
LLC,
Initial
Term
Loan,
First
Lien,
10.62%
(SOFR03M+525bps),
6/20/27(b)
........................................................
4,499
4,632
Oculus
Acquisition
Corp.,
Initial
Term
Loan,
First
Lien,
8.83%
(SOFR03M+350bps),
11/8/27(b)
........................................................
2,028
2,023
OEG
Borrower
LLC,
Initial
Term
Loans,
First
Lien,
10.38%
(SOFR03M+500bps),
6/18/29(b)
494
494
Polaris
Newco
LLC,
Dollar
Term
Loan,
First
Lien,
9.36%
(SOFR01M+400bps),
6/4/28(b)
..
237
231
Sophia
LP,
Term
Loan
B,
First
Lien,
8.86%
(SOFR01M+350bps),
10/7/27(b)
............
970
968
Sunshine
Luxembourg
VII
Sarl,
Facility
B3
Commitments,
First
Lien,
8.85%
(SOFR03M+350bps),
10/2/26(b)
........................................
177
177
Whatabrands
LLC,
Initial
Term
B
Loans,
First
Lien,
8.36%
(SOFR01M+300bps),
7/21/28(b)
.
178
178
Whitewater
Whistler
Holdings
LLC,
SOFR
TRM
C,
First
Lien,
8.13%
(SOFR03M+275bps),
1/25/30(b)
........................................................
488
487
19,188
Health
Care
(0.1%):
R1
RCM,
Inc.,
Initial
Term
Loan
B,
First
Lien,
6/21/29(h)
..........................
2,650
2,653
Victory
Portfolios
III
Victory
Core
Plus
Intermediate
Bond
Fund
56
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
Industrials
(0.2%):
Berlin
Packaging
LLC,
Tranche
B-4
Term
Loans,
First
Lien,
8.60%
(SOFR03M+325bps),
3/11/28(b)
........................................................
$
486
$
483
Creative
Artists
Agency
LLC,
2023
Refinancing
Term
Loans,
First
Lien,
8.86%
(SOFR01M+350bps),
11/26/28(b)
.......................................
249
249
Foundation
Building
Materials,
Initial
Term
Loans,
First
Lien,
8.63%
(SOFR03M+325bps),
1/29/28(b)
........................................................
488
481
Graham
Packaging
Co.,
Inc.,
New
Term
Loans,
First
Lien,
8.36%
(SOFR01M+300bps),
8/4/27(b)
.........................................................
453
452
Janus
International
Group
LLC,
Amendment
No.
6
Refinancing
Term
Loan,
First
Lien,
8.60%
(SOFR01M+325bps),
7/25/30(b)
........................................
200
199
MKS
Instruments,
Inc.,
Term
Loan
B,
First
Lien,
7.85%
(SOFR01M+250bps),
8/17/29(b)
...
3,741
3,715
Pactiv
Evergreen
Group
Holdings,
Inc.,
Tranche
B-3
US
Term
Loans,
First
Lien,
8.61%
(SOFR01M+325bps),
9/17/28(b)
........................................
975
975
TricorBraun
Holdings,
Inc.,
Closing
Date
Initial
Term
Loans,
First
Lien,
8.61%
(SOFR01M+325bps),
3/3/28(b)
.........................................
1,463
1,432
7,986
Information
Technology
(0.2%):
Open
Text
Corp.,
TLB,
First
Lien,
8.11%
(SOFR01M+275bps),
1/31/30(b)
..............
6,146
6,145
Proofpoint,
Inc.,
Initial
Term
Loans,
First
Lien,
8.61%
(SOFR01M+325bps),
8/31/28(b)
....
475
472
UKG,
Inc.,
Incremental
Term
Loans,
First
Lien,
8.58%
(SOFR03M+325bps),
5/3/26(b)
.....
167
167
6,784
Materials
(0.1%):
The
Chemours
Co.,
TLB,
First
Lien,
8.86%
(SOFR01M+350bps),
8/18/28(b)
............
3,284
3,270
Total
Senior
Secured
Loans
(Cost
$54,785)
a
a
a
55,169
Corporate
Bonds
(17.9%)
Communication
Services
(0.8%):
AT&T,
Inc.,
4.50%,
5/15/35,
Callable
11/15/34
@
100
............................
2,500
2,360
Cable
One,
Inc.,
4.00%,
11/15/30,
Callable
11/15/25
@
102(a)(i)
.....................
1,500
1,211
Charter
Communications
Operating
LLC/Charter
Communications
Operating
Capital
4.80%,
3/1/50,
Callable
9/1/49
@
100
....................................
1,406
1,069
5.38%,
4/1/38
,
Callable
10/1/37
@
100
...................................
2,500
2,259
Comcast
Corp.,
3.20%,
7/15/36,
Callable
1/15/36
@
100
...........................
750
631
Cox
Communications,
Inc.,
5.70%,
6/15/33,
Callable
3/15/33
@
100(a)
................
2,992
3,057
Gray
Television,
Inc.
4.75%,
10/15/30,
Callable
10/15/25
@
102.38(a)
............................
4,440
3,475
5.38%,
11/15/31,
Callable
11/15/26
@
102.69(a)
............................
1,000
783
Lamar
Media
Corp.,
3.63%,
1/15/31,
Callable
1/15/26
@
101.81
.....................
259
227
Nexstar
Media,
Inc.,
4.75%,
11/1/28
,
Callable
2/20/24
@
102.38(a)
...................
256
234
Paramount
Global,
4.38%,
3/15/43
..........................................
4,610
3,331
Sprint
Spectrum
Co.
LLC/Sprint
Spectrum
Co.
II
LLC/Sprint
Spectrum
Co.
III
LLC,
5.15%,
3/20/28,
Callable
3/20/27
@
100(a)
......................................
329
328
T-Mobile
US,
Inc.
3.50%,
4/15/31,
Callable
4/15/26
@
101.75
................................
3,418
3,111
5.50%,
1/15/55,
Callable
7/15/54
@
100
..................................
2,071
2,091
Verizon
Communications,
Inc.
2.55%,
3/21/31,
Callable
12/21/30
@
100
.................................
3,831
3,293
2.88%
,
11/20/50,
Callable
5/20/50
@
100
..................................
2,000
1,323
Warnermedia
Holdings,
Inc.
4.28%,
3/15/32,
Callable
12/15/31
@
100
.................................
3,000
2,747
5.14%,
3/15/52,
Callable
9/15/51
@
100
..................................
2,217
1,908
33,438
Consumer
Discretionary
(1.8%):
Acushnet
Co.,
7.38%,
10/15/28,
Callable
10/15/25
@
103.69(a)
......................
940
977
Advance
Auto
Parts,
Inc.,
3.50%,
3/15/32,
Callable
12/15/31
@
100(i)
.................
7,986
6,648
Victory
Portfolios
III
Victory
Core
Plus
Intermediate
Bond
Fund
57
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
AutoNation,
Inc.
2.40%,
8/1/31,
Callable
5/1/31
@
100
....................................
$
2,161
$
1,728
3.85%,
3/1/32,
Callable
12/1/31
@
100
...................................
584
517
Caesars
Entertainment,
Inc.,
7.00%,
2/15/30,
Callable
2/15/26
@
103.5(a)
..............
2,004
2,064
Choice
Hotels
International,
Inc.,
3.70%,
1/15/31,
Callable
10/15/30
@
100
.............
4,000
3,484
Churchill
Downs,
Inc.
4.75%,
1/15/28,
Callable
3/8/24
@
101.58(a)
...............................
150
143
5.75%,
4/1/30,
Callable
4/1/25
@
102.88(a)
................................
1,000
967
Daimler
Truck
Finance
North
America
LLC,
5.50%,
9/20/33(a)
......................
3,292
3,378
ERAC
USA
Finance
LLC,
4.90%,
5/1/33,
Callable
2/1/33
@
100(a)
...................
2,808
2,799
General
Motors
Financial
Co.,
Inc.,
5.70%
(H15T5Y+500bps),
Callable
9/30/30
@
100(b)(g)
1,880
1,728
Genuine
Parts
Co.,
6.88%,
11/1/33
,
Callable
8/1/33
@
100(i)
........................
1,566
1,754
Hilton
Domestic
Operating
Co.,
Inc.,
3.63%,
2/15/32,
Callable
8/15/26
@
101.81(a)
.......
30
26
Kohl's
Corp.,
4.63%,
5/1/31,
Callable
2/1/31
@
100
..............................
2,500
2,000
Lithia
Motors,
Inc.,
3.88%,
6/1/29,
Callable
6/1/24
@
101.94(a)
.....................
639
574
LKQ
Corp.,
6.25%,
6/15/33,
Callable
3/15/33
@
100
.............................
2,042
2,130
Marriott
International,
Inc.,
2.75%,
10/15/33,
Callable
7/15/33
@
100
.................
250
205
Nordstrom,
Inc.,
4.38%,
4/1/30
,
Callable
1/1/30
@
100
............................
921
806
NVR,
Inc.,
3.00%,
5/15/30,
Callable
11/15/29
@
100
.............................
1,437
1,287
PetSmart,
Inc./PetSmart
Finance
Corp.,
4.75%,
2/15/28,
Callable
3/8/24
@
102.38(a)
......
940
877
PulteGroup,
Inc.,
6.00%,
2/15/35
............................................
1,385
1,464
Resorts
World
Las
Vegas
LLC/RWLV
Capital,
Inc.,
4.63%,
4/6/31,
Callable
1/6/31
@
100(a)
.
2,900
2,420
Sotheby's,
7.38%,
10/15/27,
Callable
2/20/24
@
101.84(a)
.........................
2,492
2,403
Tapestry,
Inc.,
7.85%,
11/27/33
,
Callable
8/27/33
@
100
...........................
23,211
24,821
Tractor
Supply
Co.,
1.75%,
11/1/30,
Callable
8/1/30
@
100
.........................
1,576
1,288
Vanderbilt
University
Medical
Center,
4.17%,
7/1/37,
Callable
1/1/37
@
100
............
1,445
1,254
Volkswagen
Group
of
America
Finance
LLC,
3.75%,
5/13/30(a)(i)
....................
4,000
3,737
71,479
Consumer
Staples
(1.1%):
7-Eleven,
Inc.
1.80%,
2/10/31,
Callable
11/10/30
@
100(a)
................................
1,625
1,315
2.80%,
2/10/51,
Callable
8/2/50
@
100(a)
.................................
11,044
7,007
Albertsons
Cos.,
Inc./Safeway,
Inc./New
Albertsons
LP/Albertsons
LLC
4.88%,
2/15/30,
Callable
2/15/25
@
103.66(a)
..............................
1,150
1,101
6.50%,
2/15/28,
Callable
2/15/25
@
103.25(a)
..............................
2,348
2,373
BAT
Capital
Corp.,
7.75%,
10/19/32,
Callable
7/19/32
@
100
.......................
500
566
Bimbo
Bakeries
USA,
Inc.,
5.38%,
1/9/36,
Callable
10/9/35
@
100(a)
.................
1,017
1,027
Dollar
General
Corp.
5.00%,
11/1/32,
Callable
8/1/32
@
100(i)
..................................
2,083
2,070
5.45%,
7/5/33,
Callable
4/5/33
@
100(i)
..................................
5,314
5,403
Dollar
Tree,
Inc.,
2.65%,
12/1/31,
Callable
9/1/31
@
100(i)
.........................
2,500
2,122
JBS
USA
LUX
SA/JBS
USA
Food
Co./JBS
Luxembourg
SARL,
6.75%,
3/15/34,
Callable
12/15/33
@
100(a)
..................................................
1,878
1,978
JBS
USA
LUX
SA/JBS
USA
Food
Co./JBS
USA
Finance,
Inc.
3.63%,
1/15/32,
Callable
1/15/27
@
101.81
................................
500
426
3.75%,
12/1/31,
Callable
12/1/26
@
101.88
................................
2,717
2,331
6.50%,
12/1/52,
Callable
6/1/52
@
100
...................................
444
444
Kellanova,
4.50%,
4/1/46
.................................................
2,877
2,549
Kraft
Heinz
Foods
Co.,
5.00%,
6/4/42
........................................
2,122
2,022
Pilgrim's
Pride
Corp.,
6.25%,
7/1/33,
Callable
4/1/33
@
100
........................
2,000
2,046
Post
Holdings,
Inc.,
4.50%,
9/15/31,
Callable
9/15/26
@
102.25(a)
...................
85
76
Smithfield
Foods,
Inc.,
2.63%,
9/13/31,
Callable
6/13/31
@
100(a)
....................
2,635
2,064
Sodexo,
Inc.,
2.72%,
4/16/31,
Callable
1/16/31
@
100(a)
..........................
2,400
2,042
The
J.M.
Smucker
Co.,
6.50%,
11/15/53,
Callable
5/15/53
@
100
....................
3,293
3,725
42,687
Energy
(0.5%):
Cameron
LNG
LLC,
3.30%,
1/15/35,
Callable
9/15/34
@
100(a)
.....................
2,727
2,313
Cheniere
Energy,
Inc.,
4.63%,
10/15/28,
Callable
2/20/24
@
102.31
...................
500
484
CQP
Holdco
LP/BIP-V
Chinook
Holdco
LLC,
5.50%,
6/15/31,
Callable
6/15/26
@
102.75(a)
1,000
933
Hilcorp
Energy
I
LP/Hilcorp
Finance
Co.,
6.25%,
4/15/32,
Callable
5/15/27
@
103.13(a)
...
1,000
966
Magellan
Midstream
Partners
LP,
5.15%,
10/15/43,
Callable
4/15/43
@
100
.............
2,210
2,052
Victory
Portfolios
III
Victory
Core
Plus
Intermediate
Bond
Fund
58
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
Venture
Global
Calcasieu
Pass
LLC,
3.88%,
11/1/33,
Callable
5/1/33
@
100(a)
...........
$
1,979
$
1,679
Venture
Global
LNG,
Inc.,
9.88%,
2/1/32,
Callable
2/1/27
@
104.94(a)
................
3,289
3,458
Viper
Energy,
Inc.
5.38%,
11/1/27,
Callable
2/22/24
@
101.79(a)
..............................
5,500
5,412
7.38%,
11/1/31,
Callable
11/1/26
@
103.69(a)
..............................
1,219
1,264
18,561
Financials
(7.0%):
Aon
Corp./Aon
Global
Holdings
PLC,
5.35%,
2/28/33,
Callable
11/28/32
@
100
.........
3,038
3,103
Aretec
Group,
Inc.,
10.00%,
8/15/30,
Callable
10/15/26
@
105(a)
....................
1,400
1,520
Assurant,
Inc.,
2.65%,
1/15/32,
Callable
10/15/31
@
100
...........................
3,000
2,475
Athene
Global
Funding,
2.67%,
6/7/31(a)
......................................
6,000
4,932
Bank
of
America
Corp.
2.30%
(SOFR+122bps),
7/21/32,
Callable
7/21/31
@
100(b)
....................
4,000
3,281
2.48%
(H15T5Y+120bps),
9/21/36,
Callable
9/21/31
@
100(b)
..................
4,750
3,811
BankUnited,
Inc.,
5.13%,
6/11/30
,
Callable
3/11/30
@
100(i)
........................
2,000
1,863
Blackstone
Holdings
Finance
Co.
LLC,
6.20%,
4/22/33,
Callable
1/22/33
@
100(a)
.......
1,125
1,196
Blackstone
Private
Credit
Fund,
2.63%,
12/15/26,
Callable
11/15/26
@
100
.............
4,058
3,685
Blue
Owl
Credit
Income
Corp.
3.13%,
9/23/26,
Callable
8/23/26
@
100
..................................
750
688
4.70%,
2/8/27,
Callable
1/8/27
@
100
....................................
1,875
1,789
5.50%,
3/21/25
....................................................
4,000
3,956
7.75%,
9/16/27,
Callable
8/16/27
@
100
..................................
1,818
1,885
Blue
Owl
Finance
LLC,
3.13%,
6/10/31,
Callable
3/10/31
@
100(a)
...................
9,050
7,528
Brookfield
Capital
Finance
LLC,
6.09%,
6/14/33,
Callable
3/14/33
@
100
..............
3,046
3,196
Brown
&
Brown,
Inc.,
4.20%,
3/17/32,
Callable
12/17/31
@
100
.....................
2,888
2,671
Capital
One
Financial
Corp.,
2.36%
(SOFR+134bps),
7/29/32,
Callable
7/29/31
@
100(b)
...
5,000
3,775
Citizens
Bank
NA
4.12%
(SOFR+140bps),
5/23/25,
Callable
5/23/24
@
100(b)
....................
4,136
4,107
6.06%
(SOFR+145bps),
10/24/25
,
Callable
10/24/24
@
100(b)
..................
1,750
1,747
Citizens
Financial
Group,
Inc.
2.64%,
9/30/32,
Callable
7/2/32
@
100
...................................
3,000
2,332
5.65%
(H15T5Y+531bps),
Callable
10/6/25
@
100(b)(g)
......................
922
900
Compeer
Financial
FLCA/Compeer
Financial
PCA,
3.38%
(SOFR+197bps),
6/1/36,
Callable
6/1/31
@
100(a)(b)
..................................................
978
687
Cullen/Frost
Bankers,
Inc.,
4.50%,
3/17/27,
Callable
2/17/27
@
100
...................
1,000
960
Enact
Holdings,
Inc.,
6.50%,
8/15/25
,
Callable
2/15/25
@
100(a)
.....................
1,666
1,662
Farm
Credit
Bank
of
Texas,
5.70%
(H15T5Y+542bps),
Callable
9/15/25
@
100(a)(b)(g)
....
4,704
4,469
Fidelity
National
Information
Services,
Inc.,
5.10%,
7/15/32,
Callable
4/15/32
@
100
......
997
1,016
Fifth
Third
Bancorp
4.34%
(SOFR+166bps),
4/25/33,
Callable
4/25/32
@
100(b)
....................
3,817
3,528
4.50%
(H15T5Y+422bps),
Callable
9/30/25
@
100(b)(g)
......................
5,088
4,807
First
Citizens
Bancshares,
Inc.,
3.38%
(TSFR3M+247bps),
3/15/30
,
Callable
3/15/25
@
100(b)
1,500
1,427
First
Horizon
Bank,
5.75%,
5/1/30,
Callable
2/1/30
@
100(i)
........................
3,000
2,899
Fiserv,
Inc.
4.40%,
7/1/49,
Callable
1/1/49
@
100
....................................
250
218
5.60%,
3/2/33,
Callable
12/2/32
@
100
...................................
3,250
3,368
Ford
Motor
Credit
Co.
LLC,
7.35%,
3/6/30,
Callable
1/6/30
@
100
...................
2,000
2,137
Global
Atlantic
Fin
Co.,
7.95%,
6/15/33,
Callable
3/15/33
@
100(a)
...................
4,226
4,697
Global
Payments,
Inc.
4.15%,
8/15/49,
Callable
2/15/49
@
100
..................................
2,826
2,233
5.95%,
8/15/52,
Callable
2/15/52
@
100
..................................
2,762
2,809
GTCR
W-2
Merger
Sub
LLC,
7.50%,
1/15/31,
Callable
1/15/27
@
103.75(a)
............
5,825
6,069
HUB
International
Ltd.,
7.25%,
6/15/30,
Callable
6/15/26
@
103.63(a)
................
469
482
Huntington
Bancshares,
Inc.,
2.49%
(H15T5Y+117bps),
8/15/36,
Callable
8/15/31
@
100(b)
.
3,898
2,972
JPMorgan
Chase
&
Co.
2.96%
(TSFR3M+252bps),
5/13/31,
Callable
5/13/30
@
100(b)
..................
8,503
7,494
5.72%
(SOFR+258
bps),
9/14/33,
Callable
9/14/32
@
100(b)
....................
1,676
1,725
KeyBank
NA
3.90%,
4/13/29
....................................................
3,000
2,706
4.90%,
8/8/32(i)
....................................................
4,403
3,941
KeyCorp
Capital
II,
6.88%,
3/17/29
..........................................
750
742
Victory
Portfolios
III
Victory
Core
Plus
Intermediate
Bond
Fund
59
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
KeyCorp.
3.88%
(SOFRINDX+125bps),
5/23/25,
Callable
5/23/24
@
100,
MTN(b)
..........
$
500
$
496
4.79%
(SOFRINDX+206bps),
6/1/33,
Callable
6/1/32
@
100,
MTN(b)
............
4,842
4,445
MetLife,
Inc.,
9.25%,
4/8/38,
Callable
4/8/33
@
100(a)
............................
9,816
11,268
Morgan
Stanley
1.93%
(
SOFR+102bps),
4/28/32,
Callable
4/28/31
@
100,
MTN(b)
...............
1,947
1,571
2.48%
(SOFR+136bps),
9/16/36,
Callable
9/16/31
@
100(b)
....................
22,175
17,693
New
York
Community
Bancorp,
Inc.,
8.33%
(TSFR3M+304bps),
11/6/28,
Callable
5/6/24
@
100(b)
...........................................................
4,000
3,675
New
York
Life
Global
Funding,
1.85%,
8/1/31(a)
................................
7,750
6,267
Northern
Trust
Corp.,
6.13%,
11/2/32,
Callable
8/2/32
@
100
.......................
2,750
2,955
Penske
Truck
Leasing
Co.
LP/PTL
Finance
Corp.,
6.20%,
6/15/30,
Callable
4/15/30
@
100(a)
2,811
2,953
Regions
Financial
Corp.,
5.75%
(H15T5Y+543bps),
Callable
6/15/25
@
100(b)(g)(i)
......
5,036
4,934
Santander
Holdings
USA,
Inc.,
4.40%,
7/13/27,
Callable
4/14/27
@
100
................
3,318
3,226
The
Bank
of
New
York
Mellon
Corp.,
4.70%
(H15T5Y+436bps),
Callable
9/20/25
@
100(b)
(g)
.............................................................
8,563
8,445
The
Charles
Schwab
Corp.
5.38%
(H15T5Y+497bps),
Callable
6/1/25
@
100(b)(g)(i)
.....................
15,861
15,647
5.85%
(SOFR+250bps),
5/19/34
,
Callable
5/19/33
@
100(b)
....................
4,685
4,848
The
PNC
Financial
Services
Group,
Inc.,
4.63%
(SOFRINDX+185bps),
6/6/33,
Callable
6/6/32
@
100(b)
....................................................
7,564
7,085
Truist
Financial
Corp.
4.95%
(H15T5Y+461bps),
Callable
9/1/25
@
100(b)(g)(i)
.....................
8,219
8,004
5.10%
(H15T10Y+435bps),
Callable
3/1/30
@
100(b)(g)
......................
6,419
5,943
7.16%
(SOFR+245bps),
10/30/29,
Callable
10/30/28
@
100,
MTN(b)
.............
4,699
5,072
U.S.
Bancorp
4.84%
(SOFR+160bps),
2/1/34,
Callable
2/1/33
@
100
(b)
......................
3,000
2,889
4.97%
(SOFR+211bps),
7/22/33,
Callable
7/22/32
@
100(b)
....................
10,609
10,051
Wells
Fargo
&
Co.,
5.90%,
Callable
6/15/24
@
100(g)
............................
25,435
25,391
Willis
North
America,
Inc.,
5.35%,
5/15/33,
Callable
2/15/33
@
100
..................
3,291
3,301
279,647
Health
Care
(1.1%):
Alcon
Finance
Corp.,
5.75%,
12/6/52,
Callable
6/6/52
@
100(a)
.....................
2,750
2,913
Bayer
U.S.
Finance
II
LLC,
4.63%,
6/25/38,
Callable
12/25/37
@
100(a)
...............
5,000
4,252
Bio-Rad
Laboratories,
Inc.,
3.70%,
3/15/32,
Callable
12/15/31
@
100
.................
1,625
1,460
Bon
Secours
Charity
Health
System,
Inc.,
5.25%,
11/1/25
..........................
5,000
4,951
Boston
Medical
Center
Corp.,
3.91%,
7/1/28
...................................
3,000
2,818
Centene
Corp.,
2
.50%,
3/1/31,
Callable
12/1/30
@
100
............................
4,067
3,382
CHS/Community
Health
System,
Inc.,
4.75%,
2/15/31,
Callable
2/15/26
@
102.38(a)
......
1,000
797
CVS
Health
Corp.,
5.63%,
2/21/53,
Callable
8/21/52
@
100
........................
3,000
2,976
DENTSPLY
SIRONA,
Inc.,
3.25%,
6/1/30,
Callable
3/1/30
@
100
....................
2,695
2,410
Eastern
Maine
Healthcare
Systems,
3.71%,
7/1/26
...............................
8,525
8,227
GE
HealthCare
Technologies,
Inc.,
5.91%,
11/22/32,
Callable
8/22/32
@
100
............
5,000
5,278
HCA,
Inc.,
5.90%,
6/1/53,
Callable
12/1/52
@
100
...............................
226
230
Medline
Borrower
LP,
3.88%,
4/1/29,
Callable
10/1/24
@
101.94(a)
..................
250
226
Prestige
Brands,
Inc.,
3.75%,
4/1/31,
Callable
4/1/26
@
101.88(a)
....................
941
819
Tenet
Healthcare
Corp.,
4.25%,
6/1/29,
Callable
6/1/24
@
102.13
....................
200
185
Universal
Health
Services,
Inc.,
2.65%,
1/15/32,
Callable
10/15/31
@
100
..............
3,604
2,948
43,872
Industrials
(2.7%):
Acuity
Brands
Lighting,
Inc.
,
2.15%,
12/15/30,
Callable
9/15/30
@
100
................
3,000
2,505
Alaska
Airlines
Pass
Through
Trust
4.80%,
8/15/27(a)
..................................................
4,589
4,447
8.00%,
8/15/25(a)
..................................................
2,340
2,357
American
Airlines
Pass
Through
Trust
3.60%,
10/15/29
....................................................
1,405
1,240
3.70%,
10/15/25
....................................................
4,195
3,956
4.00%,
7/15/25
....................................................
3,684
3,543
4.95%,
2/15/25
....................................................
1,211
1,177
American
Airlines,
Inc./AAdvantage
Loyalty
IP
Ltd.,
5.75%,
4/20/29(a)
................
2,371
2,329
Victory
Portfolios
III
Victory
Core
Plus
Intermediate
Bond
Fund
60
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
Ashtead
Capital,
Inc.
2.45%,
8/12/31,
Callable
5/12/31
@
100(a)
................................
$
2,833
$
2,304
5.50%,
8/11/32,
Callable
5/11/32
@
100(a)
................................
2,000
1,987
Aviation
Capital
Group
LLC,
5.50%,
12/15/24,
Callable
11/15/24
@
100(a)
.............
3,000
2,990
British
Airways
Pass
Through
Trust
3.35%,
6/15/29(a)
..................................................
1,539
1,403
4.63%,
6/20/24(a)
..................................................
2,458
2,448
Delta
Air
Lines
Pass
Through
Trust,
2.50%,
6/10/28
..............................
3,761
3,348
Delta
Air
Lines,
Inc./SkyMiles
IP
Ltd.,
4.75%,
10/20/28
(a)
.........................
595
585
GXO
Logistics,
Inc.,
2.65%,
7/15/31,
Callable
4/15/31
@
100
.......................
2,042
1,691
Hawaiian
Airlines
Pass
Through
Certificates,
3.90%,
1/15/26
........................
4,663
4,343
HEICO
Corp.,
5.35%,
8/1/33,
Callable
5/1/33
@
100
.............................
1,485
1,505
JetBlue
Pass
Through
Trust,
7.75%,
11/15/28(i)
.................................
3,435
3,443
Kennametal,
Inc.,
4.63%,
6/15/28,
Callable
3/15/28
@
100
.........................
2,110
2,062
Lincoln
Center
for
the
Performing
Arts,
Inc.,
3.71%,
12/1/35,
Callable
9/1/35
@
100
.......
1,475
1,304
Mileage
Plus
Holdings
LLC/Mileage
Plus
Intellectual
Property
Assets
Ltd.,
6.50%,
6/20/27,
Callable
3/8/24
@
103.25(a)
...........................................
8,785
8,807
Regal
Rexnord
Corp.,
6.40%,
4/15/33,
Callable
1/15/33
@
100(a)
....................
2,954
3,065
RXO,
Inc.
,
7.50%,
11/15/27,
Callable
11/15/24
@
103.75(a)
........................
3,000
3,098
Southwest
Airlines
Co.,
2.63%,
2/10/30,
Callable
11/10/29
@
100
....................
2,653
2,328
Spirit
Aerosystems,
Inc.,
9.75%,
11/15/30,
Callable
11/15/26
@
104.88(a)
..............
1,500
1,573
Spirit
AeroSystems,
Inc.,
9.38%,
11/30/29,
Callable
11/30/25
@
104.69(a)
..............
940
1,019
The
Boeing
Co.,
5.81%,
5/1/50,
Callable
11/1/49
@
100
...........................
10,118
10,143
The
Timken
Co.,
4.13%,
4/1/32,
Callable
1/1/32
@
100
............................
4,556
4,205
United
Airlines
Pass
Through
Trust
3.50%,
5/1/28
.....................................................
2,974
2,705
4.15%,
4/11/24
.....................................................
5,315
5,294
4.30%,
8/15/25
....................................................
2,766
2,695
US
Airways
Pass
Through
Trust,
3.95%,
11/15/25
................................
3,792
3,672
XPO,
Inc.,
6.25%,
6/1/28
,
Callable
6/1/25
@
103.13(a)
............................
9,082
9,092
108,663
Information
Technology
(0.7%):
Booz
Allen
Hamilton,
Inc.,
5.95%,
8/4/33,
Callable
5/4/33
@
100
....................
1,881
1,978
Broadcom,
Inc.,
2.60%,
2/15/33,
Callable
11/15/32
@
100
(a)
........................
219
180
Neptune
Bidco
US,
Inc.,
9.29%,
4/15/29,
Callable
10/15/25
@
104.65(a)
...............
2,935
2,802
Open
Text
Holdings,
Inc.,
4.13%,
12/1/31,
Callable
12/1/26
@
102.06(a)
...............
1,097
970
Oracle
Corp.
3.60%,
4/1/50,
Callable
10/1/49
@
100
...................................
1,621
1,191
3.85%,
7/15/36,
Callable
1/15/36
@
100
..................................
3,613
3,143
Qorvo,
Inc.,
3.38%,
4/1/31,
Callable
4/1/26
@
101.69(a)
...........................
4,000
3,437
ServiceNow,
Inc.,
1.40%,
9/1/30,
Callable
6/1/30
@
100
...........................
2,000
1,641
Teledyne
Technologies,
Inc.,
2.75%,
4/1/31,
Callable
1/1/31
@
100
...................
500
432
Trimble,
Inc.,
6.10%,
3/15/33,
Callable
12/15/32
@
100
...........................
2,804
2,954
Western
Digital
Corp.,
3.10%,
2/1/32,
Callable
11/1/31
@
100
.......................
5,679
4,519
Workday,
Inc.,
3.80%,
4/1/32,
Callable
1/1/32
@
100
.............................
1,875
1,738
ZoomInfo
Technologies
LLC/ZoomInfo
Finance
Corp.,
3.88%,
2/1/29,
Callable
2/20/24
@
101.94(a)
.........................................................
1,250
1,113
26,098
Materials
(0.5%):
Amcor
Finance
USA,
Inc.,
5.63%,
5/26/33,
Callable
2/26/33
@
100
...................
2,404
2,492
Amcor
Flexibles
North
America,
Inc.,
2.69%,
5/25/31,
Callable
2/25/31
@
100
...........
1,143
982
AptarGroup,
Inc.,
3.60%,
3/15/32,
Callable
12/15/31
@
100
........................
5,089
4,561
Avery
Dennison
Corp.,
2.25%,
2/15/32,
Callable
11/15/31
@
100
....................
490
408
LYB
International
Finance
III
LLC,
3.38%,
10/1/40,
Callable
4/1/40
@
100
.............
2,460
1,885
Reliance
Steel
&
Aluminum
Co.,
2.15%,
8/15/30,
Callable
5/15/30
@
100
..............
1,300
1,098
The
Dow
Chemical
Co.,
6.90%,
5/15/53,
Callable
11/15/52
@
100
....................
894
1,056
Vulcan
Materials
Co.
3.50%,
6/1/30,
Callable
3/1/30
@
100
....................................
4,914
4,547
4.50%,
6/15/47,
Callable
12/15/46
@
100
.................................
2,778
2,466
19,495
Victory
Portfolios
III
Victory
Core
Plus
Intermediate
Bond
Fund
61
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
Real
Estate
(1.6%):
Alexandria
Real
Estate
Equities,
Inc.,
1.88%,
2/1/33,
Callable
11/1/32
@
100
............
$
3,000
$
2,311
American
Tower
Trust
#1,
5.49%,
3/15/28,
Callable
3/15/27
@
100(a)
.................
3,740
3,791
Boston
Properties
LP,
2.45%,
10/1/33,
Callable
7/1/33
@
100
.......................
2,250
1,708
CBRE
Services,
Inc.
2.50%,
4/1/31,
Callable
1/1/31
@
100
....................................
4,313
3,612
5.95%,
8/15/34,
Callable
5/15/34
@
100
..................................
4,692
4,849
CoStar
Group,
Inc.,
2
.80%,
7/15/30,
Callable
4/15/30
@
100(a)
......................
5,543
4,754
Crown
Castle,
Inc.,
2.90%,
4/1/41,
Callable
10/1/40
@
100
.........................
1,701
1,213
EPR
Properties,
3.60%,
11/15/31,
Callable
8/15/31
@
100
..........................
3,528
2,948
Federal
Realty
OP
LP,
3.50%,
6/1/30,
Callable
3/1/30
@
100
........................
3,000
2,744
GLP
Capital
LP/GLP
Financing
II,
Inc.
3.25%,
1/15/32,
Callable
10/15/31
@
100
.................................
409
344
4.00%,
1/15/30,
Callable
10/15/29
@
100
.................................
3,726
3,405
Jones
Lang
LaSalle,
Inc.,
6.88%,
12/1/28,
Callable
11/1/28
@
100
....................
1,409
1,494
Keenan
Development
Associates
of
Tennessee
LLC
(INS
-
XL
Capital
Assurance),
5.02%,
7/15/28(a)
........................................................
209
203
Kilroy
Realty
LP,
2.50%,
11/15/32,
Callable
8/15/32
@
100
........................
2,750
2,101
Pine
Street
Trust
I,
4.57%,
2/15/29,
Callable
11/15/28
@
100(a)
......................
1,750
1,671
RHP
Hotel
Properties
LP/RHP
Finance
Corp.
4.50%,
2/15/29,
Callable
3/8/24
@
102.25(a)
...............................
75
70
7.25%,
7/15/28,
Callable
7/15/25
@
103.63(a)
..............................
469
486
SBA
Tower
Trust
2.33%,
1/15/28,
Callable
7/15/26
@
100(a)
................................
3,000
2,661
2.59%,
10/15/31(a)
..................................................
5,000
4,039
2.84%,
1/15/25,
Callable
3/8/24
@
100(a)
.................................
2,337
2,263
6.60%,
1/15/28,
Callable
1/15/27
@
100(a)
................................
2,947
3,026
Simon
Property
Group
LP,
2.25%,
1/15/32,
Callable
10/15/31
@
100
..................
250
207
The
Howard
Hughes
Corp.,
4.38%,
2/1/31,
Callable
2/1/26
@
102.19(a)
................
100
87
The
NHP
Foundation,
6.00%,
12/1/33,
Callable
6/1/33
@
100
.......................
2,821
3,069
VICI
Properties
LP/VICI
Note
Co.,
Inc.,
4.13%,
8/15/30,
Callable
2/15/25
@
102.06(a)
....
10,154
9,241
Vornado
Realty
LP,
3.40%,
6/1/31,
Callable
3/1/31
@
100
..........................
2,000
1,576
63,873
Utilities
(0.1%):
Duquesne
Light
Holdings,
Inc.,
2.78%,
1/7/32,
Callable
10/7/31
@
100(a)
..............
733
591
Entergy
Corp.,
2.40%,
6/15/31,
Callable
3/5/31
@
100
............................
1,625
1,364
Vistra
Operations
Co.
LLC,
4.30%,
7/15/29,
Callable
4/15/29
@
100(a)
................
2,997
2,831
4,786
Total
Corporate
Bonds
(Cost
$717,624)
a
a
a
712,599
Yankee
Dollars
(4.9%)
Communication
Services
(0.1%):
Rogers
Communications,
Inc.
3.80%,
3/15/32
,
Callable
12/15/31
@
100
.................................
1,700
1,545
4.55%,
3/15/52,
Callable
9/15/51
@
100
..................................
1,750
1,500
3,045
Consumer
Discretionary
(0.2%):
Carnival
Corp.,
10.50%,
6/1/30,
Callable
6/1/25
@
105.25(a)
.......................
125
137
IHO
Verwaltungs
GmbH,
6.38%,
5/15/29,
Callable
5/15/24
@
103.19(a)(j)
..............
1,077
1,070
NCL
Corp.
Ltd.,
8.13%,
1/15/29,
Callable
1/15/26
@
104.06(a)
......................
2,822
2,960
Nissan
Motor
Co.
Ltd.,
4.81%,
9/17/30,
Callable
6/17/30
@
100(a)
...................
4,653
4,342
8,509
Consumer
Staples
(0.1%):
Bacardi
Ltd./Bacardi-Martini
BV,
5.40%,
6/15/33,
Callable
3/15/33
@
100(a)(i)
..........
2,812
2,841
Becle
SAB
de
CV,
2.50%,
10/14/31,
Callable
7/14/31
@
100(a)
......................
3,000
2,380
5,221
Victory
Portfolios
III
Victory
Core
Plus
Intermediate
Bond
Fund
62
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
Energy
(0.1%):
Enbridge,
Inc.,
5.75%
(H15T5Y+531bps),
7/15/80,
Callable
4/15/30
@
100(b)
...........
$
3,000
$
2,807
Harbour
Energy
PLC,
5.50%,
10/15/26,
Callable
3/8/24
@
102.75(a)
..................
1,000
980
Petroleos
Mexicanos,
10.00%,
2/7/33
,
Callable
11/7/32
@
100(i)
.....................
1,000
988
4,775
Financials
(2.8%):
1375209
BC
Ltd.,
9.00%,
1/30/28,
Callable
2/20/24
@
101(a)(i)
.....................
21,825
21,172
Allianz
SE,
6.35%
(H15T5Y+323bps),
9/6/53,
Callable
3/6/33
@
100(a)(b)
.............
1,200
1,251
Avolon
Holdings
Funding
Ltd.,
2.75%,
2/21/28,
Callable
12/21/27
@
100(a)
............
2,810
2,509
Banco
Santander
SA
2.96%,
3/25/31
....................................................
3,000
2,590
6.92%,
8/8/33
.....................................................
3,400
3,586
Bank
of
Montreal,
3.09%
(H15T5Y+140
bps),
1/10/37,
Callable
1/10/32
@
100(b)
........
3,000
2,454
Barclays
PLC,
3.56%
(H15T5Y+290bps),
9/23/35,
Callable
9/23/30
@
100(b)
...........
5,000
4,281
BBVA
Bancomer
SA
8.13%
(H15T5Y+421bps),
1/8/39,
Callable
1/8/34
@
100(a)(b)
..................
3,682
3,747
8.45%,
6/29/38,
Callable
6/29/33
@
100(a)
................................
1,759
1,834
BNP
Paribas
SA,
2.87%
(TSFR3M+139bps),
4/19/32,
Callable
4/19/31
@
100(a)(b)
.......
1,000
847
BP
Capital
Markets
PLC
4.38%
(H15T5Y+404bps),
Callable
6/22/25
@
100(b)(g)
......................
7,250
7,091
4.88%
(H15T5Y+440bps),
Callable
3/22/30
@
100(b)(g)
......................
2,600
2,463
Credit
Agricole
SA,
6.25%
(SOFR+267bps),
1/10/35,
Callable
1/10/34
@
100(a)(b)
.......
2,762
2,816
Deutsche
Bank
AG,
3.74%
(SOFR+226bps),
1/7/33
,
Callable
10/7/31
@
100(b)
..........
7,737
6,313
HSBC
Holdings
PLC
6.80%,
6/1/38(i)
....................................................
4,000
4,302
8.11%
(SOFR+425bps),
11/3/33,
Callable
11/3/32
@
100(b)
....................
1,200
1,374
ING
Groep
NV,
6.11%
(SOFR+209bps),
9/11/34,
Callable
9/11/33
@
100(b)
............
2,818
2,958
JAB
Holdings
BV,
3.75%,
5/28/51,
Callable
11/28/50
@
100(a)
......................
3,025
2,015
Lloyds
Banking
Group
PLC
3.57%
(US0003M+121bps),
11/7/28,
Callable
11/7/27
@
100(b)
.................
2,000
1,883
7.95%
(H15T1Y+375bps),
11/15/33,
Callable
8/15/32
@
100(b)
.................
1,818
2,057
Macquarie
Bank
Ltd.,
3.05%
(H15T5Y+170bps),
3/3/36,
Callable
3/3/31
@
100(a)(b)
......
5,850
4,788
Mizuho
Financial
Group,
Inc.,
2.56%,
9/13/31(i)
................................
3,000
2,452
Nationwide
Building
Society,
4.00%,
9/14/26(a)
.................................
2,118
2,043
Natwest
Group
PLC,
3.07%
(H15T1Y+255bps),
5/22/28,
Callable
5/22/27
@
100(b)
......
1,500
1,401
Royal
Bank
of
Canada,
5.15%,
2/1/34
........................................
3,912
3,921
Santander
UK
Group
Holdings
PLC,
2.90%
(SOFR+148bps),
3/15/32,
Callable
3/15/31
@
100(b)
...........................................................
2,000
1,712
Societe
Generale
SA
4.03%
(H15T1Y+190bps),
1/21/43,
Callable
1/21/42
@
100(a)(b)
................
1,250
901
6.22%
(H15T1Y+320bps),
6/15/33
,
Callable
6/15/32
@
100(a)(b)(i)
..............
3,000
2,998
Standard
Chartered
PLC,
4.87%
(USISOA05+197bps),
3/15/33,
Callable
3/15/28
@
100(a)(b)
2,000
1,898
UBS
Group
AG
2.19%
(SOFR+204bps),
6/5/26,
Callable
6/5/25
@
100(a)(b)
....................
5,500
5,260
3.09%
(SOFR+173bps),
5/14/32,
Callable
5/14/31
@
100(a)(b)
..................
4,000
3,427
Westpac
Banking
Corp.,
4.11%
(H15T5Y+200bps),
7/24/34,
Callable
7/24/29
@
100(b)
....
2,000
1,858
110,202
Health
Care
(0.0%):(f)
STERIS
Irish
FinCo
Unlimited
Co.,
2.70%,
3/15/31,
Callable
12/15/30
@
100
...........
1,750
1,515
Industrials
(0.8%):
Air
Canada
Pass
Through
Trust
3.75%,
12/15/27(a)
..................................................
3,830
3,578
4.13%,
5/15/25(a)
..................................................
9,157
8,887
Aircastle
Ltd.,
6.50%,
7/18/28,
Callable
6/18/28
@
100(a)
..........................
2,818
2,887
Avolon
Holdings
Funding
Ltd.
3.25%,
2/15/27,
Callable
12/15/26
@
100(a)
...............................
2,550
2,366
5.50%,
1/15/26,
Callable
12/15/25
@
100(a)
...............................
3,000
2,981
Ferguson
Finance
PLC,
4.65%,
4/20/32,
Callable
1/20/32
@
100(a)
...................
250
244
Hawaiian
Brand
Intellectual
Property
Ltd./HawaiianMiles
Loyalty
Ltd.,
5.75%,
1/20/26,
Callable
2/20/24
@
102.88(a)
..........................................
3,100
2,912
nVent
Finance
Sarl,
5.65%,
5/15/33,
Callable
2/15/33
@
100
........................
4,680
4,790
Victory
Portfolios
III
Victory
Core
Plus
Intermediate
Bond
Fund
63
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
Pentair
Finance
Sarl,
5.90%,
7/15/32,
Callable
4/15/32
@
100
.......................
$
250
$
260
VistaJet
Malta
Finance
PLC/Vista
Management
Holding,
Inc.,
9.50%,
6/1/28,
Callable
6/1/25
@
104.75(a)(i)
.....................................................
2,540
2,152
31,057
Information
Technology
(0.2%):
NXP
BV/NXP
Funding
LLC/NXP
USA,
Inc.,
2.65%,
2/15/32,
Callable
11/15/31
@
100
....
250
209
Open
Text
Corp.,
6.90%,
12/1/27,
Callable
11/1/27
@
100(a)
........................
2,179
2,263
SK
Hynix,
Inc.,
6.50%,
1/17/33(a)
...........................................
3,036
3,249
5,721
Materials
(0.1%):
ArcelorMittal
SA,
6.80%,
11/29/32,
Callable
8/29/32
@
100
........................
1,625
1,744
Freeport
Indonesia
PT,
5.32%,
4/14/32,
Callable
1/1/32
@
100(a)
....................
2,000
1,953
Yara
International
ASA,
7.38%,
11/14/32,
Callable
8/14/32
@
100(a)
..................
450
503
4,200
Real
Estate
(0.4%):
Ontario
Teachers'
Cadillac
Fairview
Properties
Trust,
2.50%,
10/15/31,
Callable
7/15/31
@
100(a)
...........................................................
17,800
14,289
Utilities
(0.1%):
GENM
Capital
Labuan
Ltd.,
3.88%,
4/19/31,
Callable
1/19/31
@
100(a)
...............
5,300
4,567
Total
Yankee
Dollars
(Cost
$195,516)
a
a
a
193,101
Municipal
Bonds
(1.3%)
Alabama
(0.0%):(f)
City
of
Trussville
AL,
GO,
Series
B,
1.78%,
10/1/31,
Continuously
Callable
@100
........
1,000
822
Arizona
(0.1%):
City
of
Phoenix
Civic
Improvement
Corp.
Revenue,
1.84%,
7/1/31,
Continuously
Callable
@100
...........................................................
1,000
817
The
University
of
Arizona
Revenue,
Series
A,
1.82%,
6/1/30
........................
3,070
2,580
3,397
District
of
Columbia
(0.1%):
District
of
Columbia
Revenue
2.25%,
4/1/27
.....................................................
800
744
2.68%,
4/1/31
.....................................................
1,500
1,297
2,041
Florida
(0.1%):
City
of
Gainesville
Revenue,
2.04%,
10/1/30
...................................
2,500
2,113
County
of
Miami-Dade
Florida
Aviation
Revenue,
Series
B,
2.61%,
10/1/32,
Continuously
Callable
@100
.....................................................
1,000
847
2,960
Illinois
(0.1%):
Chicago
Transit
Authority
Sales
Tax
Receipts
Fund
Revenue,
Series
B,
3.10%,
12/1/30
.....
750
686
Illinois
Finance
Authority
Revenue,
5.45%,
8/1/38
...............................
1,500
1,380
2,066
Indiana
(0.0%):(f)
Indiana
Finance
Authority
Revenue
Series
B,
3.08%,
9/15/27
.............................................
1,130
1,042
Series
B,
3.18%,
9/15/28
.............................................
1,000
908
1,950
Louisiana
(0.1%):
Louisiana
Local
Government
Environmental
Facilities
&
Community
Development
Authority
Revenue,
Series
A,
4.48%,
8/1/39
.......................................
2,245
2,145
Maryland
(0.2%):
Maryland
Economic
Development
Corp.
Revenue
Series
B,
4.05%,
6/1/27
..............................................
2,295
2,203
Series
B,
4.15%,
6/1/28
..............................................
2,390
2,277
Series
B,
4.25%,
6/1/29
..............................................
2,490
2,355
Victory
Portfolios
III
Victory
Core
Plus
Intermediate
Bond
Fund
64
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
Series
B,
4.35%,
6/1/30
..............................................
$
1,330
$
1,247
Series
B,
4.40%,
6/1/31
..............................................
1,385
1,284
9,366
Massachusetts
(0.0%):(f)
Massachusetts
State
College
Building
Authority
Revenue,
Series
A,
1.80%,
5/1/29
........
5
5
New
Jersey
(0.1%):
City
of
Atlantic,
GO
Series
A,
4.23%,
9/1/25
..............................................
2,525
2,486
Series
A,
4.29%,
9/1/26
..............................................
2,410
2,362
South
Jersey
Transportation
Authority
Revenue,
Series
B,
3.12%,
11/1/26
...............
450
431
5,279
New
York
(0.2%):
Metropolitan
Transportation
Authority
Revenue,
Build
America
Bond,
Series
E,
6.73%,
11/15/30
.........................................................
5,000
5,418
New
York
City
IDA
Revenue
2.34%,
1/1/35
.....................................................
1,000
763
2.44%,
1/1/36
.....................................................
1,250
936
7,117
Oklahoma
(0.0%):(f)
The
University
of
Oklahoma
Revenue,
Series
C,
2.45%,
7/1/32,
Continuously
Callable
@100
1,200
988
Pennsylvania
(0.1%):
City
of
Philadelphia
PA
Water
&
Wastewater
Revenue,
Series
B,
1.73%,
11/1/28
..........
1,000
892
City
of
Philadelphia,
GO,
Series
A,
2.71%,
7/15/29
...............................
1,000
909
Pennsylvania
Economic
Development
Financing
Authority
Revenue
2.62%,
3/1/29
.....................................................
1,855
1,694
Series
B,
3.20%,
11/15/27
.............................................
1,000
955
Public
Parking
Authority
of
Pittsburgh
Revenue,
2.23%,
12/1/28
.....................
730
636
5,086
Tennessee
(0.1%):
Metropolitan
Government
Nashville
&
Davidson
County
Sports
Authority
Revenue
Series
C,
2.45%,
8/1/32,
Continuously
Callable
@100
.........................
1,500
1,268
Series
D,
5.27%,
7/1/35
..............................................
1,175
1,215
2,483
Texas
(0.1%):
Central
Texas
Regional
Mobility
Authority
Revenue,
Series
C,
2.19%,
1/1/29
............
855
755
Harris
County
Cultural
Education
Facilities
Finance
Corp.
Revenue,
2.79%,
11/15/29
......
1,385
1,236
Tarrant
County
Cultural
Education
Facilities
Finance
Corp.
Revenue,
2.41%,
9/1/31,
Continuously
Callable
@100
...........................................
1,000
839
Uptown
Development
Authority
Tax
Allocation,
Series
B,
2.68%,
9/1/32,
Continuously
Callable
@100
.....................................................
400
327
Waco
Educational
Finance
Corp.
Revenue,
1.79%,
3/1/29
..........................
1,500
1,317
4,474
Total
Municipal
Bonds
(Cost
$54,642)
a
a
a
50,179
U.S.
Government
Agency
Mortgages
(11.7%)
Federal
Farm
Credit
Banks
Funding
Corp.
5.69%,
7/11/30
.....................................................
4,606
4,595
Federal
Home
Loan
Mortgage
Corporation
3.00%,
1/1/52
-
5/1/52
...............................................
6,622
5,818
3.50%,
7/1/52
.....................................................
4,912
4,474
4.00%,
1/1/43
.....................................................
3,599
3,457
4.50%,
11/1/42
-
10/1/52
..............................................
12,251
11,871
5.00%,
12/1/42
-
6/1/53
..............................................
35,179
34,843
5.50%,
4/1/36
-
6/1/53
...............................................
15,312
15,406
6.00%,
8/1/53
.....................................................
6,974
7,073
82,942
Federal
National
Mortgage
Association
2.50%,
7/1/27
-
7/1/52
...............................................
19,728
17,096
3.00%,
12/1/51
....................................................
3,896
3,415
Victory
Portfolios
III
Victory
Core
Plus
Intermediate
Bond
Fund
65
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
3.50%,
12/1/42
-
8/1/52
..............................................
$
51,058
$
46,990
4.00%,
4/1/38
-
9/1/52
...............................................
31,069
29,540
4.50%,
6/1/52
-
9/1/52
...............................................
20,762
20,051
5.00%,
12/1/37
-
4/1/53
..............................................
20,843
20,725
5.50%,
6/1/52
-
10/1/52
..............................................
8,571
8,610
6.00%,
7/1/52
-
10/1/53
..............................................
14,330
14,552
160,979
Government
National
Mortgage
Association
2.50%,
6/20/53
-
9/20/53
.............................................
14,918
12,916
3.00%,
9/20/52
-
11/20/52
.............................................
30,266
27,113
3.50%,
2/20/52
-
8/20/52
.............................................
16,867
15,562
4.00%,
11/20/52
-
5/20/53
.............................................
17,048
16,186
4.50%,
9/20/52
-
9/20/53
.............................................
15,920
15,506
5.00%,
8/20/38
-
9/20/53
.............................................
28,621
28,479
5.50%,
4/20/53
-
11/20/53
.............................................
39,263
39,667
5.50%,
1/20/54
....................................................
4,700
4,736
6.00%,
7/20/53
-
10/20/53
.............................................
34,379
34,957
6.50%,
9/20/53
-
10/20/53
.............................................
—(k)
–(k)
6.50%,
1/20/54
....................................................
20,000
20,445
215,567
Total
U.S.
Government
Agency
Mortgages
(Cost
$468,497)
a
a
a
464,083
U.S.
Treasury
Obligations
(25.6%)
U.S.
Treasury
Bonds
1.13%,
5/15/40
....................................................
99,197
62,944
1.25%,
5/15/50
....................................................
10,000
5,205
2.38%,
2/15/42
....................................................
107,000
80,919
2.50%,
2/15/45
....................................................
26,000
19,358
2.88%,
5/15/52
....................................................
40,000
30,887
3.25%,
5/15/42
....................................................
28,000
24,220
3.38%,
11/15/48
....................................................
10,000
8,512
3.63%,
2/15/53
....................................................
14,987
13,446
3.63%,
5/15/53
....................................................
8,454
7,599
3.88%,
5/15/43
....................................................
13,204
12,408
4.13%,
8/15/53
....................................................
81,417
80,005
4.50%,
2/15/36
....................................................
77,860
82,434
4.75%,
11/15/43
....................................................
4,636
4,910
4.75%,
11/15/53
....................................................
3,709
4,050
5.00
%,
5/15/37
....................................................
28,264
31,267
U.S.
Treasury
Notes
1.88%,
2/15/32
....................................................
179,038
153,833
2.75%,
8/15/32
....................................................
145,000
132,516
3.38%,
5/15/33
....................................................
123,346
117,950
3.50%,
2/15/33
....................................................
69,132
66,810
3.88%,
8/15/33
....................................................
42,255
42,024
4.13%,
11/15/32
....................................................
25,665
26,014
4.50%,
11/15/33
....................................................
13,910
14,536
Total
U.S.
Treasury
Obligations
(Cost
$1,073,576)
a
a
a
1,021,847
Commercial
Paper
(2.1%)
Consumer
Discretionary
(0.1%):
AutoNation,
Inc.,
5.85%,
2/1/24(a)(l)
.........................................
6,000
5,999
Energy
(0.1%):
Western
Midstream
Operating
LP,
6.31%,
3/1/24(a)(l)
.............................
3,000
2,984
Industrials
(1.0%):
Aviation
Capital
Group
LLC,
5.50%,
2/1/24(a)(l)
................................
17,500
17,497
Global
Payments,
Inc.
Victory
Portfolios
III
Victory
Core
Plus
Intermediate
Bond
Fund
66
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
5.97%,
2/1/24(a)(l)
..................................................
$
5,800
$
5,799
5.98%,
2/2/24(a)(l)
..................................................
11,900
11,896
5.99%,
2/5/24(a)(l)
..................................................
4,400
4,397
39,589
Information
Technology
(0.8%):
Jabil,
Inc.
6.08%,
2/6/24(a)(l)
..................................................
5,000
4,995
6.09%,
2/7/24(a)(l)
..................................................
5,000
4,994
6.09%,
2/8/24(a)(l)
..................................................
5,000
4,993
6.09%,
2/9/24(a)(l)
..................................................
5,000
4,992
6.10%,
2/13/24(a)(l)
.................................................
12,000
11,974
31,948
Materials
(0.1%):
International
Flavors
Fragnance,
5.49%,
2/14/24(a)(l)
.............................
4,540
4,531
Total
Commercial
Paper
(Cost
$85,064)
a
a
a
85,051
Shares
Collateral
for
Securities
Loaned
(0.8%)^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares,
5.22%(m)
.......
8,103,022
8,103
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares,
5.27%(m)
...........
8,103,022
8,103
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares,
5.24%(m)
...............
8,103,022
8,103
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares,
5.21%(m)
8,103,022
8,103
Total
Collateral
for
Securities
Loaned
(Cost
$32,412)
a
a
a
32,412
Total
Investments
(Cost
$4,131,158)
—
100.6%
4,009,350
Liabilities
in
excess
of
other
assets
—
(0.6)%
(22,343)
NET
ASSETS
-
100.00%
$
3,987,007
At
January
31,
2024,
the
Fund's
investments
in
foreign
securities
were
10.8%
of
net
assets.
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
Rule
144A
security
or
other
security
that
is
restricted
as
to
resale
to
institutional
investors.
As
of
January
31,
2024,
the
fair
value
of
these
securities
was
$1,671,362
(thousands)
and
amounted
to
41.9%
of
net
assets.
(b)
Variable
or
Floating-Rate
Security.
Rate
disclosed
is
as
of
January
31,
2024.
(c)
Zero-coupon
bond.
(d)
The
rate
for
certain
asset-backed
and
mortgage-backed
securities
may
vary
based
on
factors
relating
to
the
pool
of
assets
underlying
the
security.
The
rate
disclosed
is
the
rate
in
effect
at
January
31,
2024.
(e)
Security
is
interest
only.
(f)
Amount
represents
less
than
0.05%
of
net
assets.
(g)
Security
is
perpetual
and
has
no
final
maturity
date
but
may
be
subject
to
calls
at
various
dates
in
the
future.
(h)
The
rates
for
this
senior
secured
loan
will
be
known
on
settlement
date
of
the
loan,
subsequent
to
this
report
date.
Senior
secured
loans
have
rates
that
will
fluctuate
over
time
in
line
with
prevailing
interest
rates.
(i)
All
or
a
portion
of
this
security
is
on
loan.
(j)
Up
to
7.13%
of
the
coupon
may
be
PIK.
(k)
Rounds
to
less
than
$1
thousand.
(l)
Rate
represents
the
effective
yield
at
January
31,
2024.
(m)
Rate
disclosed
is
the
daily
yield
on
January
31,
2024.
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.
ABS
—
Asset-Backed
Securities
bps
—
Basis
points
CLO
—
Collateralized
Loan
Obligations
CMO
—
Collateralized
Mortgage
Obligations
Continuously
callable
—
Investment
is
continuously
callable
or
will
be
continuously
callable
on
any
date
after
the
first
call
date
until
its
maturity.
Victory
Portfolios
III
Victory
Core
Plus
Intermediate
Bond
Fund
67
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
GO
—
General
Obligation
H15T1Y
—
1
Year
Treasury
Constant
Maturity
Rate,
rate
disclosed
as
of
January
31,
2024.
H15T5Y
—
5
Year
Treasury
Constant
Maturity
Rate,
rate
disclosed
as
of
January
31,
2024.
H15T10Y
—
10
Year
Treasury
Constant
Maturity
Rate,
rate
disclosed
as
of
January
31,
2024.
ICE
—
Intercontinental
Exchange,
Inc.
IBA
—
ICE
Benchmark
Administration
Limited
IDA
—
Industrial
Development
Authority
LIBOR
—
London
Interbank
Offered
Rate
LIBOR01M
—
1
Month
US
Dollar
LIBOR,
rate
disclosed
as
of
January
31,
2024,
based
on
the
last
reset
date
of
the
security.
LIBOR03M
—
3
Month
US
Dollar
LIBOR,
rate
disclosed
as
of
January
31,
2024,
based
on
the
last
reset
date
of
the
security.
LLC
—
Limited
Liability
Company
LP
—
Limited
Partnership
MBS
—
Mortgage-Backed
Securities
MTN
—
Medium
Term
Note
PIK
—
Payment-in-Kind
PLC
—
Public
Limited
Company
SOFR
—
Secured
Overnight
Financing
Rate
SOFRINDX
—
United
States
SOFR
Compounded
Index,
rate
disclosed
as
of January
31,
2024.
SOFR01M
—
1
Month
SOFR,
rate
disclosed
as
of
January
31,
2024.
SOFR03M
—
3
Month
SOFR,
rate
disclosed
as
of
January
31,
2024.
SOFR30A
—
30
day
average
of
SOFR,
rate
disclosed
as
of
January
31,
2024.
SOFR90A
—
90
day
average
of
SOFR,
rate
disclosed
as
of
January
31,
2024.
TSFR1M
—
1
month
Term
SOFR,
rate
disclosed
as
of
January
31,
2024.
TSFR3M
—
3
month
Term
SOFR,
rate
disclosed
as
of
January
31,
2024.
US0003M
—
3
Month
US
Dollar
LIBOR,
rate
disclosed
as
of
January
31,
2024,
based
on
the
last
reset
date
of
the
security.
USISOA05
—
ICE
IBA
-
USD
SOFR
Spread-Adjusted
ICE
5
Year
Swap
Rate,
rate
disclosed
as
of
January
31,
2024.
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.
Credit
Enhancements—Adds
the
financial
strength
of
the
provider
of
the
enhancement
to
support
the
issuer’s
ability
to
repay
the
principal
and
interest
payments
when
due.
The
enhancement
may
be
provided
by
a
high-quality
bank,
insurance
company
or
other
corporation,
or
a
collateral
trust.
The
enhancements
do
not
guarantee
the
market
values
of
the
securities.
INS—Principal
and
interest
payments
are
insured
by
the
name
listed.
Although
bond
insurance
reduces
the
risk
of
loss
due
to
default
by
an
issuer,
such
bonds
remain
subject
to
the
risk
that
value
may
fluctuate
for
other
reasons,
and
there
is
no
assurance
that
the
insurance
company
will
meet
its
obligations.
Futures
Contracts
Purchased
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
10-Year
U.S.
Treasury
Note
Futures
......
761
3/19/24
$
83,130,437
$
85,481,703
$
2,351,266
30-Year
U.S.
Treasury
Note
Futures
......
1,015
3/19/24
117,630,656
124,178,906
6,548,250
5-Year
U.S.
Treasury
Note
Futures
.......
178
3/28/24
18,932,399
19,293,531
361,132
$
9,260,648
Total
unrealized
appreciation
$
9,260,648
Total
unrealized
depreciation
—
Total
net
unrealized
appreciation
(depreciation)
$
9,260,648
Schedule
of
Portfolio
Investments
January
31,
2024
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
68
(Unaudited)
Security
Description
Shares
Value
(000)
Common
Stocks
(99.4%)
Communication
Services
(3.1%):
AdTheorent
Holding
Co.,
Inc.(a)
............................................
3,207
$
9
Advantage
Solutions,
Inc.(a)
...............................................
13,954
56
Altice
USA,
Inc.,
Class
A(a)
...............................................
30,956
76
AMC
Entertainment
Holdings,
Inc.(a)(b)
......................................
26,464
107
AMC
Networks,
Inc.,
Class
A(a)
............................................
4,054
73
Angi,
Inc.(a)
..........................................................
10,432
25
Anterix,
Inc.(a)
........................................................
2,450
73
AST
SpaceMobile,
Inc.(a)
.................................................
10,619
30
Atlanta
Braves
Holdings,
Inc.(a)
............................................
7,737
312
ATN
International,
Inc.
...................................................
1,399
52
Bandwidth,
Inc.,
Class
A(a)
................................................
3,038
42
Boston
Omaha
Corp.,
Class
A(a)
............................................
3,950
61
Bumble,
Inc.,
Class
A(a)
..................................................
13,011
179
Cable
One,
Inc.
........................................................
586
322
Cardlytics,
Inc.(a)
......................................................
4,878
37
Cargurus,
Inc.(a)
.......................................................
11,541
268
Cars.com,
Inc.(a)
.......................................................
8,098
141
Cinemark
Holdings,
Inc.(a)
................................................
14,540
201
Clear
Channel
Outdoor
Holdings,
Inc.(a)
......................................
56,686
98
Cogent
Communications
Holdings,
Inc.
.......................................
5,806
448
Consolidated
Communications
Holdings,
Inc.(a)
.................................
9,816
43
Daily
Journal
Corp.(a)
...................................................
160
51
DHI
Group,
Inc.(a)
......................................................
5,150
12
EchoStar
Corp.,
Class
A(a)
................................................
16,015
214
Emerald
Holding,
Inc.(a)
.................................................
1,981
12
Endeavor
Group
Holdings,
Inc.,
Class
A
.......................................
25,478
631
Entravision
Communications
Corp.,
Class
A
....................................
7,927
32
Eventbrite,
Inc.,
Class
A(a)
................................................
10,523
88
EverQuote,
Inc.,
Class
A(a)
................................................
2,927
37
FingerMotion,
Inc.(a)
....................................................
3,652
9
Frontier
Communications
Parent,
Inc.(a)
......................................
29,220
720
fuboTV,
Inc.(a)
........................................................
37,627
94
Gannett
Co.,
Inc.(a)
.....................................................
16,910
42
GCI
Liberty,
Inc.(a)(c)(c)
.................................................
12,260
—(d)
Getty
Images
Holdings,
Inc.(a)(b)
...........................................
25,122
108
Globalstar,
Inc.(a)
......................................................
101,429
161
Gogo,
Inc.(a)
..........................................................
8,242
73
Gray
Television,
Inc.
....................................................
11,117
106
IAC,
Inc.(a)
...........................................................
9,975
501
IDT
Corp.,
Class
B(a)
....................................................
2,152
74
iHeartMedia,
Inc.,
Class
A(a)
..............................................
15,289
41
Innovid
Corp.(a)
.......................................................
11,878
18
Integral
Ad
Science
Holding
Corp.(a)
.........................................
7,397
108
Iridium
Communications,
Inc.
..............................................
14,810
537
John
Wiley
&
Sons,
Inc.,
Class
A
............................................
5,713
193
Liberty
Global
Ltd.,
Class
C(a)
.............................................
46,246
968
Liberty
Media
Corp.-Liberty
Live(a)
.........................................
11,014
411
Liberty
Media
Corp.-Liberty
SiriusXM(a)
.....................................
38,846
1,179
Lions
Gate
Entertainment
Corp.,
Class
A(a)
....................................
23,786
248
Lumen
Technologies,
Inc.(a)
...............................................
132,370
162
Madison
Square
Garden
Entertainment
Corp.(a)
.................................
5,308
177
Madison
Square
Garden
Sports
Corp.(a)
.......................................
2,192
406
Magnite,
Inc.(a)
........................................................
16,140
143
Match
Group,
Inc.(a)
....................................................
36,168
1,388
MediaAlpha,
Inc.,
Class
A(a)
..............................................
2,592
33
National
CineMedia,
Inc.(a)
...............................................
8,559
35
News
Corp.,
Class
A
.....................................................
65,496
1,614
Nexstar
Media
Group,
Inc.
................................................
4,281
761
Nextdoor
Holdings,
Inc.(a)
................................................
19,620
30
Ooma,
Inc.(a)
.........................................................
3,074
33
Outbrain,
Inc.(a)
.......................................................
4,523
18
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
69
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Shares
Value
(000)
Paramount
Global,
Class
B(b)
..............................................
78,644
$
1,147
Playstudios,
Inc.(a)
......................................................
11,429
25
PubMatic,
Inc.,
Class
A(a)
................................................
5,359
81
QuinStreet,
Inc.(a)
......................................................
6,598
84
Reservoir
Media,
Inc.(a)
..................................................
4,577
32
Roku,
Inc.(a)
..........................................................
16,630
1,464
Rumble,
Inc.(a)(b)
......................................................
8,459
58
Saga
Communications,
Inc.,
Class
A
.........................................
613
15
Scholastic
Corp.
........................................................
3,417
131
Shenandoah
Telecommunications
Co.
........................................
6,115
125
Shutterstock,
Inc.
.......................................................
3,249
153
Sinclair,
Inc.
..........................................................
4,731
74
Sphere
Entertainment
Co.(a)
...............................................
3,590
127
Spok
Holdings,
Inc.
.....................................................
2,435
40
Stagwell,
Inc.(a)
........................................................
15,448
101
System1,
Inc.(a)(b)
......................................................
2,539
5
TechTarget,
Inc.(a)
......................................................
3,408
116
TEGNA,
Inc.
..........................................................
26,014
406
Telephone
and
Data
Systems,
Inc.
...........................................
13,202
254
The
E.W.
Scripps
Co.,
Class
A(a)
...........................................
8,074
64
The
Marcus
Corp.
......................................................
3,135
43
The
New
York
Times
Co.,
Class
A
...........................................
21,377
1,038
Thryv
Holdings,
Inc.(a)
..................................................
4,132
84
Tingo
Group,
Inc.(a)(b)(c)(c)
...............................................
13,184
—
TKO
Group
Holdings,
Inc.
................................................
8,367
700
Townsquare
Media,
Inc.,
Class
A
............................................
1,416
15
Travelzoo(a)
..........................................................
1,036
9
TripAdvisor,
Inc.(a)
.....................................................
13,801
298
TrueCar,
Inc.(a)
........................................................
9,355
33
United
States
Cellular
Corp.(a)
.............................................
1,876
83
Urban
One,
Inc.(a)
......................................................
3,266
12
Vimeo,
Inc.(a)
.........................................................
19,175
76
Vivid
Seats,
Inc.,
Class
A(a)
...............................................
5,615
32
Warner
Music
Group
Corp.,
Class
A
.........................................
17,520
639
WideOpenWest,
Inc.(a)
...................................................
6,475
24
Yelp,
Inc.(a)
...........................................................
8,544
374
Ziff
Davis,
Inc.(a)
.......................................................
6,066
409
ZipRecruiter,
Inc.(a)
.....................................................
8,330
116
ZoomInfo
Technologies,
Inc.(a)
.............................................
39,220
629
23,237
Consumer
Discretionary
(13.2%):
1-800-Flowers.com,
Inc.,
Class
A(a)
.........................................
3,837
40
1stdibs.com,
Inc.(a)
.....................................................
3,307
15
Abercrombie
&
Fitch
Co.(a)
...............................................
6,548
667
Academy
Sports
&
Outdoors,
Inc.
...........................................
9,759
612
Accel
Entertainment,
Inc.(a)
...............................................
7,495
77
Acushnet
Holdings
Corp.
.................................................
4,087
259
ADT,
Inc.
............................................................
42,502
278
Adtalem
Global
Education,
Inc.(a)
...........................................
5,199
262
Advance
Auto
Parts,
Inc.
.................................................
7,881
527
Allurion
Technologies,
Inc.(a)
..............................................
4,837
14
American
Axle
&
Manufacturing
Holdings,
Inc.(a)
...............................
14,805
120
American
Eagle
Outfitters,
Inc.
.............................................
24,226
480
American
Outdoor
Brands,
Inc.(a)
...........................................
1,639
14
American
Public
Education,
Inc.(a)
..........................................
2,288
24
America's
Car-Mart,
Inc.(a)
................................................
773
47
AMMO,
Inc.(a)
........................................................
11,821
26
Aramark
.............................................................
34,747
1,010
Arhaus,
Inc.(a)
.........................................................
5,190
61
Arko
Corp.
...........................................................
9,287
72
Asbury
Automotive
Group,
Inc.(a)
...........................................
2,740
573
AutoNation,
Inc.(a)
.....................................................
3,645
509
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
70
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Shares
Value
(000)
Bally's
Corp.(a)
........................................................
5,219
$
59
BARK,
Inc.(a)
.........................................................
14,074
14
Bassett
Furniture
Industries,
Inc.
............................................
1,090
17
Bath
&
Body
Works,
Inc.
.................................................
30,368
1,295
Beazer
Homes
USA,
Inc.(a)
...............................................
3,916
124
Beyond,
Inc.(a)
........................................................
5,960
131
Big
5
Sporting
Goods
Corp.(b)
.............................................
2,820
14
Big
Lots,
Inc.
..........................................................
3,641
21
Biglari
Holdings,
Inc.,
Class
B(a)
...........................................
276
43
BJ's
Restaurants,
Inc.(a)
..................................................
2,987
103
Bloomin'
Brands,
Inc.(b)
..................................................
11,400
303
Boot
Barn
Holdings,
Inc.(a)
...............................................
4,008
288
BorgWarner,
Inc.
.......................................................
31,273
1,060
Bowlero
Corp.,
Class
A(a)(b)
..............................................
11,295
122
Boyd
Gaming
Corp.
.....................................................
9,166
582
Bright
Horizons
Family
Solutions,
Inc.(a)
.....................................
7,658
752
Brinker
International,
Inc.(a)
...............................................
5,818
249
Brunswick
Corp.
.......................................................
9,059
731
Build-A-Bear
Workshop,
Inc.
..............................................
1,767
40
Burlington
Stores,
Inc.(a)
.................................................
8,595
1,643
Caesars
Entertainment,
Inc.(a)
..............................................
27,519
1,207
Caleres,
Inc.
..........................................................
4,527
142
Camping
World
Holdings,
Inc.,
Class
A
.......................................
5,463
136
Canoo,
Inc.(a)(b)
.......................................................
86,633
18
Capri
Holdings
Ltd.(a)
...................................................
15,165
739
CarMax,
Inc.(a)
........................................................
21,140
1,505
CarParts.com,
Inc.(a)
....................................................
7,067
19
Carriage
Services,
Inc.
...................................................
1,747
43
Carrols
Restaurant
Group,
Inc.
.............................................
4,603
43
Carter's,
Inc.
..........................................................
4,788
362
Carvana
Co.(a)(b)
......................................................
12,587
542
Cava
Group,
Inc.(a)
.....................................................
10,966
513
Cavco
Industries,
Inc.(a)
..................................................
1,034
343
Century
Casinos,
Inc.(a)
..................................................
3,487
12
Century
Communities,
Inc.
................................................
3,797
329
Chegg,
Inc.(a)
.........................................................
14,951
147
Chewy,
Inc.,
Class
A(a)
..................................................
15,560
277
Choice
Hotels
International,
Inc.(b)
..........................................
4,033
488
Churchill
Downs,
Inc.
....................................................
8,902
1,077
Chuy's
Holdings,
Inc.(a)
..................................................
2,285
77
Citi
Trends,
Inc.(a)
......................................................
1,092
29
Clarus
Corp.
..........................................................
3,892
23
Columbia
Sportswear
Co.
.................................................
4,580
363
ContextLogic,
Inc.,
Class
A(a)
..............................................
2,697
12
Cooper-Standard
Holdings,
Inc.(a)
...........................................
2,238
39
Coursera,
Inc.(a)
.......................................................
14,953
286
Cracker
Barrel
Old
Country
Store,
Inc.(b)
.....................................
2,899
224
Cricut,
Inc.,
Class
A
.....................................................
5,848
31
Crocs,
Inc.(a)
..........................................................
7,808
792
Dana,
Inc.
............................................................
19,175
260
Dave
&
Buster's
Entertainment,
Inc.(a)
.......................................
5,287
283
Denny's
Corp.(a)
.......................................................
6,786
72
Designer
Brands,
Inc.,
Class
A
.............................................
5,594
48
Destination
XL
Group,
Inc.(a)
..............................................
7,346
31
Dick's
Sporting
Goods,
Inc.
................................................
7,632
1,138
Dillard's,
Inc.,
Class
A
...................................................
1,127
436
Dine
Brands
Global,
Inc.
.................................................
1,916
89
Dorman
Products,
Inc.(a)
.................................................
3,515
286
Dream
Finders
Homes,
Inc.,
Class
A(a)
.......................................
2,903
95
Duluth
Holdings,
Inc.,
Class
B(a)
...........................................
2,617
13
Duolingo,
Inc.(a)
.......................................................
4,618
826
Dutch
Bros,
Inc.,
Class
A(a)
...............................................
7,225
194
El
Pollo
Loco
Holdings,
Inc.(a)
.............................................
3,734
35
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
71
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Shares
Value
(000)
Envela
Corp.(a)
........................................................
972
$
4
Escalade,
Inc.
.........................................................
1,199
19
Ethan
Allen
Interiors,
Inc.
.................................................
3,054
89
Etsy,
Inc.(a)
...........................................................
15,885
1,057
European
Wax
Center,
Inc.,
Class
A(a)
........................................
4,443
66
Everi
Holdings,
Inc.(a)
...................................................
11,103
116
EVgo,
Inc.(a)(b)
........................................................
12,989
30
Figs,
Inc.,
Class
A(a)
....................................................
20,718
119
First
Watch
Restaurant
Group,
Inc.(a)
........................................
3,304
71
Fisker,
Inc.(a)(b)
.......................................................
26,648
21
Five
Below,
Inc.(a)
......................................................
7,195
1,291
Floor
&
Decor
Holdings,
Inc.,
Class
A(a)
......................................
14,015
1,409
Foot
Locker,
Inc.
.......................................................
10,896
307
Fox
Factory
Holding
Corp.(a)
..............................................
5,645
356
Frontdoor,
Inc.(a)
.......................................................
10,605
347
Full
House
Resorts,
Inc.(a)
................................................
4,345
21
Funko,
Inc.,
Class
A(a)
...................................................
4,077
29
GameStop
Corp.,
Class
A(a)(b)
.............................................
35,625
507
Garrett
Motion,
Inc.(a)
...................................................
31,238
268
Genesco,
Inc.(a)
........................................................
1,427
40
Genius
Sports
Ltd.(a)
....................................................
16,880
113
Gentex
Corp.
..........................................................
31,140
1,032
Gentherm,
Inc.(a)
.......................................................
4,328
208
G-III
Apparel
Group
Ltd.(a)
...............................................
5,392
162
Golden
Entertainment,
Inc.
................................................
2,808
108
GoPro,
Inc.,
Class
A(a)
...................................................
16,357
49
Graham
Holdings
Co.,
Class
B
.............................................
457
329
Grand
Canyon
Education,
Inc.(a)
............................................
3,930
513
Green
Brick
Partners,
Inc.(a)
...............................................
5,613
293
Group
1
Automotive,
Inc.
.................................................
1,783
464
Groupon,
Inc.(a)(b)
.....................................................
2,218
30
GrowGeneration
Corp.(a)
.................................................
7,632
18
Guess?,
Inc.
...........................................................
3,564
80
H&R
Block,
Inc.
.......................................................
19,020
891
Hamilton
Beach
Brands
Holding
Co.,
Class
A
...................................
795
15
Hanesbrands,
Inc.
.......................................................
46,327
208
Harley-Davidson,
Inc.
...................................................
18,521
601
Hasbro,
Inc.
...........................................................
17,375
851
Haverty
Furniture
Cos.,
Inc.
...............................................
1,794
61
Helen
of
Troy
Ltd.(a)
....................................................
3,138
359
Hibbett,
Inc.
..........................................................
1,531
102
Hilton
Grand
Vacations,
Inc.(a)
.............................................
12,072
503
Holley,
Inc.(a)
.........................................................
6,638
32
Hooker
Furnishings
Corp.
.................................................
1,403
32
Hovnanian
Enterprises,
Inc.,
Class
A(a)
.......................................
628
106
Hyatt
Hotels
Corp.,
Class
A
................................................
5,767
740
Inspired
Entertainment,
Inc.(a)
.............................................
3,282
30
Installed
Building
Products,
Inc.
............................................
3,161
616
International
Game
Technology
PLC
.........................................
14,083
366
iRobot
Corp.(a)(b)
......................................................
3,598
49
J.
Jill,
Inc.(a)
..........................................................
648
15
Jack
in
the
Box,
Inc.
.....................................................
2,570
200
JAKKS
Pacific,
Inc.(a)
...................................................
981
31
Johnson
Outdoors,
Inc.,
Class
A
............................................
1,114
50
Kandi
Technologies
Group,
Inc.(a)
..........................................
9,740
26
KB
Home
............................................................
10,250
611
Kohl's
Corp.
..........................................................
14,090
363
Kontoor
Brands,
Inc.
....................................................
7,397
434
Krispy
Kreme,
Inc.(b)
....................................................
10,311
137
Kura
Sushi
USA,
Inc.,
Class
A(a)
...........................................
737
72
Lands'
End,
Inc.(a)
......................................................
1,543
15
Landsea
Homes
Corp.(a)
.................................................
1,854
23
Latham
Group,
Inc.(a)
...................................................
4,962
13
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
72
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Shares
Value
(000)
Laureate
Education,
Inc.
..................................................
17,181
$
217
La-Z-Boy,
Inc.
.........................................................
5,682
198
LCI
Industries
.........................................................
3,249
362
Lear
Corp.
............................................................
7,779
1,034
Legacy
Housing
Corp.(a)
.................................................
1,377
33
Leggett
&
Platt,
Inc.
.....................................................
17,540
407
Leslie's,
Inc.(a)
........................................................
23,739
159
Levi
Strauss
&
Co.,
Class
A
...............................................
11,729
191
LGI
Homes,
Inc.(a)
.....................................................
2,749
324
Life
Time
Group
Holdings,
Inc.(a)
...........................................
7,760
103
Lifetime
Brands,
Inc.
....................................................
1,528
12
Light
&
Wonder,
Inc.(a)
..................................................
12,414
998
Lincoln
Educational
Services
Corp.(a)
........................................
3,642
33
Lindblad
Expeditions
Holdings,
Inc.(a)
.......................................
4,799
44
Lithia
Motors,
Inc.
......................................................
3,603
1,062
Lucid
Group,
Inc.(a)(b)
...................................................
117,029
396
Luminar
Technologies,
Inc.(a)(b)
............................................
34,382
94
M/I
Homes,
Inc.(a)
......................................................
3,693
471
Macy's,
Inc.
...........................................................
36,441
667
Malibu
Boats,
Inc.,
Class
A(a)
..............................................
2,653
111
Marine
Products
Corp.
...................................................
1,424
15
MarineMax,
Inc.(a)
.....................................................
2,612
73
Marriott
Vacations
Worldwide
Corp.
.........................................
4,345
364
MasterCraft
Boat
Holdings,
Inc.(a)
..........................................
2,235
43
Mattel,
Inc.(a)
.........................................................
46,886
839
MDC
Holdings,
Inc.
.....................................................
8,021
502
Meritage
Homes
Corp.
...................................................
4,760
788
Mister
Car
Wash,
Inc.(a)(b)
................................................
12,141
101
Mobileye
Global,
Inc.,
Class
A(a)(b)
.........................................
11,909
308
Modine
Manufacturing
Co.(a)
..............................................
6,811
471
Mohawk
Industries,
Inc.(a)
................................................
7,027
733
Monarch
Casino
&
Resort,
Inc.
.............................................
1,786
123
Monro,
Inc.
...........................................................
4,063
129
Motorcar
Parts
of
America,
Inc.(a)
...........................................
2,505
23
Movado
Group,
Inc.
.....................................................
2,014
56
Murphy
USA,
Inc.
......................................................
2,603
918
Nathan's
Famous,
Inc.
....................................................
377
27
National
Vision
Holdings,
Inc.(a)
............................................
10,280
195
Nerdy,
Inc.(a)
..........................................................
8,890
27
Newell
Brands,
Inc.
.....................................................
55,262
460
Noodles
&
Co.(a)
.......................................................
4,145
11
Nordstrom,
Inc.
........................................................
13,048
237
Norwegian
Cruise
Line
Holdings
Ltd.(a)
......................................
56,345
1,003
Ollie's
Bargain
Outlet
Holdings,
Inc.(a)
.......................................
8,220
591
OneSpaWorld
Holdings
Ltd.(a)
.............................................
11,862
162
OneWater
Marine,
Inc.(a)
.................................................
1,400
35
Oxford
Industries,
Inc.
...................................................
1,999
190
Papa
John's
International,
Inc.
..............................................
4,311
317
Patrick
Industries,
Inc.
...................................................
2,815
283
Peloton
Interactive,
Inc.,
Class
A(a)
..........................................
41,903
233
Penn
Entertainment,
Inc.(a)
................................................
19,973
450
Penske
Automotive
Group,
Inc.
.............................................
2,485
369
Perdoceo
Education
Corp.
.................................................
8,500
154
Petco
Health
&
Wellness
Co.,
Inc.(a)
.........................................
20,105
48
PetMed
Express,
Inc.
....................................................
2,697
17
Phinia,
Inc.
...........................................................
6,136
186
Planet
Fitness,
Inc.,
Class
A(a)
.............................................
11,342
769
Playa
Hotels
&
Resorts
NV(a)
..............................................
13,813
115
PlayAGS,
Inc.(a)
.......................................................
5,031
44
Polaris,
Inc.
...........................................................
7,088
638
Portillo's,
Inc.,
Class
A(a)
.................................................
6,364
87
Potbelly
Corp.(a)
.......................................................
2,796
35
PVH
Corp.
...........................................................
8,048
968
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
73
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Shares
Value
(000)
QuantumScape
Corp.(a)(b)
................................................
43,429
$
296
Qurate
Retail,
Inc.,
Class
A(a)
..............................................
47,526
38
Ralph
Lauren
Corp.
.....................................................
5,140
738
RCI
Hospitality
Holdings,
Inc.
.............................................
1,108
68
Red
Robin
Gourmet
Burgers,
Inc.(a)
.........................................
1,941
20
Red
Rock
Resorts,
Inc.,
Class
A
.............................................
6,573
359
Revolve
Group,
Inc.(a)
...................................................
5,264
76
RH(a)
...............................................................
2,002
507
Rocky
Brands,
Inc.
......................................................
914
26
Rover
Group,
Inc.(a)
....................................................
14,310
157
Rush
Street
Interactive,
Inc.(a)
.............................................
8,709
45
Sabre
Corp.(a)
.........................................................
47,518
195
Sally
Beauty
Holdings,
Inc.(a)
..............................................
14,018
173
SeaWorld
Entertainment,
Inc.(a)
............................................
8,419
416
Service
Corp.
International
................................................
19,374
1,300
Shake
Shack,
Inc.,
Class
A(a)
..............................................
5,003
378
SharkNinja,
Inc.
........................................................
7,737
361
Shoe
Carnival,
Inc.
......................................................
2,162
55
Signet
Jewelers
Ltd.
.....................................................
5,630
560
Six
Flags
Entertainment
Corp.(a)
............................................
11,052
279
Skechers
USA,
Inc.,
Class
A(a)
.............................................
17,676
1,104
Skyline
Champion
Corp.(a)
................................................
7,510
514
Sleep
Number
Corp.(a)
...................................................
2,811
29
Smith
&
Wesson
Brands,
Inc.
..............................................
6,026
79
Snap
One
Holdings
Corp.(a)
...............................................
2,322
18
Soho
House
&
Co.,
Inc.(a)(b)
..............................................
6,795
42
Solid
Power,
Inc.(a)(b)
...................................................
17,846
29
Solo
Brands,
Inc.,
Class
A(a)
...............................................
3,536
10
Sonic
Automotive,
Inc.,
Class
A
............................................
1,647
83
Sonos,
Inc.(a)
.........................................................
15,557
242
Sportsman's
Warehouse
Holdings,
Inc.(a)
......................................
4,809
19
Standard
Motor
Products,
Inc.
..............................................
2,486
100
Steven
Madden
Ltd.
.....................................................
9,429
395
Stitch
Fix,
Inc.,
Class
A(a)
................................................
11,562
37
Stoneridge,
Inc.(a)
......................................................
3,505
62
Strategic
Education,
Inc.
..................................................
3,170
298
Stride,
Inc.(a)
..........................................................
5,501
330
Sturm
Ruger
&
Co.,
Inc.
..................................................
2,307
101
Superior
Group
of
Cos.,
Inc.
...............................................
1,505
20
Sweetgreen,
Inc.,
Class
A(a)
...............................................
11,944
128
Tapestry,
Inc.
..........................................................
30,550
1,185
Target
Hospitality
Corp.(a)(b)
..............................................
4,438
43
Taylor
Morrison
Home
Corp.(a)
............................................
13,851
722
Tempur
Sealy
International,
Inc.
............................................
22,341
1,115
Texas
Roadhouse,
Inc.
...................................................
8,889
1,118
The
Aaron's
Co.,
Inc.
....................................................
3,891
40
The
Buckle,
Inc.
........................................................
4,137
154
The
Cato
Corp.,
Class
A
..................................................
2,279
15
The
Cheesecake
Factory,
Inc.
..............................................
6,308
217
The
Children's
Place,
Inc.(a)
...............................................
1,547
34
The
Gap,
Inc.
..........................................................
28,191
527
The
Goodyear
Tire
&
Rubber
Co.(a)
.........................................
37,725
526
The
Lovesac
Co.(a)
.....................................................
1,824
42
The
ODP
Corp.(a)
......................................................
4,837
247
The
ONE
Group
Hospitality,
Inc.(a)
..........................................
3,269
14
The
RealReal,
Inc.(a)
....................................................
10,884
21
The
Wendy's
Co.
.......................................................
25,198
481
Thor
Industries,
Inc.
.....................................................
6,796
768
ThredUp,
Inc.,
Class
A(a)
.................................................
9,969
20
Tile
Shop
Holdings,
Inc.(a)
................................................
3,420
22
Tilly's,
Inc.,
Class
A(a)
...................................................
2,957
22
Toll
Brothers,
Inc.
......................................................
14,234
1,414
TopBuild
Corp.(a)
......................................................
4,227
1,560
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
74
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Shares
Value
(000)
Topgolf
Callaway
Brands
Corp.(a)
...........................................
18,874
$
249
Traeger,
Inc.(a)
........................................................
10,059
22
Travel
+
Leisure
Co.
.....................................................
9,347
378
Tri
Pointe
Homes,
Inc.(a)
.................................................
12,688
438
Udemy,
Inc.(a)
.........................................................
9,024
123
Under
Armour,
Inc.,
Class
A(a)
.............................................
44,905
342
Unifi,
Inc.(a)
..........................................................
2,049
13
Universal
Technical
Institute,
Inc.(a)
.........................................
4,370
62
Upbound
Group,
Inc.
....................................................
6,396
212
Urban
Outfitters,
Inc.(a)
..................................................
7,809
297
Vail
Resorts,
Inc.
.......................................................
5,037
1,118
Valvoline,
Inc.
.........................................................
17,370
634
Vera
Bradley,
Inc.(a)
.....................................................
3,017
23
VF
Corp.
.............................................................
49,067
808
Victoria's
Secret
&
Co.(a)
.................................................
9,207
240
Vista
Outdoor,
Inc.(a)
....................................................
7,014
197
Visteon
Corp.(a)
........................................................
3,676
424
Vizio
Holding
Corp.,
Class
A(a)
............................................
9,260
65
VOXX
International
Corp.(a)
..............................................
1,514
13
W.W.
International,
Inc.(a)
................................................
10,279
39
Warby
Parker,
Inc.,
Class
A(a)
..............................................
11,245
143
Wayfair,
Inc.,
Class
A(a)
..................................................
11,152
560
Weyco
Group,
Inc.
......................................................
728
23
Whirlpool
Corp.
........................................................
7,136
782
Williams-Sonoma,
Inc.
...................................................
8,035
1,554
Wingstop,
Inc.
.........................................................
3,838
1,079
Winmark
Corp.
........................................................
385
139
Winnebago
Industries,
Inc.
................................................
3,868
254
Wolverine
World
Wide,
Inc.
...............................................
10,294
86
Worthington
Enterprises,
Inc.
..............................................
4,147
237
Wyndham
Hotels
&
Resorts,
Inc.
............................................
10,849
845
Wynn
Resorts
Ltd.
......................................................
12,812
1,210
XPEL,
Inc.(a)
.........................................................
2,863
153
Xponential
Fitness,
Inc.,
Class
A(a)
..........................................
2,967
33
YETI
Holdings,
Inc.(a)
...................................................
11,534
507
Zumiez,
Inc.(a)
........................................................
2,126
37
97,406
Consumer
Staples
(3.4%):
Alico,
Inc.
............................................................
700
21
B&G
Foods,
Inc.(b)
.....................................................
10,269
103
BellRing
Brands,
Inc.(a)
..................................................
17,390
961
Beyond
Meat,
Inc.(a)(b)
..................................................
8,140
54
BJ's
Wholesale
Club
Holdings,
Inc.(a)
........................................
17,694
1,138
BRC,
Inc.,
Class
A(a)(b)
..................................................
8,140
31
Calavo
Growers,
Inc.
....................................................
2,225
58
Cal-Maine
Foods,
Inc.
...................................................
5,430
301
Casey's
General
Stores,
Inc.
...............................................
4,962
1,347
Celsius
Holdings,
Inc.(a)
..................................................
19,343
965
Central
Garden
&
Pet
Co.,
Class
A(a)
........................................
6,655
275
Coca-Cola
Consolidated,
Inc.
..............................................
632
544
Coty,
Inc.,
Class
A(a)
....................................................
52,172
630
Darling
Ingredients,
Inc.(a)
................................................
21,062
912
Edgewell
Personal
Care
Co.
...............................................
6,617
245
elf
Beauty,
Inc.(a)
.......................................................
7,036
1,122
Energizer
Holdings,
Inc.
..................................................
8,854
280
Flowers
Foods,
Inc.
.....................................................
26,105
595
Fresh
Del
Monte
Produce,
Inc.
.............................................
5,049
124
Freshpet,
Inc.(a)
........................................................
6,269
540
Grocery
Outlet
Holding
Corp.(a)
............................................
12,198
302
Herbalife
Ltd.(a)
.......................................................
12,819
154
HF
Foods
Group,
Inc.(a)
..................................................
4,914
25
Ingles
Markets,
Inc.,
Class
A
...............................................
1,924
162
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
75
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Shares
Value
(000)
Ingredion,
Inc.
.........................................................
8,642
$
930
Inter
Parfums,
Inc.
......................................................
2,412
336
Ispire
Technology,
Inc.(a)
.................................................
1,601
18
J
&
J
Snack
Foods
Corp.
..................................................
2,009
320
John
B
Sanfilippo
&
Son,
Inc.
..............................................
1,175
126
Lancaster
Colony
Corp.
..................................................
2,566
472
Lifeway
Foods,
Inc.(a)
...................................................
535
7
Limoneira
Co.
.........................................................
2,184
40
Mama's
Creations,
Inc.(a)
.................................................
3,718
16
Maplebear,
Inc.(a)(b)
....................................................
18,045
442
Medifast,
Inc.
.........................................................
1,430
78
MGP
Ingredients,
Inc.
....................................................
1,843
157
Mission
Produce,
Inc.(a)
..................................................
5,725
57
Molson
Coors
Beverage
Co.,
Class
B
.........................................
25,832
1,596
National
Beverage
Corp.(a)
................................................
2,881
133
Natural
Grocers
by
Vitamin
Cottage,
Inc.
......................................
1,282
19
Nature's
Sunshine
Products,
Inc.(a)
..........................................
1,974
34
Nu
Skin
Enterprises,
Inc.,
Class
A
...........................................
6,504
121
Oil-Dri
Corp.
of
America
.................................................
647
42
Olaplex
Holdings,
Inc.(a)
.................................................
17,134
39
Performance
Food
Group
Co.(a)
............................................
20,201
1,468
Post
Holdings,
Inc.(a)
....................................................
6,504
604
PriceSmart,
Inc.
........................................................
3,237
246
Reynolds
Consumer
Products,
Inc.
..........................................
7,250
197
Safety
Shot,
Inc.(a)(b)
...................................................
4,776
15
Seaboard
Corp.
........................................................
34
123
Seneca
Foods
Corp.,
Class
A(a)
.............................................
730
39
Sovos
Brands,
Inc.(a)
....................................................
6,657
147
SpartanNash
Co.
.......................................................
4,550
102
Spectrum
Brands
Holdings,
Inc.
............................................
4,562
359
Sprouts
Farmers
Market,
Inc.(a)
............................................
13,523
681
The
Andersons,
Inc.
.....................................................
4,263
225
The
Beauty
Health
Co.(a)
.................................................
11,426
33
The
Boston
Beer
Co.,
Inc.,
Class
A(a)
........................................
1,254
438
The
Chefs'
Warehouse,
Inc.(a)
..............................................
4,660
148
The
Duckhorn
Portfolio,
Inc.(a)
.............................................
6,716
58
The
Hain
Celestial
Group,
Inc.(a)
...........................................
11,844
127
The
Honest
Co.,
Inc.(a)
...................................................
7,844
22
The
Simply
Good
Foods
Co.(a)
.............................................
12,043
455
The
Vita
Coco
Co.,
Inc.(a)
................................................
4,646
91
Tootsie
Roll
Industries,
Inc.
................................................
1,847
60
TreeHouse
Foods,
Inc.(a)
.................................................
7,344
309
Turning
Point
Brands,
Inc.
................................................
2,251
55
United
Natural
Foods,
Inc.(a)
..............................................
7,808
116
Universal
Corp.
........................................................
3,183
184
US
Foods
Holding
Corp.(a)
................................................
32,638
1,502
USANA
Health
Sciences,
Inc.(a)
............................................
1,487
70
Utz
Brands,
Inc.
........................................................
8,763
155
Vector
Group
Ltd.
......................................................
17,906
187
Village
Super
Market,
Inc.,
Class
A
..........................................
1,172
30
Vital
Farms,
Inc.(a)
.....................................................
3,494
50
WD-40
Co.
...........................................................
1,794
465
Weis
Markets,
Inc.
......................................................
2,181
133
Westrock
Coffee
Co.(a)(b)
................................................
3,901
40
Whole
Earth
Brands,
Inc.(a)
...............................................
4,022
16
WK
Kellogg
Co.
.......................................................
9,492
123
24,945
Energy
(4.4%):
Aemetis,
Inc.(a)(b)
......................................................
4,780
17
American
Resources
Corp.(a)(b)
............................................
7,004
9
Amplify
Energy
Corp.(a)
.................................................
5,115
31
Antero
Midstream
Corp.
..................................................
45,014
551
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
76
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Shares
Value
(000)
Antero
Resources
Corp.(a)
................................................
37,100
$
829
APA
Corp.
............................................................
40,839
1,279
Archrock,
Inc.
.........................................................
17,910
293
Ardmore
Shipping
Corp.
..................................................
4,680
78
Atlas
Energy
Solutions,
Inc.
...............................................
7,308
127
Berry
Corp.
...........................................................
9,900
66
Bristow
Group,
Inc.(a)
...................................................
3,665
97
Cactus,
Inc.,
Class
A
.....................................................
8,589
365
California
Resources
Corp.
................................................
7,670
366
Callon
Petroleum
Co.(a)
..................................................
6,971
224
Centrus
Energy
Corp.,
Class
A(a)
...........................................
1,712
86
ChampionX
Corp.
......................................................
25,862
709
Chesapeake
Energy
Corp.(b)
...............................................
14,559
1,123
Chord
Energy
Corp.
.....................................................
5,319
818
Civitas
Resources,
Inc.
...................................................
10,875
705
Clean
Energy
Fuels
Corp.(a)
...............................................
22,161
65
CNX
Resources
Corp.(a)
.................................................
23,397
473
Comstock
Resources,
Inc.
.................................................
12,171
95
CONSOL
Energy,
Inc.
...................................................
4,034
382
Core
Laboratories,
Inc.
...................................................
6,205
98
Crescent
Energy
Co.,
Class
A
..............................................
10,506
116
CVR
Energy,
Inc.
.......................................................
13,451
454
Delek
U.S.
Holdings,
Inc.
.................................................
8,335
225
DHT
Holdings,
Inc.
.....................................................
18,113
201
Diamond
Offshore
Drilling,
Inc.(a)
..........................................
13,509
165
DMC
Global,
Inc.(a)
....................................................
2,500
43
Dorian
LPG
Ltd.
.......................................................
4,544
170
Dril-Quip,
Inc.(a)
.......................................................
4,490
90
DT
Midstream,
Inc.
.....................................................
12,952
695
Empire
Petroleum
Corp.(a)
................................................
1,107
7
EnLink
Midstream
LLC
..................................................
30,617
369
Equitrans
Midstream
Corp.
................................................
57,643
587
Evolution
Petroleum
Corp.
................................................
4,031
23
Excelerate
Energy,
Inc.,
Class
A
............................................
3,446
53
Expro
Group
Holdings
NV(a)
..............................................
14,158
249
Forum
Energy
Technologies,
Inc.(a)
.........................................
1,284
25
FutureFuel
Corp.
.......................................................
3,465
20
Geospace
Technologies
Corp.(a)
............................................
1,624
24
Gevo,
Inc.(a)(b)
........................................................
30,881
29
Golar
LNG
Ltd.
........................................................
13,411
292
Gran
Tierra
Energy,
Inc.(a)
................................................
4,328
24
Granite
Ridge
Resources,
Inc.(b)
............................................
7,310
40
Green
Plains,
Inc.(a)
.....................................................
7,681
159
Gulfport
Energy
Corp.(a)
.................................................
2,429
308
Hallador
Energy
Co.(a)
...................................................
3,026
26
Helix
Energy
Solutions
Group,
Inc.(a)
........................................
18,947
178
Helmerich
&
Payne,
Inc.
..................................................
12,761
514
HF
Sinclair
Corp.
.......................................................
25,579
1,445
International
Seaways,
Inc.
................................................
4,464
239
Kinetik
Holdings,
Inc.
...................................................
1,949
63
KLX
Energy
Services
Holdings,
Inc.(a)
.......................................
1,745
17
Kodiak
Gas
Services,
Inc.
.................................................
2,420
57
Kosmos
Energy
Ltd.(a)
...................................................
60,213
365
Liberty
Energy,
Inc.
.....................................................
21,771
453
Magnolia
Oil
&
Gas
Corp.,
Class
A
..........................................
23,360
482
Mammoth
Energy
Services,
Inc.(a)
..........................................
6,074
21
Matador
Resources
Co.
...................................................
14,662
805
Murphy
Oil
Corp.
......................................................
19,594
758
Nabors
Industries
Ltd.(a)
.................................................
1,195
101
NACCO
Industries,
Inc.,
Class
A
............................................
474
17
Natural
Gas
Services
Group,
Inc.(a)
..........................................
1,264
18
New
Fortress
Energy,
Inc.
.................................................
13,995
465
Newpark
Resources,
Inc.(a)
...............................................
10,023
65
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
77
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Shares
Value
(000)
NextDecade
Corp.(a)(b)
..................................................
21,765
$
111
Northern
Oil
&
Gas,
Inc.
..................................................
12,498
419
NOV,
Inc.
............................................................
52,331
1,021
Oceaneering
International,
Inc.(a)
...........................................
13,205
274
Oil
States
International,
Inc.(a)
.............................................
8,255
51
OPAL
Fuels,
Inc.,
Class
A(a)
...............................................
2,396
12
Overseas
Shipholding
Group,
Inc.,
Class
A
.....................................
6,940
42
Ovintiv,
Inc.
..........................................................
33,112
1,405
Par
Pacific
Holdings,
Inc.(a)
...............................................
7,875
288
Patterson-UTI
Energy,
Inc.
................................................
48,098
533
PBF
Energy,
Inc.,
Class
A
.................................................
14,395
727
Peabody
Energy
Corp.
...................................................
17,477
467
Permian
Resources
Corp.
.................................................
52,974
714
PHX
Minerals,
Inc.
.....................................................
3,771
12
PrimeEnergy
Resources
Corp.(a)
............................................
76
7
ProPetro
Holding
Corp.(a)
................................................
10,400
88
Range
Resources
Corp.
...................................................
31,322
910
Ranger
Energy
Services,
Inc.
...............................................
2,136
22
REX
American
Resources
Corp.(a)
..........................................
2,001
83
Riley
Exploration
Permian,
Inc.
.............................................
768
17
Ring
Energy,
Inc.(a)
.....................................................
17,547
24
RPC,
Inc.
............................................................
12,967
95
SandRidge
Energy,
Inc.
..................................................
4,833
71
Scorpio
Tankers,
Inc.
....................................................
6,291
445
SEACOR
Marine
Holdings,
Inc.(a)
..........................................
3,015
32
Select
Water
Solutions,
Inc.
................................................
12,103
94
SilverBow
Resources,
Inc.(a)
..............................................
2,207
59
Sitio
Royalties
Corp.,
Class
A
..............................................
10,780
230
SM
Energy
Co.
........................................................
15,268
566
Solaris
Oilfield
Infrastructure,
Inc.,
Class
A
....................................
3,420
26
Southwestern
Energy
Co.(a)
...............................................
138,620
894
Talos
Energy,
Inc.(a)
.....................................................
14,168
184
Teekay
Corp.(a)
........................................................
7,896
71
Teekay
Tankers
Ltd.,
Class
A
...............................................
3,179
199
Tellurian,
Inc.(a)(b)
.....................................................
81,094
41
TETRA
Technologies,
Inc.(a)
..............................................
15,747
66
Tidewater,
Inc.(a)
.......................................................
6,525
438
Transocean
Ltd.(a)(b)
....................................................
95,577
522
U.S.
Silica
Holdings,
Inc.(a)
...............................................
9,906
106
Uranium
Energy
Corp.(a)
.................................................
50,447
385
VAALCO
Energy,
Inc.
...................................................
13,832
59
Vertex
Energy,
Inc.(a)
....................................................
10,990
16
Vital
Energy,
Inc.(a)
.....................................................
2,929
128
Vitesse
Energy,
Inc.
.....................................................
2,929
62
W&T
Offshore,
Inc.
.....................................................
12,989
39
Weatherford
International
PLC(a)
...........................................
9,246
828
World
Kinect
Corp.
.....................................................
7,815
176
32,402
Financials
(17.1%):
1st
Source
Corp.
.......................................................
2,329
122
Acacia
Research
Corp.(a)
.................................................
13,083
51
ACNB
Corp.
..........................................................
1,087
42
AFC
Gamma,
Inc.
......................................................
2,102
25
Affiliated
Managers
Group,
Inc.
............................................
4,445
662
Affirm
Holdings,
Inc.(a)
..................................................
30,109
1,220
AGNC
Investment
Corp.(b)
...............................................
89,092
845
Alerus
Financial
Corp.
...................................................
2,338
53
Ally
Financial,
Inc.
......................................................
39,935
1,465
Amalgamated
Financial
Corp.
..............................................
2,171
58
A-Mark
Precious
Metals,
Inc.
..............................................
2,360
64
Ambac
Financial
Group,
Inc.(a)
............................................
5,893
96
Amerant
Bancorp,
Inc.
...................................................
3,629
82
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
78
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Shares
Value
(000)
American
Coastal
Insurance
Corp.(a)(b)
.......................................
2,672
$
31
American
Equity
Investment
Life
Holding
Co.
..................................
10,436
576
American
Financial
Group,
Inc.
.............................................
10,270
1,237
American
National
Bankshares,
Inc.
.........................................
1,352
61
Ameris
Bancorp
........................................................
8,711
432
AMERISAFE,
Inc.
......................................................
2,510
125
Ames
National
Corp.
....................................................
1,179
25
Angel
Oak
Mortgage,
Inc.(b)
..............................................
2,480
26
Annaly
Capital
Management,
Inc.
...........................................
66,708
1,280
Apollo
Commercial
Real
Estate
Finance,
Inc.
...................................
18,660
208
Arbor
Realty
Trust,
Inc.(b)
................................................
24,333
324
Ares
Commercial
Real
Estate
Corp.
..........................................
6,809
65
ARMOUR
Residential
REIT,
Inc.(b)
.........................................
6,512
124
Arrow
Financial
Corp.
...................................................
2,225
56
Artisan
Partners
Asset
Management,
Inc.,
Class
A
................................
8,941
375
AssetMark
Financial
Holdings,
Inc.(a)
........................................
2,899
89
Associated
Banc-Corp.
...................................................
19,972
420
Assurant,
Inc.
.........................................................
6,987
1,173
Assured
Guaranty
Ltd.
...................................................
7,222
586
Atlantic
Union
Bankshares
Corp.
............................................
9,920
339
Atlanticus
Holdings
Corp.(a)
...............................................
722
25
AvidXchange
Holdings,
Inc.(a)
.............................................
20,476
224
Axis
Capital
Holdings
Ltd.
................................................
10,361
617
Axos
Financial,
Inc.(a)
...................................................
6,968
386
B
Riley
Financial,
Inc.(b)
.................................................
2,179
51
Bakkt
Holdings,
Inc.(a)(b)
................................................
9,831
13
Banc
of
California,
Inc.
..................................................
19,036
262
BancFirst
Corp.
........................................................
2,667
236
Bank
First
Corp.
.......................................................
1,225
103
Bank
of
Hawaii
Corp.
....................................................
5,209
329
Bank
of
Marin
Bancorp
..................................................
1,926
38
Bank
OZK
............................................................
14,438
651
Bank7
Corp.
..........................................................
520
15
BankUnited,
Inc.
.......................................................
9,853
278
Bankwell
Financial
Group,
Inc.
.............................................
742
21
Banner
Corp.
..........................................................
4,499
210
Bar
Harbor
Bankshares
...................................................
1,980
52
BayCom
Corp.
.........................................................
1,435
29
BCB
Bancorp,
Inc.
......................................................
1,970
24
Beneficient,
Class
A(a)
...................................................
17,845
6
Berkshire
Hills
Bancorp,
Inc.
..............................................
5,715
137
BGC
Group,
Inc.,
Class
A
.................................................
51,564
364
Blackstone
Mortgage
Trust,
Inc.,
Class
A(b)
....................................
21,798
430
Blue
Foundry
Bancorp(a)
.................................................
2,909
28
Blue
Owl
Capital,
Inc.
...................................................
59,504
925
BOK
Financial
Corp.
....................................................
3,602
302
Bread
Financial
Holdings,
Inc.
.............................................
6,486
235
Bridge
Investment
Group
Holdings,
Inc.,
Class
A
................................
4,115
40
Bridgewater
Bancshares,
Inc.(a)
............................................
2,671
33
Brighthouse
Financial,
Inc.(a)
..............................................
8,491
440
Brightsphere
Investment
Group,
Inc.
.........................................
5,512
122
BrightSpire
Capital,
Inc.
..................................................
17,028
122
Brookline
Bancorp,
Inc.
..................................................
11,522
125
BRP
Group,
Inc.,
Class
A(a)
...............................................
8,526
191
Burke
&
Herbert
Financial
Services
Corp.(b)
...................................
847
49
Business
First
Bancshares,
Inc.
.............................................
3,174
72
Byline
Bancorp,
Inc.
.....................................................
3,855
84
C&F
Financial
Corp.
....................................................
419
23
Cadence
Bank
.........................................................
24,348
648
California
Bancorp(a)
....................................................
1,006
25
Cambridge
Bancorp
.....................................................
992
68
Camden
National
Corp.
..................................................
1,874
68
Cannae
Holdings,
Inc.(a)
.................................................
8,687
176
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
79
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Shares
Value
(000)
Cantaloupe,
Inc.(a)
......................................................
8,828
$
60
Capital
Bancorp,
Inc.
....................................................
1,258
27
Capital
City
Bank
Group,
Inc.
..............................................
1,749
50
Capitol
Federal
Financial,
Inc.
..............................................
16,736
106
Capstar
Financial
Holdings,
Inc.
............................................
2,394
44
Carter
Bankshares,
Inc.(a)
.................................................
3,000
43
Cass
Information
Systems,
Inc.
.............................................
1,632
70
Cathay
General
Bancorp
..................................................
9,220
380
Central
Pacific
Financial
Corp.
.............................................
3,525
68
Central
Valley
Community
Bancorp
..........................................
1,317
26
Chemung
Financial
Corp.
.................................................
481
22
Chicago
Atlantic
Real
Estate
Finance,
Inc.
.....................................
2,082
33
Chimera
Investment
Corp.
................................................
29,669
142
ChoiceOne
Financial
Services,
Inc.(b)
........................................
902
24
Citizens
&
Northern
Corp.
................................................
1,956
40
Citizens
Financial
Services,
Inc.
............................................
584
34
Citizens,
Inc.(a)
........................................................
5,994
17
City
Holding
Co.
.......................................................
1,936
198
Civista
Bancshares,
Inc.
..................................................
2,009
34
Claros
Mortgage
Trust,
Inc.
................................................
17,224
202
CNA
Financial
Corp.
....................................................
36,064
1,589
CNB
Financial
Corp.
....................................................
2,713
58
CNO
Financial
Group,
Inc.
................................................
14,620
397
Coastal
Financial
Corp.(a)
................................................
1,439
57
Codorus
Valley
Bancorp,
Inc.
..............................................
1,233
29
Cohen
&
Steers,
Inc.
....................................................
3,388
239
Colony
Bankcorp,
Inc.
...................................................
2,158
26
Columbia
Banking
System,
Inc.
............................................
27,657
558
Columbia
Financial,
Inc.(a)
................................................
3,607
65
Comerica,
Inc.
.........................................................
17,517
921
Commerce
Bancshares,
Inc.
...............................................
16,885
880
Community
Bank
System,
Inc.
.............................................
7,048
323
Community
Trust
Bancorp,
Inc.
.............................................
2,328
97
Community
West
Bancshares
..............................................
820
13
Compass
Diversified
Holdings
.............................................
8,295
183
ConnectOne
Bancorp,
Inc.
................................................
4,802
110
Consumer
Portfolio
Services,
Inc.(a)
.........................................
1,109
10
Corebridge
Financial,
Inc.
.................................................
26,897
650
Crawford
&
Co.,
Class
A
.................................................
2,819
34
Credit
Acceptance
Corp.(a)
................................................
1,044
565
CrossFirst
Bankshares,
Inc.(a)
..............................................
5,845
83
Cullen/Frost
Bankers,
Inc.
.................................................
7,943
843
Customers
Bancorp,
Inc.(a)
................................................
3,789
202
CVB
Financial
Corp.
....................................................
17,532
294
Diamond
Hill
Investment
Group,
Inc.
........................................
367
59
Dime
Community
Bancshares,
Inc.
..........................................
4,825
110
Donegal
Group,
Inc.,
Class
A
..............................................
2,139
32
Donnelley
Financial
Solutions,
Inc.(a)
........................................
3,672
228
Dynex
Capital,
Inc.
.....................................................
7,402
91
Eagle
Bancorp,
Inc.
.....................................................
3,892
96
East
West
Bancorp,
Inc.
..................................................
18,681
1,360
Eastern
Bankshares,
Inc.
..................................................
21,274
297
ECB
Bancorp,
Inc.(a)
....................................................
1,071
14
eHealth,
Inc.(a)
........................................................
3,212
22
Ellington
Financial,
Inc.
..................................................
9,978
122
Employers
Holdings,
Inc.
.................................................
3,377
141
Encore
Capital
Group,
Inc.(a)
..............................................
3,048
153
Enova
International,
Inc.(a)
................................................
3,842
209
Enstar
Group
Ltd.(a)
....................................................
1,776
474
Enterprise
Bancorp,
Inc.
..................................................
1,237
35
Enterprise
Financial
Services
Corp.
..........................................
4,811
200
Equitable
Holdings,
Inc.
..................................................
45,082
1,474
Equity
Bancshares,
Inc.,
Class
A
............................................
1,795
59
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
80
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Shares
Value
(000)
Erie
Indemnity
Co.,
Class
A
...............................................
3,364
$
1,163
Esquire
Financial
Holdings,
Inc.
............................................
913
46
ESSA
Bancorp,
Inc.
.....................................................
1,146
22
Essent
Group
Ltd.
......................................................
13,820
762
Euronet
Worldwide,
Inc.(a)
................................................
5,808
579
Evans
Bancorp,
Inc.
.....................................................
695
20
Evercore,
Inc.
.........................................................
4,620
793
EVERTEC,
Inc.
........................................................
8,552
343
EZCORP,
Inc.,
Class
A(a)
.................................................
6,627
57
F&G
Annuities
&
Life,
Inc.
................................................
16,476
739
Farmers
&
Merchants
Bancorp,
Inc.
..........................................
1,680
38
Farmers
National
Banc
Corp.
..............................................
4,771
65
FB
Financial
Corp.
......................................................
4,671
174
Federal
Agricultural
Mortgage
Corp.,
Class
C
...................................
1,218
227
Federated
Hermes,
Inc.
...................................................
11,040
386
Fidelity
D&D
Bancorp,
Inc.
...............................................
614
31
Fidelity
National
Financial,
Inc.
............................................
34,427
1,722
Financial
Institutions,
Inc.
.................................................
2,006
42
Finwise
Bancorp(a)
.....................................................
1,154
16
First
American
Financial
Corp.
.............................................
13,133
793
First
BanCorp
.........................................................
5,296
183
First
BanCorp
.........................................................
22,501
375
First
Bank
............................................................
3,164
43
First
Busey
Corp.
.......................................................
6,857
161
First
Business
Financial
Services,
Inc.
........................................
1,037
38
First
Commonwealth
Financial
Corp.
.........................................
13,403
188
First
Community
Bankshares,
Inc.
...........................................
2,095
72
First
Community
Corp.
...................................................
963
18
First
Financial
Bancorp
...................................................
12,449
279
First
Financial
Bankshares,
Inc.
.............................................
18,341
573
First
Financial
Corp.
.....................................................
1,512
60
First
Foundation,
Inc.
....................................................
6,885
66
First
Hawaiian,
Inc.
.....................................................
16,946
368
First
Horizon
Corp.
.....................................................
73,603
1,048
First
Internet
Bancorp
....................................................
1,035
34
First
Interstate
BancSystem,
Inc.,
Class
A
......................................
12,380
341
First
Merchants
Corp.
....................................................
7,890
267
First
Mid
Bancshares,
Inc.
................................................
2,781
88
First
National
Corp.
.....................................................
681
14
First
Northwest
Bancorp
..................................................
1,023
15
First
Western
Financial,
Inc.(a)
.............................................
1,048
18
FirstCash
Holdings,
Inc.
..................................................
5,071
582
Five
Star
Bancorp
......................................................
1,350
32
Flushing
Financial
Corp.
..................................................
3,650
59
Flywire
Corp.(a)
.......................................................
15,505
331
FNB
Corp.
............................................................
47,447
625
FNCB
Bancorp,
Inc.
.....................................................
2,111
14
Forge
Global
Holdings,
Inc.(a)
.............................................
13,518
26
Franklin
BSP
Realty
Trust,
Inc.
.............................................
10,913
140
Freedom
Holding
Corp.(a)
................................................
2,274
187
FS
Bancorp,
Inc.
.......................................................
886
33
Fulton
Financial
Corp.
...................................................
21,715
339
FVCBankcorp,
Inc.(a)
...................................................
1,907
23
GCM
Grosvenor,
Inc.,
Class
A
.............................................
5,647
49
Genworth
Financial,
Inc.(a)
................................................
59,386
366
German
American
Bancorp,
Inc.
............................................
3,747
124
Glacier
Bancorp,
Inc.
....................................................
14,758
571
Globe
Life,
Inc.
........................................................
12,317
1,513
GoHealth,
Inc.,
Class
A(a)
................................................
1,044
12
Goosehead
Insurance,
Inc.,
Class
A(a)
........................................
2,988
231
Granite
Point
Mortgage
Trust,
Inc.
...........................................
6,759
38
Great
Ajax
Corp.
.......................................................
3,459
20
Great
Southern
Bancorp,
Inc.
..............................................
1,182
62
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
81
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Shares
Value
(000)
Green
Dot
Corp.,
Class
A(a)
...............................................
6,606
$
60
Greene
County
Bancorp,
Inc.
..............................................
927
23
Greenlight
Capital
Re
Ltd.,
Class
A(a)
........................................
3,459
39
Guaranty
Bancshares,
Inc.
.................................................
1,096
33
Guild
Holdings
Co.,
Class
A
...............................................
1,166
16
Hamilton
Lane,
Inc.,
Class
A
...............................................
4,528
525
Hancock
Whitney
Corp.
..................................................
11,410
515
Hanmi
Financial
Corp.
...................................................
4,002
67
Hannon
Armstrong
Sustainable
Infrastructure
Capital,
Inc.
.........................
14,554
346
Hanover
Bancorp,
Inc.
...................................................
521
9
HarborOne
Bancorp,
Inc.
.................................................
5,320
58
Hawthorn
Bancshares,
Inc.
................................................
857
22
HBT
Financial,
Inc.
.....................................................
1,688
33
HCI
Group,
Inc.
........................................................
802
72
Heartland
Financial
USA,
Inc.
..............................................
5,286
187
Heritage
Commerce
Corp.
................................................
7,844
70
Heritage
Financial
Corp.
..................................................
4,589
92
Heritage
Insurance
Holdings,
Inc.
...........................................
2,846
17
Hilltop
Holdings,
Inc.
....................................................
6,108
192
Hippo
Holdings,
Inc.(a)
..................................................
1,744
16
Home
Bancorp,
Inc.
.....................................................
933
37
Home
Bancshares,
Inc.
...................................................
25,020
586
HomeStreet,
Inc.
.......................................................
2,332
32
HomeTrust
Bancshares,
Inc.
...............................................
1,932
52
Hope
Bancorp,
Inc.
.....................................................
15,230
169
Horace
Mann
Educators
Corp.
..............................................
5,431
200
Horizon
Bancorp,
Inc.
...................................................
5,729
75
Houlihan
Lokey,
Inc.
....................................................
6,894
826
I3
Verticals,
Inc.,
Class
A(a)
...............................................
2,996
56
Independent
Bank
Corp.
..................................................
5,794
325
Independent
Bank
Corp.
..................................................
2,667
68
Independent
Bank
Group,
Inc.
..............................................
4,778
231
Interactive
Brokers
Group,
Inc.
.............................................
13,693
1,215
International
Bancshares
Corp.
.............................................
7,119
376
International
Money
Express,
Inc.(a)
.........................................
4,223
87
Invesco
Ltd.
...........................................................
58,894
932
Invesco
Mortgage
Capital,
Inc.
.............................................
6,465
57
Investors
Title
Co.
......................................................
187
31
Jackson
Financial,
Inc.,
Class
A
.............................................
9,428
472
James
River
Group
Holdings
Ltd.
...........................................
4,865
47
Jefferies
Financial
Group,
Inc.
..............................................
21,977
896
John
Marshall
Bancorp,
Inc.
...............................................
1,634
31
Kearny
Financial
Corp.
...................................................
7,591
55
Kemper
Corp.
.........................................................
8,068
484
KeyCorp.
............................................................
124,781
1,813
Kingsway
Financial
Services,
Inc.(a)
.........................................
2,718
24
Kinsale
Capital
Group,
Inc.
................................................
2,934
1,166
KKR
Real
Estate
Finance
Trust,
Inc.
.........................................
7,761
95
Ladder
Capital
Corp.
....................................................
15,067
165
Lakeland
Bancorp,
Inc.
...................................................
8,229
109
Lakeland
Financial
Corp.
.................................................
3,286
220
Lazard,
Inc.
...........................................................
14,339
559
LCNB
Corp.
..........................................................
1,648
24
Lemonade,
Inc.(a)(b)
....................................................
6,627
105
LendingClub
Corp.(a)
....................................................
14,087
127
LendingTree,
Inc.(a)
.....................................................
1,426
46
Lincoln
National
Corp.
...................................................
22,445
616
Live
Oak
Bancshares,
Inc.
................................................
4,462
162
loanDepot,
Inc.,
Class
A(a)
................................................
8,042
23
LUB
Liquidating
Trust(a)(c)(c)
.............................................
2,351
2
Luther
Burbank
Corp.(a)
..................................................
2,768
27
Macatawa
Bank
Corp.
...................................................
3,475
37
Maiden
Holdings
Ltd.(a)
..................................................
10,082
18
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
82
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Shares
Value
(000)
MainStreet
Bancshares,
Inc.
...............................................
917
$
17
MarketAxess
Holdings,
Inc.
...............................................
4,952
1,117
MarketWise,
Inc.
.......................................................
4,047
9
Marqeta,
Inc.,
Class
A(a)
.................................................
51,456
309
MBIA,
Inc.(b)
.........................................................
5,862
36
Medallion
Financial
Corp.
................................................
2,298
23
Mercantile
Bank
Corp.
...................................................
2,064
83
Merchants
Bancorp
.....................................................
2,136
93
Mercury
General
Corp.
...................................................
3,551
142
Meridian
Corp.
........................................................
1,220
15
Metrocity
Bankshares,
Inc.
................................................
2,390
57
Metropolitan
Bank
Holding
Corp.(a)
.........................................
1,265
61
MFA
Financial,
Inc.
.....................................................
13,544
150
MGIC
Investment
Corp.
..................................................
36,723
729
Mid
Penn
Bancorp,
Inc.
..................................................
1,966
42
Middlefield
Banc
Corp.(b)
................................................
963
25
Midland
States
Bancorp,
Inc.
..............................................
2,706
71
MidWestOne
Financial
Group,
Inc.
..........................................
1,906
49
Moelis
&
Co.,
Class
A
...................................................
8,860
487
Moneylion,
Inc.(a)
......................................................
614
28
Morningstar,
Inc.
.......................................................
3,548
991
Mr.
Cooper
Group,
Inc.(a)
.................................................
8,497
572
MVB
Financial
Corp.
....................................................
1,527
33
National
Bank
Holdings
Corp.,
Class
A
.......................................
4,952
173
National
Bankshares,
Inc.
.................................................
763
25
National
Western
Life
Group,
Inc.,
Class
A
.....................................
267
129
Navient
Corp.
.........................................................
14,984
258
NBT
Bancorp,
Inc.
......................................................
6,149
219
NCR
Atleos
Corp.(a)
....................................................
9,412
211
Nelnet,
Inc.,
Class
A
.....................................................
1,696
148
NerdWallet,
Inc.,
Class
A(a)
...............................................
4,740
73
New
York
Community
Bancorp,
Inc.
.........................................
94,817
613
New
York
Mortgage
Trust,
Inc.
.............................................
11,961
94
NewtekOne,
Inc.
.......................................................
3,098
37
Nexpoint
Real
Estate
Finance,
Inc.
..........................................
2,213
32
NI
Holdings,
Inc.(a)
.....................................................
875
12
Nicolet
Bankshares,
Inc.
..................................................
1,722
134
NMI
Holdings,
Inc.,
Class
A(a)
.............................................
10,620
339
Northeast
Bank
........................................................
982
54
Northeast
Community
Bancorp,
Inc.
.........................................
1,630
28
Northfield
Bancorp,
Inc.
..................................................
5,283
64
Northrim
Bancorp,
Inc.
...................................................
717
36
Northwest
Bancshares,
Inc.
................................................
16,100
199
Norwood
Financial
Corp.
.................................................
959
26
Oak
Valley
Bancorp
.....................................................
917
24
OceanFirst
Financial
Corp.
................................................
7,725
133
Ocwen
Financial
Corp.(a)
.................................................
820
24
OFG
Bancorp
.........................................................
6,167
227
Old
National
Bancorp
....................................................
38,772
639
Old
Republic
International
Corp.
............................................
34,577
970
Old
Second
Bancorp,
Inc.
.................................................
5,710
78
OneMain
Holdings,
Inc.
..................................................
15,930
758
OP
Bancorp
...........................................................
1,497
16
Open
Lending
Corp.(a)
...................................................
13,085
96
Oppenheimer
Holdings,
Inc.,
Class
A
.........................................
781
29
Orange
County
Bancorp,
Inc.
..............................................
629
31
Orchid
Island
Capital,
Inc.(b)
..............................................
6,979
56
Origin
Bancorp,
Inc.
.....................................................
3,774
115
Orrstown
Financial
Services,
Inc.
...........................................
1,342
37
Oscar
Health,
Inc.,
Class
A(a)
..............................................
18,714
234
P10,
Inc.,
Class
A
.......................................................
6,041
56
Pacific
Premier
Bancorp,
Inc.
..............................................
12,564
319
Palomar
Holdings,
Inc.(a)
.................................................
3,204
192
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
83
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Shares
Value
(000)
Park
National
Corp.
.....................................................
2,093
$
274
Parke
Bancorp,
Inc.
.....................................................
1,372
25
Pathward
Financial,
Inc.
..................................................
3,428
178
Paymentus
Holdings,
Inc.,
Class
A(a)
........................................
2,143
34
Payoneer
Global,
Inc.(a)
..................................................
34,524
162
Paysafe
Ltd.(a)
.........................................................
4,091
61
Paysign,
Inc.(a)
........................................................
4,340
13
PCB
Bancorp
..........................................................
1,478
25
Peapack-Gladstone
Financial
Corp.
..........................................
2,088
58
Penns
Woods
Bancorp,
Inc.
................................................
906
20
PennyMac
Financial
Services,
Inc.
..........................................
6,151
536
PennyMac
Mortgage
Investment
Trust
........................................
11,441
164
Peoples
Bancorp,
Inc.
....................................................
4,405
129
Peoples
Financial
Services
Corp.
............................................
906
40
Perella
Weinberg
Partners
.................................................
5,232
61
Pinnacle
Financial
Partners,
Inc.
............................................
10,015
885
Pioneer
Bancorp,
Inc.(a)
..................................................
1,543
15
Piper
Sandler
Cos.
......................................................
2,285
396
PJT
Partners,
Inc.,
Class
A
................................................
3,003
289
Plumas
Bancorp
........................................................
661
23
Ponce
Financial
Group,
Inc.(a)
.............................................
2,558
23
Popular,
Inc.
..........................................................
9,457
808
PRA
Group,
Inc.(a)
.....................................................
5,063
115
Preferred
Bank
.........................................................
1,832
132
Premier
Financial
Corp.
..................................................
4,678
98
Primerica,
Inc.
.........................................................
4,659
1,091
Primis
Financial
Corp.
...................................................
2,795
37
Princeton
Bancorp,
Inc.
..................................................
635
21
ProAssurance
Corp.
.....................................................
6,710
90
PROG
Holdings,
Inc.(a)
..................................................
5,899
181
Prosperity
Bancshares,
Inc.
................................................
11,986
766
Provident
Bancorp,
Inc.(a)
................................................
2,044
22
Provident
Financial
Services,
Inc.
...........................................
9,223
153
QCR
Holdings,
Inc.
.....................................................
2,165
126
Radian
Group,
Inc.
......................................................
20,313
589
RBB
Bancorp
.........................................................
1,977
35
Ready
Capital
Corp.
.....................................................
22,827
214
Red
River
Bancshares,
Inc.
................................................
629
32
Redwood
Trust,
Inc.
.....................................................
15,699
105
Regional
Management
Corp.
...............................................
1,202
29
Reinsurance
Group
of
America,
Inc.
.........................................
8,779
1,527
Remitly
Global,
Inc.(a)
...................................................
17,574
301
RenaissanceRe
Holdings
Ltd.
..............................................
6,715
1,537
Renasant
Corp.
........................................................
7,285
230
Repay
Holdings
Corp.(a)
.................................................
10,652
84
Republic
Bancorp,
Inc.,
Class
A
............................................
1,143
59
Richmond
Mutual
BanCorp,
Inc.
............................................
1,281
15
Rithm
Capital
Corp.
.....................................................
64,304
688
Riverview
Bancorp,
Inc.
..................................................
2,618
14
RLI
Corp.
............................................................
5,381
734
Robinhood
Markets,
Inc.,
Class
A(a)
.........................................
58,679
630
Rocket
Cos.,
Inc.,
Class
A(a)
...............................................
15,729
194
Runway
Growth
Finance
Corp.
.............................................
5,353
71
Ryan
Specialty
Holdings,
Inc.(a)
............................................
13,134
569
S&T
Bancorp,
Inc.
......................................................
5,047
168
Sachem
Capital
Corp.
....................................................
5,799
21
Safety
Insurance
Group,
Inc.
...............................................
1,892
158
Sandy
Spring
Bancorp,
Inc.
................................................
5,800
141
Seacoast
Banking
Corp.
of
Florida
...........................................
11,223
276
Security
National
Financial
Corp.,
Class
A(a)
...................................
1,752
14
SEI
Investments
Co.
.....................................................
14,486
916
Selective
Insurance
Group,
Inc.
.............................................
7,973
836
Selectquote,
Inc.(a)
.....................................................
17,730
20
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
84
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Shares
Value
(000)
ServisFirst
Bancshares,
Inc.
...............................................
6,678
$
448
Seven
Hills
Realty
Trust
..................................................
1,932
25
Shift4
Payments,
Inc.,
Class
A(a)
............................................
7,441
534
Shore
Bancshares,
Inc.
...................................................
4,033
52
Sierra
Bancorp
.........................................................
1,752
36
Silvercrest
Asset
Management
Group,
Inc.,
Class
A
...............................
1,237
21
Simmons
First
National
Corp.,
Class
A
.......................................
16,470
313
SiriusPoint
Ltd.(a)
......................................................
12,398
146
Skyward
Specialty
Insurance
Group,
Inc.(a)
....................................
2,464
77
SLM
Corp.
...........................................................
29,830
593
SmartFinancial,
Inc.
.....................................................
1,912
44
SoFi
Technologies,
Inc.(a)(b)
..............................................
118,605
929
South
Plains
Financial,
Inc.
................................................
1,563
42
Southern
California
Bancorp(a)
.............................................
1,217
20
Southern
First
Bancshares,
Inc.(a)
...........................................
1,011
38
Southern
Missouri
Bancorp,
Inc.
............................................
1,266
55
Southern
States
Bancshares,
Inc.
............................................
926
24
Southside
Bancshares,
Inc.
................................................
3,815
119
SouthState
Corp.
.......................................................
10,042
834
Starwood
Property
Trust,
Inc.
..............................................
39,509
803
Stellar
Bancorp,
Inc.
.....................................................
6,513
163
StepStone
Group,
Inc.,
Class
A
.............................................
7,009
234
Sterling
Bancorp,
Inc.(a)
..................................................
2,416
13
Stewart
Information
Services
Corp.
..........................................
3,599
222
Stifel
Financial
Corp.
....................................................
13,151
959
Stock
Yards
Bancorp,
Inc.
.................................................
3,591
179
StoneX
Group,
Inc.(a)
...................................................
3,600
237
Summit
Financial
Group,
Inc.
..............................................
1,624
46
Synovus
Financial
Corp.
..................................................
19,420
731
Texas
Capital
Bancshares,
Inc.(a)
...........................................
6,324
386
TFS
Financial
Corp.
.....................................................
6,904
92
The
Bancorp,
Inc.(a)
.....................................................
6,840
299
The
Bank
of
NT
Butterfield
&
Son
Ltd.
.......................................
6,620
201
The
Carlyle
Group,
Inc.
..................................................
25,661
1,027
The
First
Bancorp,
Inc.
...................................................
1,272
32
The
First
Bancshares,
Inc.
.................................................
3,615
92
The
First
of
Long
Island
Corp.
.............................................
2,795
34
The
Hanover
Insurance
Group,
Inc.
..........................................
4,732
625
The
Hingham
Institution
for
Savings(b)
.......................................
207
38
The
Western
Union
Co.
...................................................
48,521
610
Third
Coast
Bancshares,
Inc.(a)
.............................................
1,547
29
Timberland
Bancorp,
Inc.
.................................................
979
27
Tiptree,
Inc.
...........................................................
2,901
55
Toast,
Inc.,
Class
A(a)
....................................................
47,871
851
Tompkins
Financial
Corp.
.................................................
1,735
86
Towne
Bank
..........................................................
9,026
254
TPG
RE
Finance
Trust,
Inc.
...............................................
8,259
50
TPG,
Inc.
............................................................
8,228
343
Tradeweb
Markets,
Inc.,
Class
A
............................................
15,240
1,454
TriCo
Bancshares
.......................................................
4,081
148
Triumph
Financial,
Inc.(a)
.................................................
2,919
206
Trupanion,
Inc.(a)(b)
....................................................
4,191
114
TrustCo
Bank
Corp.
.....................................................
2,462
71
Trustmark
Corp.
........................................................
7,509
203
Two
Harbors
Investment
Corp.
.............................................
12,761
159
UMB
Financial
Corp.
....................................................
6,069
501
Union
Bankshares,
Inc.
...................................................
502
15
United
Bankshares,
Inc.
..................................................
17,660
633
United
Community
Banks,
Inc.
.............................................
15,813
432
United
Fire
Group,
Inc.
...................................................
2,847
64
United
Security
Bancshares
................................................
1,814
15
Unity
Bancorp,
Inc.
.....................................................
965
26
Universal
Insurance
Holdings,
Inc.
..........................................
3,498
58
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
85
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Shares
Value
(000)
Univest
Financial
Corp.
..................................................
3,876
$
82
Unum
Group
..........................................................
25,887
1,251
Upstart
Holdings,
Inc.(a)(b)
...............................................
9,682
308
USCB
Financial
Holdings,
Inc.(a)
...........................................
1,379
17
UWM
Holdings
Corp.(b)
.................................................
11,362
76
Valley
National
Bancorp
..................................................
57,202
550
Veritex
Holdings,
Inc.
....................................................
7,048
148
Victory
Capital
Holdings,
Inc.,
Class
A(e)
.....................................
5,546
187
Virginia
National
Bankshares
Corp.
..........................................
633
21
Virtu
Financial,
Inc.,
Class
A
...............................................
11,411
192
Virtus
Investment
Partners,
Inc.
.............................................
903
213
Voya
Financial,
Inc.
.....................................................
13,853
1,003
WaFd,
Inc.
............................................................
8,473
246
Walker
&
Dunlop,
Inc.
...................................................
4,262
412
Washington
Trust
Bancorp,
Inc.
.............................................
2,237
62
Waterstone
Financial,
Inc.
.................................................
2,269
30
Webster
Financial
Corp.
..................................................
22,802
1,128
WesBanco,
Inc.
........................................................
7,691
226
West
Bancorp,
Inc.
......................................................
1,969
37
Westamerica
Bancorp
....................................................
3,499
167
Western
Alliance
Bancorp
.................................................
14,421
922
Western
New
England
Bancorp,
Inc.
.........................................
2,559
22
WEX,
Inc.(a)
..........................................................
5,680
1,161
White
Mountains
Insurance
Group
Ltd.
.......................................
332
523
William
Penn
Bancorp
...................................................
1,088
13
Wintrust
Financial
Corp.
..................................................
8,072
783
WisdomTree,
Inc.
.......................................................
15,203
103
World
Acceptance
Corp.(a)
................................................
711
93
WSFS
Financial
Corp.
...................................................
8,033
358
Zions
Bancorp
NA
......................................................
19,478
816
126,002
Health
Care
(13.0%):
10X
Genomics,
Inc.,
Class
A(a)
.............................................
12,644
527
23andMe
Holding
Co.,
Class
A(a)
...........................................
36,888
27
4D
Molecular
Therapeutics,
Inc.(a)
..........................................
4,802
83
89bio,
Inc.(a)
..........................................................
9,842
97
Aadi
Bioscience,
Inc.(a)
..................................................
2,301
4
Abeona
Therapeutics,
Inc.(a)
...............................................
3,122
13
Absci
Corp.(a)
.........................................................
9,123
36
Acadia
Healthcare
Co.,
Inc.(a)
..............................................
11,991
985
ACADIA
Pharmaceuticals,
Inc.(a)
...........................................
21,817
565
Accolade,
Inc.(a)
.......................................................
9,170
104
Accuray,
Inc.(a)
........................................................
12,139
31
ACELYRIN,
Inc.(a)
.....................................................
8,207
63
Achieve
Life
Sciences,
Inc.(a)
..............................................
2,341
12
Actinium
Pharmaceuticals,
Inc.(a)(b)
.........................................
3,535
19
Acumen
Pharmaceuticals,
Inc.(a)
............................................
5,395
17
AdaptHealth
Corp.(a)
....................................................
9,569
69
Adaptive
Biotechnologies
Corp.(a)
..........................................
18,945
70
Addus
HomeCare
Corp.(a)
................................................
2,130
184
ADMA
Biologics,
Inc.(a)
.................................................
28,976
150
Aerovate
Therapeutics,
Inc.(a)
..............................................
2,281
44
Agenus,
Inc.(a)(b)
......................................................
48,647
32
Agiliti,
Inc.(a)
.........................................................
4,500
32
agilon
health,
Inc.(a)
.....................................................
40,167
237
Agios
Pharmaceuticals,
Inc.(a)
.............................................
7,332
166
AirSculpt
Technologies,
Inc.(a)(b)
...........................................
1,643
12
Akebia
Therapeutics,
Inc.(a)
...............................................
22,352
38
Akero
Therapeutics,
Inc.(a)
................................................
6,398
138
Akoya
Biosciences,
Inc.(a)
................................................
2,993
15
Aldeyra
Therapeutics,
Inc.(a)
..............................................
7,560
24
Alector,
Inc.(a)
.........................................................
8,204
49
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
86
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Shares
Value
(000)
Alignment
Healthcare,
Inc.(a)
..............................................
12,839
$
86
Alkermes
PLC(a)
.......................................................
21,958
594
Allakos,
Inc.(a)
........................................................
8,944
11
Allogene
Therapeutics,
Inc.(a)
..............................................
14,177
50
Allovir,
Inc.(a)
.........................................................
7,612
5
Alphatec
Holdings,
Inc.(a)
................................................
12,376
199
Alpine
Immune
Sciences,
Inc.(a)
............................................
5,321
142
Altimmune,
Inc.(a)(b)
....................................................
7,117
67
ALX
Oncology
Holdings,
Inc.(a)(b)
.........................................
3,622
52
Ambrx
Biopharma,
Inc.(a)
................................................
6,840
190
Amedisys,
Inc.(a)
.......................................................
4,266
402
American
Well
Corp.,
Class
A(a)
............................................
30,342
32
Amicus
Therapeutics,
Inc.(a)
...............................................
38,050
473
AMN
Healthcare
Services,
Inc.(a)
...........................................
5,030
372
Amneal
Pharmaceuticals,
Inc.(a)
............................................
14,937
80
Amphastar
Pharmaceuticals,
Inc.(a)
..........................................
4,742
253
Amylyx
Pharmaceuticals,
Inc.(a)
............................................
6,664
107
AN2
Therapeutics,
Inc.(a)
.................................................
2,412
47
AnaptysBio,
Inc.(a)
.....................................................
3,201
76
Anavex
Life
Sciences
Corp.(a)(b)
...........................................
10,637
63
AngioDynamics,
Inc.(a)
..................................................
5,160
30
ANI
Pharmaceuticals,
Inc.(a)
..............................................
2,161
121
Anika
Therapeutics,
Inc.(a)
................................................
1,904
45
Annexon,
Inc.(a)
.......................................................
5,172
21
Apellis
Pharmaceuticals,
Inc.(a)
............................................
12,951
820
Apogee
Therapeutics,
Inc.(a)
...............................................
2,853
96
Apollo
Medical
Holdings,
Inc.(a)
...........................................
6,213
216
Applied
Therapeutics,
Inc.(a)
..............................................
7,609
24
Aquestive
Therapeutics,
Inc.(a)
.............................................
8,424
20
Arcellx,
Inc.(a)
........................................................
4,716
292
Arcturus
Therapeutics
Holdings,
Inc.(a)
.......................................
3,257
107
Arcus
Biosciences,
Inc.(a)
.................................................
6,464
98
Arcutis
Biotherapeutics,
Inc.(a)(b)
...........................................
10,344
61
Ardelyx,
Inc.(a)
........................................................
29,878
261
Arrowhead
Pharmaceuticals,
Inc.(a)
..........................................
13,544
435
ARS
Pharmaceuticals,
Inc.(a)(b)
............................................
5,506
34
Artivion,
Inc.(a)
........................................................
5,218
87
Arvinas,
Inc.(a)
........................................................
6,358
264
Astria
Therapeutics,
Inc.(a)
................................................
4,595
60
Atea
Pharmaceuticals,
Inc.(a)
..............................................
9,822
41
AtriCure,
Inc.(a)
.......................................................
6,156
210
Atrion
Corp.
..........................................................
184
63
Augmedix,
Inc.(a)
......................................................
5,121
23
Aura
Biosciences,
Inc.(a)
.................................................
5,273
41
Avanos
Medical,
Inc.(a)
..................................................
6,095
117
Aveanna
Healthcare
Holdings,
Inc.(a)
........................................
7,158
16
Avid
Bioservices,
Inc.(a)
..................................................
8,377
57
Avidity
Biosciences,
Inc.(a)
...............................................
8,825
108
Avita
Medical,
Inc.(a)(b)
..................................................
3,398
57
Axogen,
Inc.(a)
........................................................
5,424
52
Axonics,
Inc.(a)
........................................................
6,710
455
Axsome
Therapeutics,
Inc.(a)
..............................................
5,169
465
Azenta,
Inc.(a)
.........................................................
7,325
478
Beam
Therapeutics,
Inc.(a)(b)
..............................................
9,214
225
BioCryst
Pharmaceuticals,
Inc.(a)(b)
.........................................
26,645
141
Biodesix,
Inc.(a)
.......................................................
3,142
6
Biohaven
Ltd.(a)
.......................................................
9,250
411
BioLife
Solutions,
Inc.(a)
.................................................
5,785
98
Biomea
Fusion,
Inc.(a)(b)
.................................................
3,956
72
Bio-Rad
Laboratories,
Inc.,
Class
A(a)
........................................
2,731
876
Biote
Corp.,
Class
A(a)
...................................................
4,220
16
Bio-Techne
Corp.
.......................................................
20,944
1,473
Bioventus,
Inc.,
Class
A(a)(b)
..............................................
4,388
19
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
87
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Shares
Value
(000)
Bioxcel
Therapeutics,
Inc.(a)(b)
............................................
2,705
$
9
Black
Diamond
Therapeutics,
Inc.(a)
.........................................
4,983
19
Bluebird
Bio,
Inc.(a)
.....................................................
14,229
15
Blueprint
Medicines
Corp.(a)
..............................................
7,965
633
Bridgebio
Pharma,
Inc.(a)
.................................................
17,151
588
Brookdale
Senior
Living,
Inc.(a)
............................................
22,601
124
Bruker
Corp.
..........................................................
12,054
862
Butterfly
Network,
Inc.(a)(b)
...............................................
20,007
18
Cabaletta
Bio,
Inc.(a)
....................................................
4,608
94
CareDx,
Inc.(a)
........................................................
6,908
59
Caribou
Biosciences,
Inc.(a)
...............................................
9,698
59
Cartesian
Therapeutics,
Inc.(a)
.............................................
14,949
11
Cassava
Sciences,
Inc.(a)(b)
...............................................
5,295
127
Castle
Biosciences,
Inc.(a)
................................................
3,341
77
Catalent,
Inc.(a)
........................................................
23,379
1,207
Catalyst
Pharmaceuticals,
Inc.(a)
............................................
12,263
177
Celcuity,
Inc.(a)
........................................................
1,733
26
Celldex
Therapeutics,
Inc.(a)
...............................................
7,199
254
CEL-SCI
Corp.(a)(b)
....................................................
6,458
19
Cerevel
Therapeutics
Holdings,
Inc.(a)
........................................
11,508
482
Certara,
Inc.(a)
.........................................................
14,601
236
Cerus
Corp.(a)
.........................................................
23,413
42
Charles
River
Laboratories
International,
Inc.(a)
.................................
6,726
1,455
Chemed
Corp.
.........................................................
1,966
1,165
Cibus,
Inc.(a)(b)
........................................................
1,559
26
Citius
Pharmaceuticals,
Inc.(a)(b)
...........................................
19,608
12
ClearPoint
Neuro,
Inc.(a)
.................................................
2,907
20
Clover
Health
Investments
Corp.(a)
..........................................
49,601
48
Codexis,
Inc.(a)
........................................................
8,978
24
Cogent
Biosciences,
Inc.(a)
................................................
9,252
41
Coherus
Biosciences,
Inc.(a)(b)
.............................................
14,201
31
Collegium
Pharmaceutical,
Inc.(a)
...........................................
4,234
140
Community
Health
Systems,
Inc.(a)
..........................................
16,838
62
Compass
Therapeutics,
Inc.(a)
..............................................
10,950
14
Computer
Programs
and
Systems,
Inc.(a)
......................................
1,856
19
CONMED
Corp.
.......................................................
4,083
390
Corcept
Therapeutics,
Inc.(a)
..............................................
11,760
248
CorMedix,
Inc.(a)(b)
....................................................
7,226
21
CorVel
Corp.(a)
........................................................
1,215
286
Crinetics
Pharmaceuticals,
Inc.(a)
...........................................
7,629
278
Cross
Country
Healthcare,
Inc.(a)
...........................................
4,437
94
CryoPort,
Inc.(a)
.......................................................
6,348
92
Cue
Biopharma,
Inc.(a)
...................................................
5,624
15
Cullinan
Oncology,
Inc.(a)
................................................
3,635
55
CVRx,
Inc.(a)
.........................................................
1,244
31
Cymabay
Therapeutics,
Inc.(a)
.............................................
14,474
340
Cytek
Biosciences,
Inc.(a)
.................................................
15,531
117
Cytokinetics,
Inc.(a)
.....................................................
12,528
979
DaVita,
Inc.(a)
.........................................................
12,085
1,307
Day
One
Biopharmaceuticals,
Inc.(a)
.........................................
7,568
114
Deciphera
Pharmaceuticals,
Inc.(a)
..........................................
6,512
93
Definitive
Healthcare
Corp.(a)
..............................................
6,428
55
Denali
Therapeutics,
Inc.(a)
...............................................
15,235
244
DENTSPLY
SIRONA,
Inc.
................................................
28,083
976
Design
Therapeutics,
Inc.(a)
...............................................
4,357
10
Dianthus
Therapeutics,
Inc.(a)
..............................................
1,434
27
Disc
Medicine,
Inc.(a)
...................................................
1,426
94
DocGo,
Inc.(a)
.........................................................
11,704
43
Doximity,
Inc.,
Class
A(a)
.................................................
15,186
409
Dynavax
Technologies
Corp.(a)
.............................................
17,126
221
Dyne
Therapeutics,
Inc.(a)
................................................
4,205
90
Edgewise
Therapeutics,
Inc.(a)
.............................................
4,798
86
Editas
Medicine,
Inc.(a)
..................................................
10,844
76
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
88
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Shares
Value
(000)
Elanco
Animal
Health,
Inc.(a)
..............................................
65,027
$
958
Embecta
Corp.
.........................................................
7,558
130
Enanta
Pharmaceuticals,
Inc.(a)
.............................................
2,617
32
Encompass
Health
Corp.
..................................................
13,221
939
Enhabit,
Inc.(a)
........................................................
5,908
60
Enliven
Therapeutics,
Inc.(a)(b)
............................................
2,598
41
Enovis
Corp.(a)
........................................................
6,597
387
Entrada
Therapeutics,
Inc.(a)
...............................................
2,405
35
Envista
Holdings
Corp.(a)
.................................................
22,825
536
Erasca,
Inc.(a)
.........................................................
12,523
21
Esperion
Therapeutics,
Inc.(a)(b)
............................................
15,094
32
Establishment
Labs
Holdings,
Inc.(a)(b)
.......................................
3,012
116
Evolent
Health,
Inc.,
Class
A(a)
.............................................
14,619
430
Evolus,
Inc.(a)
.........................................................
5,910
75
Exelixis,
Inc.(a)
........................................................
40,343
878
EyePoint
Pharmaceuticals,
Inc.(a)
...........................................
3,746
101
Fate
Therapeutics,
Inc.(a)
.................................................
12,412
76
Foghorn
Therapeutics,
Inc.(a)
..............................................
2,351
7
FONAR
Corp.(a)
.......................................................
850
17
Fortrea
Holdings,
Inc.(a)
..................................................
11,868
367
Fulcrum
Therapeutics,
Inc.(a)
..............................................
7,777
56
Fulgent
Genetics,
Inc.(a)
..................................................
2,558
63
Galectin
Therapeutics,
Inc.(a)
..............................................
5,654
10
Genelux
Corp.(a)
.......................................................
2,601
28
Geron
Corp.(a)
.........................................................
61,452
113
Glaukos
Corp.(a)
.......................................................
6,244
556
Globus
Medical,
Inc.(a)
..................................................
15,309
808
GoodRx
Holdings,
Inc.,
Class
A(a)
..........................................
10,027
60
Gossamer
Bio,
Inc.(a)
....................................................
24,389
20
Graphite
Bio,
Inc.(a)
.....................................................
3,662
10
Greenwich
Lifesciences,
Inc.(a)
.............................................
783
7
Gritstone
bio,
Inc.(a)
....................................................
11,739
28
Guardant
Health,
Inc.(a)
..................................................
14,936
328
Haemonetics
Corp.(a)
....................................................
6,717
514
Halozyme
Therapeutics,
Inc.(a)
.............................................
17,500
592
Harmony
Biosciences
Holdings,
Inc.(a)
.......................................
4,354
137
Harpoon
Therapeutics,
Inc.(a)
..............................................
1,583
35
Harrow,
Inc.(a)(b)
......................................................
4,015
38
Harvard
Bioscience,
Inc.(a)
................................................
5,307
23
Health
Catalyst,
Inc.(a)
...................................................
7,375
72
HealthEquity,
Inc.(a)
....................................................
11,210
847
HealthStream,
Inc.
......................................................
3,179
85
Henry
Schein,
Inc.(a)
....................................................
17,144
1,283
Heron
Therapeutics,
Inc.(a)
................................................
19,782
48
HilleVax,
Inc.(a)
.......................................................
2,310
33
Hims
&
Hers
Health,
Inc.(a)
...............................................
18,213
156
Humacyte,
Inc.(a)(b)
....................................................
10,025
33
Icosavax,
Inc.(a)
.......................................................
4,351
67
ICU
Medical,
Inc.(a)
....................................................
2,710
248
Ideaya
Biosciences,
Inc.(a)
................................................
7,432
324
IGM
Biosciences,
Inc.(a)(b)
...............................................
2,775
29
Immuneering
Corp.,
Class
A(a)
.............................................
2,835
17
ImmunityBio,
Inc.(a)(b)
..................................................
17,512
59
ImmunoGen,
Inc.(a)
.....................................................
34,954
1,025
Immunome,
Inc.(a)(b)
...................................................
4,313
71
Immunovant,
Inc.(a)
.....................................................
8,117
296
Inari
Medical,
Inc.(a)
....................................................
6,566
374
InfuSystem
Holdings,
Inc.(a)
...............................................
2,487
23
Inhibrx,
Inc.(a)
.........................................................
4,753
183
Inmune
Bio,
Inc.(a)
.....................................................
1,570
19
Innoviva,
Inc.(a)
.......................................................
8,479
137
Inogen,
Inc.(a)
.........................................................
3,042
22
Inozyme
Pharma,
Inc.(a)
..................................................
5,675
31
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
89
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Shares
Value
(000)
Insmed,
Inc.(a)
.........................................................
18,658
$
519
Inspire
Medical
Systems,
Inc.(a)
............................................
3,869
816
Integer
Holdings
Corp.(a)
.................................................
4,390
445
Integra
LifeSciences
Holdings
Corp.(a)
.......................................
8,853
355
Intellia
Therapeutics,
Inc.(a)
...............................................
11,744
280
Intra-Cellular
Therapies,
Inc.(a)
.............................................
12,530
844
Invitae
Corp.(a)(b)
......................................................
37,166
14
Invivyd,
Inc.(a)
........................................................
5,392
26
Ionis
Pharmaceuticals,
Inc.(a)
..............................................
18,763
964
Iovance
Biotherapeutics,
Inc.(a)
............................................
26,722
207
iRadimed
Corp.
........................................................
1,018
42
iRhythm
Technologies,
Inc.(a)
..............................................
4,040
484
Ironwood
Pharmaceuticals,
Inc.(a)
...........................................
20,403
290
iTeos
Therapeutics,
Inc.(a)
................................................
3,820
38
Janux
Therapeutics,
Inc.(a)
................................................
3,822
33
Jazz
Pharmaceuticals
PLC(a)
..............................................
8,160
1,001
KalVista
Pharmaceuticals,
Inc.(a)
...........................................
2,823
45
Karuna
Therapeutics,
Inc.(a)
...............................................
4,306
1,350
Keros
Therapeutics,
Inc.(a)
................................................
2,857
158
Kiniksa
Pharmaceuticals
Ltd.,
Class
A(a)
......................................
4,662
82
Kodiak
Sciences,
Inc.(a)
..................................................
6,540
26
Korro
Bio,
Inc.(a)(b)
....................................................
964
49
Krystal
Biotech,
Inc.(a)
...................................................
3,156
351
Kura
Oncology,
Inc.(a)
...................................................
8,805
177
Kymera
Therapeutics,
Inc.(a)
..............................................
6,442
211
Lantheus
Holdings,
Inc.(a)
................................................
8,964
465
Larimar
Therapeutics,
Inc.(a)
..............................................
3,391
20
LeMaitre
Vascular,
Inc.
...................................................
2,650
154
Lexicon
Pharmaceuticals,
Inc.(a)(b)
..........................................
31,949
60
Lifecore
Biomedical,
Inc.(a)
...............................................
3,973
26
LifeMD,
Inc.(a)
........................................................
3,891
22
LifeStance
Health
Group,
Inc.(a)
............................................
9,849
59
Ligand
Pharmaceuticals,
Inc.(a)
.............................................
2,195
160
Lineage
Cell
Therapeutics,
Inc.(a)(b)
.........................................
23,321
22
Liquidia
Corp.(a)
.......................................................
7,095
91
Lyell
Immunopharma,
Inc.(a)(b)
............................................
16,496
30
Lyra
Therapeutics,
Inc.(a)
.................................................
5,400
25
MacroGenics,
Inc.(a)
....................................................
7,834
112
Madrigal
Pharmaceuticals,
Inc.(a)
...........................................
1,906
413
MannKind
Corp.(a)
.....................................................
34,804
116
Maravai
LifeSciences
Holdings,
Inc.,
Class
A(a)
.................................
14,590
85
Marinus
Pharmaceuticals,
Inc.(a)
............................................
6,930
67
Masimo
Corp.(a)
.......................................................
6,593
850
MaxCyte,
Inc.(a)
.......................................................
12,225
62
Medpace
Holdings,
Inc.(a)
................................................
3,235
943
MeiraGTx
Holdings
PLC(a)
...............................................
6,587
40
Merit
Medical
Systems,
Inc.(a)
.............................................
7,543
591
Merrimack
Pharmaceuticals,
Inc.(a)
..........................................
1,881
25
Mersana
Therapeutics,
Inc.(a)
..............................................
12,638
40
Mesa
Laboratories,
Inc.
..................................................
693
63
MiMedx
Group,
Inc.(a)
...................................................
14,806
115
Mineralys
Therapeutics,
Inc.(a)
.............................................
2,526
28
Mirum
Pharmaceuticals,
Inc.(a)
.............................................
4,705
124
ModivCare,
Inc.(a)
......................................................
1,869
74
Monogram
Orthopaedics,
Inc.(a)
............................................
2,334
7
Monte
Rosa
Therapeutics,
Inc.(a)
...........................................
4,227
22
MoonLake
Immunotherapeutics(a)
..........................................
6,139
343
Morphic
Holding,
Inc.(a)
.................................................
5,176
164
Multiplan
Corp.(a)
......................................................
38,530
39
Myriad
Genetics,
Inc.(a)
..................................................
10,571
226
Natera,
Inc.(a)
.........................................................
14,770
974
National
HealthCare
Corp.
................................................
1,646
153
National
Research
Corp.
..................................................
1,927
76
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
90
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Shares
Value
(000)
Nautilus
Biotechnology,
Inc.(a)
.............................................
7,084
$
20
Neogen
Corp.(a)
.......................................................
28,905
448
NeoGenomics,
Inc.(a)
....................................................
16,856
250
Neumora
Therapeutics,
Inc.(a)(b)
...........................................
6,464
96
Neurocrine
Biosciences,
Inc.(a)
.............................................
12,781
1,786
NeuroPace,
Inc.(a)
......................................................
1,476
22
Nevro
Corp.(a)
.........................................................
4,669
77
Nkarta,
Inc.(a)
.........................................................
5,018
45
Novavax,
Inc.(a)(b)
.....................................................
14,981
60
Novocure
Ltd.(a)
.......................................................
12,932
180
Nurix
Therapeutics,
Inc.(a)
................................................
5,905
47
Nutex
Health,
Inc.(a)
....................................................
46,850
6
Nuvalent,
Inc.,
Class
A(a)
.................................................
4,204
316
Nuvation
Bio,
Inc.(a)
....................................................
19,231
31
Nuvectis
Pharma,
Inc.(a)
..................................................
839
6
Ocular
Therapeutix,
Inc.(a)
................................................
10,060
49
Olema
Pharmaceuticals,
Inc.(a)
.............................................
6,423
84
Omega
Therapeutics,
Inc.(a)(b)
.............................................
2,854
10
Omeros
Corp.(a)(b)
.....................................................
8,054
26
OmniAb,
Inc.(a)
........................................................
12,611
73
Omnicell,
Inc.(a)
.......................................................
5,962
192
OneMedNet
Corp.(a)(b)
..................................................
2,729
5
OPKO
Health,
Inc.(a)(b)
..................................................
55,486
57
OptimizeRx
Corp.(a)
....................................................
2,327
33
Optinose,
Inc.(a)(b)
.....................................................
12,967
16
Option
Care
Health,
Inc.(a)
................................................
23,575
736
OraSure
Technologies,
Inc.(a)
..............................................
9,388
69
Organogenesis
Holdings,
Inc.(a)
............................................
10,542
35
Organon
&
Co.
........................................................
34,163
569
ORIC
Pharmaceuticals,
Inc.(a)(b)
...........................................
4,178
46
Orthofix
Medical,
Inc.(a)
.................................................
4,745
66
OrthoPediatrics
Corp.(a)
..................................................
2,103
55
Outlook
Therapeutics,
Inc.(a)
..............................................
17,628
7
Outset
Medical,
Inc.(a)
...................................................
6,576
20
Ovid
therapeutics,
Inc.(a)
.................................................
7,805
30
Owens
&
Minor,
Inc.(a)
..................................................
9,083
179
P3
Health
Partners,
Inc.(a)(b)
..............................................
6,617
8
Pacific
Biosciences
of
California,
Inc.(a)
......................................
34,303
223
Pacira
BioSciences,
Inc.(a)
................................................
6,036
197
Paragon
28,
Inc.(a)
......................................................
6,184
78
Patterson
Cos.,
Inc.
.....................................................
11,078
331
PDL
BioPharma,
Inc.(a)(c)(c)
..............................................
17,605
3
PDS
Biotechnology
Corp.(a)(b)
.............................................
3,959
21
Pediatrix
Medical
Group,
Inc.(a)
............................................
10,991
103
Penumbra,
Inc.(a)
.......................................................
4,964
1,252
PepGen,
Inc.(a)
........................................................
2,461
25
Perrigo
Co.
PLC
.......................................................
18,049
579
PetIQ,
Inc.(a)
..........................................................
3,630
65
Phathom
Pharmaceuticals,
Inc.(a)
...........................................
3,560
24
Phibro
Animal
Health
Corp.,
Class
A
.........................................
2,706
29
Phreesia,
Inc.(a)
........................................................
6,982
178
Pliant
Therapeutics,
Inc.(a)
................................................
7,120
128
PMV
Pharmaceuticals,
Inc.(a)
..............................................
4,975
9
Poseida
Therapeutics,
Inc.(a)
...............................................
8,283
28
Praxis
Precision
Medicines,
Inc.(a)
..........................................
15,597
680
Precigen,
Inc.(a)(b)
.....................................................
16,730
23
Prelude
Therapeutics,
Inc.(a)
...............................................
5,083
17
Premier,
Inc.,
Class
A
....................................................
15,875
343
Prestige
Consumer
Healthcare,
Inc.(a)
........................................
6,562
404
Prime
Medicine,
Inc.(a)(b)
................................................
4,490
29
Privia
Health
Group,
Inc.(a)
...............................................
13,596
274
PROCEPT
BioRobotics
Corp.(a)(b)
..........................................
6,447
298
Progyny,
Inc.(a)
........................................................
11,049
421
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
91
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Shares
Value
(000)
ProKidney
Corp.(a)(b)
...................................................
5,579
$
7
Protagonist
Therapeutics,
Inc.(a)
............................................
7,252
181
PTC
Therapeutics,
Inc.(a)
.................................................
9,755
254
Pulmonx
Corp.(a)
.......................................................
4,289
57
Pulse
Biosciences,
Inc.(a)
.................................................
2,239
20
Puma
Biotechnology,
Inc.(a)
...............................................
4,965
23
Quanterix
Corp.(a)
......................................................
4,596
102
Quantum-Si,
Inc.(a)
.....................................................
13,285
21
QuidelOrtho
Corp.(a)
....................................................
6,465
443
R1
RCM,
Inc.(a)
.......................................................
25,744
264
RadNet,
Inc.(a)
........................................................
7,932
293
RAPT
Therapeutics,
Inc.(a)
................................................
3,877
96
RayzeBio,
Inc.(a)
.......................................................
4,027
250
Recursion
Pharmaceuticals,
Inc.,
Class
A(a)(b)
..................................
20,291
191
REGENXBIO,
Inc.(a)
...................................................
5,327
66
Relay
Therapeutics,
Inc.(a)
................................................
11,382
105
Reneo
Pharmaceuticals,
Inc.(a)
.............................................
2,567
4
Renovaro
Biosciences,
Inc.(a)(b)
............................................
3,976
17
Repligen
Corp.(a)
.......................................................
6,945
1,315
Replimune
Group,
Inc.(a)
.................................................
5,801
45
Revance
Therapeutics,
Inc.(a)
..............................................
10,476
53
REVOLUTION
Medicines,
Inc.(a)
..........................................
19,821
550
Rhythm
Pharmaceuticals,
Inc.(a)
............................................
6,898
304
Rigel
Pharmaceuticals,
Inc.(a)
..............................................
22,973
27
Rocket
Pharmaceuticals,
Inc.(a)
.............................................
11,066
318
Roivant
Sciences
Ltd.(a)
..................................................
73,286
733
RxSight,
Inc.(a)
........................................................
3,971
181
Sage
Therapeutics,
Inc.(a)
.................................................
6,890
177
Sana
Biotechnology,
Inc.(a)(b)
.............................................
13,242
73
Sanara
Medtech,
Inc.(a)
..................................................
458
15
Sarepta
Therapeutics,
Inc.(a)
...............................................
11,804
1,405
Savara,
Inc.(a)
.........................................................
9,431
47
Scholar
Rock
Holding
Corp.(a)
.............................................
7,479
104
Schrodinger,
Inc.(a)
.....................................................
8,207
217
Scilex
Holding
Co.(a)(b)
..................................................
7,128
12
scPharmaceuticals,
Inc.(a)(b)
...............................................
3,151
15
Select
Medical
Holdings
Corp.
.............................................
13,558
352
Semler
Scientific,
Inc.(a)
..................................................
706
31
Senseonics
Holdings,
Inc.(a)(b)
.............................................
62,116
35
Seres
Therapeutics,
Inc.(a)
................................................
13,038
15
Sharecare,
Inc.(a)
.......................................................
37,513
42
Shockwave
Medical,
Inc.(a)
...............................................
4,853
1,098
SI-BONE,
Inc.(a)
.......................................................
4,916
99
SIGA
Technologies,
Inc.
..................................................
5,413
26
Sight
Sciences,
Inc.(a)
...................................................
3,599
15
Silk
Road
Medical,
Inc.(a)
................................................
4,861
74
Simulations
Plus,
Inc.
....................................................
2,139
81
Soleno
Therapeutics,
Inc.(a)
...............................................
2,433
113
Sotera
Health
Co.(a)
.....................................................
13,161
194
SpringWorks
Therapeutics,
Inc.(a)
...........................................
6,553
289
STAAR
Surgical
Co.(a)
..................................................
6,465
181
Standard
BioTools,
Inc.(a)
................................................
32,851
75
Stereotaxis,
Inc.(a)
......................................................
9,180
19
Stoke
Therapeutics,
Inc.(a)(b)
..............................................
3,723
18
Supernus
Pharmaceuticals,
Inc.(a)
...........................................
7,005
194
Surgery
Partners,
Inc.(a)
..................................................
8,725
268
Surmodics,
Inc.(a)
......................................................
1,824
64
Sutro
Biopharma,
Inc.(a)
..................................................
7,727
34
Syndax
Pharmaceuticals,
Inc.(a)
............................................
8,868
182
Tactile
Systems
Technology,
Inc.(a)
..........................................
3,087
47
Talkspace,
Inc.(a)
.......................................................
15,324
37
Tandem
Diabetes
Care,
Inc.(a)
..............................................
8,663
198
Tango
Therapeutics,
Inc.(a)
................................................
6,830
80
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
92
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Shares
Value
(000)
Tarsus
Pharmaceuticals,
Inc.(a)
.............................................
2,953
$
80
Taysha
Gene
Therapies,
Inc.(a)
.............................................
15,493
24
Tela
Bio,
Inc.(a)
........................................................
2,277
16
Teladoc
Health,
Inc.(a)
...................................................
21,972
427
Teleflex,
Inc.
..........................................................
6,271
1,523
Tenaya
Therapeutics,
Inc.(a)
...............................................
6,026
25
Tenet
Healthcare
Corp.(a)
.................................................
13,181
1,091
Terns
Pharmaceuticals,
Inc.(a)
..............................................
5,297
27
TG
Therapeutics,
Inc.(a)
..................................................
18,385
299
The
Ensign
Group,
Inc.
...................................................
7,273
823
The
Joint
Corp.(a)
......................................................
1,913
19
The
Oncology
Institute,
Inc.(a)
.............................................
3,588
7
The
Pennant
Group,
Inc.(a)
................................................
3,659
55
Theravance
Biopharma,
Inc.(a)
.............................................
6,143
58
Theseus
Pharmaceuticals,
Inc.(a)
............................................
2,076
8
Third
Harmonic
Bio,
Inc.(a)(b)
.............................................
2,088
18
Tourmaline
Bio,
Inc.
.....................................................
1,785
60
TransMedics
Group,
Inc.(a)
................................................
4,208
361
Travere
Therapeutics,
Inc.(a)
...............................................
9,499
85
Treace
Medical
Concepts,
Inc.(a)
............................................
5,852
79
TScan
Therapeutics,
Inc.(a)
................................................
5,152
26
Twist
Bioscience
Corp.(a)
.................................................
7,386
239
Tyra
Biosciences,
Inc.(a)(b)
...............................................
2,471
33
U.S.
Physical
Therapy,
Inc.
................................................
1,974
182
UFP
Technologies,
Inc.(a)
.................................................
953
161
Ultragenyx
Pharmaceutical,
Inc.(a)
..........................................
10,487
463
United
Therapeutics
Corp.(a)
..............................................
6,128
1,316
Universal
Health
Services,
Inc.,
Class
B
.......................................
7,772
1,234
Utah
Medical
Products,
Inc.
...............................................
454
36
Vanda
Pharmaceuticals,
Inc.(a)
.............................................
7,436
27
Varex
Imaging
Corp.(a)
..................................................
5,369
103
Vaxcyte,
Inc.(a)
........................................................
11,895
850
Ventyx
Biosciences,
Inc.(a)
................................................
5,968
13
Vera
Therapeutics,
Inc.(a)
.................................................
3,780
138
Veracyte,
Inc.(a)
........................................................
9,645
241
Veradigm,
Inc.(a)
.......................................................
14,211
130
Verastem,
Inc.(a)
.......................................................
2,560
30
Vericel
Corp.(a)
........................................................
6,336
272
Verrica
Pharmaceuticals,
Inc.(a)(b)
..........................................
3,357
19
Verve
Therapeutics,
Inc.(a)
................................................
6,942
75
Vigil
Neuroscience,
Inc.(a)
................................................
1,735
5
Viking
Therapeutics,
Inc.(a)
...............................................
11,960
289
Vir
Biotechnology,
Inc.(a)
.................................................
11,783
111
Viridian
Therapeutics,
Inc.(a)
..............................................
6,220
120
Vor
BioPharma,
Inc.(a)
...................................................
7,882
18
Voyager
Therapeutics,
Inc.(a)
..............................................
4,659
34
WaVe
Life
Sciences
Ltd.(a)
................................................
9,745
42
X4
Pharmaceuticals,
Inc.(a)
...............................................
16,953
13
XBiotech,
Inc.(a)
.......................................................
2,491
11
Xencor,
Inc.(a)
.........................................................
7,942
149
Xeris
Biopharma
Holdings,
Inc.(a)
..........................................
17,325
43
XOMA
Corp.(a)(b)
......................................................
1,526
30
Xtant
Medical
Holdings,
Inc.(a)
............................................
5,962
5
Y-mAbs
Therapeutics,
Inc.(a)
..............................................
4,481
57
Zentalis
Pharmaceuticals,
Inc.(a)
............................................
8,504
101
Zevra
Therapeutics,
Inc.(a)
................................................
5,105
30
Zimvie,
Inc.(a)
.........................................................
3,464
61
Zomedica
Corp.(a)(b)
....................................................
129,040
17
Zymeworks,
Inc.(a)
.....................................................
8,752
95
Zynex,
Inc.(a)(b)
.......................................................
2,557
30
95,878
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
93
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Shares
Value
(000)
Industrials
(17.8%):
374Water,
Inc.(a)(b)
.....................................................
8,389
$
10
3D
Systems
Corp.(a)
....................................................
17,330
83
A.O.
Smith
Corp.
.......................................................
16,151
1,254
AAON,
Inc.
...........................................................
8,971
629
AAR
Corp.(a)
.........................................................
4,485
273
ABM
Industries,
Inc.
....................................................
8,652
353
ACCO
Brands
Corp.
....................................................
12,198
74
Acme
United
Corp.
.....................................................
418
20
Acuity
Brands,
Inc.
.....................................................
4,116
980
ACV
Auctions,
Inc.,
Class
A(a)
.............................................
17,566
228
Advanced
Drainage
Systems,
Inc.
...........................................
8,999
1,174
AECOM
.............................................................
18,119
1,598
AeroVironment,
Inc.(a)
...................................................
3,721
449
AerSale
Corp.(a)
.......................................................
3,104
29
AGCO
Corp.
..........................................................
8,321
1,018
Air
Lease
Corp.
........................................................
13,797
577
Air
Transport
Services
Group,
Inc.(a)
.........................................
6,781
105
Alamo
Group,
Inc.
......................................................
1,522
323
Alaska
Air
Group,
Inc.(a)
.................................................
17,076
612
Albany
International
Corp.
................................................
4,138
368
Alight,
Inc.,
Class
A(a)
...................................................
45,915
410
Allegiant
Travel
Co.
.....................................................
2,039
160
Allegion
PLC
.........................................................
11,677
1,447
Allient,
Inc.
...........................................................
1,900
53
Allison
Transmission
Holdings,
Inc.
.........................................
11,901
721
Alta
Equipment
Group,
Inc.
...............................................
3,075
33
Ameresco,
Inc.,
Class
A(a)
................................................
4,257
87
American
Airlines
Group,
Inc.(a)
............................................
86,125
1,226
American
Superconductor
Corp.(a)
..........................................
3,832
42
American
Woodmark
Corp.(a)
..............................................
2,113
193
API
Group
Corp.(a)
.....................................................
28,647
903
Apogee
Enterprises,
Inc.
..................................................
2,888
153
Applied
Industrial
Technologies,
Inc.
.........................................
5,101
900
ARC
Document
Solutions,
Inc.
.............................................
4,834
14
ArcBest
Corp.
.........................................................
3,093
369
Archer
Aviation,
Inc.,
Class
A(a)(b)
..........................................
24,568
119
Arcosa,
Inc.
...........................................................
6,418
502
Argan,
Inc.
...........................................................
1,677
74
Aris
Water
Solutions,
Inc.,
Class
A
...........................................
3,334
29
Armstrong
World
Industries,
Inc.
............................................
5,834
579
Array
Technologies,
Inc.(a)
................................................
19,630
260
ASGN,
Inc.(a)
.........................................................
6,088
565
Astec
Industries,
Inc.
....................................................
2,988
106
Astronics
Corp.(a)
......................................................
3,656
62
Asure
Software,
Inc.(a)
...................................................
3,050
27
Atkore,
Inc.(a)
.........................................................
4,909
749
Avis
Budget
Group,
Inc.
..................................................
4,711
771
AZZ,
Inc.
............................................................
3,271
204
Babcock
&
Wilcox
Enterprises,
Inc.(a)
........................................
11,492
15
Barnes
Group,
Inc.
......................................................
6,343
210
Barrett
Business
Services,
Inc.
.............................................
854
96
Beacon
Roofing
Supply,
Inc.(a)
.............................................
7,020
582
BlackSky
Technology,
Inc.(a)(b)
............................................
12,540
16
Blade
Air
Mobility,
Inc.(a)
................................................
6,052
18
Blink
Charging
Co.(a)(b)
.................................................
8,120
20
Bloom
Energy
Corp.,
Class
A(a)(b)
..........................................
26,252
297
Blue
Bird
Corp.(a)
......................................................
3,129
91
BlueLinx
Holdings,
Inc.(a)
................................................
1,122
129
Boise
Cascade
Co.
......................................................
5,228
708
Bowman
Consulting
Group
Ltd.(a)
..........................................
1,494
47
Brady
Corp.,
Class
A
....................................................
5,895
355
BrightView
Holdings,
Inc.(a)
..............................................
5,205
47
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
94
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Shares
Value
(000)
BWX
Technologies,
Inc.
..................................................
12,203
$
994
Byrna
Technologies,
Inc.(a)
................................................
2,328
16
C.H.
Robinson
Worldwide,
Inc.
.............................................
15,402
1,295
CACI
International,
Inc.,
Class
A(a)
.........................................
2,942
1,011
Cadre
Holdings,
Inc.
.....................................................
2,435
83
Casella
Waste
Systems,
Inc.(a)
.............................................
7,551
644
CBIZ,
Inc.(a)
..........................................................
6,349
404
CECO
Environmental
Corp.(a)
.............................................
3,953
76
ChargePoint
Holdings,
Inc.(a)(b)
............................................
37,831
72
Chart
Industries,
Inc.(a)
..................................................
5,677
663
Civeo
Corp.
...........................................................
1,812
40
Clean
Harbors,
Inc.(a)
...................................................
6,770
1,137
Columbus
McKinnon
Corp.
...............................................
3,748
146
Comfort
Systems
USA,
Inc.
...............................................
4,686
1,019
Commercial
Vehicle
Group,
Inc.(a)
..........................................
3,946
26
Concentrix
Corp.
.......................................................
5,174
460
Concrete
Pumping
Holdings,
Inc.(a)
.........................................
3,216
25
Conduent,
Inc.(a)
.......................................................
26,995
97
Construction
Partners,
Inc.,
Class
A(a)
........................................
5,645
257
Core
&
Main,
Inc.,
Class
A(a)
..............................................
17,542
725
CoreCivic,
Inc.(a)
......................................................
14,825
211
Covenant
Logistics
Group,
Inc.
.............................................
970
47
CRA
International,
Inc.
...................................................
896
96
Crane
Co.
............................................................
7,545
936
CSG
Systems
International,
Inc.
............................................
3,836
193
CSW
Industrials,
Inc.
....................................................
2,054
435
Curtiss-Wright
Corp.
....................................................
5,094
1,134
Custom
Truck
One
Source,
Inc.(a)
...........................................
7,732
51
Daseke,
Inc.(a)
.........................................................
5,156
42
Dayforce,
Inc.(a)
.......................................................
20,185
1,403
Deluxe
Corp.
..........................................................
5,771
109
Desktop
Metal,
Inc.,
Class
A(a)(b)
...........................................
28,576
19
Distribution
Solutions
Group,
Inc.(a)
.........................................
1,207
39
DLH
Holdings
Corp.(a)
..................................................
1,591
25
DNOW,
Inc.(a)
........................................................
13,993
141
Donaldson
Co.,
Inc.
.....................................................
15,996
1,033
Douglas
Dynamics,
Inc.
..................................................
2,993
75
Driven
Brands
Holdings,
Inc.(a)
............................................
7,791
102
Ducommun,
Inc.(a)
.....................................................
1,820
90
Dun
&
Bradstreet
Holdings,
Inc.
............................................
34,689
402
DXP
Enterprises,
Inc.(a)
..................................................
1,736
56
Dycom
Industries,
Inc.(a)
.................................................
3,787
423
Eagle
Bulk
Shipping,
Inc.(b)
...............................................
901
50
EMCOR
Group,
Inc.
....................................................
6,202
1,415
Encore
Wire
Corp.
......................................................
1,988
448
Energy
Recovery,
Inc.(a)
.................................................
7,342
114
Energy
Vault
Holdings,
Inc.(a)(b)
...........................................
10,145
15
Enerpac
Tool
Group
Corp.
................................................
7,104
222
EnerSys
..............................................................
5,310
508
Ennis,
Inc.
............................................................
3,310
67
Enovix
Corp.(a)(b)
......................................................
18,287
170
Enpro,
Inc.
...........................................................
2,775
415
Enviri
Corp.(a)
.........................................................
10,476
90
Eos
Energy
Enterprises,
Inc.(a)(b)
...........................................
20,355
23
Esab
Corp.
............................................................
7,553
650
ESCO
Technologies,
Inc.
.................................................
3,393
346
ESS
Tech,
Inc.(a)(b)
.....................................................
7,182
7
EVI
Industries,
Inc.
.....................................................
845
20
ExlService
Holdings,
Inc.(a)
...............................................
20,999
657
Exponent,
Inc.
.........................................................
6,677
589
Federal
Signal
Corp.
.....................................................
7,963
613
First
Advantage
Corp.
....................................................
6,711
110
FiscalNote
Holdings,
Inc.(a)(b)
.............................................
13,617
17
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
95
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Shares
Value
(000)
Flowserve
Corp.
........................................................
17,457
$
697
Fluence
Energy,
Inc.(a)
...................................................
8,073
160
Fluor
Corp.(a)
.........................................................
22,527
850
Forrester
Research,
Inc.(a)
................................................
1,550
40
Fortune
Brands
Innovations,
Inc.
............................................
16,780
1,302
Forward
Air
Corp.
......................................................
3,388
150
Franklin
Covey
Co.(a)
...................................................
1,519
61
Franklin
Electric
Co.,
Inc.
.................................................
5,295
499
FTAI
Aviation
Ltd.
......................................................
13,250
715
FTAI
Infrastructure,
Inc.
..................................................
13,102
56
FTI
Consulting,
Inc.(a)
...................................................
4,668
894
FuelCell
Energy,
Inc.(a)(b)
................................................
60,127
72
Gates
Industrial
Corp.
PLC(a)
..............................................
19,986
257
GATX
Corp.
..........................................................
4,691
575
Genco
Shipping
&
Trading
Ltd.
.............................................
5,333
94
Gencor
Industries,
Inc.(a)
.................................................
1,620
25
Generac
Holdings,
Inc.(a)
.................................................
8,083
919
Genpact
Ltd.
..........................................................
22,280
800
Gibraltar
Industries,
Inc.(a)
................................................
4,028
326
GMS,
Inc.(a)
..........................................................
5,398
454
GrafTech
International
Ltd.
................................................
25,740
34
Graham
Corp.(a)
.......................................................
1,351
26
Granite
Construction,
Inc.
.................................................
5,819
263
Great
Lakes
Dredge
&
Dock
Corp.(a)
........................................
8,628
66
Griffon
Corp.
..........................................................
6,355
370
GXO
Logistics,
Inc.(a)
...................................................
15,643
851
H&E
Equipment
Services,
Inc.
.............................................
4,263
229
Hawaiian
Holdings,
Inc.(a)
................................................
6,618
94
Hayward
Holdings,
Inc.(a)
................................................
28,414
356
Healthcare
Services
Group,
Inc.
.............................................
9,794
92
Heartland
Express,
Inc.
...................................................
5,728
74
Heidrick
&
Struggles
International,
Inc.
.......................................
2,615
78
Helios
Technologies,
Inc.
.................................................
4,391
181
Herc
Holdings,
Inc.
.....................................................
3,712
548
Hertz
Global
Holdings,
Inc.(a)
.............................................
39,749
332
Hexcel
Corp.
..........................................................
11,191
743
Hillenbrand,
Inc.
.......................................................
9,253
431
Hillman
Solutions
Corp.(a)
................................................
25,821
227
HireQuest,
Inc.
........................................................
697
9
HNI
Corp.
............................................................
6,076
247
Hub
Group,
Inc.,
Class
A(a)
...............................................
8,212
372
Hudson
Technologies,
Inc.(a)
..............................................
5,242
67
Huntington
Ingalls
Industries,
Inc.
...........................................
5,194
1,345
Hurco
Cos.,
Inc.
........................................................
807
19
Huron
Consulting
Group,
Inc.(a)
............................................
2,447
253
Hyster-Yale
Materials
Handling,
Inc.
.........................................
1,132
74
Hyzon
Motors,
Inc.(a)(b)
.................................................
12,045
9
IBEX
Holdings
Ltd.(a)
...................................................
1,260
23
ICF
International,
Inc.
...................................................
2,483
345
IES
Holdings,
Inc.(a)
....................................................
2,605
214
Innodata,
Inc.(a)(b)
.....................................................
3,578
37
Innovative
Solutions
and
Support,
Inc.(a)
......................................
1,580
13
Insperity,
Inc.
..........................................................
4,702
539
Insteel
Industries,
Inc.
....................................................
2,475
86
Interface,
Inc.
.........................................................
7,554
94
ITT,
Inc.
.............................................................
10,912
1,318
Janus
International
Group,
Inc.(a)
...........................................
14,933
211
JELD-WEN
Holding,
Inc.(a)
...............................................
11,105
207
JetBlue
Airways
Corp.(a)
.................................................
44,433
236
Joby
Aviation,
Inc.(a)(b)
..................................................
51,153
279
John
Bean
Technologies
Corp.
..............................................
4,206
415
Kadant,
Inc.
...........................................................
1,547
442
Kaman
Corp.
..........................................................
3,735
168
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
96
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Shares
Value
(000)
Karat
Packaging,
Inc.
....................................................
921
$
22
KBR,
Inc.
............................................................
17,851
930
Kelly
Services,
Inc.,
Class
A
...............................................
4,123
85
Kennametal,
Inc.
.......................................................
10,147
249
Kforce,
Inc.
...........................................................
2,490
170
Kirby
Corp.(a)
.........................................................
7,831
616
Knight-Swift
Transportation
Holdings,
Inc.
....................................
20,903
1,199
Korn
Ferry
...........................................................
6,941
407
Kratos
Defense
&
Security
Solutions,
Inc.(a)
...................................
16,898
286
L.B.
Foster
Co.,
Class
A(a)
................................................
1,370
32
Landstar
System,
Inc.
....................................................
4,765
914
Legalzoom.com,
Inc.(a)
..................................................
16,757
173
Leonardo
DRS,
Inc.(a)
...................................................
9,504
185
Li-Cycle
Holdings
Corp.(a)(b)
.............................................
16,263
7
Limbach
Holdings,
Inc.(a)
................................................
1,224
53
Lincoln
Electric
Holdings,
Inc.
.............................................
7,478
1,662
Lindsay
Corp.
.........................................................
1,463
190
Liquidity
Services,
Inc.(a)
.................................................
2,998
52
LSI
Industries,
Inc.
......................................................
3,394
46
Lyft,
Inc.,
Class
A(a)
....................................................
44,472
555
Manitex
International,
Inc.(a)
..............................................
1,860
14
ManpowerGroup,
Inc.
...................................................
6,458
479
Markforged
Holding
Corp.(a)
..............................................
15,022
10
Marten
Transport
Ltd.
....................................................
7,683
142
Masco
Corp.
..........................................................
29,912
2,013
Masonite
International
Corp.(a)
.............................................
2,892
266
MasTec,
Inc.(a)
........................................................
8,122
533
Masterbrand,
Inc.(a)
.....................................................
16,843
237
Matrix
Service
Co.(a)
....................................................
3,451
32
Matson,
Inc.
..........................................................
4,562
511
Matthews
International
Corp.,
Class
A
........................................
3,922
129
Maximus,
Inc.
.........................................................
8,072
655
Mayville
Engineering
Co.,
Inc.(a)
...........................................
1,810
23
McGrath
RentCorp.
.....................................................
3,256
409
MDU
Resources
Group,
Inc.
...............................................
26,053
508
Mercury
Systems,
Inc.(a)
.................................................
7,650
227
Microvast
Holdings,
Inc.(a)(b)
.............................................
28,430
27
Miller
Industries,
Inc.
....................................................
1,471
59
MillerKnoll,
Inc.
.......................................................
9,731
259
Mistras
Group,
Inc.(a)
...................................................
2,362
18
Montrose
Environmental
Group,
Inc.(a)
.......................................
3,732
109
Moog,
Inc.,
Class
A
.....................................................
3,758
525
MRC
Global,
Inc.(a)
.....................................................
10,992
117
MSA
Safety,
Inc.
.......................................................
4,931
814
MSC
Industrial
Direct
Co.,
Inc.
.............................................
5,982
590
Mueller
Industries,
Inc.
...................................................
14,738
707
Mueller
Water
Products,
Inc.,
Class
A
........................................
20,529
281
MYR
Group,
Inc.(a)
.....................................................
2,190
315
National
Presto
Industries,
Inc.
.............................................
680
54
NEXTracker,
Inc.,
Class
A(a)
..............................................
6,459
292
Nikola
Corp.(a)(b)
......................................................
122,126
91
NN,
Inc.(a)
...........................................................
5,823
27
Northann
Corp.(a)
......................................................
930
1
Northwest
Pipe
Co.(a)
...................................................
1,302
40
NuScale
Power
Corp.(a)(b)
................................................
7,006
20
NV5
Global,
Inc.(a)
.....................................................
1,862
195
nVent
Electric
PLC
......................................................
21,659
1,300
Omega
Flex,
Inc.
.......................................................
444
31
OPENLANE,
Inc.(a)
....................................................
14,144
199
Orion
Group
Holdings,
Inc.(a)
..............................................
3,895
22
Oshkosh
Corp.
.........................................................
8,687
956
Owens
Corning
........................................................
11,786
1,786
PAM
Transportation
Services,
Inc.(a)
.........................................
775
16
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
97
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Shares
Value
(000)
Pangaea
Logistics
Solutions
Ltd.
............................................
3,224
$
30
Park
Aerospace
Corp.
....................................................
2,518
37
Park-Ohio
Holdings
Corp.
................................................
1,149
28
Parsons
Corp.(a)
.......................................................
13,896
905
Paycor
HCM,
Inc.(a)
....................................................
8,521
166
Paylocity
Holding
Corp.(a)
................................................
5,848
926
Pentair
PLC
...........................................................
22,027
1,612
Performant
Financial
Corp.(a)
..............................................
8,516
24
PGT
Innovations,
Inc.(a)
..................................................
7,186
296
Pitney
Bowes,
Inc.
......................................................
20,588
85
Planet
Labs
PBC(a)
.....................................................
22,206
50
Plug
Power,
Inc.(a)(b)
....................................................
72,178
321
Powell
Industries,
Inc.
...................................................
1,217
144
Preformed
Line
Products
Co.
..............................................
328
40
Primoris
Services
Corp.
..................................................
7,048
231
Proto
Labs,
Inc.(a)
......................................................
3,423
124
Quad/Graphics,
Inc.(a)
...................................................
3,868
21
Quanex
Building
Products
Corp.
............................................
4,354
136
Quest
Resource
Holding
Corp.(a)
...........................................
2,237
15
Radiant
Logistics,
Inc.(a)
.................................................
4,773
29
RBC
Bearings,
Inc.(a)
...................................................
3,821
1,026
RCM
Technologies,
Inc.(a)
................................................
644
18
Redwire
Corp.(a)(b)
.....................................................
2,914
8
Regal
Rexnord
Corp.
....................................................
8,830
1,178
Resideo
Technologies,
Inc.(a)
..............................................
19,208
322
Resources
Connection,
Inc.
................................................
4,231
57
REV
Group,
Inc.
.......................................................
4,022
79
Robert
Half,
Inc.
.......................................................
13,763
1,095
Rocket
Lab
USA,
Inc.(a)
.................................................
39,340
191
Rush
Enterprises,
Inc.,
Class
A
.............................................
9,328
419
RXO,
Inc.(a)
..........................................................
15,363
320
Ryder
System,
Inc.
......................................................
5,789
657
Safe
Bulkers,
Inc.
.......................................................
8,458
34
Saia,
Inc.(a)
...........................................................
3,543
1,596
Schneider
National,
Inc.,
Class
B
............................................
7,426
182
Science
Applications
International
Corp.
......................................
6,888
879
Sensata
Technologies
Holding
PLC
..........................................
20,087
727
SES
AI
Corp.(a)(b)
......................................................
22,498
30
Shoals
Technologies
Group,
Inc.,
Class
A(a)
....................................
21,933
289
Simpson
Manufacturing
Co.,
Inc.
...........................................
5,677
1,028
SiteOne
Landscape
Supply,
Inc.(a)
...........................................
5,942
918
Skillsoft
Corp.(a)
.......................................................
547
8
Sky
Harbour
Group
Corp.(a)
...............................................
1,144
14
SkyWest,
Inc.(a)
........................................................
5,352
285
SKYX
Platforms
Corp.(a)(b)
...............................................
6,583
10
SP
Plus
Corp.(a)
........................................................
2,534
131
Spirit
AeroSystems
Holdings,
Inc.,
Class
A(a)
..................................
15,372
422
Spirit
Airlines,
Inc.(b)
....................................................
14,471
91
SPX
Technologies,
Inc.(a)
.................................................
5,855
589
Standex
International
Corp.
................................................
1,551
229
Steelcase,
Inc.,
Class
A
...................................................
11,245
143
Stem,
Inc.(a)(b)
........................................................
19,391
57
Stericycle,
Inc.(a)
.......................................................
12,339
592
Sterling
Check
Corp.(a)
..................................................
10,647
145
Sterling
Infrastructure,
Inc.(a)
..............................................
3,975
299
Sun
Country
Airlines
Holdings,
Inc.(a)
........................................
5,117
70
SunPower
Corp.(a)(b)
....................................................
11,548
35
Sunrun,
Inc.(a)
.........................................................
28,328
410
TaskUS,
Inc.,
Class
A(a)
..................................................
2,398
30
Tennant
Co.
...........................................................
2,471
234
Terex
Corp.
...........................................................
8,770
539
Terran
Orbital
Corp.(a)(b)
.................................................
18,573
15
Tetra
Tech,
Inc.
........................................................
7,055
1,116
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
98
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Shares
Value
(000)
Textainer
Group
Holdings
Ltd.
.............................................
5,343
$
265
The
AZEK
Co.,
Inc.(a)
...................................................
19,353
746
The
Brink's
Co.
........................................................
5,865
474
The
Eastern
Co.
........................................................
772
19
The
GEO
Group,
Inc.(a)
..................................................
15,992
178
The
Gorman-Rupp
Co.
...................................................
3,029
101
The
Greenbrier
Cos.,
Inc.
.................................................
3,994
182
The
Lion
Electric
Co.(a)(b)
................................................
15,512
27
The
Manitowoc
Co.,
Inc.(a)
...............................................
4,580
74
The
Middleby
Corp.(a)
...................................................
7,076
998
The
Shyft
Group,
Inc.
....................................................
4,116
45
The
Timken
Co.
........................................................
8,423
690
The
Toro
Co.
..........................................................
13,827
1,279
Thermon
Group
Holdings,
Inc.(a)
...........................................
4,408
145
Titan
International,
Inc.(a)
.................................................
6,730
99
Titan
Machinery,
Inc.(a)
..................................................
2,733
73
Transcat,
Inc.(a)
........................................................
1,145
126
Trex
Co.,
Inc.(a)
........................................................
14,437
1,176
TriNet
Group,
Inc.(a)
....................................................
6,231
709
Trinity
Industries,
Inc.
...................................................
10,806
272
Triumph
Group,
Inc.(a)
...................................................
10,053
163
TrueBlue,
Inc.(a)
.......................................................
3,994
55
TTEC
Holdings,
Inc.
....................................................
2,563
52
TuSimple
Holdings,
Inc.,
Class
A(a)
.........................................
18,874
4
Tutor
Perini
Corp.(a)
....................................................
5,595
50
Twin
Disc,
Inc.
........................................................
1,468
22
UFP
Industries,
Inc.
.....................................................
8,030
911
U-Haul
Holding
Co.
.....................................................
14,488
925
Ultralife
Corp.(a)
.......................................................
1,267
9
UniFirst
Corp.
.........................................................
1,926
326
Universal
Logistics
Holdings,
Inc.
...........................................
892
27
Upwork,
Inc.(a)
........................................................
16,080
220
V2X,
Inc.(a)
..........................................................
1,531
60
Valmont
Industries,
Inc.
..................................................
2,740
618
Velo3D,
Inc.(a)
........................................................
14,732
5
Verra
Mobility
Corp.(a)
..................................................
21,674
518
Vestis
Corp.
...........................................................
17,424
373
Viad
Corp.(a)
..........................................................
2,688
89
Vicor
Corp.(a)
.........................................................
3,046
115
Virgin
Galactic
Holdings,
Inc.(a)(b)
..........................................
48,733
87
VSE
Corp.
............................................................
1,802
112
Wabash
National
Corp.
...................................................
6,022
152
Watts
Water
Technologies,
Inc.,
Class
A
.......................................
3,610
715
Werner
Enterprises,
Inc.
..................................................
8,357
331
WESCO
International,
Inc.
................................................
5,855
1,016
Wheels
Up
Experience,
Inc.(a)(b)
...........................................
11,040
37
Willdan
Group,
Inc.(a)
...................................................
1,708
33
Willis
Lease
Finance
Corp.(a)
..............................................
278
14
WillScot
Mobile
Mini
Holdings
Corp.(a)
......................................
24,956
1,180
Woodward,
Inc.
........................................................
7,452
1,027
Xometry,
Inc.,
Class
A(a)
.................................................
5,246
169
XPO,
Inc.(a)
..........................................................
15,225
1,301
Zurn
Elkay
Water
Solutions
Corp.
...........................................
18,858
559
130,869
Information
Technology
(12.5%):
8x8,
Inc.(a)
...........................................................
15,641
53
908
Devices,
Inc.(a)
.....................................................
3,123
22
A10
Networks,
Inc.
.....................................................
9,229
123
ACI
Worldwide,
Inc.(a)
..................................................
14,356
432
ACM
Research,
Inc.,
Class
A(a)
............................................
6,094
105
Adeia,
Inc.
............................................................
13,667
166
ADTRAN
Holdings,
Inc.
.................................................
9,475
59
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
99
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Shares
Value
(000)
Advanced
Energy
Industries,
Inc.
...........................................
4,948
$
515
Aehr
Test
Systems(a)
....................................................
3,614
54
Aeva
Technologies,
Inc.(a)(b)
..............................................
15,293
13
Agilysys,
Inc.(a)
.......................................................
3,200
268
Alarm.com
Holdings,
Inc.(a)
...............................................
6,332
385
Alkami
Technology,
Inc.(a)
................................................
6,620
163
Allegro
MicroSystems,
Inc.(a)
..............................................
9,770
253
Alpha
&
Omega
Semiconductor
Ltd.(a)
.......................................
3,045
78
Altair
Engineering,
Inc.,
Class
A(a)
..........................................
7,198
612
Alteryx,
Inc.,
Class
A(a)
..................................................
8,129
386
Ambarella,
Inc.(a)(b)
....................................................
5,015
264
Amdocs
Ltd.
..........................................................
16,165
1,482
American
Software,
Inc.,
Class
A
...........................................
4,267
48
Amkor
Technology,
Inc.
..................................................
15,232
482
Amplitude,
Inc.,
Class
A(a)
................................................
8,492
110
Appfolio,
Inc.,
Class
A(a)
.................................................
2,579
565
Appian
Corp.,
Class
A(a)
.................................................
5,468
178
Applied
Digital
Corp.(a)(b)
................................................
9,413
48
Applied
Optoelectronics,
Inc.(a)
............................................
4,374
69
AppLovin
Corp.,
Class
A(a)
...............................................
18,081
744
Arlo
Technologies,
Inc.(a)
.................................................
11,942
106
Arrow
Electronics,
Inc.(a)
.................................................
7,192
799
Arteris,
Inc.(a)
.........................................................
2,837
18
Asana,
Inc.,
Class
A(a)
...................................................
10,269
179
Aspen
Technology,
Inc.(a)
.................................................
3,610
693
Atomera,
Inc.(a)
........................................................
3,290
26
Aurora
Innovation,
Inc.(a)
.................................................
93,205
279
AvePoint,
Inc.(a)
.......................................................
12,995
100
Aviat
Networks,
Inc.(a)
...................................................
1,500
45
Avnet,
Inc.
............................................................
12,007
544
Axcelis
Technologies,
Inc.(a)
..............................................
4,308
560
Backblaze,
Inc.,
Class
A(a)
................................................
3,584
29
Badger
Meter,
Inc.
......................................................
3,906
562
Bel
Fuse,
Inc.,
Class
B
...................................................
1,591
106
Belden,
Inc.
...........................................................
5,481
407
Benchmark
Electronics,
Inc.
...............................................
4,605
125
BigBear.ai
Holdings,
Inc.(a)(b)
.............................................
6,324
10
BigCommerce
Holdings,
Inc.,
Class
1(a)
......................................
8,533
70
BILL
Holdings,
Inc.(a)
...................................................
13,640
1,065
Bit
Digital,
Inc.(a)(b)
....................................................
11,321
30
Bitdeer
Technologies
Group(a)(b)
...........................................
2,851
23
Blackbaud,
Inc.(a)
......................................................
5,765
467
BlackLine,
Inc.(a)
......................................................
6,705
393
Blend
Labs,
Inc.,
Class
A(a)
...............................................
23,636
65
Box,
Inc.,
Class
A(a)
....................................................
18,473
480
Braze,
Inc.,
Class
A(a)
...................................................
7,579
410
C3.ai,
Inc.,
Class
A(a)(b)
.................................................
13,536
335
Calix,
Inc.(a)
..........................................................
7,762
258
Cambium
Networks
Corp.(a)
..............................................
1,611
7
CCC
Intelligent
Solutions
Holdings,
Inc.(a)
....................................
26,430
290
Cellebrite
DI
Ltd.(a)
.....................................................
6,808
62
Cerence,
Inc.(a)
........................................................
5,304
106
CEVA,
Inc.(a)
.........................................................
3,048
59
Ciena
Corp.(a)
.........................................................
19,506
1,034
Cipher
Mining,
Inc.(a)
...................................................
7,540
23
Cirrus
Logic,
Inc.(a)
.....................................................
7,178
554
Cleanspark,
Inc.(a)
......................................................
23,498
189
Clear
Secure,
Inc.,
Class
A
................................................
11,216
213
Clearfield,
Inc.(a)
.......................................................
1,726
43
Clearwater
Analytics
Holdings,
Inc.,
Class
A(a)
.................................
14,270
269
Climb
Global
Solutions,
Inc.
...............................................
511
28
Cognex
Corp.
.........................................................
22,978
830
Coherent
Corp.(a)
......................................................
19,755
939
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
100
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Shares
Value
(000)
Cohu,
Inc.(a)
..........................................................
6,221
$
198
CommScope
Holding
Co.,
Inc.(a)
...........................................
27,364
63
CommVault
Systems,
Inc.(a)
...............................................
5,748
527
Comtech
Telecommunications
Corp.(a)
.......................................
3,504
22
Confluent,
Inc.,
Class
A(a)
................................................
27,718
620
Consensus
Cloud
Solutions,
Inc.(a)
..........................................
2,360
51
Corsair
Gaming,
Inc.(a)
..................................................
5,770
73
Couchbase,
Inc.(a)
......................................................
4,271
107
CPI
Card
Group,
Inc.(a)
..................................................
541
10
Crane
NXT
Co.
........................................................
6,438
375
CS
Disco,
Inc.(a)
.......................................................
3,215
26
CSP,
Inc.
.............................................................
450
11
CTS
Corp.
............................................................
4,079
167
Daktronics,
Inc.(a)
......................................................
5,039
38
Diebold
Nixdorf,
Inc.(a)
..................................................
4,967
151
Digi
International,
Inc.(a)
.................................................
4,663
113
Digimarc
Corp.(a)(b)
....................................................
1,872
66
Digital
Turbine,
Inc.(a)
...................................................
12,191
66
DigitalOcean
Holdings,
Inc.(a)
.............................................
6,485
219
Diodes,
Inc.(a)
.........................................................
5,955
401
DocuSign,
Inc.(a)
.......................................................
26,891
1,638
Dolby
Laboratories,
Inc.,
Class
A
...........................................
7,819
650
Domo,
Inc.,
Class
B(a)
...................................................
3,960
43
DoubleVerify
Holdings,
Inc.(a)
.............................................
18,411
737
Dropbox,
Inc.,
Class
A(a)
.................................................
34,053
1,079
DXC
Technology
Co.(a)
..................................................
25,579
558
E2open
Parent
Holdings,
Inc.(a)
............................................
32,028
120
Eastman
Kodak
Co.(a)
...................................................
8,345
29
eGain
Corp.(a)
.........................................................
2,868
22
Elastic
NV(a)
..........................................................
10,795
1,264
Enfusion,
Inc.,
Class
A(a)
.................................................
5,835
46
Envestnet,
Inc.(a)
.......................................................
7,215
369
ePlus,
Inc.(a)
..........................................................
3,525
266
Everbridge,
Inc.(a)
......................................................
5,299
119
Everspin
Technologies,
Inc.(a)
..............................................
2,314
20
Evolv
Technologies
Holdings,
Inc.(a)
.........................................
12,588
55
Expensify,
Inc.,
Class
A(a)
................................................
5,357
9
Extreme
Networks,
Inc.(a)
................................................
16,889
228
F5,
Inc.(a)
............................................................
7,934
1,457
Fabrinet(a)
............................................................
4,827
1,031
FARO
Technologies,
Inc.(a)
...............................................
2,443
55
Fastly,
Inc.,
Class
A(a)
...................................................
16,009
322
Five9,
Inc.(a)
..........................................................
9,514
722
FormFactor,
Inc.(a)
.....................................................
10,290
399
Freshworks,
Inc.,
Class
A(a)
...............................................
21,151
470
Gitlab,
Inc.,
Class
A(a)
...................................................
13,217
940
Globant
SA(a)
.........................................................
5,526
1,303
GoDaddy,
Inc.,
Class
A(a)
.................................................
18,736
1,998
Grid
Dynamics
Holdings,
Inc.(a)
............................................
7,402
97
Guidewire
Software,
Inc.(a)
...............................................
10,859
1,213
Harmonic,
Inc.(a)
.......................................................
14,621
171
HashiCorp,
Inc.,
Class
A(a)
................................................
13,521
296
Ichor
Holdings
Ltd.(a)
...................................................
3,824
138
Identiv,
Inc.(a)
.........................................................
2,792
22
Immersion
Corp.
.......................................................
3,984
27
Impinj,
Inc.(a)
.........................................................
3,469
336
indie
Semiconductor,
Inc.,
Class
A(a)
.........................................
18,452
112
Infinera
Corp.(a)
.......................................................
29,877
148
Informatica,
Inc.,
Class
A(a)
...............................................
16,735
502
Information
Services
Group,
Inc.
............................................
4,609
20
Innoviz
Technologies
Ltd.(a)(b)
.............................................
21,084
36
Insight
Enterprises,
Inc.(a)
................................................
4,309
796
Intapp,
Inc.(a)
.........................................................
6,614
285
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
101
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Shares
Value
(000)
InterDigital,
Inc.
.......................................................
3,373
$
354
inTEST
Corp.(a)
.......................................................
1,554
19
IonQ,
Inc.(a)(b)
........................................................
22,485
231
IPG
Photonics
Corp.(a)
...................................................
3,865
378
Iteris,
Inc.(a)
..........................................................
5,613
27
Itron,
Inc.(a)
..........................................................
6,036
435
Jamf
Holding
Corp.(a)
...................................................
6,381
118
Juniper
Networks,
Inc.
...................................................
42,111
1,556
Kaltura,
Inc.(a)
........................................................
9,418
16
Kimball
Electronics,
Inc.(a)
...............................................
3,269
78
Klaviyo,
Inc.,
Class
A(a)(b)
................................................
2,028
52
Knowles
Corp.(a)
.......................................................
11,869
194
Kopin
Corp.(a)
.........................................................
14,231
25
Kulicke
&
Soffa
Industries,
Inc.
.............................................
7,319
368
Kyndryl
Holdings,
Inc.(a)
.................................................
30,250
621
Lantronix,
Inc.(a)
.......................................................
4,047
25
Lattice
Semiconductor
Corp.(a)
.............................................
18,248
1,111
Lightwave
Logic,
Inc.(a)(b)
...............................................
15,552
67
Littelfuse,
Inc.
.........................................................
3,274
792
LivePerson,
Inc.(a)
......................................................
10,128
28
LiveRamp
Holdings,
Inc.(a)
...............................................
8,509
336
Lumentum
Holdings,
Inc.(a)
...............................................
8,855
487
Luna
Innovations,
Inc.(a)
.................................................
4,296
31
MACOM
Technology
Solutions
Holdings,
Inc.(a)
................................
7,327
632
Magnachip
Semiconductor
Corp.(a)
..........................................
4,943
32
Manhattan
Associates,
Inc.(a)
..............................................
8,130
1,972
Marathon
Digital
Holdings,
Inc.(a)(b)
........................................
28,992
514
Matterport,
Inc.(a)
......................................................
33,650
76
MaxLinear,
Inc.(a)
......................................................
9,958
207
MeridianLink,
Inc.(a)
....................................................
2,851
65
Methode
Electronics,
Inc.
.................................................
4,527
94
MicroStrategy,
Inc.(a)(b)
..................................................
1,821
913
MicroVision,
Inc.(a)(b)
...................................................
25,167
60
Mirion
Technologies,
Inc.(a)
...............................................
27,666
261
Mitek
Systems,
Inc.(a)
...................................................
5,920
75
MKS
Instruments,
Inc.
...................................................
8,423
897
Model
N,
Inc.(a)
.......................................................
4,926
133
N-able,
Inc.(a)
.........................................................
8,149
106
Napco
Security
Technologies,
Inc.
...........................................
4,384
152
Navitas
Semiconductor
Corp.(a)
............................................
15,725
90
nCino,
Inc.(a)
.........................................................
8,148
257
NCR
Voyix
Corp.(a)
.....................................................
17,952
264
NETGEAR,
Inc.(a)
.....................................................
3,716
53
NetScout
Systems,
Inc.(a)
.................................................
9,171
197
NextNav,
Inc.(a)(b)
.....................................................
6,078
25
nLight,
Inc.(a)
.........................................................
5,914
77
Novanta,
Inc.(a)
........................................................
4,747
734
Nutanix,
Inc.,
Class
A(a)
..................................................
32,434
1,823
NVE
Corp.
...........................................................
633
51
Olo,
Inc.,
Class
A(a)
.....................................................
13,952
72
ON24,
Inc.
...........................................................
4,873
37
OneSpan,
Inc.(a)
.......................................................
4,810
49
Onto
Innovation,
Inc.(a)
..................................................
6,505
1,051
OSI
Systems,
Inc.(a)
.....................................................
2,114
271
Ouster,
Inc.(a)(b)
.......................................................
2,932
15
PagerDuty,
Inc.(a)
......................................................
11,572
274
PAR
Technology
Corp.(a)(b)
...............................................
3,690
168
PC
Connection,
Inc.
.....................................................
1,525
98
PDF
Solutions,
Inc.(a)
...................................................
4,081
127
Pegasystems,
Inc.
.......................................................
5,244
256
Perficient,
Inc.(a)
.......................................................
4,560
311
Photronics,
Inc.(a)
......................................................
7,712
225
Plexus
Corp.(a)
........................................................
3,597
341
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
102
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Shares
Value
(000)
Porch
Group,
Inc.(a)
.....................................................
10,168
$
24
Power
Integrations,
Inc.
..................................................
7,451
559
PowerSchool
Holdings,
Inc.(a)
.............................................
7,399
174
Procore
Technologies,
Inc.(a)
..............................................
16,963
1,211
Progress
Software
Corp.
..................................................
5,732
326
PROS
Holdings,
Inc.(a)
..................................................
5,573
192
Pure
Storage,
Inc.,
Class
A(a)
..............................................
39,094
1,563
Q2
Holdings,
Inc.(a)
.....................................................
7,529
320
Qorvo,
Inc.(a)
.........................................................
12,932
1,290
Qualys,
Inc.(a)
.........................................................
4,784
905
QuickLogic
Corp.(a)
....................................................
1,801
20
Rackspace
Technology,
Inc.(a)(b)
...........................................
6,210
10
Rambus,
Inc.(a)
........................................................
14,278
978
Rapid7,
Inc.(a)
.........................................................
8,027
442
reAlpha
Tech
Corp.(a)(b)
.................................................
1,204
2
Red
Violet,
Inc.(a)
......................................................
1,248
23
Rekor
Systems,
Inc.(a)
...................................................
8,486
27
ReposiTrak,
Inc.(b)
.....................................................
1,549
19
Ribbon
Communications,
Inc.(a)
............................................
18,774
57
Richardson
Electronics
Ltd.
...............................................
1,585
16
Rigetti
Computing,
Inc.(a)(b)
..............................................
12,422
15
Rimini
Street,
Inc.(a)
....................................................
6,224
20
RingCentral,
Inc.,
Class
A(a)
...............................................
10,931
370
Riot
Platforms,
Inc.(a)(b)
.................................................
26,293
287
Rogers
Corp.(a)
........................................................
2,452
283
Samsara,
Inc.,
Class
A(a)
.................................................
22,478
706
Sanmina
Corp.(a)
.......................................................
7,380
441
ScanSource,
Inc.(a)
.....................................................
3,264
128
SEMrush
Holdings,
Inc.,
Class
A(a)
..........................................
3,868
45
Semtech
Corp.(a)
.......................................................
8,492
168
SentinelOne,
Inc.,
Class
A(a)
...............................................
31,215
837
Silicon
Laboratories,
Inc.(a)
...............................................
4,157
513
SiTime
Corp.(a)
........................................................
2,240
239
SkyWater
Technology,
Inc.(a)(b)
............................................
2,058
18
SMART
Global
Holdings,
Inc.(a)
...........................................
6,682
131
SmartRent,
Inc.(a)
......................................................
22,263
66
Smartsheet,
Inc.,
Class
A(a)
...............................................
17,264
776
SolarEdge
Technologies,
Inc.(a)
............................................
7,539
501
SolarWinds
Corp.(a)
.....................................................
5,701
67
SoundHound
AI,
Inc.,
Class
A(a)(b)
..........................................
27,138
45
SoundThinking,
Inc.(a)
...................................................
1,276
26
Sprinklr,
Inc.,
Class
A(a)
..................................................
13,439
168
Sprout
Social,
Inc.,
Class
A(a)
..............................................
6,326
388
SPS
Commerce,
Inc.(a)
...................................................
4,860
893
Squarespace,
Inc.,
Class
A(a)
..............................................
7,702
239
Stratasys
Ltd.(a)
........................................................
7,953
105
Synaptics,
Inc.(a)
.......................................................
5,148
550
TD
SYNNEX
Corp.
.....................................................
7,107
711
Telos
Corp.(a)
.........................................................
6,723
27
Tenable
Holdings,
Inc.(a)
.................................................
15,382
725
Teradata
Corp.(a)
.......................................................
12,880
595
Terawulf,
Inc.(a)(b)
.....................................................
19,386
32
The
Hackett
Group,
Inc.
..................................................
3,252
75
Thoughtworks
Holding,
Inc.(a)
.............................................
12,190
57
Transphorm,
Inc.(a)
.....................................................
3,391
16
TTM
Technologies,
Inc.(a)
................................................
13,300
185
Tucows,
Inc.,
Class
A(a)
..................................................
1,054
24
Turtle
Beach
Corp.(a)
....................................................
1,946
22
Twilio,
Inc.,
Class
A(a)
...................................................
22,939
1,613
UiPath,
Inc.,
Class
A(a)
..................................................
56,006
1,287
Ultra
Clean
Holdings,
Inc.(a)
..............................................
5,832
223
Unisys
Corp.(a)
........................................................
8,845
60
Universal
Display
Corp.
..................................................
5,851
993
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
103
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Shares
Value
(000)
Upland
Software,
Inc.(a)
..................................................
3,588
$
15
Varonis
Systems,
Inc.(a)
..................................................
14,087
632
Veeco
Instruments,
Inc.(a)
.................................................
7,356
235
Verint
Systems,
Inc.(a)
...................................................
8,215
244
Vertex,
Inc.,
Class
A(a)
...................................................
6,195
150
Viasat,
Inc.(a)
.........................................................
12,996
289
Viavi
Solutions,
Inc.(a)
...................................................
29,359
289
Vishay
Intertechnology,
Inc.
...............................................
16,733
364
Vishay
Precision
Group,
Inc.(a)
.............................................
1,563
50
Vontier
Corp.
..........................................................
20,502
709
Vuzix
Corp.(a)(b)
.......................................................
7,828
13
Weave
Communications,
Inc.(a)
............................................
5,509
69
Wolfspeed,
Inc.(a)
......................................................
16,580
540
Workiva,
Inc.(a)
........................................................
6,368
592
Wrap
Technologies,
Inc.(a)(b)
..............................................
3,858
15
Xerox
Holdings
Corp.
...................................................
15,203
281
Xperi,
Inc.(a)
..........................................................
5,656
60
Yext,
Inc.(a)
...........................................................
13,486
80
Zeta
Global
Holdings
Corp.,
Class
A(a)
.......................................
20,018
194
Zuora,
Inc.,
Class
A(a)
...................................................
17,501
160
92,172
Materials
(5.0%):
AdvanSix,
Inc.
.........................................................
3,455
88
Alcoa
Corp.
...........................................................
23,647
703
Algoma
Steel
Group,
Inc.(b)
...............................................
12,480
104
Alpha
Metallurgical
Resources,
Inc.
..........................................
1,467
586
Alto
Ingredients,
Inc.(a)
..................................................
9,552
18
American
Battery
Technology
Co.(a)(b)
.......................................
6,009
16
American
Vanguard
Corp.
.................................................
3,599
39
AptarGroup,
Inc.
.......................................................
8,744
1,136
Arch
Resources,
Inc.
....................................................
2,304
408
Ardagh
Metal
Packaging
SA
...............................................
18,434
68
Arras
Minerals
Corp.(a)
..................................................
4,451
1
Ashland,
Inc.
..........................................................
6,814
638
Aspen
Aerogels,
Inc.(a)
..................................................
9,074
102
ATI,
Inc.(a)
...........................................................
16,875
690
Atlas
Lithium
Corp.(a)
...................................................
704
16
Avient
Corp.
..........................................................
11,960
433
Axalta
Coating
Systems
Ltd.(a)
.............................................
29,343
951
Balchem
Corp.
.........................................................
4,271
599
Berry
Global
Group,
Inc.
.................................................
15,409
1,009
Cabot
Corp.
...........................................................
7,294
526
Carpenter
Technology
Corp.
...............................................
6,428
396
Century
Aluminum
Co.(a)
.................................................
6,927
77
Clearwater
Paper
Corp.(a)
.................................................
2,157
71
Cleveland-Cliffs,
Inc.(a)
..................................................
66,249
1,328
Coeur
Mining,
Inc.(a)
....................................................
50,473
136
Commercial
Metals
Co.
..................................................
15,501
809
Compass
Minerals
International,
Inc.
.........................................
5,471
123
Contango
ORE,
Inc.(a)
...................................................
670
11
Core
Molding
Technologies,
Inc.(a)
..........................................
1,005
17
Crown
Holdings,
Inc.
....................................................
16,010
1,417
Dakota
Gold
Corp.(a)
....................................................
8,391
18
Danimer
Scientific,
Inc.(a)(b)
..............................................
11,970
8
Eagle
Materials,
Inc.
.....................................................
4,603
1,042
Eastman
Chemical
Co.
...................................................
15,761
1,317
Ecovyst,
Inc.(a)
........................................................
13,789
128
Element
Solutions,
Inc.
...................................................
29,667
659
FMC
Corp.
...........................................................
16,586
932
Gatos
Silver,
Inc.(a)
.....................................................
6,131
38
Ginkgo
Bioworks
Holdings,
Inc.(a)(b)
........................................
176,851
214
Graphic
Packaging
Holding
Co.
............................................
40,457
1,032
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
104
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Shares
Value
(000)
Greif,
Inc.,
Class
A
......................................................
3,335
$
209
H.B.
Fuller
Co.
........................................................
7,185
544
Hawkins,
Inc.
.........................................................
2,555
170
Haynes
International,
Inc.
.................................................
1,658
92
Hecla
Mining
Co.
.......................................................
76,817
293
Huntsman
Corp.
........................................................
22,006
540
Ingevity
Corp.(a)
.......................................................
4,806
209
Innospec,
Inc.
.........................................................
3,291
382
Intrepid
Potash,
Inc.(a)
...................................................
1,270
23
Kaiser
Aluminum
Corp.
..................................................
2,101
136
Knife
River
Corp.(a)
....................................................
7,514
492
Koppers
Holdings,
Inc.
...................................................
2,669
136
Loop
Industries,
Inc.(a)(b)
................................................
2,488
9
Louisiana-Pacific
Corp.
..................................................
9,517
633
LSB
Industries,
Inc.(a)
...................................................
6,547
49
Materion
Corp.
........................................................
2,717
318
Mativ
Holdings,
Inc.
.....................................................
7,045
85
McEwen
Mining,
Inc.(a)
..................................................
5,246
34
Mercer
International,
Inc.
.................................................
5,050
43
Minerals
Technologies,
Inc.
................................................
4,288
280
MP
Materials
Corp.(a)
...................................................
19,191
303
Myers
Industries,
Inc.
....................................................
4,854
91
NewMarket
Corp.
......................................................
911
508
O-I
Glass,
Inc.(a)
.......................................................
20,421
297
Olin
Corp.
............................................................
16,322
850
Olympic
Steel,
Inc.
......................................................
1,306
88
Orion
SA
.............................................................
7,514
168
Pactiv
Evergreen,
Inc.
....................................................
5,248
77
Perpetua
Resources
Corp.(a)
...............................................
8,432
24
Piedmont
Lithium,
Inc.(a)
.................................................
2,378
36
PureCycle
Technologies,
Inc.(a)(b)
..........................................
16,878
66
Quaker
Chemical
Corp.
..................................................
1,845
350
Ramaco
Resources,
Inc.,
Class
A
............................................
3,956
75
Ranpak
Holdings
Corp.(a)
................................................
9,688
40
Rayonier
Advanced
Materials,
Inc.(a)
........................................
8,375
36
Royal
Gold,
Inc.
........................................................
8,757
1,002
RPM
International,
Inc.
..................................................
17,010
1,814
Ryerson
Holding
Corp.
...................................................
3,896
134
Schnitzer
Steel
Industries,
Inc.
.............................................
3,354
88
Sealed
Air
Corp.
.......................................................
19,151
662
Sensient
Technologies
Corp.
...............................................
4,732
294
Silgan
Holdings,
Inc.
....................................................
10,772
495
Smith-Midland
Corp.(a)
..................................................
591
23
Sonoco
Products
Co.
....................................................
12,994
739
Stepan
Co.
............................................................
2,831
253
Summit
Materials,
Inc.,
Class
A(a)
..........................................
15,892
575
SunCoke
Energy,
Inc.
....................................................
11,060
113
Sylvamo
Corp.
.........................................................
4,644
216
The
Chemours
Co.
......................................................
19,629
592
The
Scotts
Miracle-Gro
Co.
...............................................
5,615
316
TimkenSteel
Corp.(a)
....................................................
4,981
102
TMC
The
Metals
Co.,
Inc.(a)(b)
............................................
14,505
19
Tredegar
Corp.
.........................................................
3,633
17
TriMas
Corp.
..........................................................
5,459
135
Trinseo
PLC
..........................................................
4,600
28
Tronox
Holdings
PLC
...................................................
15,586
215
United
States
Lime
&
Minerals,
Inc.
.........................................
278
72
United
States
Steel
Corp.
.................................................
29,455
1,385
Universal
Stainless
&
Alloy
Products,
Inc.(a)
...................................
1,110
21
Warrior
Met
Coal,
Inc.
...................................................
6,862
440
Westrock
Co.
..........................................................
33,824
1,362
36,702
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
105
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Shares
Value
(000)
Real
Estate
(7.3%):
Acadia
Realty
Trust
.....................................................
12,645
$
216
Agree
Realty
Corp.
.....................................................
13,223
788
Alexander
&
Baldwin,
Inc.
................................................
9,570
166
Alexander's,
Inc.
.......................................................
284
62
Alpine
Income
Property
Trust,
Inc.
..........................................
1,669
26
Altisource
Portfolio
Solutions
SA(a)
.........................................
1,652
5
American
Assets
Trust,
Inc.
................................................
6,338
142
American
Homes
4
Rent,
Class
A
...........................................
44,543
1,561
Americold
Realty
Trust,
Inc.
...............................................
37,847
1,041
Anywhere
Real
Estate,
Inc.(a)
..............................................
14,283
102
Apartment
Income
REIT
Corp.
.............................................
19,584
640
Apartment
Investment
&
Management
Co.(a)
...................................
17,645
131
Apple
Hospitality
REIT,
Inc.
...............................................
28,535
458
Armada
Hoffler
Properties,
Inc.
.............................................
8,844
106
Boston
Properties,
Inc.
...................................................
20,944
1,393
Braemar
Hotels
&
Resorts,
Inc.
.............................................
7,031
16
Brandywine
Realty
Trust
.................................................
22,520
107
Brixmor
Property
Group,
Inc.
..............................................
39,959
897
Broadstone
Net
Lease,
Inc.
................................................
23,515
378
BRT
Apartments
Corp.
...................................................
1,491
25
Camden
Property
Trust
...................................................
14,044
1,318
CareTrust
REIT,
Inc.
....................................................
15,725
329
CBL
&
Associates
Properties,
Inc.
...........................................
3,370
79
Centerspace
...........................................................
1,991
109
Chatham
Lodging
Trust
..................................................
6,365
67
City
Office
REIT,
Inc.
....................................................
5,156
27
Community
Healthcare
Trust,
Inc.
...........................................
3,366
86
Compass,
Inc.,
Class
A(a)
.................................................
46,390
160
COPT
Defense
Properties
.................................................
14,994
353
Cousins
Properties,
Inc.
..................................................
20,167
462
CTO
Realty
Growth,
Inc.
.................................................
2,710
45
CubeSmart
...........................................................
29,847
1,290
Cushman
&
Wakefield
PLC(a)
.............................................
26,749
281
DiamondRock
Hospitality
Co.
..............................................
27,603
252
DigitalBridge
Group,
Inc.
.................................................
21,628
425
Diversified
Healthcare
Trust
...............................................
28,881
83
Douglas
Elliman,
Inc.
....................................................
9,621
21
Douglas
Emmett,
Inc.
....................................................
21,410
290
Easterly
Government
Properties,
Inc.
.........................................
11,518
141
EastGroup
Properties,
Inc.
................................................
6,112
1,084
Elme
Communities
......................................................
11,585
168
Empire
State
Realty
Trust,
Inc.
.............................................
17,596
168
EPR
Properties
........................................................
9,893
438
Equity
Commonwealth
...................................................
13,904
266
Equity
LifeStyle
Properties,
Inc.
............................................
23,799
1,611
Essential
Properties
Realty
Trust,
Inc.
........................................
20,722
516
eXp
World
Holdings,
Inc.(b)
...............................................
10,348
128
Farmland
Partners,
Inc.
...................................................
5,821
65
Federal
Realty
Investment
Trust
............................................
10,808
1,100
First
Industrial
Realty
Trust,
Inc.
............................................
17,624
908
Five
Point
Holdings
LLC,
Class
A(a)
.........................................
7,764
27
Forestar
Group,
Inc.(a)
...................................................
2,429
76
Four
Corners
Property
Trust,
Inc.
............................................
11,969
280
Franklin
Street
Properties
Corp.
.............................................
10,791
27
FRP
Holdings,
Inc.(a)
....................................................
794
46
Generation
Income
Properties,
Inc.
..........................................
231
1
Getty
Realty
Corp.
......................................................
6,451
178
Gladstone
Commercial
Corp.
..............................................
5,263
67
Gladstone
Land
Corp.
....................................................
4,453
63
Global
Medical
REIT,
Inc.
................................................
8,266
84
Global
Net
Lease,
Inc.
...................................................
26,306
222
Healthcare
Realty
Trust,
Inc.
...............................................
50,400
812
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
106
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Shares
Value
(000)
Healthpeak
Properties,
Inc.
................................................
72,727
$
1,345
Highwoods
Properties,
Inc.
................................................
13,932
320
Host
Hotels
&
Resorts,
Inc.
................................................
93,334
1,794
Howard
Hughes
Holdings,
Inc.(a)
...........................................
6,626
531
Hudson
Pacific
Properties,
Inc.
.............................................
18,341
150
Independence
Realty
Trust,
Inc.
.............................................
29,835
438
Industrial
Logistics
Properties
Trust
..........................................
7,785
31
Innovative
Industrial
Properties,
Inc.
.........................................
3,697
345
InvenTrust
Properties
Corp.
...............................................
9,004
224
JBG
SMITH
Properties
...................................................
12,717
204
Jones
Lang
LaSalle,
Inc.(a)
................................................
6,310
1,117
Kennedy-Wilson
Holdings,
Inc.
.............................................
15,819
165
Kilroy
Realty
Corp.
.....................................................
15,456
553
Kimco
Realty
Corp.
.....................................................
87,860
1,775
Kite
Realty
Group
Trust
..................................................
29,101
623
Lamar
Advertising
Co.,
Class
A
.............................................
11,616
1,216
LTC
Properties,
Inc.
.....................................................
5,426
169
LuxUrban
Hotels,
Inc.(a)
.................................................
1,488
6
LXP
Industrial
Trust
.....................................................
38,213
347
Marcus
&
Millichap,
Inc.
.................................................
3,196
122
Maui
Land
&
Pineapple
Co.,
Inc.(a)
..........................................
921
18
Medical
Properties
Trust,
Inc.(b)
............................................
78,830
244
Modiv
Industrial,
Inc.
....................................................
825
12
National
Health
Investors,
Inc.
.............................................
5,539
295
National
Storage
Affiliates
Trust
............................................
10,205
381
NET
Lease
Office
Properties
...............................................
1,942
48
NETSTREIT
Corp.
.....................................................
9,154
166
Newmark
Group,
Inc.,
Class
A
.............................................
18,673
190
NexPoint
Diversified
Real
Estate
Trust(b)
.....................................
4,045
28
NexPoint
Residential
Trust,
Inc.
............................................
3,049
93
NNN
REIT,
Inc.
........................................................
24,248
978
Offerpad
Solutions,
Inc.(a)(b)
..............................................
1,407
13
Office
Properties
Income
Trust
.............................................
6,388
23
Omega
Healthcare
Investors,
Inc.
...........................................
32,677
948
One
Liberty
Properties,
Inc.
...............................................
2,087
42
Opendoor
Technologies,
Inc.(a)
.............................................
72,576
248
Orion
Office
REIT,
Inc.
...................................................
7,189
37
Outfront
Media,
Inc.
.....................................................
17,769
231
Paramount
Group,
Inc.
...................................................
24,796
118
Park
Hotels
&
Resorts,
Inc.
................................................
27,396
413
Pebblebrook
Hotel
Trust
..................................................
15,823
241
Phillips
Edison
&
Co.,
Inc.
................................................
15,904
552
Physicians
Realty
Trust
...................................................
31,451
385
Piedmont
Office
Realty
Trust,
Inc.,
Class
A
....................................
16,304
111
Plymouth
Industrial
REIT,
Inc.
.............................................
5,988
133
Postal
Realty
Trust,
Inc.,
Class
A
............................................
2,726
38
PotlatchDeltic
Corp.
.....................................................
10,355
463
Rayonier,
Inc.
.........................................................
19,666
596
RE/MAX
Holdings,
Inc.
..................................................
2,226
24
Redfin
Corp.(a)
........................................................
14,747
120
Regency
Centers
Corp.
...................................................
24,507
1,536
Retail
Opportunity
Investments
Corp.
........................................
16,333
222
Rexford
Industrial
Realty,
Inc.
..............................................
28,181
1,482
RLJ
Lodging
Trust
......................................................
20,284
235
Ryman
Hospitality
Properties,
Inc.
...........................................
7,759
853
Sabra
Health
Care
REIT,
Inc.
..............................................
30,500
407
Safehold,
Inc.
.........................................................
6,472
129
Saul
Centers,
Inc.
.......................................................
1,731
66
Seritage
Growth
Properties,
Class
A(a)(b)
.....................................
5,012
46
Service
Properties
Trust
..................................................
21,634
167
SITE
Centers
Corp.
.....................................................
25,087
334
SL
Green
Realty
Corp.(b)
.................................................
8,609
387
STAG
Industrial,
Inc.
....................................................
24,237
895
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
107
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Shares
Value
(000)
Star
Holdings(a)
........................................................
1,580
$
18
Stratus
Properties,
Inc.(a)
.................................................
877
20
Summit
Hotel
Properties,
Inc.
..............................................
14,035
91
Sunstone
Hotel
Investors,
Inc.
..............................................
27,200
290
Tanger,
Inc.
...........................................................
13,706
369
Tejon
Ranch
Co.(a)
.....................................................
3,447
54
Terreno
Realty
Corp.
....................................................
11,167
667
The
Macerich
Co.
......................................................
28,599
452
The
RMR
Group,
Inc.,
Class
A
.............................................
2,045
53
The
St.
Joe
Co.
........................................................
7,581
418
UMH
Properties,
Inc.
....................................................
8,246
125
Uniti
Group,
Inc.
.......................................................
30,957
163
Universal
Health
Realty
Income
Trust
........................................
1,809
72
Urban
Edge
Properties
...................................................
15,219
263
Veris
Residential,
Inc.
....................................................
11,223
171
Vornado
Realty
Trust
....................................................
22,133
602
Whitestone
REIT
.......................................................
6,070
78
Xenia
Hotels
&
Resorts,
Inc.
...............................................
13,944
186
Zillow
Group,
Inc.,
Class
C(a)
..............................................
27,508
1,564
53,492
Utilities
(2.6%):
ALLETE,
Inc.
.........................................................
7,661
453
Altus
Power,
Inc.(a)
.....................................................
10,410
56
American
States
Water
Co.
................................................
4,902
366
Artesian
Resources
Corp.,
Class
A
...........................................
1,210
44
Avista
Corp.
..........................................................
10,256
349
Black
Hills
Corp.
.......................................................
9,039
468
Brookfield
Renewable
Corp.,
Class
A
.........................................
23,958
669
Cadiz,
Inc.(a)
..........................................................
5,331
14
California
Water
Service
Group
.............................................
7,656
347
Chesapeake
Utilities
Corp.
................................................
2,833
287
Clearway
Energy,
Inc.,
Class
C
.............................................
14,797
359
Consolidated
Water
Co.
Ltd.
...............................................
1,984
63
Essential
Utilities,
Inc.
...................................................
36,466
1,308
Genie
Energy
Ltd.,
Class
B
................................................
1,766
33
Global
Water
Resources,
Inc.
..............................................
1,519
18
Hawaiian
Electric
Industries,
Inc.
...........................................
14,689
191
IDACORP,
Inc.
........................................................
6,740
624
MGE
Energy,
Inc.
......................................................
4,828
311
Middlesex
Water
Co.
....................................................
2,336
131
Montauk
Renewables,
Inc.(a)
..............................................
6,121
42
National
Fuel
Gas
Co.
...................................................
12,115
571
New
Jersey
Resources
Corp.
...............................................
12,997
531
NiSource,
Inc.
.........................................................
59,622
1,548
Northwest
Natural
Holding
Co.
.............................................
4,859
179
Northwestern
Energy
Group,
Inc.
...........................................
8,136
391
NRG
Energy,
Inc.
.......................................................
29,128
1,545
OGE
Energy
Corp.
......................................................
26,708
888
ONE
Gas,
Inc.
.........................................................
7,317
449
Ormat
Technologies,
Inc.
.................................................
8,058
521
Otter
Tail
Corp.
........................................................
5,464
494
Pinnacle
West
Capital
Corp.
...............................................
15,141
1,043
PNM
Resources,
Inc.
....................................................
11,340
411
Portland
General
Electric
Co.
..............................................
13,460
551
Pure
Cycle
Corp.(a)
.....................................................
3,105
30
ReNew
Energy
Global
PLC(a)(b)
...........................................
17,578
119
RGC
Resources,
Inc.
....................................................
1,074
21
SJW
Group
...........................................................
3,887
231
Southwest
Gas
Holdings,
Inc.
..............................................
8,918
523
Spire,
Inc.
............................................................
6,901
392
Sunnova
Energy
International,
Inc.(a)(b)
......................................
14,205
149
The
York
Water
Co.
.....................................................
1,889
68
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
108
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Shares
Value
(000)
UGI
Corp.
............................................................
28,036
$
621
Unitil
Corp.
...........................................................
2,111
100
Vistra
Corp.
...........................................................
47,029
1,930
19,439
Total
Common
Stocks
(Cost
$513,411)
a
a
a
732,544
Preferred
Stocks
(0.0%)
Communication
Services
(0.0%):
SRAX,
Inc.(a)(c)
.......................................................
3,374
—
Total
Preferred
Stocks
(Cost
$—(d))
a
a
a
—
Rights
(0.0%)(f)
Communication
Services
(0.0%):(f)
Communications
Systems,
Inc.,
CVR(a)(c)(c)
...................................
259
—(d)
Consumer
Staples
(0.0%):(f)
Spectrum
Pharmaceuticals,
Inc.,
CVR(a)(c)(c)
..................................
20,024
—(d)
Health
Care
(0.0%):(f)
Achillion
Pharmaceuticals,
CVR(a)(c)(c)
......................................
22,837
5
Akouos,
Inc.,
CVR(a)(c)(c)
................................................
2,413
2
Albireo
Pharma,
Inc.,
CVR(a)(c)(c)
..........................................
2,070
5
Applied
Genetics,
CVR(a)(c)(c)
............................................
7,439
—(d)
Carisma
Therapeutics,
Inc.,
CVR(a)(c)(c)
......................................
22,411
—
Cartesian
Therapeutics,
Inc.,
CVR(a)(c)
.......................................
14,929
3
Chinook
Therapeutics,
Inc.,
CVR(a)(c)
.......................................
5,192
2
Cincor
Pharma,
Inc.,
CVR(a)(c)(c)
..........................................
1,987
6
Coherus
Biosciences,
Inc.,
CVR(a)(c)(c)
......................................
5,561
1
Concert
Pharmaceuticals,
Inc.,
CVR(a)(c)(c)
...................................
5,168
2
Epizyme,
Inc.,
CVR(a)(c)(c)
...............................................
15,309
—(d)
Flexion
Therapeutics,
Inc.,
CVR(a)(b)(c)(c)
....................................
6,526
—(d)
F-star
Therapeutics,
Inc.,
CVR(a)(c)(c)
.......................................
1,298
—(d)
Gemini
Therapeutics,
Inc.,
CVR(a)(c)(c)
......................................
2,307
—
Imara,
Inc.,
CVR(a)(c)(c)
.................................................
1,789
1
Jounce
Therapeutics,
Inc.,
CVR(a)(c)(c)
.......................................
4,884
—(d)
Magenta
Therapeutics,
Inc.,
CVR(a)(c)(c)
.....................................
4,843
—(d)
Medipacific,
Inc.,
CVR(a)(c)(c)
.............................................
5,536
—(d)
Miragen
Therapeutics,
Inc.,
CVR(a)(c)(c)
.....................................
7,890
—(d)
Ocuphire
Pharma,
Inc.,
CVR(a)(c)(c)
.........................................
168
—(d)
OmniAb
Operations,
Inc.(a)(c)(c)
...........................................
698
—
OmniAb
Operations,
Inc.(a)(c)(c)
...........................................
698
—
Opiant
Pharma,
Inc.,
CVR(a)(c)(c)
..........................................
533
—(d)
Palisade
Bio,
Inc.,
CVR(a)(c)(c)
............................................
2,758
1
Paratek
Pharmaceuticals,
Inc.,
CVR(a)(b)(c)(c)
..................................
5,165
1
Prevail
Therapeutics,
Inc.,
CVR(a)(c)(c)
......................................
4,938
2
Satsuma
Pharmaceuticals,
Inc.,
CVR(a)(c)(c)
...................................
3,019
1
Tetraphase
Pharmaceuticals,
Inc.,
CVR(a)(c)(c)
.................................
1,178
—(d)
Xeris
Biopharma
Holdings,
Inc.,
CVR(a)(c)(c)
..................................
8,140
1
Zynerba
Pharmaceuticals,
Inc.,
CVR(a)(b)(c)(c)
.................................
5,691
1
34
Total
Rights
(Cost
$7)
a
a
a
34
Warrants
(0.0%)(f)
Health
Care
(0.0%):(f)
Galectin
Therapeutics,
Inc.(a)(c)(c)
..........................................
7,552
—(d)
Victory
Portfolios
III
Victory
Extended
Market
Index
Fund
109
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Affiliate
Holdings
Security
Description
Shares
Value
(000)
Salarius
Pharmaceuticals,
Inc.(a)
............................................
2,486
$
—
—
Total
Warrants
(Cost
$—)
a
a
a
—(d)
Collateral
for
Securities
Loaned
(2.7%)^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares,
5.22%(g)
........
4,914,120
4,914
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares,
5.27%(g)
............
4,914,120
4,914
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares,
5.24%(g)
...............
4,914,120
4,914
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares,
5.21%(g)
.
4,914,120
4,914
Total
Collateral
for
Securities
Loaned
(Cost
$19,656)
a
a
a
19,656
Total
Investments
(Cost
$533,074)
—
102.1%
752,234
Liabilities
in
excess
of
other
assets
—
(2.1)%
(15,135)
NET
ASSETS
-
100.00%
$
737,099
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Security
was
fair
valued
using
significant
unobservable
inputs
as
of
January
31,
2024.
(d)
Rounds
to
less
than
$1
thousand.
(e)
Affiliated
security.
(f)
Amount
represents
less
than
0.05%
of
net
assets.
(g)
Rate
disclosed
is
the
daily
yield
on
January
31,
2024.
CVR
—
Contingent
Value
Right
LLC
—
Limited
Liability
Company
PLC
—
Public
Limited
Company
REIT
—
Real
Estate
Investment
Trust
Futures
Contracts
Purchased
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
E-Mini
Russell
2000
Index
Futures
......
48
3/15/24
$
4,675,372
$
4,694,160
$
18,788
Total
unrealized
appreciation
$
18,788
Total
unrealized
depreciation
—
Total
net
unrealized
appreciation
(depreciation)
$
18,788
Affiliated Holdings
(Amounts
in
thousands)
Fair
Value
4/30/2023
Purchases
at
Cost
Proceeds
from
Sales
Net
Realized
Gains
(Losses)
Capital
Gain
Distributions
Net
Change
in
Unrealized
Appreciation/
Depreciation
Fair
Value
1/31/2024
Dividend
Income
Victory
Capital
Holdings,
Inc.,
Class
A
...............
$
104
$
74
$
(4)
$
—*
$
—
$
13
$
187
$
4
*
Rounds
to
less
than
$1
thousand.
Schedule
of
Portfolio
Investments
January
31,
2024
Victory
Portfolios
III
Victory
Global
Managed
Volatility
Fund
110
(Unaudited)
Security
Description
Shares
Value
(000)
Common
Stocks
(99.7%)
Australia
(2.6%):
Consumer
Discretionary
(0.1%):
The
Lottery
Corp
Ltd.
....................................................
242,623
$
796
Consumer
Staples
(0.6%):
Coles
Group
Ltd.
.......................................................
105,822
1,098
Woolworths
Group
Ltd.
..................................................
83,361
1,957
3,055
Financials
(0.5%):
Medibank
Pvt.
Ltd.
......................................................
1,050,571
2,630
Information
Technology
(0.2%):
Atlassian
Corp.,
Class
A(a)
................................................
3,975
993
Materials
(1.2%):
BHP
Group
Ltd.
........................................................
112,537
3,442
Fortescue
Ltd.
.........................................................
76,706
1,482
Rio
Tinto
Ltd.
.........................................................
12,170
1,047
5,971
13,445
Belgium
(0.0%):(b)
Financials
(0.0%):(b)
KBC
Group
NV
........................................................
2,566
167
Brazil
(0.9%):
Energy
(0.5%):
Petroleo
Brasileiro
SA,
Preference
Shares
.....................................
281,000
2,294
Financials
(0.4%):
BB
Seguridade
Participacoes
SA
............................................
251,100
1,736
Itau
Unibanco
Holding
SA,
Preference
Shares
..................................
35,445
235
1,971
Materials
(0.0%):(b)
Vale
SA
..............................................................
10,097
138
4,403
Canada
(3.5%):
Consumer
Discretionary
(0.9%):
Dollarama,
Inc.
........................................................
40,756
2,992
Lululemon
Athletica,
Inc.(a)
...............................................
3,407
1,546
4,538
Consumer
Staples
(0.6%):
Alimentation
Couche-Tard,
Inc.
.............................................
47,359
2,775
Loblaw
Cos.
Ltd.
.......................................................
2,363
236
3,011
Energy
(0.3%):
ARC
Resources
Ltd.
.....................................................
10,375
161
Canadian
Natural
Resources
Ltd.
............................................
1,695
108
Cenovus
Energy,
Inc.
....................................................
8,202
133
Imperial
Oil
Ltd.
.......................................................
5,360
309
Suncor
Energy,
Inc.
.....................................................
11,943
396
Tourmaline
Oil
Corp.
....................................................
6,100
264
1,371
Victory
Portfolios
III
Victory
Global
Managed
Volatility
Fund
111
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Shares
Value
(000)
Financials
(0.6%):
iA
Financial
Corp.,
Inc.
...................................................
4,181
$
284
Sun
Life
Financial,
Inc.
..................................................
6,758
350
The
Toronto-Dominion
Bank
...............................................
43,564
2,647
3,281
Industrials
(0.1%):
TFI
International,
Inc.
....................................................
4,557
599
Information
Technology
(1.0%):
CGI,
Inc.(a)
...........................................................
16,304
1,826
Constellation
Software,
Inc.
...............................................
1,145
3,165
4,991
17,791
China
(1.7%):
Communication
Services
(0.0%):(b)
NetEase,
Inc.
..........................................................
5,900
115
Consumer
Discretionary
(0.5%):
Alibaba
Group
Holding
Ltd.
...............................................
13,100
117
ANTA
Sports
Products
Ltd.
................................................
89,800
758
BYD
Co.
Ltd.
.........................................................
32,500
728
Haidilao
International
Holding
Ltd.(c)
........................................
202,000
318
Topsports
International
Holdings
Ltd.(c)
......................................
1,124,000
729
Vipshop
Holdings
Ltd.,
ADR(a)
............................................
6,570
104
2,754
Consumer
Staples
(0.3%):
Nongfu
Spring
Co.
Ltd.,
Class
H(c)
..........................................
216,200
1,174
Tingyi
Cayman
Islands
Holding
Corp.
........................................
212,000
211
1,385
Energy
(0.2%):
China
Coal
Energy
Co.
Ltd.,
Class
H
.........................................
462,000
507
China
Shenhua
Energy
Co.
Ltd.,
Class
H
......................................
55,500
211
PetroChina
Co.
Ltd.,
Class
H
..............................................
172,000
124
842
Financials
(0.3%):
Bank
of
China
Ltd.,
Class
H
...............................................
636,000
239
Industrial
&
Commercial
Bank
of
China
Ltd.,
Class
H
.............................
349,000
170
The
People's
Insurance
Co.
Group
of
China
Ltd.,
Class
H
..........................
3,224,000
1,002
1,411
Health
Care
(0.1%):
CSPC
Pharmaceutical
Group
Ltd.
...........................................
658,000
484
Industrials
(0.1%):
COSCO
SHIPPING
Holdings
Co.
Ltd.,
Class
H
.................................
600,500
631
Information
Technology
(0.2%):
Lenovo
Group
Ltd.
......................................................
1,110,000
1,162
8,784
Denmark
(1.4%):
Consumer
Discretionary
(0.4%):
Pandora
A/S
..........................................................
14,038
2,051
Consumer
Staples
(0.0%):(b)
Carlsberg
AS,
Class
B
...................................................
927
119
Victory
Portfolios
III
Victory
Global
Managed
Volatility
Fund
112
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Shares
Value
(000)
Health
Care
(1.0%):
Coloplast
A/S,
Class
B
...................................................
6,130
$
707
Novo
Nordisk
A/S,
Class
B
................................................
35,986
4,114
4,821
6,991
Finland
(1.2%):
Communication
Services
(0.2%):
Elisa
Oyj
.............................................................
22,600
1,030
Health
Care
(0.5%):
Orion
Oyj,
Class
B
......................................................
48,974
2,254
Industrials
(0.5%):
Kone
Oyj,
Class
B
......................................................
53,377
2,642
5,926
France
(1.9%):
Communication
Services
(0.0%):(b)
Publicis
Groupe
SA
.....................................................
1,724
173
Consumer
Discretionary
(0.8%):
Hermes
International
SCA
................................................
720
1,519
La
Francaise
des
Jeux
SAEM(c)
............................................
32,254
1,307
LVMH
Moet
Hennessy
Louis
Vuitton
SE
......................................
1,523
1,267
4,093
Consumer
Staples
(0.6%):
Carrefour
SA
..........................................................
5,735
98
L'Oreal
SA
...........................................................
6,542
3,130
3,228
Energy
(0.1%):
TotalEnergies
SE
.......................................................
3,665
238
Financials
(0.0%):(b)
Wendel
Se
............................................................
2,283
207
Health
Care
(0.2%):
Ipsen
SA
.............................................................
6,939
800
Sanofi
SA
............................................................
1,183
118
918
Industrials
(0.1%):
Cie
de
Saint-Gobain
SA
..................................................
3,641
257
Schneider
Electric
SE
....................................................
1,048
206
Thales
SA
............................................................
1,058
155
618
Information
Technology
(0.0%):(b)
STMicroelectronics
NV
..................................................
4,614
203
Utilities
(0.1%):
Engie
SA
.............................................................
7,552
121
Veolia
Environnement
SA
.................................................
4,542
148
269
9,947
Germany
(0.6%):
Consumer
Discretionary
(0.1%):
Mercedes-Benz
Group
AG
................................................
3,290
222
Victory
Portfolios
III
Victory
Global
Managed
Volatility
Fund
113
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Shares
Value
(000)
Financials
(0.0%):(b)
Commerzbank
AG
......................................................
8,404
$
97
Health
Care
(0.0%):(b)
Fresenius
Medical
Care
AG
...............................................
2,433
94
Industrials
(0.5%):
Deutsche
Post
AG
......................................................
54,442
2,607
Materials
(0.0%):(b)
Heidelberg
Materials
AG
.................................................
1,426
132
3,152
Hong
Kong
(0.4%):
Consumer
Discretionary
(0.2%):
Chow
Tai
Fook
Jewellery
Group
Ltd.
.........................................
677,000
917
Consumer
Staples
(0.0%):(b)
WH
Group
Ltd.(c)
......................................................
278,000
164
Industrials
(0.2%):
Orient
Overseas
International
Ltd.
...........................................
34,500
515
SITC
International
Holdings
Co.
Ltd.
.........................................
224,000
340
Techtronic
Industries
Co.
Ltd.
..............................................
28,000
298
1,153
2,234
India
(1.3%):
Consumer
Staples
(0.0%):(b)
ITC
Ltd.
.............................................................
28,333
151
Financials
(0.5%):
ICICI
Bank
Ltd.
........................................................
197,735
2,449
Industrials
(0.0%):(b)
Bharat
Electronics
Ltd.
...................................................
55,034
123
Information
Technology
(0.8%):
HCL
Technologies
Ltd.
...................................................
16,887
320
Infosys
Ltd.
...........................................................
92,461
1,843
Tata
Consultancy
Services
Ltd.
.............................................
35,104
1,613
3,776
6,499
Indonesia
(1.0%):
Communication
Services
(0.3%):
PT
Telkom
Indonesia
Persero
Tbk
...........................................
5,072,200
1,273
Energy
(0.1%):
PT
Adaro
Energy
Indonesia
Tbk
............................................
4,932,600
748
Financials
(0.6%):
PT
Bank
Central
Asia
Tbk
.................................................
3,909,200
2,366
PT
Bank
Mandiri
Persero
Tbk
..............................................
1,541,800
649
3,015
5,036
Ireland
(0.7%):
Information
Technology
(0.7%):
Accenture
PLC,
Class
A
..................................................
10,076
3,666
Victory
Portfolios
III
Victory
Global
Managed
Volatility
Fund
114
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Shares
Value
(000)
Materials
(0.0%):(b)
CRH
PLC
............................................................
1,607
$
114
3,780
Israel
(0.7%):
Financials
(0.1%):
Bank
Hapoalim
BM
.....................................................
13,205
113
Israel
Discount
Bank
Ltd.,
Class
A
...........................................
17,776
86
199
Information
Technology
(0.6%):
Check
Point
Software
Technologies
Ltd.(a)
....................................
20,273
3,222
3,421
Italy
(0.0%):(b)
Industrials
(0.0%):(b)
Prysmian
SpA
.........................................................
4,183
184
Japan
(4.3%):
Communication
Services
(0.8%):
CyberAgent,
Inc.
.......................................................
145,500
939
KDDI
Corp.
...........................................................
12,100
401
Nintendo
Co.
Ltd.
......................................................
41,700
2,330
Nippon
Telegraph
&
Telephone
Corp.
........................................
202,500
255
3,925
Consumer
Discretionary
(0.4%):
Honda
Motor
Co.
Ltd.
...................................................
31,600
353
Mazda
Motor
Corp.
.....................................................
17,300
210
Panasonic
Holdings
Corp.
.................................................
8,800
83
Subaru
Corp.
..........................................................
4,000
80
Yamaha
Motor
Co.
Ltd.
..................................................
24,900
235
ZOZO,
Inc.
...........................................................
38,700
848
1,809
Financials
(0.4%):
Mizuho
Financial
Group,
Inc.
..............................................
4,400
80
SBI
Holdings,
Inc.
......................................................
3,200
78
Tokio
Marine
Holdings,
Inc.
...............................................
64,200
1,693
1,851
Health
Care
(0.4%):
Astellas
Pharma,
Inc.
....................................................
38,727
451
Hoya
Corp.
...........................................................
14,500
1,842
2,293
Industrials
(1.1%):
BayCurrent
Consulting,
Inc.
...............................................
16,400
381
Hitachi
Ltd.
...........................................................
4,573
359
ITOCHU
Corp.
........................................................
10,222
464
Marubeni
Corp.
........................................................
6,400
109
Mitsubishi
Corp.
.......................................................
7,800
135
Mitsui
&
Co.
Ltd.
.......................................................
2,300
93
Mitsui
OSK
Lines
Ltd.
...................................................
3,400
122
Persol
Holdings
Co.
Ltd.
..................................................
299,000
476
Recruit
Holdings
Co.
Ltd.
.................................................
75,600
2,987
SG
Holdings
Co.
Ltd.
....................................................
31,800
412
Taisei
Corp.
...........................................................
5,600
204
Toyota
Tsusho
Corp.
.....................................................
1,500
98
5,840
Victory
Portfolios
III
Victory
Global
Managed
Volatility
Fund
115
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Shares
Value
(000)
Information
Technology
(1.0%):
Disco
Corp.
...........................................................
800
$
216
NEC
Corp.
...........................................................
1,700
111
Nomura
Research
Institute
Ltd.
.............................................
47,300
1,447
Oracle
Corp.
..........................................................
27,200
2,144
Renesas
Electronics
Corp.(a)
...............................................
3,800
62
SCSK
Corp.
...........................................................
4,400
86
Trend
Micro,
Inc.
.......................................................
15,200
870
4,936
Materials
(0.2%):
JFE
Holdings,
Inc.
......................................................
5,100
81
Nippon
Steel
Corp.(d)
...................................................
4,600
111
Nissan
Chemical
Corp.
...................................................
22,300
889
1,081
Utilities
(0.0%):(b)
The
Kansai
Electric
Power
Co.,
Inc.
..........................................
5,300
72
Tokyo
Gas
Co.
Ltd.
.....................................................
3,100
71
143
21,878
Mexico
(1.0%):
Communication
Services
(0.4%):
America
Movil
SAB
de
CV,
Class
B
.........................................
2,191,132
1,980
Consumer
Staples
(0.3%):
Fomento
Economico
Mexicano
SAB
de
CV
....................................
16,875
229
Wal-Mart
de
Mexico
SAB
de
CV
...........................................
352,512
1,457
1,686
Financials
(0.3%):
Grupo
Financiero
Banorte
SAB
de
CV,
Class
O
.................................
161,322
1,641
5,307
Netherlands
(1.7%):
Communication
Services
(0.2%):
Koninklijke
KPN
NV
....................................................
239,868
816
Consumer
Staples
(0.4%):
Koninklijke
Ahold
Delhaize
NV
............................................
77,696
2,185
Financials
(0.0%):(b)
ING
Groep
NV
........................................................
6,863
98
Industrials
(0.6%):
Wolters
Kluwer
NV
.....................................................
22,395
3,301
Information
Technology
(0.5%):
ASML
Holding
NV
.....................................................
2,777
2,409
NXP
Semiconductors
NV
.................................................
865
182
2,591
8,991
New
Zealand
(0.1%):
Communication
Services
(0.1%):
Spark
New
Zealand
Ltd.
..................................................
97,104
315
Norway
(0.5%):
Victory
Portfolios
III
Victory
Global
Managed
Volatility
Fund
116
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Shares
Value
(000)
Energy
(0.5%):
Equinor
ASA
..........................................................
88,895
$
2,545
Materials
(0.0%):(b)
Norsk
Hydro
ASA
......................................................
16,110
94
2,639
Russian
Federation
(0.0%):(b)
Communication
Services
(0.0%):(b)
Mobile
TeleSystems
PJSC(a)(e)(f)
...........................................
480,728
12
Consumer
Staples
(0.0%):(b)
X5
Retail
Group
NV,
GDR(a)(e)(f)
..........................................
18,705
2
Energy
(0.0%):(b)
LUKOIL
PJSC(a)(e)(f)
...................................................
34,009
4
Tatneft
PJSC(a)(e)(f)
....................................................
90,761
4
8
Financials
(0.0%):
Sberbank
of
Russia
PJSC(a)(e)(f)
...........................................
409,312
—
Materials
(0.0%):(b)
MMC
Norilsk
Nickel
PJSC(a)(e)(f)
..........................................
5,249
12
34
Singapore
(0.3%):
Financials
(0.3%):
Singapore
Exchange
Ltd.
.................................................
248,900
1,738
South
Africa
(0.7%):
Communication
Services
(0.1%):
MTN
Group
Ltd.
.......................................................
98,821
503
Consumer
Staples
(0.1%):
Clicks
Group
Ltd.
......................................................
25,227
406
Financials
(0.4%):
Capitec
Bank
Holdings
Ltd.
...............................................
11,123
1,185
FirstRand
Ltd.
.........................................................
48,643
176
OUTsurance
Group
Ltd.
..................................................
114,859
257
Standard
Bank
Group
Ltd.
................................................
17,591
188
1,806
Materials
(0.1%):
Kumba
Iron
Ore
Ltd.
....................................................
23,425
689
3,404
South
Korea
(0.3%):
Consumer
Discretionary
(0.2%):
F&F
Co.
Ltd.
..........................................................
15,327
814
Kia
Corp.
............................................................
2,268
174
988
Financials
(0.0%):(b)
KB
Financial
Group,
Inc.
.................................................
2,140
91
Shinhan
Financial
Group
Co.
Ltd.
...........................................
3,777
116
207
Information
Technology
(0.1%):
LG
Innotek
Co.
Ltd.
.....................................................
361
51
Victory
Portfolios
III
Victory
Global
Managed
Volatility
Fund
117
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Shares
Value
(000)
Samsung
Electronics
Co.
Ltd.
..............................................
6,566
$
357
408
1,603
Spain
(1.4%):
Communication
Services
(0.0%):(b)
Telefonica
SA
.........................................................
45,392
184
Consumer
Discretionary
(0.7%):
Industria
de
Diseno
Textil
SA
..............................................
78,213
3,344
Financials
(0.7%):
Banco
Bilbao
Vizcaya
Argentaria
SA
.........................................
379,418
3,551
7,079
Sweden
(0.1%):
Consumer
Discretionary
(0.0%):(b)
H
&
M
Hennes
&
Mauritz
AB,
Class
B(d)
.....................................
5,593
79
Industrials
(0.1%):
Atlas
Copco
AB,
Class
A
.................................................
15,070
241
Volvo
AB,
Class
B
......................................................
9,051
217
458
537
Switzerland
(3.9%):
Communication
Services
(0.1%):
Swisscom
AG,
Registered
Shares
...........................................
433
259
Consumer
Staples
(0.7%):
Nestle
SA,
Registered
Shares
..............................................
33,433
3,811
Health
Care
(1.8%):
Novartis
AG,
Registered
Shares
.............................................
46,624
4,823
Roche
Holding
AG
......................................................
15,323
4,393
9,216
Industrials
(1.3%):
Geberit
AG,
Registered
Shares
.............................................
4,594
2,645
Kuehne
+
Nagel
International
AG,
Class
R
.....................................
4,124
1,398
SGS
SA,
Registered
Shares
................................................
26,925
2,489
6,532
19,818
Taiwan
(2.9%):
Consumer
Discretionary
(0.3%):
Eclat
Textile
Co.
Ltd.
....................................................
20,000
349
Feng
TAY
Enterprise
Co.
Ltd.
..............................................
89,600
462
momo.com,
Inc.
........................................................
17,600
245
Nien
Made
Enterprise
Co.
Ltd.
.............................................
51,000
545
1,601
Consumer
Staples
(0.2%):
Uni-President
Enterprises
Corp.
............................................
337,730
781
Financials
(0.0%):(b)
CTBC
Financial
Holding
Co.
Ltd.
...........................................
263,000
239
Industrials
(0.2%):
Voltronic
Power
Technology
Corp.
..........................................
12,000
513
Victory
Portfolios
III
Victory
Global
Managed
Volatility
Fund
118
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Shares
Value
(000)
Yang
Ming
Marine
Transport
Corp.
..........................................
491,000
$
749
1,262
Information
Technology
(2.2%):
Accton
Technology
Corp.
.................................................
32,000
538
Advantech
Co.
Ltd.
.....................................................
96,295
1,038
MediaTek,
Inc.
.........................................................
2,000
62
Micro-Star
International
Co.
Ltd.
............................................
215,000
1,247
Novatek
Microelectronics
Corp.
............................................
72,000
1,173
Quanta
Computer,
Inc.
...................................................
9,000
71
Realtek
Semiconductor
Corp.
..............................................
122,000
1,826
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
.................................
17,000
341
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.,
ADR
.............................
42,928
4,849
11,145
15,028
Thailand
(0.2%):
Communication
Services
(0.2%):
Advanced
Info
Service
PCL
...............................................
151,000
931
United
Kingdom
(3.1%):
Consumer
Discretionary
(0.5%):
Burberry
Group
PLC
....................................................
64,646
1,064
JD
Sports
Fashion
PLC
...................................................
65,499
97
Next
PLC
............................................................
11,665
1,245
2,406
Consumer
Staples
(0.7%):
Imperial
Brands
PLC
....................................................
79,108
1,898
Unilever
PLC
.........................................................
38,783
1,887
3,785
Energy
(0.1%):
Shell
PLC
............................................................
12,349
383
Financials
(0.0%):(b)
HSBC
Holdings
PLC
....................................................
13,626
106
Health
Care
(0.5%):
GSK
PLC
............................................................
134,043
2,651
Industrials
(1.0%):
Ferguson
PLC
.........................................................
4,161
782
Intertek
Group
PLC
.....................................................
11,935
677
RELX
PLC
...........................................................
86,645
3,576
5,035
Materials
(0.3%):
Rio
Tinto
PLC
.........................................................
26,121
1,808
16,174
United
States
(61.0%):
Communication
Services
(5.0%):
Alphabet,
Inc.,
Class
C(a)
.................................................
117,608
16,651
Charter
Communications,
Inc.,
Class
A(a)
.....................................
300
111
Comcast
Corp.,
Class
A
..................................................
7,896
368
Electronic
Arts,
Inc.
.....................................................
1,202
165
Meta
Platforms,
Inc.,
Class
A(a)
............................................
20,926
8,164
Omnicom
Group,
Inc.
....................................................
2,908
263
The
Interpublic
Group
of
Cos.,
Inc.
..........................................
3,374
111
Victory
Portfolios
III
Victory
Global
Managed
Volatility
Fund
119
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Shares
Value
(000)
Verizon
Communications,
Inc.
..............................................
1,672
$
71
25,904
Consumer
Discretionary
(5.1%):
AutoZone,
Inc.(a)
.......................................................
622
1,718
Bath
&
Body
Works,
Inc.
.................................................
2,695
115
Best
Buy
Co.,
Inc.
......................................................
15,058
1,092
Booking
Holdings,
Inc.(a)
.................................................
557
1,954
Chipotle
Mexican
Grill,
Inc.(a)
.............................................
472
1,137
D.R.
Horton,
Inc.
.......................................................
914
131
Deckers
Outdoor
Corp.(a)
.................................................
1,401
1,056
Dick's
Sporting
Goods,
Inc.
................................................
749
112
Domino's
Pizza,
Inc.
.....................................................
3,550
1,513
eBay,
Inc.
............................................................
1,641
67
Lennar
Corp.,
Class
A
....................................................
1,673
251
Lowe's
Cos.,
Inc.
.......................................................
15,092
3,212
NVR,
Inc.(a)
..........................................................
47
332
O'Reilly
Automotive,
Inc.(a)
...............................................
4,416
4,518
PulteGroup,
Inc.
........................................................
1,249
131
Starbucks
Corp.
........................................................
14,209
1,322
The
Home
Depot,
Inc.
...................................................
5,389
1,902
Ulta
Beauty,
Inc.(a)
.....................................................
4,134
2,075
Yum!
Brands,
Inc.
......................................................
28,375
3,674
26,312
Consumer
Staples
(6.5%):
Altria
Group,
Inc.
.......................................................
116,323
4,667
Colgate-Palmolive
Co.
...................................................
66,941
5,636
Costco
Wholesale
Corp.
..................................................
3,792
2,635
Kimberly-Clark
Corp.
....................................................
13,131
1,589
Philip
Morris
International,
Inc.
.............................................
65,680
5,967
Target
Corp.
..........................................................
13,455
1,871
The
Hershey
Co.
.......................................................
10,928
2,115
The
Kroger
Co.
........................................................
23,633
1,090
The
Procter
&
Gamble
Co.
................................................
38,895
6,112
Walmart,
Inc.
..........................................................
9,099
1,504
33,186
Energy
(2.3%):
APA
Corp.
............................................................
28,426
891
ConocoPhillips
........................................................
17,951
2,008
Devon
Energy
Corp.
.....................................................
43,193
1,815
Diamondback
Energy,
Inc.
................................................
590
91
EOG
Resources,
Inc.
....................................................
37,261
4,240
Exxon
Mobil
Corp.
.....................................................
5,943
611
Marathon
Petroleum
Corp.
................................................
7,683
1,272
Valero
Energy
Corp.
.....................................................
5,333
741
11,669
Financials
(6.3%):
Aflac,
Inc.
............................................................
1,500
126
American
Express
Co.
...................................................
1,191
239
American
International
Group,
Inc.
..........................................
1,168
81
Ameriprise
Financial,
Inc.
.................................................
7,394
2,860
Aon
PLC,
Class
A
......................................................
5,585
1,667
Discover
Financial
Services
...............................................
27,076
2,857
First
Citizens
Bancshares,
Inc.,
Class
A
.......................................
74
112
FleetCor
Technologies,
Inc.(a)
..............................................
879
255
Jack
Henry
&
Associates,
Inc.
..............................................
7,430
1,232
JPMorgan
Chase
&
Co.
..................................................
3,831
668
LPL
Financial
Holdings,
Inc.
...............................................
912
218
MarketAxess
Holdings,
Inc.
...............................................
3,149
710
Mastercard,
Inc.,
Class
A
.................................................
14,489
6,509
MSCI,
Inc.
...........................................................
4,025
2,409
Victory
Portfolios
III
Victory
Global
Managed
Volatility
Fund
120
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Shares
Value
(000)
Regions
Financial
Corp.
..................................................
8,604
$
161
SEI
Investments
Co.
.....................................................
11,431
723
Synchrony
Financial
.....................................................
6,579
256
T.
Rowe
Price
Group,
Inc.
.................................................
22,863
2,479
The
Carlyle
Group,
Inc.
..................................................
3,049
122
The
Progressive
Corp.
...................................................
325
58
Visa,
Inc.,
Class
A
......................................................
25,811
7,053
W.R.
Berkley
Corp.
.....................................................
14,250
1,167
Wells
Fargo
&
Co.
......................................................
3,820
192
32,154
Health
Care
(7.9%):
AbbVie,
Inc.
..........................................................
19,480
3,202
Amgen,
Inc.
...........................................................
381
120
Cardinal
Health,
Inc.
....................................................
8,092
884
Cencora,
Inc.
..........................................................
1,568
365
CVS
Health
Corp.
......................................................
1,261
94
DaVita,
Inc.(a)
.........................................................
1,238
134
Edwards
Lifesciences
Corp.(a)
.............................................
7,047
553
Elevance
Health,
Inc.
....................................................
3,145
1,552
Eli
Lilly
&
Co.
.........................................................
8,765
5,659
Gilead
Sciences,
Inc.
....................................................
16,028
1,254
HCA
Healthcare,
Inc.
....................................................
812
248
Hologic,
Inc.(a)
........................................................
16,086
1,197
Humana,
Inc.
..........................................................
1,703
644
IDEXX
Laboratories,
Inc.(a)
...............................................
3,339
1,720
Johnson
&
Johnson
.....................................................
31,358
4,983
McKesson
Corp.
.......................................................
5,291
2,645
Merck
&
Co.,
Inc.
......................................................
41,910
5,062
Mettler-Toledo
International,
Inc.(a)
.........................................
1,839
2,202
Molina
Healthcare,
Inc.(a)
................................................
6,397
2,280
Pfizer,
Inc.
............................................................
3,575
97
Quest
Diagnostics,
Inc.
...................................................
898
115
Regeneron
Pharmaceuticals,
Inc.(a)
..........................................
260
245
The
Cigna
Group
.......................................................
862
259
UnitedHealth
Group,
Inc.
.................................................
9,113
4,663
Vertex
Pharmaceuticals,
Inc.(a)
.............................................
472
204
40,381
Industrials
(7.2%):
3M
Co.
..............................................................
14,996
1,415
A.O.
Smith
Corp.
.......................................................
1,680
130
Automatic
Data
Processing,
Inc.
............................................
702
173
Builders
FirstSource,
Inc.(a)
...............................................
4,901
851
Caterpillar,
Inc.
........................................................
1,056
317
Cintas
Corp.
..........................................................
5,789
3,500
Cummins,
Inc.
.........................................................
525
126
Deere
&
Co.
..........................................................
440
173
Dover
Corp.
...........................................................
928
139
Expeditors
International
of
Washington,
Inc.
....................................
16,528
2,088
Fastenal
Co.
...........................................................
46,882
3,199
FedEx
Corp.
..........................................................
752
181
Hubbell,
Inc.
..........................................................
262
88
Illinois
Tool
Works,
Inc.
..................................................
13,625
3,555
Leidos
Holdings,
Inc.
....................................................
576
64
Lockheed
Martin
Corp.
...................................................
13,096
5,624
Masco
Corp.
..........................................................
2,534
170
Old
Dominion
Freight
Line,
Inc.
............................................
9,592
3,751
Otis
Worldwide
Corp.
....................................................
34,727
3,071
Owens
Corning
........................................................
1,353
205
PACCAR,
Inc.
.........................................................
1,488
149
Paychex,
Inc.
..........................................................
14,077
1,714
Rockwell
Automation,
Inc.
................................................
2,492
631
Victory
Portfolios
III
Victory
Global
Managed
Volatility
Fund
121
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Shares
Value
(000)
Rollins,
Inc.
...........................................................
30,656
$
1,328
Snap-on,
Inc.
..........................................................
283
82
United
Parcel
Service,
Inc.,
Class
B
..........................................
5,450
773
United
Rentals,
Inc.
.....................................................
450
281
Verisk
Analytics,
Inc.
....................................................
4,562
1,102
W.W.
Grainger,
Inc.
.....................................................
2,118
1,897
36,777
Information
Technology
(18.6%):
Adobe,
Inc.(a)
.........................................................
9,006
5,564
Apple,
Inc.
...........................................................
134,337
24,772
Applied
Materials,
Inc.
...................................................
16,716
2,746
Autodesk,
Inc.(a)
.......................................................
9,047
2,296
Broadcom,
Inc.
........................................................
2,801
3,305
Cadence
Design
Systems,
Inc.(a)
............................................
16,743
4,830
CDW
Corp.
...........................................................
561
127
Cisco
Systems,
Inc.
.....................................................
62,422
3,132
Dropbox,
Inc.,
Class
A(a)
.................................................
3,845
122
Fair
Isaac
Corp.(a)
......................................................
2,312
2,772
Fortinet,
Inc.(a)
........................................................
31,655
2,041
Gartner,
Inc.(a)
........................................................
1,789
818
GoDaddy,
Inc.,
Class
A(a)
.................................................
6,196
661
HP,
Inc.
..............................................................
28,235
811
International
Business
Machines
Corp.
........................................
893
164
Jabil,
Inc.
............................................................
666
83
Keysight
Technologies,
Inc.(a)
.............................................
648
99
KLA
Corp.
...........................................................
3,577
2,125
Lam
Research
Corp.
.....................................................
2,848
2,350
Lattice
Semiconductor
Corp.(a)
.............................................
13,897
846
Microchip
Technology,
Inc.
................................................
1,348
115
Microsoft
Corp.
........................................................
54,479
21,660
Motorola
Solutions,
Inc.
..................................................
376
120
NetApp,
Inc.
..........................................................
11,087
967
NVIDIA
Corp.
.........................................................
8,949
5,506
ON
Semiconductor
Corp.(a)
...............................................
1,722
122
QUALCOMM,
Inc.
.....................................................
17,518
2,602
Synopsys,
Inc.(a)
.......................................................
3,132
1,670
TE
Connectivity
Ltd.
....................................................
1,052
150
Teradyne,
Inc.
.........................................................
11,498
1,111
VeriSign,
Inc.(a)
........................................................
9,816
1,952
95,639
Materials
(1.2%):
CF
Industries
Holdings,
Inc.
...............................................
20,298
1,533
LyondellBasell
Industries
NV,
Class
A
........................................
2,151
203
Nucor
Corp.
...........................................................
6,186
1,156
Steel
Dynamics,
Inc.
.....................................................
1,155
139
The
Sherwin-Williams
Co.
................................................
11,212
3,413
6,444
Real
Estate
(0.8%):
American
Tower
Corp.
...................................................
2,695
527
Camden
Property
Trust
...................................................
5,205
489
Equinix,
Inc.
..........................................................
317
263
Healthpeak
Properties,
Inc.
................................................
33,067
612
Prologis,
Inc.
..........................................................
4,193
531
Realty
Income
Corp.
....................................................
16,224
882
WP
Carey,
Inc.
.........................................................
13,738
851
4,155
Utilities
(0.1%):
Edison
International
.....................................................
1,136
77
Evergy,
Inc.
...........................................................
2,013
102
FirstEnergy
Corp.
.......................................................
2,931
107
Victory
Portfolios
III
Victory
Global
Managed
Volatility
Fund
122
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Name
Acquisition
Date
Cost
LUKOIL
PJSC
..............................................
4/22/2020
$
2,312
MMC
Norilsk
Nickel
PJSC
.....................................
9/30/2019
1,604
Mobile
TeleSystems
PJSC
.....................................
11/11/2021
2,034
Sberbank
of
Russia
PJSC
......................................
4/22/2020
1,393
Tatneft
PJSC
...............................................
12/21/2020
608
X5
Retail
Group
NV,
GDR
.....................................
11/11/2021
637
Security
Description
Shares
Value
(000)
The
Southern
Co.
.......................................................
1,333
$
93
Vistra
Corp.
...........................................................
3,806
156
535
313,156
Uruguay
(0.3%):
Consumer
Discretionary
(0.3%):
MercadoLibre,
Inc.(a)
....................................................
906
1,551
Total
Common
Stocks
(Cost
$422,786)
511,943
Warrants
(0.0%)
Canada
(0.0%):
Information
Technology
(0.0%):
Constellation
Software,
Inc.(a)(f)
............................................
1,403
—
Total
Warrants
(Cost
$–)
—
Collateral
for
Securities
Loaned
(0.0%)^(b)
United
States
(0.0%):(b)
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares,
5.22%(g)
........
31,577
32
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares,
5.27%(g)
............
31,577
31
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares,
5.24%(g)
...............
31,577
32
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares,
5.21%(g)
.
31,577
32
Total
Collateral
for
Securities
Loaned
(Cost
$127)
127
Total
Investments
(Cost
$422,913)
—
99.7%
512,070
Other
assets
in
excess
of
liabilities
—
0.3%
1,457
NET
ASSETS
-
100.00%
$
513,527
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
Non-income
producing
security.
(b)
Amount
represents
less
than
0.05%
of
net
assets.
(c)
Rule
144A
security
or
other
security
that
is
restricted
as
to
resale
to
institutional
investors.
As
of
January
31,
2024,
the
fair
value
of
these
securities
was
$3,692
(thousands)
and
amounted
to
0.7%
of
net
assets.
(d)
All
or
a
portion
of
this
security
is
on
loan.
(e)
The
following
table
details
the
earliest
acquisition
date
and
cost
of
the
Fund's
restricted
securities
due
to
trading
restrictions
at
January
31,
2024
(amounts
in
thousands):
(f)
Security
was
fair
valued
using
significant
unobservable
inputs
as
of
January
31,
2024.
(g)
Rate
disclosed
is
the
daily
yield
on
January
31,
2024.
ADR
—
American
Depositary
Receipt
GDR
—
Global
Depositary
Receipt
PCL
—
Public
Company
Limited
PLC
—
Public
Limited
Company
Schedule
of
Portfolio
Investments
January
31,
2024
Victory
Portfolios
III
Victory
Growth
Fund
123
(Unaudited)
Security
Description
Shares
Value
(000)
Common
Stocks
(98.3%)
Communication
Services
(16.8%):
Alphabet,
Inc.
,
Class
A
(a)
.................................................
320,380
$
44,885
Alphabet,
Inc.
,
Class
C
(a)
.................................................
610,445
86,561
Meta
Platforms,
Inc.
,
Class
A
(a)
............................................
336,469
131,270
Netflix,
Inc.
(a)
.........................................................
144,161
81,323
The
Trade
Desk,
Inc.
,
Class
A
(a)
............................................
201,265
13,773
The
Walt
Disney
Co.
....................................................
350,351
33,651
391,463
Communications
Equipment
(0.5%):
Arista
Networks,
Inc.
(a)
..................................................
45,460
11,760
Consumer
Discretionary
(12.4%):
Alibaba
Group
Holding
Ltd.
,
ADR
..........................................
119,562
8,629
Amazon.com,
Inc.
(a)
....................................................
762,949
118,410
Chipotle
Mexican
Grill,
Inc.
(a)
.............................................
4,483
10,798
DraftKings,
Inc.
(a)
......................................................
355,917
13,899
Lululemon
Athletica,
Inc.
(a)
...............................................
41,577
18,868
Ross
Stores,
Inc.
.......................................................
101,340
14,216
Starbucks
Corp.
........................................................
203,762
18,956
Tesla,
Inc.
(a)
..........................................................
324,918
60,854
Yum
China
Holdings,
Inc.
.................................................
116,895
4,043
Yum!
Brands,
Inc.
......................................................
152,414
19,736
288,409
Consumer
Staples
(3.3%):
Celsius
Holdings,
Inc.
(a)
..................................................
308,108
15,375
Costco
Wholesale
Corp.
..................................................
21,767
15,125
Monster
Beverage
Corp.
(a)
................................................
601,781
33,110
PepsiCo,
Inc.
..........................................................
74,751
12,598
76,208
Energy
(0.3%):
Diamondback
Energy,
Inc.
................................................
47,565
7,313
Financials
(8.6%):
Block,
Inc.
(a)
..........................................................
183,515
11,930
FactSet
Research
Systems,
Inc.
.............................................
38,036
18,102
MSCI,
Inc.
...........................................................
28,850
17,270
PayPal
Holdings,
Inc.
(a)
..................................................
166,432
10,211
SEI
Investments
Co.
.....................................................
216,668
13,702
The
Progressive
Corp.
...................................................
95,608
17,042
Visa,
Inc.
,
Class
A
......................................................
407,515
111,358
199,615
Health
Care
(12.4%):
Dexcom,
Inc.
(a)
........................................................
123,512
14,988
Eli
Lilly
&
Co.
.........................................................
70,921
45,787
Exact
Sciences
Corp.
(a)
..................................................
194,026
12,689
Illumina,
Inc.
(a)
........................................................
107,265
15,340
Intuitive
Surgical,
Inc.
(a)
.................................................
85,001
32,149
Novartis
AG
,
ADR
......................................................
144,366
14,938
Novo
Nordisk
A/S
,
ADR
..................................................
217,017
24,901
Regeneron
Pharmaceuticals,
Inc.
(a)
..........................................
28,481
26,851
Roche
Holding
AG
,
ADR
(b)
...............................................
328,457
11,542
Thermo
Fisher
Scientific,
Inc.
..............................................
29,778
16,050
UnitedHealth
Group,
Inc.
.................................................
34,478
17,644
Vertex
Pharmaceuticals,
Inc.
(a)
.............................................
129,416
56,086
288,965
Industrials
(6.3%):
Builders
FirstSource,
Inc.
(a)
...............................................
34,724
6,033
Deere
&
Co.
..........................................................
17,802
7,007
Victory
Portfolios
III
Victory
Growth
Fund
124
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Shares
Value
(000)
Expeditors
International
of
Washington,
Inc.
....................................
144,356
$
18,236
HEICO
Corp.
,
Class
A
...................................................
104,441
14,775
Lincoln
Electric
Holdings,
Inc.
.............................................
46,453
10,323
Old
Dominion
Freight
Line,
Inc.
............................................
29,503
11,536
Quanta
Services,
Inc.
....................................................
72,414
14,052
The
Boeing
Co.
(a)
......................................................
269,855
56,950
Verisk
Analytics,
Inc.
....................................................
36,538
8,825
147,737
IT
Services
(1.9%):
Shopify,
Inc.
,
Class
A
(a)
..................................................
304,272
24,363
Snowflake,
Inc.
,
Class
A
(a)
................................................
100,042
19,572
43,935
Semiconductors
&
Semiconductor
Equipment
(11.4%):
Applied
Materials,
Inc.
...................................................
48,087
7,901
Broadcom,
Inc.
........................................................
14,507
17,118
Lam
Research
Corp.
.....................................................
20,135
16,615
Marvell
Technology,
Inc.
.................................................
120,472
8,156
Monolithic
Power
Systems,
Inc.
............................................
26,587
16,024
NVIDIA
Corp.
.........................................................
291,807
179,540
QUALCOMM,
Inc.
.....................................................
139,741
20,753
266,107
Software
(19.2%):
Autodesk,
Inc.
(a)
.......................................................
145,583
36,951
Intuit,
Inc.
............................................................
35,872
22,647
Microsoft
Corp.
........................................................
522,570
207,764
Oracle
Corp.
..........................................................
437,681
48,889
Palo
Alto
Networks,
Inc.
(a)
................................................
37,048
12,541
Salesforce,
Inc.
(a)
......................................................
182,437
51,281
ServiceNow,
Inc.
(a)
.....................................................
22,134
16,941
Synopsys,
Inc.
(a)
.......................................................
36,980
19,723
Workday,
Inc.
,
Class
A
(a)
.................................................
110,128
32,055
448,792
Technology
Hardware,
Storage
&
Peripherals
(5.2%):
Apple,
Inc.
...........................................................
664,642
122,560
Total
Common
Stocks
(Cost
$975,188)
a
a
a
2,292,864
Collateral
for
Securities
Loaned
(0.4%)^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
5
.22
%
(c)
........
2,122,800
2,123
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
5
.27
%
(c)
............
2,122,800
2,123
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
5
.24
%
(c)
...............
2,122,800
2,123
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
5
.21
%
(c)
.
2,122,800
2,122
Total
Collateral
for
Securities
Loaned
(Cost
$8,491)
a
a
a
8,491
Total
Investments
(Cost
$983,679)
—
98.7%
2,301,355
Other
assets
in
excess
of
liabilities
—
1.3%
29,305
NET
ASSETS
-
100.00%
$
2,330,660
^
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
January
31,
2024.
ADR
—
American
Depositary
Receipt
Schedule
of
Portfolio
Investments
January
31,
2024
Victory
Portfolios
III
Victory
Growth
&
Income
Fund
125
(Unaudited)
Security
Description
Shares
Value
(000)
Common
Stocks
(99.1%)
Communication
Services
(10.3%):
Alphabet,
Inc.
,
Class
A
(a)
.................................................
37,666
$
5,277
Alphabet,
Inc.
,
Class
C
(a)
.................................................
356,752
50,587
AT&T,
Inc.
...........................................................
396,766
7,019
Charter
Communications,
Inc.
,
Class
A
(a)
.....................................
2,048
759
Comcast
Corp.
,
Class
A
..................................................
635,446
29,574
Electronic
Arts,
Inc.
.....................................................
4,914
676
Fox
Corp.
,
Class
A
......................................................
71,471
2,309
Liberty
Broadband
Corp.
,
Class
C
(a)
.........................................
2,338
183
Liberty
Media
Corp.-Liberty
Formula
One
(a)
...................................
4,047
272
Live
Nation
Entertainment,
Inc.
(a)
...........................................
2,869
255
Meta
Platforms,
Inc.
,
Class
A
(a)
............................................
106,442
41,527
Netflix,
Inc.
(a)
.........................................................
25,972
14,651
Omnicom
Group,
Inc.
....................................................
107,262
9,694
Pinterest,
Inc.
,
Class
A
(a)
.................................................
11,558
433
ROBLOX
Corp.
,
Class
A
(a)
...............................................
9,372
364
Snap,
Inc.
,
Class
A
(a)
....................................................
20,126
320
Take-Two
Interactive
Software,
Inc.
(a)
........................................
3,114
514
The
Interpublic
Group
of
Cos.,
Inc.
..........................................
265,905
8,772
The
Trade
Desk,
Inc.
,
Class
A
(a)
............................................
91,929
6,291
The
Walt
Disney
Co.
....................................................
36,314
3,488
T-Mobile
US,
Inc.
......................................................
9,507
1,533
Verizon
Communications,
Inc.
..............................................
83,834
3,550
Warner
Bros
Discovery,
Inc.
(a)
.............................................
44,359
445
188,493
Communications
Equipment
(1.5%):
Arista
Networks,
Inc.
(a)
..................................................
20,153
5,213
Cisco
Systems,
Inc.
.....................................................
348,817
17,504
Motorola
Solutions,
Inc.
..................................................
14,024
4,481
27,198
Consumer
Discretionary
(8.8%):
Airbnb,
Inc.
,
Class
A
(a)
..................................................
4,556
657
Amazon.com,
Inc.
(a)
....................................................
247,336
38,387
AutoZone,
Inc.
(a)
.......................................................
210
580
Best
Buy
Co.,
Inc.
......................................................
146,536
10,622
Booking
Holdings,
Inc.
(a)
.................................................
405
1,421
Carnival
Corp.
(a)
.......................................................
11,255
187
Chipotle
Mexican
Grill,
Inc.
(a)
.............................................
2,005
4,830
Coupang,
Inc.
(a)
.......................................................
13,264
186
D.R.
Horton,
Inc.
.......................................................
3,427
490
Darden
Restaurants,
Inc.
..................................................
1,391
226
Deckers
Outdoor
Corp.
(a)
.................................................
297
224
Domino's
Pizza,
Inc.
.....................................................
402
171
DoorDash,
Inc.
,
Class
A
(a)
................................................
3,006
313
DraftKings,
Inc.
(a)
......................................................
94,421
3,687
eBay,
Inc.
............................................................
6,110
251
Expedia
Group,
Inc.
(a)
...................................................
1,621
240
Ford
Motor
Co.
........................................................
45,044
528
General
Motors
Co.
.....................................................
15,841
615
Genuine
Parts
Co.
......................................................
22,037
3,090
H&R
Block,
Inc.
.......................................................
86,790
4,065
Hilton
Worldwide
Holdings,
Inc.
............................................
2,953
564
Las
Vegas
Sands
Corp.
...................................................
4,144
203
Lennar
Corp.
,
Class
A
....................................................
32,901
4,930
Lowe's
Cos.,
Inc.
.......................................................
50,087
10,661
Lululemon
Athletica,
Inc.
(a)
...............................................
18,636
8,457
Marriott
International,
Inc.
,
Class
A
..........................................
2,897
694
McDonald's
Corp.
......................................................
8,451
2,474
NIKE,
Inc.
,
Class
B
.....................................................
13,483
1,369
NVR,
Inc.
(a)
..........................................................
36
255
Victory
Portfolios
III
Victory
Growth
&
Income
Fund
126
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Shares
Value
(000)
O'Reilly
Automotive,
Inc.
(a)
...............................................
686
$
702
Pool
Corp.
............................................................
439
163
PulteGroup,
Inc.
........................................................
56,226
5,879
Ross
Stores,
Inc.
.......................................................
44,655
6,264
Royal
Caribbean
Cruises
Ltd.
(a)
............................................
2,691
343
Starbucks
Corp.
........................................................
37,611
3,499
Tesla,
Inc.
(a)
..........................................................
59,977
11,233
The
Home
Depot,
Inc.
...................................................
33,715
11,900
The
TJX
Cos.,
Inc.
......................................................
13,182
1,251
Toll
Brothers,
Inc.
......................................................
34,407
3,418
Tractor
Supply
Co.
......................................................
1,266
284
Ulta
Beauty,
Inc.
(a)
.....................................................
572
287
Williams-Sonoma,
Inc.
...................................................
26,740
5,171
Yum!
Brands,
Inc.
......................................................
78,693
10,190
160,961
Consumer
Staples
(8.4%):
Altria
Group,
Inc.
.......................................................
352,217
14,131
Archer-Daniels-Midland
Co.
...............................................
14,984
833
Brown-Forman
Corp.
,
Class
B
.............................................
8,467
465
Bunge
Global
SA
.......................................................
4,211
371
Celsius
Holdings,
Inc.
(a)
..................................................
132,840
6,629
Church
&
Dwight
Co.,
Inc.
................................................
7,005
699
Colgate-Palmolive
Co.
...................................................
90,252
7,599
Conagra
Brands,
Inc.
....................................................
13,343
389
Constellation
Brands,
Inc.
,
Class
A
..........................................
4,792
1,174
Costco
Wholesale
Corp.
..................................................
21,467
14,917
Dollar
General
Corp.
....................................................
6,266
828
Dollar
Tree,
Inc.
(a)
......................................................
6,299
823
General
Mills,
Inc.
......................................................
39,621
2,572
Hormel
Foods
Corp.
.....................................................
8,192
249
Kellanova
............................................................
8,064
442
Kenvue,
Inc.
..........................................................
49,371
1,025
Keurig
Dr.
Pepper,
Inc.
...................................................
28,136
885
Kimberly-Clark
Corp.
....................................................
46,760
5,657
Lamb
Weston
Holdings,
Inc.
...............................................
4,088
419
McCormick
&
Co.,
Inc.
..................................................
7,102
484
Molson
Coors
Beverage
Co.
,
Class
B
.........................................
5,460
337
Mondelez
International,
Inc.
,
Class
A
.........................................
38,773
2,918
Monster
Beverage
Corp.
(a)
................................................
21,504
1,183
PepsiCo,
Inc.
..........................................................
97,248
16,389
Philip
Morris
International,
Inc.
.............................................
186,435
16,938
Sysco
Corp.
...........................................................
14,239
1,152
Target
Corp.
..........................................................
49,722
6,915
The
Clorox
Co.
........................................................
3,487
506
The
Coca-Cola
Co.
......................................................
121,484
7,227
The
Estee
Lauder
Cos.,
Inc.
...............................................
6,491
857
The
Hershey
Co.
.......................................................
4,248
822
The
J.M.
Smucker
Co.
...................................................
2,906
382
The
Kraft
Heinz
Co.
.....................................................
31,337
1,164
The
Kroger
Co.
........................................................
20,101
927
The
Procter
&
Gamble
Co.
................................................
150,842
23,703
Tyson
Foods,
Inc.
,
Class
A
................................................
7,956
436
Walgreens
Boots
Alliance,
Inc.
.............................................
20,328
459
Walmart,
Inc.
..........................................................
63,691
10,525
153,431
Electronic
Equipment,
Instruments
&
Components
(0.1%):
Amphenol
Corp.
,
Class
A
.................................................
6,096
616
CDW
Corp.
...........................................................
1,384
314
Corning,
Inc.
..........................................................
7,952
258
Keysight
Technologies,
Inc.
(a)
.............................................
1,820
279
Victory
Portfolios
III
Victory
Growth
&
Income
Fund
127
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Shares
Value
(000)
Teledyne
Technologies,
Inc.
(a)
.............................................
484
$
203
1,670
Energy
(3.6%):
Chevron
Corp.
.........................................................
18,514
2,730
ConocoPhillips
........................................................
106,909
11,960
Devon
Energy
Corp.
.....................................................
191,039
8,027
Diamondback
Energy,
Inc.
................................................
51,803
7,964
EOG
Resources,
Inc.
....................................................
71,802
8,170
Exxon
Mobil
Corp.
.....................................................
98,811
10,159
Marathon
Petroleum
Corp.
................................................
47,011
7,785
Phillips
66
Co.
.........................................................
23,480
3,388
Valero
Energy
Corp.
.....................................................
46,823
6,504
66,687
Financials
(9.4%):
American
Express
Co.
...................................................
25,668
5,153
American
Financial
Group,
Inc.
.............................................
19,362
2,331
Ameriprise
Financial,
Inc.
.................................................
29,165
11,282
Chubb
Ltd.
...........................................................
16,822
4,121
Discover
Financial
Services
...............................................
32,834
3,465
Everest
Group
Ltd.
......................................................
8,279
3,187
FactSet
Research
Systems,
Inc.
.............................................
5,000
2,380
Fidelity
National
Financial,
Inc.
............................................
225,827
11,298
Huntington
Bancshares,
Inc.
...............................................
275,037
3,501
Jefferies
Financial
Group,
Inc.
..............................................
186,551
7,604
JPMorgan
Chase
&
Co.
..................................................
184,047
32,090
Mastercard,
Inc.
,
Class
A
.................................................
16,927
7,604
MSCI,
Inc.
...........................................................
19,154
11,466
Popular,
Inc.
..........................................................
48,479
4,142
Regions
Financial
Corp.
..................................................
413,169
7,714
State
Street
Corp.
.......................................................
31,671
2,340
Synchrony
Financial
.....................................................
189,341
7,360
The
Goldman
Sachs
Group,
Inc.
............................................
11,958
4,592
The
Hanover
Insurance
Group,
Inc.
..........................................
16,187
2,137
The
Hartford
Financial
Services
Group,
Inc.
....................................
62,872
5,467
The
Progressive
Corp.
...................................................
38,960
6,945
Visa,
Inc.
,
Class
A
......................................................
90,690
24,782
170,961
Health
Care
(16.8%):
Abbott
Laboratories
.....................................................
46,465
5,257
AbbVie,
Inc.
..........................................................
82,256
13,523
Agilent
Technologies,
Inc.
.................................................
7,879
1,025
Align
Technology,
Inc.
(a)
.................................................
1,934
517
Alnylam
Pharmaceuticals,
Inc.
(a)
...........................................
3,435
594
Amgen,
Inc.
...........................................................
55,276
17,371
Avantor,
Inc.
(a)
........................................................
17,651
406
Baxter
International,
Inc.
.................................................
13,539
524
Becton
Dickinson
&
Co.
..................................................
7,790
1,860
Biogen,
Inc.
(a)
.........................................................
3,887
959
BioMarin
Pharmaceutical,
Inc.
(a)
...........................................
5,020
442
Boston
Scientific
Corp.
(a)
.................................................
39,096
2,473
Bristol-Myers
Squibb
Co.
.................................................
141,402
6,910
Cardinal
Health,
Inc.
....................................................
105,615
11,532
Cencora,
Inc.
..........................................................
26,821
6,241
Centene
Corp.
(a)
.......................................................
14,376
1,083
Chemed
Corp.
.........................................................
6,047
3,585
CVS
Health
Corp.
......................................................
136,259
10,134
Danaher
Corp.
.........................................................
18,205
4,368
Dexcom,
Inc.
(a)
........................................................
51,323
6,228
Edwards
Lifesciences
Corp.
(a)
.............................................
16,167
1,269
Elevance
Health,
Inc.
....................................................
15,316
7,557
Eli
Lilly
&
Co.
.........................................................
59,567
38,457
Victory
Portfolios
III
Victory
Growth
&
Income
Fund
128
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Shares
Value
(000)
Exact
Sciences
Corp.
(a)
..................................................
85,515
$
5,593
GE
HealthCare
Technologies,
Inc.
...........................................
10,469
768
Gilead
Sciences,
Inc.
....................................................
216,455
16,940
HCA
Healthcare,
Inc.
....................................................
5,339
1,628
Hologic,
Inc.
(a)
........................................................
6,525
486
Humana,
Inc.
..........................................................
3,319
1,255
ICON
PLC
(a)
.........................................................
2,209
576
IDEXX
Laboratories,
Inc.
(a)
...............................................
2,217
1,142
Illumina,
Inc.
(a)
........................................................
4,289
613
Incyte
Corp.
(a)
.........................................................
5,962
350
Insulet
Corp.
(a)
........................................................
1,893
361
Intuitive
Surgical,
Inc.
(a)
.................................................
22,540
8,525
IQVIA
Holdings,
Inc.
(a)
..................................................
4,876
1,015
Johnson
&
Johnson
.....................................................
95,721
15,210
Laboratory
Corp.
of
America
Holdings
........................................
2,400
533
McKesson
Corp.
.......................................................
15,849
7,923
Medtronic
PLC
........................................................
35,902
3,143
Merck
&
Co.,
Inc.
......................................................
96,687
11,678
Mettler-Toledo
International,
Inc.
(a)
.........................................
578
692
Moderna,
Inc.
(a)
.......................................................
9,191
929
Molina
Healthcare,
Inc.
(a)
................................................
1,546
551
Pfizer,
Inc.
............................................................
263,150
7,126
Quest
Diagnostics,
Inc.
...................................................
32,964
4,234
Regeneron
Pharmaceuticals,
Inc.
(a)
..........................................
2,887
2,722
ResMed,
Inc.
..........................................................
3,894
741
Revvity,
Inc.
..........................................................
3,371
361
Royalty
Pharma
PLC
,
Class
A
..............................................
10,438
296
STERIS
PLC
..........................................................
2,678
586
Stryker
Corp.
..........................................................
9,609
3,224
The
Cigna
Group
.......................................................
30,430
9,158
The
Cooper
Cos.,
Inc.
....................................................
1,332
497
Thermo
Fisher
Scientific,
Inc.
..............................................
17,707
9,544
UnitedHealth
Group,
Inc.
.................................................
54,913
28,101
Veeva
Systems,
Inc.
,
Class
A
(a)
.............................................
3,889
807
Vertex
Pharmaceuticals,
Inc.
(a)
.............................................
28,938
12,541
Waters
Corp.
(a)
........................................................
1,594
506
West
Pharmaceutical
Services,
Inc.
..........................................
1,958
730
Zimmer
Biomet
Holdings,
Inc.
.............................................
5,621
706
Zoetis,
Inc.
...........................................................
12,462
2,340
306,446
Industrials
(8.5%):
3M
Co.
..............................................................
95,017
8,965
Automatic
Data
Processing,
Inc.
............................................
13,069
3,212
Builders
FirstSource,
Inc.
(a)
...............................................
14,446
2,510
Cintas
Corp.
..........................................................
13,594
8,219
CSX
Corp.
............................................................
85,631
3,057
Cummins,
Inc.
.........................................................
11,834
2,832
Expeditors
International
of
Washington,
Inc.
....................................
19,718
2,491
Fastenal
Co.
...........................................................
166,380
11,352
Ferguson
PLC
.........................................................
15,617
2,934
General
Dynamics
Corp.
..................................................
15,597
4,133
HEICO
Corp.
,
Class
A
...................................................
43,727
6,186
Illinois
Tool
Works,
Inc.
..................................................
37,470
9,776
Lennox
International,
Inc.
.................................................
11,103
4,754
Lincoln
Electric
Holdings,
Inc.
.............................................
19,325
4,294
Lockheed
Martin
Corp.
...................................................
16,911
7,262
ManpowerGroup,
Inc.
...................................................
33,559
2,488
Masco
Corp.
..........................................................
112,780
7,589
Old
Dominion
Freight
Line,
Inc.
............................................
18,013
7,043
Owens
Corning
........................................................
32,979
4,997
PACCAR,
Inc.
.........................................................
49,247
4,944
Parker-Hannifin
Corp.
...................................................
13,503
6,272
Victory
Portfolios
III
Victory
Growth
&
Income
Fund
129
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Shares
Value
(000)
Paychex,
Inc.
..........................................................
33,402
$
4,066
Quanta
Services,
Inc.
....................................................
34,710
6,735
Snap-on,
Inc.
..........................................................
18,787
5,447
Union
Pacific
Corp.
.....................................................
32,556
7,941
United
Parcel
Service,
Inc.
,
Class
B
..........................................
64,285
9,122
Verisk
Analytics,
Inc.
....................................................
15,256
3,685
W.W.
Grainger,
Inc.
.....................................................
2,579
2,310
154,616
IT
Services
(1.8%):
Accenture
PLC
,
Class
A
..................................................
37,109
13,503
Akamai
Technologies,
Inc.
(a)
..............................................
1,530
189
Cloudflare,
Inc.
,
Class
A
(a)
................................................
2,986
236
Cognizant
Technology
Solutions
Corp.
,
Class
A
.................................
5,218
402
EPAM
Systems,
Inc.
(a)
...................................................
583
162
Gartner,
Inc.
(a)
........................................................
787
360
International
Business
Machines
Corp.
........................................
39,652
7,282
MongoDB,
Inc.
(a)
......................................................
703
282
Snowflake,
Inc.
,
Class
A
(a)
................................................
51,241
10,025
VeriSign,
Inc.
(a)
........................................................
1,047
208
32,649
Materials
(2.1%):
Avery
Dennison
Corp.
...................................................
9,145
1,824
CF
Industries
Holdings,
Inc.
...............................................
30,550
2,307
Dow,
Inc.
............................................................
77,972
4,179
LyondellBasell
Industries
NV
,
Class
A
........................................
118,415
11,145
Nucor
Corp.
...........................................................
30,721
5,743
Packaging
Corp.
of
America
...............................................
27,243
4,519
The
Mosaic
Co.
........................................................
54,228
1,665
The
Sherwin-Williams
Co.
................................................
10,700
3,257
Westlake
Corp.
........................................................
20,561
2,845
37,484
Real
Estate
(2.3%):
Alexandria
Real
Estate
Equities,
Inc.
.........................................
20,222
2,445
AvalonBay
Communities,
Inc.
..............................................
19,916
3,565
Crown
Castle,
Inc.
......................................................
52,388
5,671
Equinix,
Inc.
..........................................................
4,199
3,484
Healthpeak
Properties,
Inc.
................................................
69,591
1,287
NNN
REIT,
Inc.
........................................................
40,542
1,636
Prologis,
Inc.
..........................................................
67,109
8,502
Realty
Income
Corp.
....................................................
70,930
3,858
SBA
Communications
Corp.
...............................................
13,984
3,130
Simon
Property
Group,
Inc.
...............................................
20,079
2,783
VICI
Properties,
Inc.
....................................................
212,566
6,403
42,764
Semiconductors
&
Semiconductor
Equipment
(7.7%):
Advanced
Micro
Devices,
Inc.
(a)
............................................
16,781
2,814
Analog
Devices,
Inc.
....................................................
5,223
1,005
Applied
Materials,
Inc.
...................................................
27,992
4,599
Broadcom,
Inc.
........................................................
21,655
25,553
Entegris,
Inc.
..........................................................
1,534
181
Intel
Corp.
............................................................
43,340
1,867
KLA
Corp.
...........................................................
11,338
6,735
Lam
Research
Corp.
.....................................................
11,395
9,403
Marvell
Technology,
Inc.
.................................................
58,942
3,990
Microchip
Technology,
Inc.
................................................
5,485
467
Micron
Technology,
Inc.
..................................................
11,132
955
Monolithic
Power
Systems,
Inc.
............................................
11,165
6,729
NVIDIA
Corp.
.........................................................
98,553
60,637
ON
Semiconductor
Corp.
(a)
...............................................
4,379
311
QUALCOMM,
Inc.
.....................................................
40,120
5,958
Victory
Portfolios
III
Victory
Growth
&
Income
Fund
130
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Shares
Value
(000)
Skyworks
Solutions,
Inc.
.................................................
33,995
$
3,551
Teradyne,
Inc.
.........................................................
1,592
154
Texas
Instruments,
Inc.
...................................................
33,720
5,399
140,308
Software
(8.7%):
Adobe,
Inc.
(a)
.........................................................
4,648
2,871
ANSYS,
Inc.
(a)
........................................................
896
294
Atlassian
Corp.
,
Class
A
(a)
................................................
1,544
386
Autodesk,
Inc.
(a)
.......................................................
2,210
561
Cadence
Design
Systems,
Inc.
(a)
............................................
2,786
804
Crowdstrike
Holdings,
Inc.
,
Class
A
(a)
.......................................
2,235
654
Datadog,
Inc.
,
Class
A
(a)
.................................................
2,755
343
Dynatrace,
Inc.
(a)
......................................................
2,751
157
Fair
Isaac
Corp.
(a)
......................................................
250
300
Fortinet,
Inc.
(a)
........................................................
6,665
430
HubSpot,
Inc.
(a)
.......................................................
497
304
Intuit,
Inc.
............................................................
17,417
10,996
Microsoft
Corp.
........................................................
254,398
101,143
Oracle
Corp.
..........................................................
16,232
1,813
Palantir
Technologies,
Inc.
,
Class
A
(a)
........................................
18,459
297
Palo
Alto
Networks,
Inc.
(a)
................................................
18,336
6,207
PTC,
Inc.
(a)
...........................................................
1,218
220
Roper
Technologies,
Inc.
..................................................
1,105
593
Salesforce,
Inc.
(a)
......................................................
24,206
6,804
ServiceNow,
Inc.
(a)
.....................................................
9,546
7,306
Splunk,
Inc.
(a)
.........................................................
1,577
242
Synopsys,
Inc.
(a)
.......................................................
16,803
8,962
Tyler
Technologies,
Inc.
(a)
................................................
429
181
Workday,
Inc.
,
Class
A
(a)
.................................................
24,300
7,073
Zscaler,
Inc.
(a)
.........................................................
875
206
159,147
Technology
Hardware,
Storage
&
Peripherals
(5.8%):
Apple,
Inc.
...........................................................
498,477
91,919
Dell
Technologies,
Inc.
,
Class
C
............................................
2,521
209
Hewlett
Packard
Enterprise
Co.
.............................................
185,886
2,842
HP,
Inc.
..............................................................
271,242
7,787
NetApp,
Inc.
..........................................................
34,653
3,022
Seagate
Technology
Holdings
PLC
..........................................
2,115
181
Super
Micro
Computer,
Inc.
(a)
.............................................
478
253
Western
Digital
Corp.
(a)
..................................................
3,244
186
106,399
Utilities
(3.3%):
Ameren
Corp.
.........................................................
7,191
500
American
Electric
Power
Co.,
Inc.
...........................................
100,681
7,867
American
Water
Works
Co.,
Inc.
............................................
5,374
667
Atmos
Energy
Corp.
.....................................................
4,112
469
CenterPoint
Energy,
Inc.
..................................................
17,365
485
CMS
Energy
Corp.
......................................................
7,961
455
Consolidated
Edison,
Inc.
.................................................
36,976
3,361
Constellation
Energy
Corp.
................................................
8,888
1,084
Dominion
Energy,
Inc.
...................................................
22,903
1,047
DTE
Energy
Co.
.......................................................
53,068
5,594
Duke
Energy
Corp.
......................................................
75,588
7,244
Edison
International
.....................................................
10,627
717
Entergy
Corp.
.........................................................
5,832
582
Evergy,
Inc.
...........................................................
96,950
4,922
Eversource
Energy
......................................................
9,618
522
Exelon
Corp.
..........................................................
59,508
2,071
FirstEnergy
Corp.
.......................................................
15,814
580
NextEra
Energy,
Inc.
....................................................
56,974
3,340
PG&E
Corp.
..........................................................
54,346
917
Victory
Portfolios
III
Victory
Growth
&
Income
Fund
131
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Shares
Value
(000)
PPL
Corp.
............................................................
20,444
$
536
Public
Service
Enterprise
Group,
Inc.
.........................................
13,782
799
Sempra
..............................................................
37,725
2,700
The
Southern
Co.
.......................................................
167,951
11,676
WEC
Energy
Group,
Inc.
.................................................
8,692
702
Xcel
Energy,
Inc.
.......................................................
15,082
903
59,740
Total
Common
Stocks
(Cost
$1,289,498)
a
a
a
1,808,954
Total
Investments
(Cost
$1,289,498)
—
99.1%
1,808,954
Other
assets
in
excess
of
liabilities
—
0.9%
17,093
NET
ASSETS
-
100.00%
$
1,826,047
(a)
Non-income
producing
security.
PLC
—
Public
Limited
Company
REIT
—
Real
Estate
Investment
Trust
Schedule
of
Portfolio
Investments
January
31,
2024
Victory
Portfolios
III
Victory
High
Income
Fund
132
(Unaudited)
Security
Description
Principal
Amount
(000)
Value
(000)
Asset-Backed
Securities
(3.9%)
ABS
Auto
(1.4%):
Avis
Budget
Rental
Car
Funding
AESOP
LLC
..................................
Series
2019-2A,
Class
D,
3.04%,
9/22/25,
Callable
10/20/24
@
100(a)
.............
$
1,125
$
1,102
Series
2023-5A,
Class
C,
6.85%,
4/20/28(a)
................................
2,000
2,028
Chesapeake
Funding
II
LLC,
Series
2023-1A,
Class
D,
6.69%,
5/15/35,
Callable
3/15/26
@
100(a)
...........................................................
375
382
Ford
Credit
Auto
Owner
Trust,
Series
2023-1,
Class
D,
6.26%,
8/15/35,
Callable
2/15/28
@
100(a)
...........................................................
1,966
1,959
Hertz
Vehicle
Financing
III
LLC,
Series
2023-3A,
Class
D,
9.43%,
2/25/28(a)
...........
3,000
3,097
Hertz
Vehicle
Financing
LLC,
Series
2022-4A,
Class
B,
4.12%,
9/25/26,
Callable
9/25/25
@
100(a)
...........................................................
1,070
1,042
LAD
Auto
Receivables
Trust,
Series
2023-1A,
Class
D,
7.30%,
6/17/30,
Callable
6/15/27
@
100(a)
...........................................................
2,263
2,332
Santander
Bank
Auto
Credit-Linked
Notes,
Series
2022-B,
Class
E,
8.68%,
8/16/32,
Callable
5/15/26
@
100(a)
...................................................
991
989
United
Auto
Credit
Securitization
Trust,
Series
2023-1,
Class
C,
6.28%,
7/10/28,
Callable
5/10/26
@
100(a)
...................................................
2,500
2,503
15,434
ABS
Card
(0.6%):
Evergreen
Credit
Card
Trust
...............................................
Series
2022-CRT1,
Class
C,
6.19%,
7/15/26(a)
..............................
3,000
2,983
Series
2022-CRT2,
Class
C,
7.44%,
11/15/26(a)
.............................
3,000
3,009
5,992
ABS
Other
(1.9%):
Conn's
Receivables
Funding
LLC,
Series
2023-A,
Class
B,
10.00%,
1/17/28,
Callable
12/15/24
@
100(a)
.........................................................
3,380
3,419
Dext
ABS
LLC,
Series
2023-2,
Class
D,
8.30%,
5/15/34,
Callable
1/15/28
@
100(a)
.......
667
649
Frontier
Issuer
LLC,
Series
2023-1,
Class
C,
11.50%,
8/20/53,
Callable
7/20/26
@
100(a)
...
10,300
10,553
NP
SPE
II
LLC,
Series
2019-2A,
Class
C1,
6.44%,
11/19/49,
Callable
2/19/24
@
100(a)
....
1,720
1,615
SCF
Equipment
Leasing
LLC,
Series
2022-2A,
Class
D,
6.50%,
10/20/32,
Callable
8/20/29
@
100(a)
...........................................................
989
1,001
VB-S1
Issuer
LLC,
Series
2022-1A,
Class
F,
5.27%,
2/15/52,
Callable
2/15/26
@
100(a)
....
3,000
2,589
19,826
Total
Asset-Backed
Securities
(Cost
$40,517)
a
a
a
41,252
Collateralized
Loan
Obligations
(3.1%)
Cash
Flow
CLO
(3.1%):
720
East
CLO
I
Ltd.
.....................................................
Series
2022-1A,
Class
D,
11.47%
(TSFR3M+615bps),
1/20/36,
Callable
1/20/25
@
100(a)(b)
.........................................................
9,500
9,514
Series
2023-1A,
Class
E,
13.96%
(TSFR3M+865bps),
4/15/36,
Callable
4/15/25
@
100(a)(b)
.........................................................
12,750
12,871
720
East
CLO
II
Ltd.,
Series
2023-2A,
Class
E,
13.97%
(TSFR3M+857bps),
10/15/36,
Callable
10/15/25
@
100(a)(b)
.........................................
1,500
1,515
Barrow
Hanley
CLO
I
Ltd.,
Series
2023-1A,
Class
D,
11.48%
(TSFR3M+616bps),
4/20/35,
Callable
4/20/24
@
100(a)(b)
..........................................
3,700
3,718
Barrow
Hanley
CLO
II
Ltd.,
Series
2023-2A,
Class
E,
13.71%
(TSFR3M+837bps),
10/20/35,
Callable
10/20/24
@
100(a)(b)
.........................................
3,000
2,998
Oaktree
CLO
Ltd.,
Series
2023-2A,
Class
E,
13.97%
(TSFR3M+865bps),
7/20/36,
Callable
7/20/25
@
100(a)(b)
.................................................
1,500
1,510
32,126
Total
Collateralized
Loan
Obligations
(Cost
$31,423)
a
a
a
32,126
Victory
Portfolios
III
Victory
High
Income
Fund
133
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
Collateralized
Mortgage
Obligations
(0.8%)
Commercial
MBS
(0.8%):
Aventura
Mall
Trust,
Series
2018-AVM,
Class
C,
4.25%,
7/5/40(a)(c)
..................
$
3,000
$
2,737
BPR
Trust,
Series
2022-STAR,
Class
A,
8.57%
(TSFR1M+323bps),
8/15/24(a)(b)
........
2,536
2,534
BXP
Trust,
Series
2021-601L,
Class
D,
2.87%,
1/15/44(a)(c)
........................
2,000
1,278
ONE
PARK
Mortgage
Trust,
Series
2021-PARK,
Class
D,
6.95%
(TSFR1M+161bps),
3/15/36(a)(b)
......................................................
1,775
1,649
8,198
Private
CMO
FLT
(0.0%):(d)
CHL
Mortgage
Pass-Through
Trust,
Series
2004-25,
Class
1A6,
6.41%
(TSFR1M+107bps),
2/25/35,
Callable
2/25/24
@
100(b)
......................................
433
178
Total
Collateralized
Mortgage
Obligations
(Cost
$8,424)
a
a
a
8,376
Shares
Common
Stocks
(0.3%)
Communication
Services
(0.1%):
AT&T,
Inc.
...........................................................
39,101
692
Energy
(0.1%):
GenOn
Energy,
Inc.(e)
...................................................
16,168
1,282
Sabine
Oil
&
Gas
Holdings,
Inc.(e)(f)(f)
.......................................
2,824
—(g)
1,282
Real
Estate
(0.1%):
Crown
Castle,
Inc.
......................................................
6,253
677
Total
Common
Stocks
(Cost
$4,928)
a
a
a
2,651
Preferred
Stocks
(1.2%)
Consumer
Staples
(0.4%):
CHS,
Inc.,
Series
2,
7.10%(US0003M+430bps)(b)(h)
.............................
76,204
1,947
CHS,
Inc.,
Series
1,
7.88%(h)
..............................................
87,180
2,277
4,224
Energy
(0.6%):
NuStar
Logistics
LP,
12.31%(TSFR3M+700bps),
1/15/43(b)
........................
237,747
6,148
Real
Estate
(0.2%):
Equity
Residential,
Series
K,
8.29%(e)(h)
......................................
45,314
2,379
Prologis,
Inc.,
Series
Q,
8.54%(h)
...........................................
5,310
292
2,671
Total
Preferred
Stocks
(Cost
$13,274)
a
a
a
13,043
Principal
Amount
(000)
Senior
Secured
Loans
(6.3%)
Communication
Services
(0.3%):
Directv
Financing
LLC,
2024
REFINANCING
TERM
B
LOAN,
First
Lien,
10.57%
(SOFR03M+525bps),
8/2/29(b)
.........................................
$
1,000
999
Windstream
Services,
LLC,
Initial
Term
Loan,
First
Lien,
11.61%
(SOFR01M+625bps),
9/21/27(b)
........................................................
2,227
2,092
3,091
Consumer
Discretionary
(2.3%):
Alterra
Mountain
Co.,
9.11%
(SOFR01M+375bps),
5/9/30(b)
.......................
494
494
Fertitta
Entertainment
LLC,
Initial
B
Term
Loan,
First
Lien,
9.36%
(SOFR01M+400bps),
1/27/29(b)
........................................................
1,463
1,458
Great
Outdoors
Group
LLC,
Term
B1,
First
Lien,
9.11%
(SOFR01M+375bps),
3/5/28(b)
....
479
477
Latam
Airlines
Group
S.A.
Initial
Term
Loan,
First
Lien,
14.83%
(SOFR03M+950bps),
10/12/27(b)
.......................................................
2,970
3,033
Victory
Portfolios
III
Victory
High
Income
Fund
134
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
Life
Time,
Inc.,
2021
Refinancing
Term
Loan,
First
Lien,
9.68%
(SOFR06M+425bps),
1/15/26(b)
........................................................
$
5,000
$
5,019
Ontario
Gaming
GTA,
Limited
PartnershipTerm
B
Loans,
First
Lien,
9.60%
(SOFR03M+425bps),
7/20/30(b)
........................................
1,000
1,000
Petco
Health
&
Wellness
Co.,
Inc.,
Initial
Term
Loans,
First
Lien,
8.60%
(SOFR03M+325bps),
2/25/28(b)
........................................................
5,474
5,132
Polaris
Newco
LLC,
Dollar
Term
Loan,
First
Lien,
9.36%
(SOFR01M+400bps),
6/4/28(b)
..
1,222
1,190
Recess
Holdings,
Inc.,
New
Term
Loans,
First
Lien,
9.39%
(SOFR03M+400bps),
3/17/27(b)
.
1,496
1,493
Staples,
Inc.,
2019
Refinancing
New
Term
B-1
Loans,
First
Lien,
10.35%
(SOFR01M+500bps),
4/12/26(b)
........................................
2,984
2,813
The
Michaels
Cos.,
Inc.,
Term
B
Loans,
First
Lien,
9.60%
(SOFR03M+425bps),
4/15/28(b)
.
1,980
1,624
Wand
Newco
3,
Inc.,
Term
B,
First
Lien,
1/20/31(i)
...............................
500
500
24,233
Energy
(0.0%):(d)
Quicksilver
Resources,
Inc.,
Loans,
Second
Lien,
6/21/19(f)(i)
.......................
3,914
6
Financials
(2.5%):
Acrisure
LLC,
9.89%
(SOFR03M+450bps),
10/20/30(b)
...........................
1,500
1,503
Amynta
Agency
Borrower,
Inc.,
9.61%
(SOFR01M+425bps),
2/28/28(b)
...............
1,995
1,994
Arsenal
AIC
Parent
LLC,
Term
B
Loan,
First
Lien,
7/27/30(i)
.......................
499
498
Arsenal
AIC
Parent
LLC,
Term
B
Loan,
First
Lien,
9.86%
(SOFR01M+450bps),
8/18/30(b)
.
500
499
Central
Parent,
Inc.,
2023
Term
Loans,
First
Lien,
9.35%
(SOFR03M+400bps),
7/6/29(b)
...
1,985
1,987
Cushman
&
Wakefield
US
Borrower
LLC,
2023-2
Refinancing
Term
Loans,
First
Lien,
9.36%
(SOFR01M+400bps),
1/31/30(b)
........................................
1,000
992
Hyperion
Refinance
Sarl,
2023
Term
Loans,
First
Lien,
9.38%
(SOFR03M+400bps),
3/24/30(b)
........................................................
2,992
2,988
Indicor
LLCInitial
Dollar,
Term
Loan,
First
Lien,
9.35%
(SOFR03M+400bps),
11/22/29(b)
..
2,973
2,973
Iris
Holdings,
Inc.,
Initial
Term
Loans,
First
Lien,
10.13%
(SOFR03M+475bps),
6/28/28(b)
..
1,992
1,865
Lealand
Finance
Co.
BV,
Make
Whole
Term
Loan,
First
Lien,
8.36%
(SOFR01M+300bps),
6/30/24(b)
........................................................
39
23
Lealand
Finance
Co.
BV,
Take-Back
Term
Loan,
First
Lien
(3.00%
PIK),
6.36%
(SOFR01M+100bps),
6/30/25(b)
........................................
358
141
Moneygram
International,
Inc.,
Closing
date
terms,
First
Lien,
10.88%
(SOFR03M+550bps),
6/1/30(b)
.........................................................
998
974
Neptune
Bidco
US,
Inc.,
Dollar
Term
B
Loan,
First
Lien,
10.07%
(SOFR03M+475bps),
10/11/28(b)
.......................................................
4,963
4,536
Nouryon
USA
LLC,
Term
B,
First
Lien,
9.37%
(SOFR03M+400bps),
4/3/28(b)
..........
995
993
OneDigital
Borrower
LLC,
2021
Term
Loan,
First
Lien,
9.61%
(SOFR01M+425bps),
11/16/27(b)
.......................................................
1,995
1,991
Rand
Parent
LLC,
Term
B
Loans,
First
Lien,
9.60%
(SOFR03M+425bps),
2/9/30(b)
.......
496
494
Sunshine
Luxembourg
VII
Sarl,
Facility
B3
Commitments,
First
Lien,
8.85%
(SOFR03M+350bps),
10/2/26(b)
........................................
176
176
Windsor
Holdings
III
LLC,
DOLLAR
TERM
B
LOAN,
First
Lien,
9.85%
(SOFR01M+450bps),
6/22/30(b)
........................................
1,995
1,995
26,622
Health
Care
(0.1%):
Bausch
+
Lomb
Corporation,
New
Term
Loans,
First
Lien,
9.36%
(SOFR01M+400bps),
9/29/28(b)
........................................................
1,496
1,466
Bausch
Health
Americas,
Inc.,
Second
Amendment
Term
Loan,
First
Lien,
10.59%
(SOFR01M+525bps),
2/1/27(b)
.........................................
1
1
1,467
Industrials
(0.6%):
AAdvantage
Loyalty
IP
Ltd.,
Initial
Term
Loan,
First
Lien,
10.07%
(SOFR03M+475bps),
4/20/28(b)
........................................................
638
652
Directv
Financing
LLC,
Closing
Date
Term
Loans,
First
Lien,
7/22/27(i)
...............
633
633
Indy
US
Bidco
LLC,
Fifth
Amendment
Incremental
Term
Loans,
First
Lien,
3/5/28(i)
......
1,617
1,589
Indy
US
Bidco
LLC,
Term
Loan
B,
First
Lien,
11.61%
(SOFR01M+625bps),
3/5/28(b)
.....
1,368
1,344
Mauser
Packaging
Solutions
Holding
Co.,
Initial
Term
Loan,
First
Lien,
9.35%
(SOFR01M+400bps),
8/10/26(b)
........................................
993
994
Victory
Portfolios
III
Victory
High
Income
Fund
135
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
Trident
TPI
Holdings,
Inc.,
Term
Loans,
First
Lien,
9.85%
(SOFR03M+450bps),
9/17/28(b)
.
$
498
$
496
5,708
Information
Technology
(0.5%):
Marcel
Bidco
LLC,
TL,
First
Lien,
9.82%
(SOFR
Daily+450bps),
10/28/30(b)
...........
1,000
1,003
Neptune
Bidco
U.S.,
Inc.,
Dollar
Term
B
Loan,
First
Lien,
10.32%
(SOFR03M+500bps),
4/11/29(b)
........................................................
2,978
2,732
TIBCO
Software,
Inc.,
Term
A
Loan,
First
Lien,
9.85%
(SOFR03M+450bps),
9/30/28(b)
...
1,469
1,438
UKG
Inc.,
2021
Incremental
Term
Loan,
Second
Lien,
10.58%
(SOFR03M+525bps),
5/3/27(b)
250
250
5,423
Total
Senior
Secured
Loans
(Cost
$69,489)
a
a
a
66,550
Corporate
Bonds
(53.5%)
Communication
Services
(14.2%):
AMC
Networks,
Inc.,
4.25%,
2/15/29,
Callable
2/20/24
@
102.13(j)
..................
4,000
3,086
Cable
One,
Inc.,
4.00%,
11/15/30,
Callable
11/15/25
@
102(a)(j)
.....................
6,081
4,908
Cablevision
Lightpath
LLC,
5.63%,
9/15/28,
Callable
2/20/24
@
102.81(a)
.............
2,797
2,364
CCO
Holdings
LLC/CCO
Holdings
Capital
Corp.
4.25%,
1/15/34,
Callable
1/15/28
@
102.13(a)
..............................
7,100
5,655
4.50%,
8/15/30,
Callable
2/15/25
@
102.25(a)
..............................
2,500
2,170
4.50%,
6/1/33,
Callable
6/1/27
@
102.25(a)
................................
5,000
4,099
4.75%,
3/1/30,
Callable
9/1/24
@
102.38(a)
................................
3,500
3,110
Central
Parent
LLC/CDK
Global
II
LLC/CDK
Financing
Co.,
Inc.,
8.00%,
6/15/29,
Callable
6/15/25
@
104(a)
...................................................
1,000
1,038
Clear
Channel
Outdoor
Holdings,
Inc.
7.50%,
6/1/29,
Callable
6/1/24
@
103.75(a)
................................
1,000
828
9.00%,
9/15/28,
Callable
9/15/25
@
104.5(a)(j)
.............................
2,500
2,611
Consolidated
Communications,
Inc.,
6.50%,
10/1/28,
Callable
2/20/24
@
104.88(a)
.......
3,500
3,045
CSC
Holdings
LLC
4.13%,
12/1/30,
Callable
12/1/25
@
102.06(a)
..............................
3,000
2,173
5.00%,
11/15/31,
Callable
11/15/26
@
102.5(a)
.............................
2,500
1,263
5.75%,
1/15/30,
Callable
1/15/25
@
102.88(a)
..............................
3,000
1,590
6.50%,
2/1/29,
Callable
2/20/24
@
103.25(a)
...............................
2,000
1,705
7.50%,
4/1/28,
Callable
2/20/24
@
103.75(a)
...............................
1,500
1,002
11.25%,
5/15/28,
Callable
5/15/25
@
105.63(a)
.............................
3,500
3,548
11.75%,
1/31/29,
Callable
1/31/26
@
105.88(a)
.............................
3,000
3,046
Cumulus
Media
New
Holdings,
Inc.,
6.75%,
7/1/26,
Callable
3/8/24
@
101.69(a)(j)
.......
6,475
4,153
Directv
Financing
LLC,
8.88%,
2/1/30,
Callable
2/1/26
@
104.44(a)
..................
1,000
1,020
Directv
Financing
LLC/Directv
Financing
Co.-Obligor,
Inc.,
5.88%,
8/15/27,
Callable
3/8/24
@
104.41(a)
......................................................
1,000
950
DISH
DBS
Corp.
5.25%,
12/1/26,
Callable
6/1/26
@
100(a)
.................................
2,500
1,971
7.75%,
7/1/26
.....................................................
3,000
1,770
DISH
Network
Corp.,
11.75%,
11/15/27,
Callable
5/15/25
@
105.88(a)
................
8,250
8,608
Frontier
Communications
Holdings
LLC
5.00%,
5/1/28,
Callable
5/1/24
@
102.5(a)
.................................
2,000
1,846
6.75%,
5/1/29,
Callable
5/1/24
@
103.38(a)
................................
4,000
3,540
8.63%,
3/15/31,
Callable
3/15/26
@
104.31(a)
..............................
5,000
5,073
Gray
Television,
Inc.
4.75%,
10/15/30,
Callable
10/15/25
@
102.38(a)
............................
5,500
4,305
5.38%,
11/15/31,
Callable
11/15/26
@
102.69(a)
............................
14,500
11,346
iHeartCommunications,
Inc.
6.38%,
5/1/26,
Callable
2/22/24
@
101.59
.................................
5,000
4,298
8.38%,
5/1/27,
Callable
2/22/24
@
102.09(j)
...............................
5,000
3,120
Lumen
Technologies,
Inc.,
4.00%,
2/15/27,
Callable
3/8/24
@
101(a)(j)
................
1,000
522
Match
Group
Holdings
II
LLC,
4.63%,
6/1/28,
Callable
3/8/24
@
102.31(a)
.............
2,000
1,888
News
Corp.,
5.13%,
2/15/32,
Callable
2/15/27
@
102.56(a)
.........................
1,000
940
Nexstar
Media,
Inc.
4.75%,
11/1/28,
Callable
2/20/24
@
102.38(a)(j)
............................
2,769
2,536
5.63%,
7/15/27,
Callable
2/20/24
@
102.81(a)
..............................
3,000
2,918
Victory
Portfolios
III
Victory
High
Income
Fund
136
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
Northwest
Fiber
LLC/Northwest
Fiber
Finance
Sub,
Inc.,
6.00%,
2/15/28,
Callable
2/20/24
@
103(a)
...........................................................
$
1,500
$
1,430
Scripps
Escrow
II,
Inc.,
5.38%,
1/15/31,
Callable
1/15/26
@
102.69(a)(j)
...............
10,473
8,039
Scripps
Escrow,
Inc.,
5.88%,
7/15/27,
Callable
3/8/24
@
102.94(a)
...................
10,000
9,016
Sinclair
Television
Group,
Inc.
4.13%,
12/1/30,
Callable
12/1/25
@
102.06(a)
..............................
2,000
1,545
5.50%,
3/1/30,
Callable
12/1/24
@
102.75(a)(j)
.............................
3,601
2,773
Sirius
XM
Radio,
Inc.
3.88%,
9/1/31,
Callable
9/1/26
@
101.94(a)
................................
2,000
1,669
4.13%,
7/1/30,
Callable
7/1/25
@
102.06(a)
................................
1,000
875
TEGNA,
Inc.,
5.00%,
9/15/29,
Callable
9/15/24
@
102.5
..........................
2,500
2,309
Townsquare
Media,
Inc.,
6.88%,
2/1/26,
Callable
3/8/24
@
101.72(a)
..................
3,300
3,231
Univision
Communications,
Inc.,
7.38%,
6/30/30,
Callable
6/30/25
@
103.69(a)
..........
2,000
1,961
Urban
One,
Inc.,
7.38%,
2/1/28,
Callable
3/8/24
@
103.69(a)
.......................
3,616
3,205
Windstream
Escrow
LLC/Windstream
Escrow
Finance
Corp.,
7.75%,
8/15/28,
Callable
3/8/24
@
103.88(a)
......................................................
3,000
2,629
Zayo
Group
Holdings,
Inc.
4.00%,
3/1/27,
Callable
3/8/24
@
100(a)(j)
................................
4,000
3,051
6.13%,
3/1/28,
Callable
3/8/24
@
101.53(a)
................................
500
332
150,110
Consumer
Discretionary
(9.8%):
Advance
Auto
Parts,
Inc.,
3.50%,
3/15/32,
Callable
12/15/31
@
100
...................
3,500
2,913
Asbury
Automotive
Group,
Inc.
4.75%,
3/1/30,
Callable
3/1/25
@
102.38
..................................
1,500
1,388
5.00%,
2/15/32,
Callable
11/15/26
@
102.5(a)
..............................
3,000
2,710
Ashton
Woods
USA
LLC/Ashton
Woods
Finance
Co.,
4.63%,
4/1/30,
Callable
4/1/25
@
102.31(a)
.........................................................
3,000
2,715
Avis
Budget
Car
Rental
LLC/Avis
Budget
Finance,
Inc.,
5.38%,
3/1/29,
Callable
3/8/24
@
102.69(a)(j)
.......................................................
2,000
1,850
Beazer
Homes
USA,
Inc.,
7.25%,
10/15/29,
Callable
10/15/24
@
103.63
...............
1,250
1,256
Boyd
Gaming
Corp.,
4.75%,
6/15/31,
Callable
6/15/26
@
102.38(a)
...................
1,000
920
Boyne
USA,
Inc.,
4.75%,
5/15/29,
Callable
5/15/24
@
102.38(a)
.....................
2,015
1,846
Caesars
Entertainment,
Inc.
6.50%,
2/15/32,
Callable
2/15/27
@
103.25(a)
..............................
200
202
7.00%,
2/15/30,
Callable
2/15/26
@
103.5(a)
...............................
3,750
3,863
CEC
Entertainment
LLC,
6.75%,
5/1/26,
Callable
3/8/24
@
103.38(a)
.................
866
861
Churchill
Downs,
Inc.
5.75%,
4/1/30,
Callable
4/1/25
@
102.88(a)
................................
3,000
2,902
6.75%,
5/1/31,
Callable
5/1/26
@
103.38(a)
................................
2,500
2,534
Evergreen
Acqco
1
LP/TVI,
Inc.,
9.75%,
4/26/28,
Callable
2/15/25
@
104.88(a)
..........
900
966
Everi
Holdings,
Inc.,
5.00%,
7/15/29,
Callable
7/15/24
@
102.5(a)
....................
1,000
919
Fertitta
Entertainment
LLC/Fertitta
Entertainment
Finance
Co.,
Inc.,
6.75%,
1/15/30,
Callable
1/15/25
@
103.38(a)
................................................
1,500
1,348
Ford
Motor
Co.,
4.75%,
1/15/43
............................................
2,000
1,647
Graham
Packaging
Co.,
Inc.,
7.13%,
8/15/28,
Callable
3/8/24
@
103.56(a)
..............
1,500
1,343
Group
1
Automotive,
Inc.,
4.00%,
8/15/28,
Callable
3/8/24
@
102(a)
..................
1,000
922
Hanesbrands,
Inc.,
9.00%,
2/15/31,
Callable
2/15/26
@
104.5(a)(j)
....................
1,500
1,512
Hilton
Domestic
Operating
Co.,
Inc.,
4.00%,
5/1/31,
Callable
5/1/26
@
102(a)
...........
2,000
1,795
Kohl's
Corp.,
4.63%,
5/1/31,
Callable
2/1/31
@
100
..............................
1,500
1,200
LCM
Investments
Holdings
II
LLC,
8.25%,
8/1/31,
Callable
8/1/26
@
104.13(a)
.........
2,000
2,051
Lgi
Homes,
Inc.,
8.75%,
12/15/28,
Callable
12/15/25
@
104.38(a)
....................
1,000
1,056
Light
&
Wonder
International,
Inc.,
7.25%,
11/15/29,
Callable
11/15/24
@
103.63(a)
......
2,000
2,053
Lindblad
Expeditions
Holdings,
Inc.,
9.00%,
5/15/28,
Callable
5/15/25
@
104.5(a)
........
3,000
3,115
Lindblad
Expeditions
LLC,
6.75%,
2/15/27,
Callable
3/8/24
@
103.38(a)
...............
400
400
Lithia
Motors,
Inc.
3.88%,
6/1/29,
Callable
6/1/24
@
101.94(a)
................................
10,000
8,980
4.38%,
1/15/31,
Callable
10/15/25
@
102.19(a)
.............................
2,000
1,792
M/I
Homes,
Inc.,
4.95%,
2/1/28,
Callable
2/22/24
@
102.48
........................
3,000
2,872
Macy's
Retail
Holdings
LLC,
5.88%,
3/15/30,
Callable
3/15/25
@
102.94(a)(j)
...........
2,000
1,896
Marriott
Ownership
Resorts,
Inc.,
4.50%,
6/15/29,
Callable
6/15/24
@
102.25(a)(j)
........
1,000
899
MGM
Resorts
International,
4.75%,
10/15/28,
Callable
7/15/28
@
100
.................
500
472
Newell
Brands,
Inc.,
6.38%,
4/1/36,
Callable
10/1/35
@
100
........................
3,000
2,672
Victory
Portfolios
III
Victory
High
Income
Fund
137
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
NMG
Holding
Co.,
Inc./Neiman
Marcus
Group
LLC,
7.13%,
4/1/26,
Callable
3/8/24
@
103.56(a)
.........................................................
$
2,500
$
2,440
Nordstrom,
Inc.,
4.38%,
4/1/30,
Callable
1/1/30
@
100(j)
..........................
3,000
2,625
PetSmart
Inc/PetSmart
Finance
Corp.,
7.75%,
2/15/29,
Callable
3/8/24
@
103.88(a)
.......
1,000
970
Resorts
World
Las
Vegas
LLC/RWLV
Capital,
Inc.,
4.63%,
4/6/31,
Callable
1/6/31
@
100(a)
.
3,700
3,088
Scientific
Games
Holdings
LP/Scientific
Games
US
FinCo,
Inc.,
6.63%,
3/1/30,
Callable
3/1/25
@
103.31(a)
.................................................
2,000
1,895
Sotheby's,
7.38%,
10/15/27,
Callable
2/20/24
@
101.84(a)
.........................
8,598
8,290
Staples,
Inc.,
7.50%,
4/15/26,
Callable
3/8/24
@
101.88(a)
.........................
3,000
2,817
Taylor
Morrison
Communities,
Inc.,
5.75%,
1/15/28,
Callable
10/15/27
@
100(a)
.........
1,000
995
The
Gap,
Inc.,
3.63%,
10/1/29,
Callable
10/1/24
@
101.81(a)
.......................
2,000
1,713
The
Hertz
Corp.,
5.00%,
12/1/29,
Callable
12/1/24
@
102.5(a)(j)
.....................
3,500
2,772
The
Michaels
Cos.,
Inc.,
5.25%,
5/1/28,
Callable
2/20/24
@
102.63(a)
.................
1,500
1,177
VT
Topco,
Inc.,
8.50%,
8/15/30,
Callable
8/15/26
@
104.25(a)
......................
2,500
2,612
Wand
Newco
3,
Inc.,
7.63%,
1/30/32,
Callable
1/30/27
@
103.81(a)
...................
800
826
Weekley
Homes
LLC/Weekley
Finance
Corp.,
4.88%,
9/15/28,
Callable
3/8/24
@
102.44(a)
.
2,085
1,946
WW
International,
Inc.,
4.50%,
4/15/29,
Callable
4/15/24
@
102.25(a)
.................
3,500
1,694
ZF
North
America
Capital,
Inc.,
7.13%,
4/14/30,
Callable
2/14/30
@
100(a)
.............
1,000
1,055
102,785
Consumer
Staples
(2.7%):
Albertsons
Cos.,
Inc./Safeway,
Inc./New
Albertsons
LP/Albertsons
LLC
4.88%,
2/15/30,
Callable
2/15/25
@
103.66(a)
..............................
7,500
7,180
6.50%,
2/15/28,
Callable
2/15/25
@
103.25(a)
..............................
3,500
3,537
Edgewell
Personal
Care
Co.,
4.13%,
4/1/29,
Callable
4/1/24
@
102.06(a)
...............
2,500
2,287
H-Food
Holdings
LLC/Hearthside
Finance
Co.,
Inc.,
8.50%,
6/1/26,
Callable
2/20/24
@
100(a)
2,000
135
NBM
US
Holdings,
Inc.,
6.63%,
8/6/29,
Callable
8/6/24
@
103.31(a)
..................
3,000
2,931
Performance
Food
Group,
Inc.,
4.25%,
8/1/29,
Callable
8/1/24
@
102.13(a)
.............
2,500
2,291
Post
Holdings,
Inc.
4.63%,
4/15/30,
Callable
4/15/25
@
102.31(a)
..............................
3,000
2,759
5.50%,
12/15/29,
Callable
12/15/24
@
102.75(a)
............................
2,500
2,418
Triton
Water
Holdings,
Inc.,
6.25%,
4/1/29,
Callable
4/1/24
@
103.13(a)
...............
2,000
1,732
US
Foods,
Inc.,
4.75%,
2/15/29,
Callable
3/8/24
@
102.38(a)
.......................
3,000
2,846
28,116
Energy
(2.5%):
CQP
Holdco
LP/BIP-V
Chinook
Holdco
LLC,
5.50%,
6/15/31,
Callable
6/15/26
@
102.75(a)
2,500
2,333
Energy
Transfer
LP,
7.13%
(H15T5Y+531bps),
Callable
5/15/30
@
100(b)(h)
...........
1,000
967
Hilcorp
Energy
I
LP/Hilcorp
Finance
Co.
6.25%,
11/1/28,
Callable
3/8/24
@
103.13(a)
...............................
3,000
2,989
6.25%,
4/15/32,
Callable
5/15/27
@
103.13(a)
..............................
1,000
966
Hunt
Cos.,
Inc.,
5.25%,
4/15/29,
Callable
4/15/24
@
102.63(a)
......................
1,928
1,791
Murphy
Oil
USA,
Inc.,
3.75%,
2/15/31,
Callable
2/15/26
@
101.88(a)
.................
2,000
1,737
Sunoco
LP/Sunoco
Finance
Corp.,
4.50%,
4/30/30,
Callable
4/30/25
@
102.25
...........
2,000
1,851
Tallgrass
Energy
Partners
LP/Tallgras
Energy
Finance
Corp.,
6.00%,
3/1/27,
Callable
3/8/24
@
101.5(a)
.........................................................
3,000
2,951
Tallgrass
Energy
Partners
LP/Tallgrass
Energy
Finance
Corp.,
7.38%,
2/15/29,
Callable
2/15/26
@
103.69(a)
................................................
1,000
997
Talos
Production,
Inc.,
12.00%,
1/15/26,
Callable
2/7/24
@
103
......................
1,000
1,031
Venture
Global
LNG,
Inc.
8.38%,
6/1/31,
Callable
6/1/26
@
104.19(a)
................................
4,000
4,050
9.88%,
2/1/32,
Callable
2/1/27
@
104.94(a)
................................
4,000
4,205
Vital
Energy,
Inc.
7.75%,
7/31/29,
Callable
7/31/24
@
103.88(a)
..............................
500
493
10.13%,
1/15/28,
Callable
3/8/24
@
105.06
................................
125
131
26,492
Financials
(4.8%):
Acrisure
LLC/Acrisure
Finance,
Inc.,
8.25%,
2/1/29,
Callable
2/1/26
@
104.13(a)
.........
2,500
2,508
Aretec
Group,
Inc.,
10.00%,
8/15/30,
Callable
10/15/26
@
105(a)
....................
3,000
3,257
AssuredPartners,
Inc.,
5.63%,
1/15/29,
Callable
3/8/24
@
102.81(a)
...................
2,500
2,362
Blackstone
Private
Credit
Fund,
2.63%,
12/15/26,
Callable
11/15/26
@
100
.............
2,000
1,816
Citizens
Bank
NA,
4.12%
(SOFR+140bps),
5/23/25,
Callable
5/23/24
@
100(b)
..........
794
788
Victory
Portfolios
III
Victory
High
Income
Fund
138
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
EMRLD
Borrower
LP/Emerald
Co-Issuer,
Inc.,
6.63%,
12/15/30,
Callable
6/15/26
@
103.31(a)
.........................................................
$
3,000
$
3,030
Ford
Motor
Credit
Co.
LLC
4.13%,
8/17/27,
Callable
6/17/27
@
100
..................................
4,750
4,512
5.11%,
5/3/29,
Callable
2/3/29
@
100
....................................
5,500
5,340
HUB
International
Ltd.
5.63%,
12/1/29,
Callable
12/1/24
@
102.81(a)
..............................
290
273
7.38%,
1/31/32,
Callable
1/31/27
@
103.69(a)
..............................
1,000
1,023
LABL,
Inc.
6.75%,
7/15/26,
Callable
2/20/24
@
101.69(a)
..............................
1,000
973
10.50%,
7/15/27,
Callable
2/20/24
@
102.63(a)
.............................
2,000
1,913
Ladder
Capital
Finance
Holdings
LLLP/Ladder
Capital
Finance
Corp.,
4.75%,
6/15/29,
Callable
6/15/24
@
102.38(a)
..........................................
1,000
895
Lehman
Brothers
Holdings,
5.75%,
4/25/11,
MTN
...............................
1,000
1
Level
3
Financing,
Inc.,
4.25%,
7/1/28,
Callable
3/8/24
@
102.13(a)
..................
3,500
1,172
MetLife,
Inc.,
10.75%,
8/1/39,
Callable
8/1/34
@
100
.............................
1,000
1,352
Mobius
Merger
Sub,
Inc.,
9.00%,
6/1/30,
Callable
6/1/26
@
104.5(a)
..................
3,500
3,454
NCR
Atleos
Corp.,
9.50%,
4/1/29,
Callable
10/1/26
@
104.75(a)
.....................
2,000
2,146
NFP
Corp.
6.88%,
8/15/28,
Callable
3/8/24
@
103.44(a)
...............................
1,886
1,897
7.50%,
10/1/30,
Callable
10/1/25
@
103.75(a)
..............................
2,500
2,637
Park
Intermediate
Holdings
LLC/PK
Domestic
Property
LLC/PK
Finance
Co-Issuer,
4.88%,
5/15/29,
Callable
5/15/24
@
102.44(a)
....................................
2,500
2,306
PRA
Group,
Inc.,
8.38%,
2/1/28,
Callable
2/1/25
@
104.19(a)
.......................
4,183
4,006
Starwood
Property
Trust,
Inc.,
4.38%,
1/15/27,
Callable
7/15/26
@
100(a)(j)
............
1,000
926
Summer
BC
Bidco
B
LLC,
5.50%,
10/31/26,
Callable
3/8/24
@
102.75(a)
..............
2,000
1,927
50,514
Health
Care
(3.3%):
Centene
Corp.,
4.63%,
12/15/29,
Callable
12/15/24
@
102.31
.......................
4,000
3,831
Chs
Community
Health
Systems,
Inc.,
10.88%,
1/15/32,
Callable
2/15/27
@
105.44(a)
.....
500
525
CHS/Community
Health
Systems,
Inc.
5.25%,
5/15/30,
Callable
5/15/25
@
102.63(a)
..............................
3,000
2,490
8.00%,
3/15/26,
Callable
3/8/24
@
102(a)
.................................
1,642
1,617
Eastern
Maine
Healthcare
Systems,
5.02%,
7/1/36
...............................
3,000
2,746
Embecta
Corp.,
6.75%,
2/15/30,
Callable
2/15/27
@
101.69(a)
......................
1,000
878
Encompass
Health
Corp.,
4.63%,
4/1/31,
Callable
4/1/26
@
102.31
...................
500
459
Global
Medical
Response,
Inc.,
6.50%,
10/1/25,
Callable
3/8/24
@
100(a)
..............
1,000
857
Medline
Borrower
LP,
3.88%,
4/1/29,
Callable
10/1/24
@
101.94(a)
..................
4,500
4,075
Organon
&
Co./Organon
Foreign
Debt
Co.-Issuer
BV,
5.13%,
4/30/31,
Callable
4/30/26
@
102.56(a)
.........................................................
4,000
3,440
Pediatrix
Medical
Group,
Inc.,
5.38%,
2/15/30,
Callable
2/15/25
@
102.69(a)(j)
..........
1,000
897
Prestige
Brands,
Inc.,
3.75%,
4/1/31,
Callable
4/1/26
@
101.88(a)
....................
3,500
3,048
Select
Medical
Corp.,
6.25%,
8/15/26,
Callable
3/8/24
@
102.08(a)
...................
2,500
2,500
Tenet
Healthcare
Corp.
6.13%,
10/1/28,
Callable
3/8/24
@
103.06(j)
...............................
2,000
1,988
6.88%,
11/15/31
....................................................
500
515
US
Acute
Care
Solutions
LLC,
6.38%,
3/1/26,
Callable
3/8/24
@
101.59(a)
.............
6,000
5,242
35,108
Industrials
(7.6%):
Allegiant
Travel
Co.,
7.25%,
8/15/27,
Callable
8/15/24
@
103.63(a)
...................
2,000
1,955
American
Airlines
Pass
Through
Trust,
3.70%,
10/15/25
...........................
1,264
1,192
American
Airlines,
Inc.
7.25%,
2/15/28,
Callable
2/15/25
@
103.63(a)(j)
............................
500
508
8.50%,
5/15/29,
Callable
11/15/25
@
104.25(a)
.............................
1,000
1,060
American
Airlines,
Inc./AAdvantage
Loyalty
IP
Ltd.,
5.75%,
4/20/29(a)
................
9,476
9,310
APX
Group,
Inc.,
5.75%,
7/15/29,
Callable
7/15/24
@
102.88(a)
.....................
3,000
2,849
BlueLinx
Holdings,
Inc.,
6.00%,
11/15/29,
Callable
11/15/24
@
103(a)
................
1,000
945
Builders
FirstSource,
Inc.,
4.25%,
2/1/32,
Callable
8/1/26
@
102.13(a)
.................
1,100
985
BWX
Technologies,
Inc.,
4.13%,
4/15/29,
Callable
4/15/24
@
102.06(a)
...............
1,000
926
Gates
Global
LLC/Gates
Corp.,
6.25%,
1/15/26,
Callable
3/8/24
@
100(a)
..............
2,300
2,300
Griffon
Corp.,
5.75%,
3/1/28,
Callable
3/8/24
@
101.92
...........................
1,500
1,470
Victory
Portfolios
III
Victory
High
Income
Fund
139
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
H&E
Equipment
Services,
Inc.,
3.88%,
12/15/28,
Callable
3/8/24
@
101.94(a)
...........
$
2,000
$
1,816
Howmet
Aerospace,
Inc.,
5.95%,
2/1/37
.......................................
1,000
1,030
JB
Poindexter
&
Co.,
Inc.,
8.75%,
12/15/31,
Callable
12/15/26
@
104.38(a)
.............
2,500
2,559
Rand
Parent
LLC,
8.50%,
2/15/30,
Callable
2/15/26
@
104.25(a)(j)
...................
5,000
4,965
Regal
Rexnord
Corp.,
6.40%,
4/15/33,
Callable
1/15/33
@
100(a)
....................
2,686
2,787
Ritchie
Bros
Holdings,
Inc.,
7.75%,
3/15/31,
Callable
3/15/26
@
103.88(a)
..............
2,000
2,106
Roller
Bearing
Co.
of
America,
Inc.,
4.38%,
10/15/29,
Callable
10/15/24
@
102.19(a)
......
1,000
919
RXO,
Inc.,
7.50%,
11/15/27,
Callable
11/15/24
@
103.75(a)
........................
1,250
1,291
Spirit
AeroSystems,
Inc.,
9.38%,
11/30/29,
Callable
11/30/25
@
104.69(a)
..............
1,500
1,625
Spirit
Airlines
Pass
Through
Trust,
4.10%,
4/1/28
................................
1,690
1,525
Standard
Industries,
Inc.
3.38%,
1/15/31,
Callable
7/15/25
@
101.69(a)
..............................
5,000
4,247
4.38%,
7/15/30,
Callable
7/15/25
@
102.19(a)
..............................
3,000
2,726
The
ADT
Security
Corp.
4.13%,
8/1/29,
Callable
8/1/28
@
100(a)
..................................
2,000
1,845
4.88%,
7/15/32(a)
..................................................
2,000
1,834
TK
Elevator
US
Newco,
Inc.,
5.25%,
7/15/27,
Callable
3/8/24
@
102.63(a)
.............
2,000
1,929
TransDigm,
Inc.
4.88%,
5/1/29,
Callable
5/1/24
@
102.44
..................................
1,500
1,404
5.50%,
11/15/27,
Callable
3/8/24
@
101.38
................................
2,000
1,949
6.75%,
8/15/28,
Callable
2/15/25
@
103.38(a)
..............................
1,000
1,016
TriNet
Group,
Inc.,
7.13%,
8/15/31,
Callable
8/15/26
@
103.56(a)
....................
1,000
1,022
United
Airlines
Pass
Through
Trust,
4.88%,
1/15/26
..............................
16
15
United
Rentals
North
America,
Inc.,
4.00%,
7/15/30,
Callable
7/15/25
@
102
............
1,500
1,372
US
Airways
Pass
Through
Trust,
3.95%,
11/15/25
................................
1,621
1,570
Verde
Purchaser
LLC,
10.50%,
11/30/30,
Callable
11/30/26
@
105.25(a)
...............
2,000
2,065
Waste
Pro
USA,
Inc.,
5.50%,
2/15/26,
Callable
3/8/24
@
100(a)
.....................
2,000
1,941
Werner
FinCo,
LP/Werner
FinCo,
Inc.,
11.50%,
6/15/28,
Callable
6/15/25
@
108.63(a)(j)
...
3,000
3,184
WESCO
Distribution,
Inc.,
7.25%,
6/15/28,
Callable
3/8/24
@
103.63(a)
...............
1,000
1,028
Windsor
Holdings
III
LLC,
8.50%,
6/15/30,
Callable
6/15/26
@
104.25(a)
..............
2,000
2,061
XPO,
Inc.
7.13%,
6/1/31,
Callable
6/1/26
@
103.56(a)
................................
4,225
4,327
7.13%,
2/1/32,
Callable
2/1/27
@
103.56(a)
................................
250
255
79,913
Information
Technology
(3.5%):
AthenaHealth
Group,
Inc.,
6.50%,
2/15/30,
Callable
2/15/25
@
103.25(a)
...............
1,500
1,342
Capstone
Borrower,
Inc.,
8.00%,
6/15/30,
Callable
6/15/26
@
104(a)
..................
2,500
2,595
Central
Parent,
Inc./CDK
Global,
Inc.,
7.25%,
6/15/29,
Callable
6/15/25
@
103.63(a)
......
4,000
4,082
Cloud
Software
Group,
Inc.
6.50%,
3/31/29,
Callable
9/30/25
@
103.25(a)
..............................
1,000
934
9.00%,
9/30/29,
Callable
9/30/25
@
104.5(a)
...............................
1,250
1,183
CommScope
Technologies
LLC,
6.00%,
6/15/25,
Callable
2/20/24
@
100(a)
............
1,000
795
EquipmentShare.com,
Inc.,
9.00%,
5/15/28,
Callable
5/15/25
@
106.75(a)
..............
6,000
6,113
Gen
Digital,
Inc.,
7.13%,
9/30/30,
Callable
9/30/25
@
103.56(a)
.....................
500
518
NCR
Voyix
Corp.,
5.13%,
4/15/29,
Callable
4/15/24
@
102.56(a)
....................
1,500
1,412
Neptune
Bidco
US,
Inc.,
9.29%,
4/15/29,
Callable
10/15/25
@
104.65(a)
...............
5,500
5,251
Open
Text
Holdings,
Inc.,
4.13%,
12/1/31,
Callable
12/1/26
@
102.06(a)
...............
3,500
3,096
Rocket
Software,
Inc.,
6.50%,
2/15/29,
Callable
3/8/24
@
103.25(a)
..................
2,000
1,722
Sabre
GLBL,
Inc.,
11.25%,
12/15/27,
Callable
6/15/25
@
105.63(a)
...................
2,000
2,001
UKG,
Inc.,
6.88%,
2/1/31,
Callable
2/1/27
@
103.44(a)
............................
1,000
1,012
Western
Digital
Corp.,
3.10%,
2/1/32,
Callable
11/1/31
@
100
.......................
3,500
2,785
ZoomInfo
Technologies
LLC/ZoomInfo
Finance
Corp.,
3.88%,
2/1/29,
Callable
2/20/24
@
101.94(a)
.........................................................
2,000
1,781
36,622
Materials
(2.6%):
Ardagh
Metal
Packaging
Finance
USA
LLC/Ardagh
Metal
Packaging
Finance
PLC,
4.00%,
9/1/29,
Callable
5/15/24
@
102(a)(j)
.....................................
1,000
813
Ardagh
Packaging
Finance
PLC/Ardagh
Holdings
USA,
Inc.,
5.25%,
8/15/27,
Callable
3/8/24
@
101.31(a)(j)
.....................................................
1,750
1,309
Axalta
Coating
Systems
LLC,
3.38%,
2/15/29,
Callable
3/8/24
@
101.69(a)
.............
2,000
1,778
Knife
River
Corp.,
7.75%,
5/1/31,
Callable
5/1/26
@
103.88(a)
......................
4,000
4,204
Victory
Portfolios
III
Victory
High
Income
Fund
140
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
LABL,
Inc.,
9.50%,
11/1/28,
Callable
11/1/25
@
104.75(a)
.........................
$
750
$
749
Louisiana-Pacific
Corp.,
3.63%,
3/15/29,
Callable
3/15/24
@
101.81(a)
................
1,000
901
Mauser
Packaging
Solutions
Holding
Co.,
7.88%,
8/15/26,
Callable
8/15/24
@
103.94(a)
...
500
505
Novelis
Corp.,
4.75%,
1/30/30,
Callable
1/30/25
@
102.38(a)
.......................
1,500
1,392
Pactiv
Evergreen
Group
Issuer
LLC/Pactiv
Evergreen
Group
Issuer,
Inc.,
4.38%,
10/15/28,
Callable
10/15/24
@
102.19(a)
.........................................
2,000
1,866
Pactiv
Evergreen
Group
Issuer,
Inc./Pactiv
Evergreen
Group
Issuer
LLC,
4.00%,
10/15/27,
Callable
3/8/24
@
102(a)
.............................................
1,000
933
Sasol
Financing
USA
LLC,
8.75%,
5/3/29,
Callable
3/3/29
@
100(a)
..................
1,500
1,527
SCIH
Salt
Holdings,
Inc.,
4.88%,
5/1/28,
Callable
5/1/24
@
102.44(a)
.................
2,000
1,856
Smyrna
Ready
Mix
Concrete
LLC,
8.88%,
11/15/31,
Callable
11/15/26
@
104.44(a)
.......
3,000
3,153
The
Chemours
Co.
4.63%,
11/15/29,
Callable
11/15/24
@
102.31(a)
............................
3,000
2,624
5.75%,
11/15/28,
Callable
2/20/24
@
102.88(a)
.............................
2,000
1,890
Tronox,
Inc.,
4.63%,
3/15/29,
Callable
3/15/24
@
102.31(a)
........................
1,100
971
United
States
Steel
Corp.,
6.88%,
3/1/29,
Callable
3/8/24
@
103.44(j)
.................
903
916
27,387
Real
Estate
(1.7%):
Cushman
&
Wakefield
US
Borrower
LLC,
8.88%,
9/1/31,
Callable
9/1/26
@
104.44(a)
.....
2,000
2,098
RHP
Hotel
Properties
LP/RHP
Finance
Corp.,
4.50%,
2/15/29,
Callable
3/8/24
@
102.25(a)
.
3,500
3,252
SBA
Tower
Trust,
6.60%,
1/15/28,
Callable
1/15/27
@
100(a)
.......................
1,053
1,081
Service
Properties
Trust
4.38%,
2/15/30,
Callable
8/15/29
@
100
..................................
5,500
4,265
8.63%,
11/15/31,
Callable
11/15/26
@
104.31(a)
............................
1,000
1,060
The
Howard
Hughes
Corp.,
4.38%,
2/1/31,
Callable
2/1/26
@
102.19(a)
................
4,161
3,635
VICI
Properties
LP/VICI
Note
Co.,
Inc.,
4.13%,
8/15/30,
Callable
2/15/25
@
102.06(a)
....
2,676
2,435
17,826
Utilities
(0.8%):
Alliant
Holdings
Intermediate
LLC/Alliant
Holdings
Co.,
6.75%,
4/15/28,
Callable
4/15/25
@
103.38(a)
.........................................................
1,000
1,009
Calpine
Corp.,
4.63%,
2/1/29,
Callable
3/8/24
@
102.31(a)
.........................
7,000
6,467
NRG
Energy,
Inc.,
3.63%,
2/15/31,
Callable
2/15/26
@
101.81(a)
....................
500
428
Vistra
Operations
Co.
LLC,
5.00%,
7/31/27,
Callable
2/20/24
@
101.25(a)
..............
500
485
8,389
Total
Corporate
Bonds
(Cost
$572,669)
a
a
a
563,262
Yankee
Dollars
(19.0%)
Communication
Services
(3.2%):
Altice
France
Holding
SA,
6.00%,
2/15/28,
Callable
3/8/24
@
101.5(a)
................
11,000
4,902
Altice
France
SA
5.50%,
10/15/29,
Callable
10/15/24
@
102.75(a)
............................
13,500
9,958
8.13%,
2/1/27,
Callable
2/20/24
@
102.03(a)
...............................
3,000
2,682
LCPR
Senior
Secured
Financing
DAC,
5.13%,
7/15/29,
Callable
7/15/24
@
102.56(a)
.....
2,000
1,757
Telecom
Italia
Capital
SA,
7.20%,
7/18/36
.....................................
3,000
3,006
Videotron
Ltd.,
3.63%,
6/15/29,
Callable
6/15/24
@
101.81(a)
.......................
2,500
2,281
Virgin
Media
Finance
PLC,
5.00%,
7/15/30,
Callable
7/15/25
@
102.5(a)
...............
7,000
6,223
Vmed
O2
UK
Financing
I
PLC,
4.25%,
1/31/31,
Callable
1/31/26
@
102.13(a)
...........
3,000
2,619
33,428
Consumer
Discretionary
(3.0%):
Carnival
Corp.
5.75%,
3/1/27,
Callable
12/1/26
@
100(a)
.................................
5,000
4,925
6.00%,
5/1/29,
Callable
11/1/24
@
103(a)
.................................
3,500
3,389
10.50%,
6/1/30,
Callable
6/1/25
@
105.25(a)(j)
.............................
2,000
2,191
IHO
Verwaltungs
GmbH,
6.38%,
5/15/29,
Callable
5/15/24
@
103.19(a)(k)
.............
1,024
1,017
International
Game
Technology
PLC,
6.25%,
1/15/27,
Callable
7/15/26
@
100(a)
.........
2,000
2,011
Mattamy
Group
Corp.,
4.63%,
3/1/30,
Callable
3/1/25
@
102.31(a)
...................
500
455
Melco
Resorts
Finance
Ltd.,
5.38%,
12/4/29,
Callable
12/4/24
@
102.69(a)
.............
3,000
2,671
Victory
Portfolios
III
Victory
High
Income
Fund
141
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
NCL
Corp.
Ltd.
5.88%,
3/15/26,
Callable
12/15/25
@
100(a)
...............................
$
12,000
$
11,710
5.88%,
2/15/27,
Callable
2/19/24
@
102.94(a)
..............................
1,000
985
7.75%,
2/15/29,
Callable
11/15/28
@
100(a)
................................
2,095
2,114
Viking
Cruises
Ltd.,
9.13%,
7/15/31,
Callable
7/15/26
@
104.56(a)
...................
500
535
32,003
Energy
(1.4%):
Baytex
Energy
Corp.,
8.50%,
4/30/30,
Callable
4/30/26
@
104.25(a)
..................
500
519
Harbour
Energy
PLC,
5.50%,
10/15/26,
Callable
3/8/24
@
102.75(a)
..................
2,000
1,961
Ithaca
Energy
North
Sea
PLC,
9.00%,
7/15/26,
Callable
3/8/24
@
104.5(a)
..............
2,000
2,000
Northriver
Midstream
Finance
LP,
5.63%,
2/15/26,
Callable
3/8/24
@
101.41(a)
..........
2,000
1,962
Petrobras
Global
Finance
BV,
5.50%,
6/10/51,
Callable
12/10/50
@
100
................
2,000
1,650
Petroleos
Mexicanos
6.63%,
6/15/35
....................................................
2,000
1,503
6.84%,
1/23/30,
Callable
10/23/29
@
100(j)
................................
3,000
2,576
Tullow
Oil
PLC,
10.25%,
5/15/26,
Callable
2/16/24
@
105.13
.......................
1,800
1,651
Var
Energi
ASA,
8.00%,
11/15/32,
Callable
8/15/32
@
100(a)(j)
.....................
1,000
1,133
14,955
Financials
(3.8%):
1375209
BC
Ltd.,
9.00%,
1/30/28,
Callable
2/20/24
@
101(a)
.......................
16,197
15,712
Altice
Financing
SA
5.00%,
1/15/28,
Callable
3/8/24
@
101.25(a)
...............................
1,000
897
5.75%,
8/15/29,
Callable
8/15/24
@
102.88(a)
..............................
5,500
4,798
Deutsche
Bank
AG
3.74%
(SOFR+226bps),
1/7/33,
Callable
10/7/31
@
100(b)
.....................
4,850
3,957
4.88%
(USISOA05+255bps),
12/1/32,
Callable
12/1/27
@
100(b)
................
3,000
2,820
Jones
Deslauriers
Insurance
Management,
Inc.
8.50%,
3/15/30,
Callable
3/15/26
@
104.25(a)
..............................
2,750
2,853
10.50%,
12/15/30,
Callable
12/15/25
@
105.25(a)
...........................
2,000
2,107
Lehman
Brothers
Treasury
Co.
BV,
MTN(h)(l)
..................................
1,447
1
Macquarie
Airfinance
Holdings
Ltd.,
8.13%,
3/30/29,
Callable
9/30/25
@
104.06(a)
.......
500
519
Macquarie
Bank
Ltd.,
3.05%
(H15T5Y+170bps),
3/3/36,
Callable
3/3/31
@
100(a)(b)
......
2,000
1,637
UniCredit
SpA,
5.86%
(USISOA05+370bps),
6/19/32,
Callable
6/19/27
@
100(a)(b)
......
5,000
4,886
40,187
Health
Care
(0.4%):
Bausch
&
Lomb
Escrow
Corp.,
8.38%,
10/1/28,
Callable
10/1/25
@
104.19(a)
...........
500
521
Bausch
Health
Cos.,
Inc.,
4.88%,
6/1/28,
Callable
6/1/24
@
102.44(a)(j)
...............
5,000
2,821
Teva
Pharmaceutical
Finance
Netherlands
III
BV,
8.13%,
9/15/31,
Callable
6/15/31
@
100
..
400
440
3,782
Industrials
(4.0%):
Air
Canada
Pass
Through
Trust,
4.13%,
5/15/25(a)
...............................
4,158
4,036
ATS
Corp.,
4.13%,
12/15/28,
Callable
3/8/24
@
102.06(a)
..........................
1,000
912
Bombardier,
Inc.,
7.50%,
2/1/29,
Callable
2/1/26
@
103.75(a)(j)
.....................
5,500
5,608
Cimpress
PLC,
7.00%,
6/15/26,
Callable
2/22/24
@
101.75
.........................
1,000
987
Hawaiian
Brand
Intellectual
Property
Ltd./HawaiianMiles
Loyalty
Ltd.,
5.75%,
1/20/26,
Callable
2/20/24
@
102.88(a)
..........................................
9,234
8,676
Latam
Airlines
Group
SA
13.38%,
10/15/27,
Callable
10/15/24
@
110.03(a)(j)
..........................
3,000
3,358
13.38%,
10/15/29,
Callable
10/15/25
@
110.03(a)
...........................
2,000
2,299
Seaspan
Corp.,
5.50%,
8/1/29,
Callable
8/1/24
@
102.75(a)
.........................
1,500
1,278
Spirit
Loyalty
Cayman
Ltd./Spirit
IP
Cayman
Ltd.
8.00%,
9/20/25,
Callable
2/19/24
@
104(a)
................................
2,206
1,442
8.00%,
9/20/25,
Callable
2/19/24
@
104(a)(j)
...............................
2,500
1,637
VistaJet
Malta
Finance
PLC/Vista
Management
Holding,
Inc.
6.38%,
2/1/30,
Callable
2/1/25
@
103.19(a)(j)
..............................
3,000
2,171
9.50%,
6/1/28,
Callable
6/1/25
@
104.75(a)(j)
..............................
11,800
9,997
42,401
Victory
Portfolios
III
Victory
High
Income
Fund
142
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
Information
Technology
(0.6%):
Seagate
HDD
Cayman
8.50%,
7/15/31,
Callable
7/15/26
@
104.25(a)(j)
............................
$
2,000
$
2,173
9.63%,
12/1/32,
Callable
12/1/27
@
104.81
................................
3,090
3,550
5,723
Materials
(1.8%):
Alcoa
Nederland
Holding
BV,
6.13%,
5/15/28,
Callable
3/8/24
@
103.06(a)
.............
1,300
1,293
ARD
Finance
SA,
6.50%,
6/30/27,
Callable
3/8/24
@
101.63(a)(j)(m)
.................
2,000
965
Eldorado
Gold
Corp.,
6.25%,
9/1/29,
Callable
9/1/24
@
103.13(a)
....................
2,000
1,906
Endeavour
Mining
PLC,
5.00%,
10/14/26,
Callable
3/8/24
@
102.5(a)
.................
5,320
4,899
First
Quantum
Minerals
Ltd.,
8.63%,
6/1/31,
Callable
6/1/26
@
104.31(a)
..............
1,000
926
Methanex
Corp.,
5.25%,
12/15/29,
Callable
9/15/29
@
100(j)
.......................
3,931
3,754
Mineral
Resources
Ltd.,
9.25%,
10/1/28,
Callable
10/1/25
@
104.63(a)
................
2,000
2,110
NOVA
Chemicals
Corp.,
4.25%,
5/15/29,
Callable
5/15/24
@
102.13(a)(j)
..............
2,215
1,864
Trivium
Packaging
Finance
BV,
8.50%,
8/15/27,
Callable
2/19/24
@
102.13(a)
...........
1,000
978
18,695
Real
Estate
(0.1%):
TK
Elevator
Holdco
GmbH,
7.63%,
7/15/28,
Callable
3/8/24
@
103.81(a)
..............
1,000
997
Sovereign
Bond
(0.1%):
Bahamas
Government
International
Bond,
6.00%,
11/21/28,
Callable
8/21/28
@
100(a)
.....
1,500
1,340
Utilities
(0.6%):
Empresa
Electrica
Cochrane
SpA,
5.50%,
5/14/27(a)
.............................
1,573
1,495
NES
Fircroft
Bondco
AS,
11.75%,
9/29/26,
Callable
9/29/24
@
105.88(a)
..............
5,000
5,209
6,704
Total
Yankee
Dollars
(Cost
$202,239)
a
a
a
200,215
Commercial
Paper
(10.4%)
Communication
Services
(0.5%):
Rogers
Communications,
5.42%,
2/1/24(a)(n)
...................................
5,400
5,399
Consumer
Discretionary
(1.0%):
AutoNation,
Inc.
5.85%,
2/1/24(a)(n)
.................................................
6,300
6,299
5.75%,
2/6/24(a)(n)
.................................................
4,000
3,996
10,295
Consumer
Staples
(0.1%):
ConAgra
Brands,
Inc.,
5.64%,
2/1/24(a)(n)
.....................................
1,200
1,200
Energy
(2.2%):
Marathon
Oil
Corp.
5.42%,
2/2/24(a)(n)
.................................................
8,000
7,998
5.43%,
2/6/24(a)(n)
.................................................
800
799
Ovintiv,
Inc.,
6.17%,
2/20/24(a)(n)
..........................................
5,000
4,983
Plains
All
Amer
Pipeline,
5.42%,
2/1/24(a)(n)
...................................
2,000
2,000
Western
Midstream
Operating
LP
6.06%,
2/2/24(a)(n)
.................................................
1,300
1,299
6.21%,
2/16/24(a)(n)
................................................
2,000
1,994
6.22%,
2/21/24(a)(n)
................................................
2,000
1,993
6.26%,
2/26/24(a)(n)
................................................
2,000
1,991
6.28%,
2/29/24(a)(n)
................................................
400
398
23,455
Industrials
(2.3%):
Aviation
Capital
Group
LLC,
5.50%,
2/1/24(a)(n)
................................
10,300
10,298
Global
Payments,
Inc.
5.99%,
2/5/24(a)(n)
.................................................
3,500
3,497
6.00%,
2/7/24(a)(n)
.................................................
1,800
1,798
Victory
Portfolios
III
Victory
High
Income
Fund
143
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
6.02%,
2/8/24(a)(n)
.................................................
$
5,000
$
4,993
Stanley
Black
Decker
5.41%,
2/6/24(a)(n)
.................................................
1,600
1,599
5.43%,
2/9/24(a)(n)
.................................................
1,700
1,698
23,883
Information
Technology
(0.8%):
Jabil,
Inc.
6.07%,
2/2/24(a)(n)
.................................................
1,040
1,040
6.08%,
2/5/24(a)(n)
.................................................
2,300
2,298
6.09%,
2/7/24(a)(n)
.................................................
5,000
4,994
8,332
Materials
(2.5%):
Albemarle
Corp.
5.70%,
2/1/24(a)(n)
.................................................
9,800
9,798
5.76%,
2/7/24(a)(n)
.................................................
500
499
FMC
Corp.
6.07%,
2/9/24(a)(n)
.................................................
8,000
7,988
6.08%,
2/14/24(a)(n)
................................................
2,300
2,295
International
Flavors
Fragnance,
5.53%,
2/20/24(a)(n)
.............................
6,200
6,181
26,761
Utilities
(1.0%):
The
AES
Corp.,
5.90%,
2/1/24(a)(n)
.........................................
10,000
9,999
Total
Commercial
Paper
(Cost
$109,340)
a
a
a
109,324
Shares
Exchange-Traded
Funds
(0.5%)
iShares
BB
Rated
Corporate
Bond
ETF(e)
.....................................
10,000
462
iShares
iBoxx
High
Yield
Corporate
Bond
ETF(j)
................................
599
46
SPDR
Bloomberg
High
Yield
Bond
ETF
......................................
40,315
3,825
SPDR
Portfolio
High
Yield
Bond
ETF
........................................
20,000
469
Total
Exchange-Traded
Funds
(Cost
$4,654)
a
a
a
4,802
Collateral
for
Securities
Loaned
(3.3%)^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares,
5.22%(o)
........
8,634,822
8,635
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares,
5.27%(o)
............
8,634,822
8,635
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares,
5.24%(o)
...............
8,634,822
8,635
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares,
5.21%(o)
.
8,634,822
8,634
Total
Collateral
for
Securities
Loaned
(Cost
$34,539)
a
a
a
34,539
Total
Investments
(Cost
$1,091,496)
—
102.3%
1,076,140
Liabilities
in
excess
of
other
assets
—
(2.3)%
(23,993)
NET
ASSETS
-
100.00%
$
1,052,147
At
January
31,
2024,
the
Fund's
investments
in
foreign
securities
were
23.5%
of
net
assets.
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
Rule
144A
security
or
other
security
that
is
restricted
as
to
resale
to
institutional
investors.
As
of
January
31,
2024,
the
fair
value
of
these
securities
was
$850,033
(thousands)
and
amounted
to
80.8%
of
net
assets.
(b)
Variable
or
Floating-Rate
Security.
Rate
disclosed
is
as
of
January
31,
2024.
(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
January
31,
2024.
(d)
Amount
represents
less
than
0.05%
of
net
assets.
(e)
Non-income
producing
security.
(f)
Security
was
fair
valued
using
significant
unobservable
inputs
as
of
January
31,
2024.
(g)
Rounds
to
less
than
$1
thousand.
(h)
Security
is
perpetual
and
has
no
final
maturity
date
but
may
be
subject
to
calls
at
various
dates
in
the
future.
(i)
The
rates
for
this
senior
secured
loan
will
be
known
on
settlement
date
of
the
loan,
subsequent
to
this
report
date.
Senior
secured
loans
have
rates
that
will
fluctuate
over
time
in
line
with
prevailing
interest
rates.
Victory
Portfolios
III
Victory
High
Income
Fund
144
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
(j)
All
or
a
portion
of
this
security
is
on
loan.
(k)
Up
to
7.13%
of
the
coupon
may
be
PIK.
(l)
Zero-coupon
bond.
(m)
Up
to
7.25%
of
the
coupon
may
be
PIK.
(n)
Rate
represents
the
effective
yield
at
January
31,
2024.
(o)
Rate
disclosed
is
the
daily
yield
on
January
31,
2024.
ABS
—
Asset-Backed
Securities
bps
—
Basis
points
CLO
—
Collateralized
Loan
Obligations
CMO
—
Collateralized
Mortgage
Obligations
ETF
—
Exchange-Traded
Fund
H15T5Y
—
5
Year
Treasury
Constant
Maturity
Rate,
rate
disclosed
as
of
January
31,
2024.
ICE
—
Intercontinental
Exchange,
Inc.
IBA
—
ICE
Benchmark
Administration
Limited
LIBOR
—
London
Interbank
Offered
Rate
LLC
—
Limited
Liability
Company
LP
—
Limited
Partnership
MBS
—
Mortgage-Backed
Securities
MTN
—
Medium
Term
Note
PIK
—
Payment-in-Kind
PLC
—
Public
Limited
Company
SOFR
—
Secured
Overnight
Financing
Rate
SOFR01M
—
1
Month
SOFR,
rate
disclosed
as
of
January
31,
2024.
SOFR03M
—
3
Month
SOFR,
rate
disclosed
as
of
January
31,
2024.
SOFR06M
—
6
Month
SOFR,
rate
disclosed
as
of
January
31,
2024.
TSFR1M
—
1
month
Term
SOFR,
rate
disclosed
as
of
January
31,
2024.
TSFR3M
—
3
month
Term
SOFR,
rate
disclosed
as
of
January
31,
2024.
US0003M
—
3
Month
US
Dollar
LIBOR,
rate
disclosed
as
of
January
31,
2024,
based
on
the
last
reset
date
of
the
security.
USISOA05
—
ICE
IBA
-
USD
SOFR
Spread-Adjusted
ICE
5
Year
Swap
Rate,
rate
disclosed
as
of
January
31,
2024.
Schedule
of
Portfolio
Investments
January
31,
2024
Victory
Portfolios
III
Victory
Income
Fund
145
(Unaudited)
Security
Description
Principal
Amount
(000)
Value
(000)
Asset-Backed
Securities
(9.7%)
ABS
Auto
(4.5%):
American
Credit
Acceptance
Receivables
Trust,
Series
2022-1,
Class
C,
2.12%,
3/13/28,
Callable
5/13/25
@
100(a)
............................................
$
2,432
$
2,408
AmeriCredit
Automobile
Receivables
Trust,
Series
2021-1,
Class
D,
1.21%,
12/18/26,
Callable
6/18/25
@
100
.....................................................
2,000
1,882
ARI
Fleet
Lease
Trust
....................................................
Series
2022-A,
Class
A3,
3.43%,
1/15/31,
Callable
4/15/25
@
100(a)
..............
2,286
2,236
Series
2022-A,
Class
B,
3.79%,
1/15/31,
Callable
4/15/25
@
100(a)
...............
1,400
1,358
Avis
Budget
Rental
Car
Funding
AESOP
LLC
..................................
Series
2018-2A,
Class
B,
4.27%,
3/20/25,
Callable
4/20/24
@
100(a)
..............
1,750
1,747
Series
2019-2A,
Class
B,
3
.55%,
9/22/25,
Callable
10/20/24
@
100(a)
.............
7,500
7,419
Series
2022-5A,
Class
B,
7.09%,
4/20/27(a)
................................
3,500
3,586
Series
2023-6A,
Class
C,
7.03%,
12/20/29(a)
...............................
4,000
4,119
CarMax
Auto
Owner
Trust
................................................
Series
2020-2,
Class
B,
2
.90%,
8/15/25,
Callable
5/15/24
@
100
.................
3,611
3,582
Series
2023-2,
Class
B,
5.18%,
11/15/28,
Callable
2/15/27
@
100
................
5,000
5,019
Carvana
Auto
Receivables
Trust,
Series
2021-N4,
Class
A2,
1.80%,
9/11/28,
Callable
3/10/27
@
100
...........................................................
2,750
2,612
Chase
Auto
Owner
Trust,
Series
2023-AA,
Class
C,
6.24%,
9/25/29,
Callable
5/25/28
@
100(a)
...........................................................
2,750
2,781
Chesapeake
Funding
II
LLC,
Series
2023-1A,
Class
C,
6.07%,
5/15/35,
Callable
3/15/26
@
100(a)
...........................................................
1,000
1,009
Citizens
Auto
Receivables
Trust
............................................
Series
2023-1,
Class
A3,
5.84%,
1/18/28,
Callable
5/15/27
@
100(a)
..............
3,000
3,040
Series
2023-1,
Class
A4,
5.78%,
10/15/30,
Callable
5/15/27
@
100(a)
.............
2,000
2,059
CPS
Auto
Receivables
Trust,
Series
2022-D,
Class
B,
6.84%,
1/16/29,
Callable
12/15/26
@
100(a)
...........................................................
2,360
2,385
Credit
Acceptance
Auto
Loan
Trust
..........................................
Series
2021-2A,
Class
B,
1.26%,
4/15/30,
Callable
8/15/24
@
100(a)
..............
5,885
5,828
Series
2021-3A,
Class
A,
1.00%,
5/15/30,
Callable
11/15/24
@
100(a)
.............
862
852
Series
2022-3A,
Class
B,
7.52%,
12/15/32,
Callable
10/15/26
@
100(a)
............
3,500
3,589
Series
2023-2A,
Class
B,
6.61%,
7/15/33,
Callable
12/15/26
@
100(a)
.............
2,000
2,036
Series
2023-3A
,
Class
B,
7.09%,
10/17/33,
Callable
3/15/27
@
100(a)
.............
2,842
2,931
Drive
Auto
Receivables
Trust,
Series
2021-2,
Class
D,
1.39%,
3/15/29,
Callable
7/15/25
@
100
2,225
2,119
Ent
Auto
Receivables
Trust,
Series
2023-1A,
Class
A4,
6.26%,
11/15/29,
Callable
6/15/28
@
100(a)
...........................................................
1,750
1,786
Enterprise
Fleet
Financing
LLC
.............................................
Series
2022-4,
Class
A3,
5.65%,
10/22/29,
Callable
6/20/26
@
100(a)
.............
4,000
4,059
Series
2023-1,
Class
A3,
5.42%,
10/22/29,
Callable
2/20/26
@
100(a)
.............
2,222
2,248
Series
2023-2,
Class
A2,
5.56%,
4/22/30,
Callable
2/20/27
@
100(a)
..............
4,000
4,013
Series
2024-1,
Class
A3,
5.16%,
9/20/30,
Callable
9/20/27
@
100(a)
..............
3,000
3,021
Exeter
Automobile
Receivables
Trust
.........................................
Series
2019-2A,
Class
D,
3.71%,
3/17/25,
Callable
2/15/24
@
100(a)
..............
782
781
Series
2020-2A,
Class
E,
7.19%,
9/15/27,
Callable
2/15/25
@
100(a)
..............
5,000
5,060
Flagship
Credit
Auto
Trust,
Series
2020-2,
Class
D,
5.75%,
4/15/26,
Callable
7/15/25
@
100(a)
3,188
3,178
Ford
Credit
Auto
Owner
Trust
..............................................
Series
2020-1,
Class
A,
2.04%,
8/15/31,
Callable
2/15/25
@
100(a)
...............
5,333
5,168
Series
2020-1,
Class
C,
2.54%,
8/15/31,
Callable
2/15/25
@
100(a)
...............
4,200
4,053
Series
2023-1,
Class
B,
5.29%,
8/15/35,
Callable
2/15/28
@
100(a)
...............
2,467
2,445
Series
2023-2,
Class
B,
5.92%,
2/15/36,
Callable
8/15/28
@
100(a)
...............
5,000
5,087
Foursight
Capital
Automobile
Receivables
Trust,
Series
2024-1,
Class
B,
5.55
%,
5/15/29,
Callable
11/15/27
@
100(a)
...........................................
2,143
2,153
GECU
Auto
Receivables
Trust
.............................................
Series
2023-1A,
Class
B,
5.87%,
1/15/30,
Callable
9/15/28
@
100(a)
..............
1,660
1,666
Series
2023-1A,
Class
C,
6.33%,
4/15/30,
Callable
9/15/28
@
100(a)
..............
998
999
GLS
Auto
Receivables
Issuer
Trust,
Series
2019-2A,
Class
D,
4.52%,
2/17/26,
Callable
2/15/24
@
100(a)
.........................................................
1,951
1,950
GLS
Auto
Select
Receivables
Trust,
Series
2023-2A,
Class
B,
6.67%,
12/17/29,
Callable
8/15/28
@
100(a)
...................................................
3,000
3,124
GTE
Auto
Receivables
Trust,
Series
2023-1,
Class
A4,
5.12%,
4/16/29,
Callable
12/15/26
@
100(a)
...........................................................
7,000
6,940
Hertz
Vehicle
Financing
III
LLC
............................................
Victory
Portfolios
III
Victory
Income
Fund
146
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
Series
2023-1A,
Class
B,
6.22%,
6/25/27(a)
................................
$
1,000
$
1,007
Series
2023-3A,
Class
C,
7.26%,
2/25/28(a)
................................
2,000
2,059
Hertz
Vehicle
Financing
III
LP,
Series
2021-2A,
Class
C,
2.52%,
12/27/27(a)
............
3,667
3,332
Hertz
Vehicle
Financing
LLC
..............................................
Series
2021-1A,
Class
C,
2.05%,
12/26/25(a)
...............................
2,000
1,938
Series
2022-2A,
Class
C,
2.95%,
6/26/28,
Callable
6/25/27
@
100(a)
..............
3,500
3,171
Series
2022-4A,
Class
B,
4.12%,
9/25/26,
Callable
9/25/25
@
100(a)
..............
2,000
1,947
JPMorgan
Chase
Bank
NA
................................................
Series
2021-1,
Class
B,
0.88%,
9/25/28,
Callable
5/25/25
@
100(a)
...............
857
844
Series
2021-3,
Class
C,
0.86%,
2/26/29,
Callable
5/25/25
@
100(a)
...............
1,169
1,131
LAD
Auto
Receivables
Trust
...............................................
Series
2021-1A,
Class
C,
2.35%,
4/15/27,
Callable
11/15/25
@
100(a)
.............
1,500
1,443
Series
2023-1A,
Class
B,
5.59%,
8/16/27,
Callable
6/15/27
@
100(a)
..............
2,400
2,411
Series
2023-2A,
Class
A3,
5.42%,
2/15/28,
Callable
10/15/27
@
100(a)
............
3,000
3,003
Series
2023-2A,
Class
B,
5.45%,
4/15/28,
Callable
10/15/27
@
100(a)
.............
2,719
2,729
Series
2023-3A,
Class
B,
6.09%,
6/15/28,
Callable
12/15/27
@
100(a)
.............
2,307
2,351
Series
2023-4A,
Class
B,
6.39%,
10/16/28,
Callable
2/15/28
@
100(a)
.............
1,450
1,491
OCCU
Auto
Receivables
Trust,
Series
2023-1A,
Class
B,
6.51%,
9/17/29,
Callable
4/15/28
@
100(a)
...........................................................
1,500
1,537
Prestige
Auto
Receivables
Trust
............................................
Series
2023-1A,
Class
B,
5.55%,
4/15/27(a)
................................
5,000
4,999
Series
2023-2A,
Class
B,
6.64%,
12/15/27(a)
...............................
5,000
5,093
Santander
Bank
Auto
Credit-Linked
Notes
.....................................
Series
2022-A,
Class
B,
5.28%,
5/15/32,
Callable
1/15/26
@
100(a)
...............
1,579
1,568
Series
2022-B,
Class
C,
5.92%,
8/16/32,
Callable
5/15/26
@
100(a)
...............
915
912
Santander
Consumer
Auto
Receivables
Trust,
Series
2020-AA,
Class
D,
5.49%,
4/15/26,
Callable
11/15/24
@
100(a)
...........................................
851
850
Santander
Drive
Auto
Receivables
Trust,
Series
2022-3,
Class
B,
4.13%,
8/16/27,
Callable
4/15/26
@
100
.....................................................
3,188
3,151
Santander
Retail
Auto
Lease
Trust,
Series
2021-C,
Class
B,
0.83%,
3/20/26,
Callable
6/20/24
@
100(a)
.........................................................
3,500
3,463
SCCU
Auto
Receivables
Trust
..............................................
Series
2023-1A,
Class
A4,
5.70%,
8/15/29,
Callable
2/15/28
@
100(a)
.............
900
906
Series
2023-1A,
Class
B,
6.08%,
11/15/29,
Callable
2/15/28
@
100(a)
.............
3,000
3,034
SFS
Auto
Receivables
Securitization
Trust
.....................................
Series
2023-1A,
Class
B,
5.71%,
1/22/30,
Callable
8/20/27
@
100(a)
..............
1,500
1,530
Series
2024-1A,
Class
B,
5.38%,
1/21/31,
Callable
4/20/28
@
100(a)
..............
1,218
1,226
Tesla
Auto
Lease
Trust,
Series
2023-B,
Class
A4,
6.22%,
3/22/27,
Callable
12/20/25
@
100(a)
1,337
1,365
Toyota
Auto
Loan
Extended
Note
Trust,
Series
2021-1A,
Class
A,
1.07%,
2/27/34,
Callable
2/25/26
@
100(a)(b)
.................................................
5,500
5,099
Toyota
Lease
Owner
Trust,
Series
2023-A,
Class
A4,
5.05%,
8/20/27,
Callable
9/20/25
@
100(a)
...........................................................
3,333
3,331
Veridian
Auto
Receivables
Trust
............................................
Series
2023-1A,
Class
A4,
5.59%,
12/15/28,
Callable
7/15/27
@
100(a)
............
3,000
3,008
Series
2023-1A,
Class
B,
5.86%,
4/16/29,
Callable
7/15/27
@
100(a)
..............
1,600
1,604
Series
2023-1A,
Class
C,
6.37%,
7/16/29,
Callable
7/15/27
@
100(a)
..............
3,500
3,503
Westlake
Automobile
Receivables
Trust,
Series
2020-1A,
Class
E,
3.31%,
10/15/25,
Callable
2/15/24
@
100(a)
...................................................
1,340
1,338
Wheels
Fleet
Lease
Funding
1
LLC,
Series
2023-1A,
Class
A,
5.80%,
4/18/38(a)
.........
3,150
3,168
201,870
ABS
Card
(0.9%):
Evergreen
Credit
Card
Trust
...............................................
Series
2022-CRT1,
Class
C,
6.19%,
7/15/26(a)
..............................
4,500
4,475
Series
2022-CRT2,
Class
C,
7.44%,
11/15/26(a)
.............................
3,750
3,761
Series
2023-CRT3,
Class
C,
7.31%,
2/15/27(a)
..............................
2,118
2,127
Golden
Credit
Card
Trust
.................................................
Series
2021-1A,
Class
B,
1.44%,
8/15/28(a)
................................
9,000
8,137
Series
2021-1A,
Class
C,
1.74%,
8/15/28(a)
................................
4,467
4,014
Master
Credit
Card
Trust
.................................................
Series
2021-1A,
Class
B,
0.79%,
11/21/25(a)
...............................
1,615
1,589
Series
2021-1A,
Class
C,
1.06%,
11/21/25(a)
...............................
4,500
4,425
Series
2022-2A,
Class
C,
2.73%,
7/21/28(a)
................................
2,344
2,109
Victory
Portfolios
III
Victory
Income
Fund
147
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
Master
Credit
Card
Trust
II
................................................
Series
2022-1A,
Class
C,
2.27%,
7/21/26(a)
................................
$
3,000
$
2,890
Series
2023-4A,
Class
C,
7.53%,
10/21/32(a)
...............................
1,273
1,335
Trillium
Credit
Card
Trust
II,
Series
2023-2A,
Class
C,
6.32%,
3/26/33(a)
..............
3,603
3,578
38,440
ABS
Other
(3.4%):
Aligned
Data
Centers
Issuer
LLC,
Series
2021-1A,
Class
A2,
1.94%,
8/15/46,
Callable
8/15/24
@
100(a)
.........................................................
8,500
7,667
Amur
Equipment
Finance
Receivables
IX
LLC,
Series
2021-1A,
Class
B,
1.38%,
2/22/27,
Callable
11/20/24
@
100(a)
...........................................
1,750
1,710
Amur
Equipment
Finance
Receivables
X
LLC,
Series
2022-1A,
Class
B,
2.20%,
1/20/28,
Callable
9/20/25
@
100(a)
............................................
3,500
3,334
Amur
Equipment
Finance
Receivables
XII
LLC,
Series
2023-1A,
Class
B,
6.03%,
12/20/29,
Callable
5/20/27
@
100(a)
............................................
1,875
1,909
Atalaya
Equipment
Leasing
Trust
...........................................
Series
2021-1A,
Class
B,
2.08%,
2/15/27,
Callable
10/15/24
@
100(a)
.............
5,000
4,854
Series
2021-1A,
Class
C,
2.69%,
6/15/28,
Callable
10/15/24
@
100(a)
.............
1,500
1,419
CCG
Receivables
Trust
...................................................
Series
2020-1,
Class
C,
1.84%,
12/14/27,
Callable
5/14/24
@
100(a)
..............
2,000
1,975
Series
2023-1,
Class
A2,
5.82%,
9/16/30,
Callable
10/14/26
@
100(a)
.............
2,604
2,617
CF
Hippolyta
Issuer
LLC,
Series
2021-1A,
Class
A1,
1.53%,
3/15/61
,
Callable
3/15/24
@
100(a)
...........................................................
2,827
2,545
CNH
Equipment
Trust,
Series
2020-A,
Class
B,
2.30%,
10/15/27,
Callable
3/15/24
@
100
...
1,100
1,095
Conn's
Receivables
Funding
LLC
...........................................
Series
2022-A,
Class
B,
9.52%,
12/15/26,
Callable
8/15/24
@
100(a)
..............
1,940
1,943
Series
2023-A,
Class
A,
8.01%,
1/17/28,
Callable
4/15/24
@
100(a)
...............
1,315
1,317
Series
2023-A,
Class
B,
10.00%,
1/17/28,
Callable
12/15/24
@
100(a)
.............
1,803
1,824
Dell
Equipment
Finance
Trust
..............................................
Series
2021-2,
Class
C,
0.94%,
12/22/26,
Callable
4/22/24
@
100(a)
..............
3,000
2,965
Series
2023-1,
Class
A3,
5.65%,
9/22/28,
Callable
10/22/25
@
100(a)
.............
2,000
2,013
Series
2023-3,
Class
A3,
5.93%,
4/23/29,
Callable
5/22/26
@
100(a)
..............
1,312
1,334
Dext
ABS
LLC,
Series
2023-2,
Class
D,
8.30%,
5/15/34,
Callable
1/15/28
@
100(a)
.......
2,333
2,271
Diamond
Infrastructure
Funding
LLC,
Series
2021-1A,
Class
A,
1.76%,
4/15/49,
Callable
9/20/25
@
100(a)
...................................................
5,667
5,036
Diamond
Issuer,
Series
2021-1A,
Class
A,
2.31%,
11/20/51,
Callable
11/20/25
@
100(a)
....
4,875
4,334
DLLMT
LLC
..........................................................
Series
2023-1A,
Class
A3,
5.34%,
3/22/27,
Callable
2/20/27
@
100(a)
.............
1,000
1,005
Series
2023-1A,
Class
A4,
5.35%,
3/20/31,
Callable
2/20/27
@
100(a)
.............
2,286
2,311
ExteNet
LLC,
Series
2019-1A,
Class
A2,
3.20%,
7/25/49,
Callable
2/25/24
@
100(a)
......
5,625
5,520
FirstKey
Homes
Trust,
Series
2021-SFR2,
Class
B,
1.61%,
9/17/38(a)
.................
6,538
5,927
Ford
Credit
Floorplan
Master
Owner
Trust,
Series
2023-1,
Class
C,
5.75%,
5/15/28(a)
......
1,597
1,592
Frontier
Issuer
LLC,
Series
2023-1,
Class
B,
8.30%,
8/20/53,
Callable
7/20/26
@
100(a)
....
4,667
4,675
HPEFS
Equipment
Trust
..................................................
Series
2021-1A,
Class
D,
1.03%,
3/20/31,
Callable
3/20/24
@
100(a)
..............
2,660
2,635
Series
2021-2A,
Class
C,
0.88%,
9/20/28,
Callable
8/20/24
@
100(a)
..............
6,324
6,261
Series
2022-1A,
Class
C,
1.96%,
5/21/29,
Callable
6/20/25
@
100(a)
..............
1,000
972
Series
2023-2A,
Class
C,
6.48%,
1/21/31,
Callable
9/20/26
@
100(a)
..............
2,550
2,595
MMAF
Equipment
Finance
LLC
............................................
Series
2022-A,
Class
A4,
3.32%,
6/13/44(a)
................................
1,500
1,449
Series
2023-A,
Class
A4,
5.50%,
12/13/38(a)
...............................
1,750
1,782
MVW
LLC,
Series
2021-1WA,
Class
A,
1.14%,
1/22/41,
Callable
10/20/26
@
100(a)
......
691
635
NP
SPE
II
LLC
........................................................
Series
2017-1A,
Class
A2,
4.22%,
10/21/47,
Callable
2/20/24
@
100(a)
............
15,625
14,605
Series
2019-2A,
Class
C1
,
6.44%,
11/19/49,
Callable
2/19/24
@
100(a)
............
4,857
4,560
Pawnee
Equipment
Receivables
LLC,
Series
2022-1,
Class
B,
5.40%,
7/17/28,
Callable
6/15/26
@
100(a)
...................................................
1,000
997
Progress
Residential
Trust
.................................................
Series
2021-SFR6,
Class
A,
1.52%
,
7/17/38,
Callable
7/17/26
@
100(a)
............
4,381
4,010
Series
2021-SFR6,
Class
B,
1.75%,
7/17/38,
Callable
7/17/26
@
100(a)
............
3,938
3,602
PSNH
Funding
LLC,
Series
2018-1,
Class
A3,
3.81%,
2/1/35
.......................
18,545
17,690
SCF
Equipment
Leasing
LLC
..............................................
Series
2020-1A,
Class
B,
2.02%,
3/20/28,
Callable
5/20/24
@
100(a)
..............
1,207
1,200
Victory
Portfolios
III
Victory
Income
Fund
148
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
Series
2021-1A,
Class
D,
1.93%,
9/20/30,
Callable
8/20/25
@
100(a)
..............
$
867
$
813
Series
2022-2A,
Class
B,
6.50%,
2/20/32
,
Callable
8/20/29
@
100(a)
..............
1,071
1,097
Series
2023-1A,
Class
B,
6.37%,
5/20/32,
Callable
8/20/30
@
100(a)
..............
3,000
3,105
Vantage
Data
Centers
Issuer
LLC,
Series
2019-1A,
Class
A2,
3.19%,
7/15/44,
Callable
2/15/24
@
100(a)
.........................................................
1,711
1,685
VB-S1
Issuer
LLC
......................................................
Series
2022-1A,
Class
C2I,
3.16%,
2/15/52,
Callable
2/15/26
@
100(a)
............
4,000
3,638
Series
2022-1A,
Class
D,
4.29%,
2/15/52,
Callable
2/15/26
@
100(a)
..............
2,438
2,170
Verdant
Receivables
LLC,
Series
2023-1A,
Class
A2,
6.24%,
1/13/31,
Callable
3/12/27
@
100(a)
...........................................................
1,207
1,219
WEPCO
Environmental
Trust
Finance
I
LLC,
Series
2021-1,
Class
A,
1.58%,
12/15/35
.....
7,351
6,324
156,236
Agency
ABS
Other
(0.9%):
CIT
Education
Loan
Trust,
Series
2007-1,
Class
B,
5.91%
(SOFR90A+56bps),
6/25/42,
Callable
3/25/30
@
100(a)(c)
..........................................
2,365
2,049
Navient
Student
Loan
Trust
................................................
Series
2015-2,
Class
B,
6.96%
(SOFR30A+161bps),
8/25/50,
Callable
12/25/32
@
100(c)
...........................................................
3,000
2,846
Series
2018-2A,
Class
B,
6.61%
(SOFR30A+126bps),
3/25/67,
Callable
4/25/36
@
100(a)(c)
.........................................................
3,500
3,161
Nelnet
Student
Loan
Trust,
Series
2005-4,
Class
B,
5.89%
(SOFR90A+54bps),
9/22/35,
Callable
12/22/24
@
100(c)
...........................................
873
754
SLM
Student
Loan
Trust
..................................................
Series
2003-14,
Class
B,
6.17%
(SOFR90A+81bps),
10/25/65,
Callable
1/25/28
@
100(c)
...........................................................
931
861
Series
2005-9,
Class
B,
5.92%
(SOFR90A+56bps),
1/25/41,
Callable
10/25/30
@
100(c)
1,078
990
Series
2006-10,
Class
B,
5.84%
(SOFR90A+48bps),
3/25/44,
Callable
4/25/32
@
100(c)
1,154
1,055
Series
2006-9,
Class
B,
5.85%
(SOFR90A+49bps),
1/25/41,
Callable
7/25/33
@
100(c)
3,158
2,783
Series
2007-1,
Class
B,
5.84%
(SOFR90A+48
bps),
1/27/42,
Callable
10/25/29
@
100(c)
4,066
3,679
Series
2007-7,
Class
B,
6.37%
(SOFR90A+101bps),
10/27/70,
Callable
7/25/24
@
100(c)
...........................................................
5,740
5,137
Series
2012-6,
Class
B,
6.46%
(SOFR30A+111bps),
4/27/43,
Callable
3/25/30
@
100(c)
20,862
18,811
42,126
Total
Asset-Backed
Securities
(Cost
$450,100)
a
a
a
438,672
Collateralized
Mortgage
Obligations
(5.9%)
Agency
Commercial
MBS
(1.2%):
Federal
Home
Loan
Mortgage
Corporation
.....................................
Series
K097,
Class
A2,
2.51%,
7/25/29
...................................
8,000
7,268
Series
K100,
Class
A2,
2.67%,
9/25/29
...................................
5,455
4,985
Series
KG02,
Class
A2,
2.41%,
8/25/29,
Callable
8/25/29
@
100
.................
9,091
8,238
Series
KIR1,
Class
A2,
2.85%,
3/25/26,
Callable
3/25/26
@
100
.................
12,000
11,570
Series
S8FX,
Class
A1,
3.02%,
3/25/27,
Callable
3/25/27
@
100
.................
9,598
9,328
Federal
National
Mortgage
Association
.......................................
Series
2017-M15,
Class
AV2,
2.61%,
11/25/24(b)
............................
2,251
2,214
Series
2017-M2,
Class
A2,
2.92%,
2/25/27(b)
...............................
2,100
2,012
Series
2017-M7,
Class
A2,
2.96%,
2/25/27(b)
...............................
2,074
1,990
Series
2018-M4,
Class
A2,
3.17%,
3/25/28(b)
...............................
5,388
5,143
52,748
Commercial
MBS
(4.7%):
Aventura
Mall
Trust
.....................................................
Series
2018-AVM,
Class
A,
4.25%,
7/5/40(a)(b)
.............................
5,000
4,749
Series
2018-AVM,
Class
D,
4.25%,
7/5/40(a)(b)
.............................
4,000
3,491
BAMLL
Commercial
Mortgage
Securities
Trust,
Series
2015-200P,
Class
B,
3.49%,
4/14/33,
Callable
4/14/25
@
100(a)
............................................
9,027
8,606
BANK
..............................................................
Series
2017-BNK4,
Class
B,
4.00%,
5/15/50,
Callable
4/15/27
@
100
.............
5,600
4,989
Series
2019-BN24,
Class
ASB,
2.93%,
11/15/62,
Callable
12/15/29
@
100
..........
7,123
6,726
Victory
Portfolios
III
Victory
Income
Fund
149
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
BBCMS
Mortgage
Trust,
Series
2022-C16,
Class
AS,
4.60%,
6/15/55,
Callable
6/15/32
@
100(b)
...........................................................
$
2,703
$
2,541
BPR
Trust
............................................................
Series
2021-TY,
Class
A,
6.50%
(TSFR1M+116bps),
9/15/38(a)(c)
...............
4,904
4,839
Series
2021-TY,
Class
C,
7.15%
(TSFR1M+181bps),
9/15/38(a)(c)
...............
1,538
1,500
Series
2022-OANA,
Class
B,
7.78%
(TSFR1M+245bps),
4/15/37(a)(c)
............
6,000
5,949
Series
2022-OANA,
Class
D,
9.03%
(TSFR1M+370bps),
4/15/37(a)(c)
............
5,000
4,920
Series
2022-STAR,
Class
A,
8.57%
(TSFR1M+323bps),
8/15/24(a)(c)
.............
7,726
7,719
BX
Commercial
Mortgage
Trust
............................................
Series
2019-OC11,
Class
A,
3.20%,
12/9/41,
Callable
12/9/29
@
100(a)
............
9,231
8,294
Series
2019-XL,
Class
B,
6.53%
(
TSFR1M+119bps),
10/15/36(a)(c)
..............
5,246
5,230
Series
2019-XL,
Class
D,
6.90%
(TSFR1M+156bps),
10/15/36(a)(c)
..............
1,275
1,270
Series
2020-VIV4,
Class
A,
2.84%,
3/9/44,
Callable
3/9/30
@
100(a)
..............
1,875
1,632
Series
2022-CLS,
Class
B,
6.30%,
10/13/27(a)
..............................
4,000
3,721
Series
2022-CSMO,
Class
B,
8.47%
(TSFR1M+314bps),
6/15/27(a)(c)
............
5,000
5,008
BXP
Trust
............................................................
Series
2021-601L,
Class
C,
2.87%,
1/15/44(a)(b)
............................
6,500
4,625
Series
2021-601L,
Class
D,
2
.87%,
1/15/44(a)(b)
............................
3,500
2,237
Cantor
Commercial
Real
Estate
Lending,
Series
2019-CF3,
Class
ASB,
2.94%,
1/15/53,
Callable
12/15/29
@
100
.............................................
6,000
5,628
Citigroup
Commercial
Mortgage
Trust
........................................
Series
2014-GC23,
Class
A3,
3.36%,
7/10/47,
Callable
7/10/24
@
100
.............
5,344
5,318
Series
2014-GC23,
Class
AS,
3.86%,
7/10/47,
Callable
7/10/24
@
100
.............
4,000
3,940
Series
2020-555,
Class
A,
2.65%,
12/10/41(a)
..............................
10,000
8,395
COMM
Mortgage
Trust
..................................................
Series
2012-CR3,
Class
AM,
3.42%,
10/15/45,
Callable
10/15/26
@
100(a)
.........
101
94
Series
2012-CR4,
Class
AM,
3.25%,
10/15/45,
Callable
10/15/24
@
100
...........
8,600
7,688
Series
2012-CR4,
Class
XA,
1.29%,
10/15/45,
Callable
2/15/24
@
100(b)(d)
........
10,719
54
Series
2014-277P,
Class
A,
3.73%,
8/10/49,
Callable
8/10/24
@
100(a)(b)
..........
11,500
10,940
Series
2015-LC23,
Class
AM,
4.16%,
10/10/48,
Callable
11/10/25
@
100(b)
........
6,300
6,019
Series
2015-PC1,
Class
AM,
4.29%,
7/10/50
,
Callable
6/10/25
@
100(b)
...........
3,500
3,413
Series
2015-PC1,
Class
B,
4.42%,
7/10/50,
Callable
6/10/25
@
100(b)
.............
2,500
2,367
Series
2020-CX,
Class
A,
2.17%,
11/10/46,
Callable
11/10/30
@
100(a)
............
3,500
2,865
CSMC
Trust,
Series
2020-WEST,
Class
A,
3.04%,
2/15/35,
Callable
2/15/30
@
100(a)
.....
2,500
1,876
DBJPM
Mortgage
Trust
..................................................
Series
2016-SFC,
Class
A,
2.83%,
8/10/36,
Callable
8/10/26
@
100(a)
.............
6,250
2,884
Series
2016-SFC,
Class
B,
3.24%,
8/10/36
,
Callable
8/10/26
@
100(a)
.............
2,500
261
Extended
Stay
America
Trust,
Series
2021-ESH,
Class
B,
6.83%
(TSFR1M+149bps),
7/15/38(a)(c)
......................................................
4,631
4,586
GS
Mortgage
Securities
Corp.
II
............................................
Series
2005-ROCK,
Class
X1,
0.21%,
5/3/32(a)(b)(d)
.........................
190,667
524
Series
2023-SHIP,
Class
B,
5.10%,
9/10/38(a)(b)
............................
1,920
1,867
GS
Mortgage
Securities
Corp.
Trust,
Series
2017-GPTX,
Class
A,
2.86%,
5/10/34(a)
.......
1,938
1,370
GS
Mortgage
Securities
Trust,
Series
2020-GC45,
Class
A5
,
2.91%,
2/13/53,
Callable
1/13/30
@
100
...........................................................
4,231
3,773
Houston
Galleria
Mall
Trust,
Series
2015-HGLR,
Class
A1A2,
3.09%,
3/5/37(a)
..........
2,730
2,633
Hudson
Yards
Mortgage
Trust
..............................................
Series
2016-10HY,
Class
A,
2.84%,
8/10/38,
Callable
8/10/26
@
100(a)
............
1,650
1,549
Series
2019-55HY,
Class
A,
3.04%,
12/10/41(a)(b)
...........................
2,000
1,763
ILPT
Commercial
Mortgage
Trust,
Series
2022-LPFX,
Class
A,
3.38%,
3/15/32(a)
........
6,000
5,081
J.P.
Morgan
Chase
Commercial
Mortgage
Securities
Trust,
Series
2021-2NU,
Class
B,
2.15%,
1/5/40(a)(b)
.......................................................
2,500
1,922
JPMBB
Commercial
Mortgage
Securities
Trust,
Series
2014-C18,
Class
AS,
4.44%,
2/15/47,
Callable
1/15/29
@
100(b)
............................................
9,000
8,782
Manhattan
West
Mortgage
Trust
............................................
Series
2020-1MW,
Class
A,
2.13%,
9/10/39(a)
..............................
8,000
7,172
Series
2020-1MW,
Class
C,
2.41%,
9/10/39(a)(b)
............................
1,000
875
Morgan
Stanley
Capital
I
Trust,
Series
2015-MS1,
Class
AS,
4.16%,
5/15/48
,
Callable
7/15/25
@
100(b)
.........................................................
7,000
6,764
SCOTT
Trust,
Series
2023-SFS,
Class
A,
5.91%,
3/15/40(a)
........................
4,000
4,036
SLG
Office
Trust,
Series
2021-OVA,
Class
A,
2.59%,
7/15/41(a)
.....................
5,200
4,356
Victory
Portfolios
III
Victory
Income
Fund
150
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
SMRT,
Series
2022-MINI,
Class
B,
6.68
%
(TSFR1M+135bps),
1/15/39(a)(c)
............
$
6,500
$
6,395
213,236
U.S.
Government
Agency
Mortgages
(0.0%):(e)
Federal
Home
Loan
Mortgage
Corporation,
Series
5270,
Class
AB,
5.50%,
1/25/49
........
1,956
1,975
Total
Collateralized
Mortgage
Obligations
(Cost
$294,980)
a
a
a
267,959
Shares
Preferred
Stocks
(0.9%)
Consumer
Staples
(0.1%):
CHS,
Inc.,
Series
1,
7.88%(f)
..............................................
190,818
4,984
Financials
(0.0%):(e)
Citigroup
Capital
XIII,
11.95%(TSFR3M+663bps),
10/30/40(c)
......................
40,000
1,161
Real
Estate
(0.8%):
Equity
Residential,
Series
K,
8.29%(f)(g)
......................................
111,611
5,858
Mid-America
Apartment
Communities,
Inc.,
cumulative
redeemable,
Series
I,
8.50%(f)
.....
219,731
12,364
Prologis,
Inc.,
Series
Q,
8.54%(f)
...........................................
283,503
15,593
33,815
Total
Preferred
Stocks
(Cost
$34,719)
a
a
a
39,960
Principal
Amount
(000)
Senior
Secured
Loans
(0.1%)
Industrials
(0.1%):
MasTec,
Inc.,
Three-Year
Term
Loan,
First
Lien,
6.71%
(SOFR01M+138bps),
9/1/25(c)
....
$
2,000
1,995
Total
Senior
Secured
Loans
(Cost
$1,949)
a
a
a
1,995
Corporate
Bonds
(41.3%)
Communication
Services
(1.8%):
AT&T,
Inc.
3.10%,
2/1/43,
Callable
8/1/42
@
100
....................................
8,000
5,961
4.50%,
5/15/35,
Callable
11/15/34
@
100
..................................
3,000
2,832
CCO
Holdings
LLC/CCO
Holdings
Capital
Corp.,
7.38%,
3/1/31,
Callable
3/1/26
@
103.69(a)
(h)
.............................................................
3,125
3,157
Charter
Communications
Operating
LLC/Charter
Communications
Operating
Capital
2.30%,
2/1/32,
Callable
11/1/31
@
100
...................................
2,500
1,954
3.50%,
6/1/41,
Callable
12/1/40
@
100
...................................
10,000
6,960
6.38%,
10/23/35,
Callable
4/23/35
@
100
.................................
5,000
5,040
Comcast
Corp.
2.89%,
11/1/51,
Callable
5/1/51
@
100
...................................
3,500
2,315
3.90%,
3/1/38,
Callable
9/1/37
@
100
....................................
3,000
2,664
CSC
Holdings
LLC,
5.50%,
4/15/27,
Callable
3/8/24
@
101.83(a)
....................
3,000
2,694
Discovery
Communications
LLC,
3.95%,
3/20/28,
Callable
12/20/27
@
100
.............
10,000
9,556
Paramount
Global
3.38%,
2/15/28,
Callable
11/15/27
@
100
..................................
3,111
2,859
4.20%,
6/1/29,
Callable
3/1/29
@
100
....................................
8,000
7,471
T-Mobile
US,
Inc.
2.55%,
2/15/31,
Callable
11/15/30
@
100
..................................
5,000
4,285
3.88%,
4/15/30,
Callable
1/15/30
@
100
..................................
7,500
7,086
4.75%,
2/1/28
,
Callable
2/20/24
@
101.58
.................................
2,857
2,844
Verizon
Communications,
Inc.
2.88%,
11/20/50,
Callable
5/20/50
@
100
..................................
3,000
1,984
4.13%,
8/15/46
....................................................
5,000
4,253
Warnermedia
Holdings,
Inc.
3.76%,
3/15/27,
Callable
2/15/27
@
100
..................................
5,000
4,803
5.05%,
3/15/42,
Callable
9/15/41
@
100
..................................
3,759
3,332
82,050
Victory
Portfolios
III
Victory
Income
Fund
151
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
Consumer
Discretionary
(2.3%):
Advance
Auto
Parts,
Inc.,
3.50%,
3/15/32,
Callable
12/15/31
@
100
...................
$
7,750
$
6,451
AutoNation,
Inc.
2.40%,
8/1/31,
Callable
5/1/31
@
100
....................................
3,750
2,998
3.85%,
3/1/32,
Callable
12/1/31
@
100
...................................
4,500
3,981
Brunswick
Corp.,
2.40%,
8/18/31,
Callable
5/18/31
@
100
.........................
6,500
5,153
Daimler
Truck
Finance
North
America
LLC,
2.38%,
12/14/28(a)
.....................
5,600
5,010
Genuine
Parts
Co.
2.75%,
2/1/32,
Callable
11/1/31
@
100
...................................
3,833
3,216
6.88%,
11/1/33,
Callable
8/1/33
@
100(h)
.................................
2,333
2,614
Hasbro,
Inc.
3.55%,
11/19/26,
Callable
9/19/26
@
100
..................................
4,500
4,289
3.90%,
11/19/29,
Callable
8/19/29
@
100
..................................
7,500
6,953
Kohl's
Corp.,
4.63%,
5/1/31,
Callable
2/1/31
@
100
..............................
6,250
5,000
LKQ
Corp.,
6.25%,
6/15/33,
Callable
3/15/33
@
100
.............................
3,818
3,983
Marriott
International,
Inc.
3.50%,
10/15/32,
Callable
7/15/32
@
100
.................................
2,750
2,444
4.63%,
6/15/30,
Callable
3/15/30
@
100
..................................
2,333
2,298
Mattel,
Inc.
3.38%,
4/1/26,
Callable
2/20/24
@
101.69(a)
...............................
500
477
3.75%,
4/1/29,
Callable
4/1/24
@
101.88(a)
................................
3,000
2,751
Nordstrom,
Inc.
4.25%,
8/1/31,
Callable
5/1/31
@
100
....................................
4,250
3,545
4.38%,
4/1/30,
Callable
1/1/30
@
100(h)
..................................
2,000
1,750
Novant
Health,
Inc.,
2.64%,
11/1/36,
Callable
8/1/36
@
100
........................
13,000
9,942
Resorts
World
Las
Vegas
LLC/RWLV
Capital,
Inc.,
4.63%,
4/6/31,
Callable
1/6/31
@
100(a)
.
5,367
4,479
Smithsonian
Institution,
2.65%,
9/1/39
........................................
2,000
1,437
Tapestry,
Inc.,
7.85%,
11/27/33,
Callable
8/27/33
@
100(h)
.........................
3,900
4,170
Tractor
Supply
Co.,
5.25%,
5/15/33,
Callable
2/15/33
@
100
........................
4,000
4,061
University
of
Notre
Dame
du
Lac,
3.44%,
2/15/45
...............................
5,000
4,074
Vanderbilt
University
Medical
Center,
4.17%,
7/1/37,
Callable
1/1/37
@
100
............
1,000
868
Volkswagen
Group
of
America
Finance
LLC
4.60%,
6/8/29,
Callable
4/8/29
@
100(a)
..................................
6,000
5,899
6.45%,
11/16/30,
Callable
9/16/30
@
100(a)
................................
3,940
4,199
Worthington
Enterprises,
Inc.,
4.30%,
8/1/32,
Callable
5/1/32
@
100
..................
5,890
5,022
107,064
Consumer
Staples
(2.9%):
7-Eleven,
Inc.
1.80%,
2/10/31,
Callable
11/10/30
@
100(a)
................................
6,500
5,261
2.80%,
2/10/51,
Callable
8/2/50
@
100(a)
.................................
2,000
1,269
Altria
Group,
Inc.,
2.45%,
2/4/32
,
Callable
11/4/31
@
100
..........................
6,500
5,317
Anheuser-Busch
Cos.
LLC/Anheuser-Busch
InBev
Worldwide,
Inc.,
4.70%,
2/1/36,
Callable
8/1/35
@
100
......................................................
6,000
5,928
Anheuser-Busch
InBev
Worldwide,
Inc.,
4.38%,
4/15/38,
Callable
10/15/37
@
100
........
6,500
6,148
BAT
Capital
Corp.
4.39%,
8/15/37,
Callable
2/15/37
@
100
..................................
15,000
12,658
7.75%,
10/19/32,
Callable
7/19/32
@
100
.................................
2,000
2,263
Bimbo
Bakeries
USA,
Inc.,
5.38%,
1/9/36,
Callable
10/9/35
@
100(a)
.................
3,400
3,435
Bunge
Ltd.
Finance
Corp.,
2.75%,
5/14/31,
Callable
2/14/31
@
100
...................
12,000
10,397
Cargill,
Inc.
2.13%,
11/10/31,
Callable
8/10/31
@
100(a)
................................
6,000
4,965
5.13%,
10/11/32,
Callable
7/11/32
@
100(a)
................................
3,500
3,557
Constellation
Brands,
Inc.,
2.25%,
8/1/31,
Callable
5/1/31
@
100
.....................
5,645
4,700
General
Mills,
Inc.,
4.55%,
4/17/38,
Callable
10/17/37
@
100
.......................
4,667
4,310
JBS
USA
LUX
SA/JBS
USA
Food
Co./JBS
Luxembourg
SARL,
6.75%,
3/15/34,
Callable
12/15/33
@
100(a)
..................................................
3,000
3,160
JBS
USA
LUX
SA/JBS
USA
Food
Co./JBS
USA
Finance,
Inc.
2.50%,
1/15/27,
Callable
12/15/26
@
100
.................................
6,500
6,009
3.00%,
2/2/29,
Callable
12/2/28
@
100
...................................
3,250
2,875
5.75%,
4/1/33,
Callable
1/1/33
@
100
....................................
3,000
2,972
Keurig
Dr.
Pepper,
Inc.,
4.50%,
4/15/52,
Callable
10/15/51
@
100
....................
5,000
4,389
Kraft
Heinz
Foods
Co.,
5.00%,
6/4/42
........................................
6,000
5,716
Victory
Portfolios
III
Victory
Income
Fund
152
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
McCormick
&
Co.,
Inc.
1.85%,
2/15/31,
Callable
11/15/30
@
100
..................................
$
2,000
$
1,633
2.50%,
4/15/30,
Callable
1/15/30
@
100
..................................
2,000
1,752
Philip
Morris
International,
Inc.,
5.38%,
2/15/33,
Callable
11/15/32
@
100
..............
8,000
8,169
SC
Johnson
&
Son,
Inc.,
4.35%,
9/30/44,
Callable
3/30/44
@
100(a)
..................
7,000
5,997
Smithfield
Foods,
Inc.,
4.25%,
2/1/27,
Callable
11/1/26
@
100(a)
....................
5,000
4,819
Sodexo,
Inc.,
2.72%,
4/16/31,
Callable
1/16/31
@
100(a)
..........................
10,750
9,146
Sysco
Corp.,
2.45%,
12/14/31,
Callable
9/14/31
@
100
............................
5,000
4,222
131,067
Energy
(3.2%):
Apache
Corp.,
4.25%,
1/15/44,
Callable
7/15/43
@
100
............................
5,404
3,824
Berkshire
Hathaway
Energy
Co.,
4.50%,
2/1/45,
Callable
8/1/44
@
100
................
12,000
11,004
Boardwalk
Pipelines
LP,
4.45%,
7/15/27,
Callable
4/15/27
@
100
....................
8,000
7,832
Buckeye
Partners
LP,
5.60%,
10/15/44,
Callable
4/15/44
@
100
......................
10,000
7,706
Cameron
LNG
LLC,
3.30%,
1/15/35,
Callable
9/15/34
@
100(a)
.....................
6,364
5,398
ConocoPhillips
Co.
4.15%,
11/15/34,
Callable
5/15/34
@
100
..................................
4,500
4,178
5.55%,
3/15/54,
Callable
9/15/53
@
100
..................................
3,485
3,635
Energy
Transfer
LP
4.15%,
9/15/29,
Callable
6/15/29
@
100
..................................
6,000
5,723
8.59%
(TSFR3M+328bps),
11/1/66,
Callable
3/8/24
@
100(c)
...................
8,510
7,585
Enterprise
TE
Partners
LP,
8.42%
(US0003M+278bps),
6/1/67,
Callable
3/8/24
@
100(c)
...
3,000
2,282
EQM
Midstream
Partners
LP
4.00%,
8/1/24,
Callable
5/1/24
@
100
....................................
1,286
1,273
4.13%,
12/1/26
,
Callable
9/1/26
@
100
...................................
8,000
7,709
EQT
Corp.,
7.00%,
2/1/30,
Callable
11/1/29
@
100
..............................
2,594
2,785
Florida
Gas
Transmission
Co.
LLC,
2.55%,
7/1/30,
Callable
4/1/30
@
100(a)(h)
..........
6,500
5,586
Gray
Oak
Pipeline
LLC,
3.45%,
10/15/27,
Callable
8/15/27
@
100(a)
.................
5,333
5,000
HF
Sinclair
Corp.,
4.50%,
10/1/30,
Callable
7/1/30
@
100
..........................
8,000
7,569
Hilcorp
Energy
I
LP/Hilcorp
Finance
Co.
6.00%,
2/1/31,
Callable
2/1/26
@
103(a)
..................................
3,000
2,887
6.25%
,
11/1/28,
Callable
3/8/24
@
103.13(a)
...............................
4,000
3,985
Marathon
Petroleum
Corp.,
4.75%,
9/15/44,
Callable
3/15/44
@
100
..................
5,000
4,499
Murphy
Oil
USA,
Inc.
3.75%,
2/15/31,
Callable
2/15/26
@
101.88(a)
..............................
1,332
1,157
4.75%,
9/15/29,
Callable
9/15/24
@
102.38
................................
2,000
1,894
Occidental
Petroleum
Corp.,
4.40%,
8/15/49,
Callable
2/15/49
@
100
.................
10,235
7,661
Phillips
66
Co.
4.65%,
11/15/34,
Callable
5/15/34
@
100
..................................
1,000
970
4.90%,
10/1/46
,
Callable
4/1/46
@
100
...................................
750
693
Plains
All
American
Pipeline
LP/PAA
Finance
Corp.,
3.55%,
12/15/29,
Callable
9/15/29
@
100
.............................................................
13,750
12,641
Rockies
Express
Pipeline
LLC
4.80%,
5/15/30,
Callable
2/15/30
@
100(a)
................................
3,000
2,814
4.95%,
7/15/29,
Callable
4/15/29
@
100(a)
................................
6,500
6,245
Sabal
Trail
Transmission
LLC,
4.68%,
5/1/38,
Callable
11/1/37
@
100(a)
...............
5,000
4,650
Southwestern
Energy
Co.,
5.70%,
1/23/25,
Callable
10/23/24
@
100
..................
2,000
1,988
Targa
Resources
Partners
LP/Targa
Resources
Partners
Finance
Corp.,
5.50%,
3/1/30,
Callable
3/1/25
@
102.75
...................................................
3,500
3,485
Western
Midstream
Operating
LP
4.05%,
2/1/30,
Callable
11/1/29
@
100
...................................
1,000
938
5.25%,
2/1/50,
Callable
8/1/49
@
100
....................................
500
446
146,042
Financials
(12.2%):
Ally
Financial,
Inc.,
7.10%,
11/15/27,
Callable
10/15/27
@
100(h)
....................
2,222
2,335
American
Express
Co.,
4.99%
(SOFR+226bps),
5/26/33,
Callable
2/26/32
@
100(c)
.......
6,000
5,945
American
International
Group,
Inc.,
3.88%,
1/15/35,
Callable
7/15/34
@
100
............
7,000
6,363
Ashtead
Capital,
Inc.,
4.00%,
5/1/28,
Callable
2/20/24
@
102(a)
.....................
2,500
2,364
Assurant,
Inc.,
6.10%,
2/27/26,
Callable
1/27/26
@
100
...........................
4,412
4,460
Victory
Portfolios
III
Victory
Income
Fund
153
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
Bank
of
America
Corp.
2.48%
(H15T5Y+120bps),
9/21/36,
Callable
9/21/31
@
100(c)
..................
$
2,500
$
2,006
2.57%
(SOFR+121bps),
10/20/32,
Callable
10/20/31
@
100(c)
..................
3,000
2,497
4.38%
(H15T5Y+276bps),
Callable
1/27/27
@
100(c)(f)(h)
.....................
3,500
3,200
6.10%
(TSFR3M+416bps),
Callable
3/17/25
@
100(c)(f)(h)
....................
3,000
3,002
BankUnited,
Inc.,
4.88%,
11/17/25,
Callable
8/17/25
@
100
........................
5,000
4,925
Blackstone
Private
Credit
Fund,
2.63%,
12/15/26
,
Callable
11/15/26
@
100
.............
10,248
9,306
Blue
Owl
Credit
Income
Corp.
3.13%,
9/23/26,
Callable
8/23/26
@
100
..................................
500
459
4.70%,
2/8/27,
Callable
1/8/27
@
100
....................................
4,500
4,294
5.50%,
3/21/25
....................................................
1,500
1,483
7.75%,
9/16/27,
Callable
8/16/27
@
100
..................................
1,818
1,885
Brown
&
Brown,
Inc.,
4.20%,
3/17/32,
Callable
12/17/31
@
100
.....................
5,000
4,624
Cadence
Bank,
4.13%
(US0003M+247bps),
11/20/29,
Callable
11/20/24
@
100(c)
........
3,000
2,799
Capital
One
Financial
Corp.
3.75%,
3/9/27,
Callable
2/9/27
@
100
....................................
7,500
7,202
5.82%
(SOFR+260bps),
2/1/34,
Callable
2/1/33
@
100(c)
......................
3,500
3,489
Citizens
Bank
NA
4.12%
(SOFR+140bps),
5/23/25,
Callable
5/23/24
@
100(c)(h)
..................
3,402
3,378
6.06%
(SOFR+145bps),
10/24/25,
Callable
10/24/24
@
100(c)
..................
2,250
2,246
Citizens
Financial
Group,
Inc.
2.64%,
9/30/32,
Callable
7/2/32
@
100
...................................
5,500
4,275
5.64%
(H15T5Y+275bps),
5/21/37,
Callable
5/21/32
@
100
(c)
..................
5,000
4,719
5.65%
(H15T5Y+531bps),
Callable
10/6/25
@
100(c)(f)
.......................
1,000
976
Compeer
Financial
FLCA/Compeer
Financial
PCA,
3.38%
(SOFR+197bps),
6/1/36,
Callable
6/1/31
@
100(a)(c)
..................................................
4,000
2,808
Credit
Acceptance
Corp.,
6
.63%,
3/15/26,
Callable
2/20/24
@
101.66(h)
...............
4,875
4,876
Cullen/Frost
Bankers,
Inc.,
4.50%,
3/17/27,
Callable
2/17/27
@
100
...................
3,000
2,881
Cullen/Frost
Capital
Trust
II,
7.19%
(TSFR3M+181bps),
3/1/34,
Callable
3/8/24
@
100(c)
..
5,000
4,289
Equitable
Holdings,
Inc.,
4.35%,
4/20/28,
Callable
1/20/28
@
100
....................
2,000
1,947
EverBank
Financial
Corp.,
5.75%,
7/2/25,
Callable
6/2/25
@
100
....................
10,000
9,217
F&G
Global
Funding,
2.00%,
9/20/28(a)
......................................
7,250
6,191
Farm
Credit
Bank
of
Texas,
5.70%
(H15T5Y+542bps),
Callable
9/15/25
@
100(a)(c)(f)
....
5,000
4,750
Fells
Point
Funding
Trust,
3.05%,
1/31/27,
Callable
12/31/26
@
100(a)
................
6,500
6,123
Fifth
Third
Bancorp
4.34%
(SOFR+166bps),
4/25/33
,
Callable
4/25/32
@
100(c)
....................
6,957
6,430
4.50%
(H15T5Y+422bps),
Callable
9/30/25
@
100(c)(f)
.......................
1,750
1,653
Fifth
Third
Bank
NA,
3.85%,
3/15/26,
Callable
2/15/26
@
100
......................
5,000
4,847
First
American
Financial
Corp.,
2.40%,
8/15/31,
Callable
5/15/31
@
100
...............
9,225
7,350
First
Citizens
Bancshares,
Inc.,
3.38%
(TSFR3M+247bps),
3/15/30,
Callable
3/15/25
@
100(c)
12,097
11,512
First
Horizon
Bank,
5.75%,
5/1/30,
Callable
2/1/30
@
100(h)
.......................
8,000
7,730
First-Citizens
Bank
&
Trust
Co.,
4.13%
(H15T5Y+237bps),
11/13/29,
Callable
11/13/24
@
100(c)
...........................................................
14,000
13,387
Fiserv,
Inc.
5.60%,
3/2/33,
Callable
12/2/32
@
100
...................................
5,000
5,182
5.63%,
8/21/33,
Callable
5/21/33
@
100(h)
................................
1,550
1,614
Ford
Motor
Credit
Co.
LLC
4.06%,
11/1/24,
Callable
10/1/24
@
100
..................................
5,000
4,938
4.54%,
8/1/26,
Callable
6/1/26
@
100
....................................
3,400
3,304
6.95%,
6/10/26,
Callable
5/10/26
@
100
..................................
2,000
2,052
Fulton
Financial
Corp.,
3.25
%
(TSFR3M+230bps),
3/15/30,
Callable
3/15/25
@
100(c)
.....
2,932
2,578
Glencore
Funding
LLC
1.63%,
4/27/26,
Callable
3/27/26
@
100(a)
................................
1,500
1,394
2.50%,
9/1/30,
Callable
6/1/30
@
100(a)(h)
................................
6,500
5,619
Global
Payments,
Inc.
2.90%,
11/15/31,
Callable
8/15/31
@
100
..................................
6,500
5,535
5.40%,
8/15/32,
Callable
5/15/32
@
100
..................................
1,750
1,766
Huntington
Bancshares,
Inc.
2.49%
(H15T5Y+117bps),
8/15/36,
Callable
8/15/31
@
100(c)
..................
15,676
11,954
4.44%
(SOFR+197bps),
8/4/28,
Callable
8/4/27
@
100(c)
......................
2,750
2,670
Huntington
Capital
Trust
I,
6.27%
(TSFR3M+96bps),
2/1/27,
Callable
3/8/24
@
100(c)
.....
2,300
2,104
ILFC
E-Capital
Trust
I,
7.19%
(TSFR3M+181bps),
12/21/65,
Callable
3/8/24
@
100(a)(c)
..
10,000
7,733
Victory
Portfolios
III
Victory
Income
Fund
154
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
JPMorgan
Chase
&
Co.
1.95%
(SOFR+107bps),
2/4/32,
Callable
2/4/31
@
100(c)
......................
$
10,000
$
8,160
2.95%
(SOFR+117bps),
2/24/28,
Callable
2/24/27
@
100(c)
....................
5,000
4,719
4.60%
(
TSFR3M+313bps),
Callable
2/1/25
@
100(c)(f)
.......................
5,000
4,865
5.60%,
7/15/41
....................................................
1,500
1,592
6.07%
(TSFR3M+76bps),
2/1/27,
Callable
3/8/24
@
100(c)
....................
4,000
3,863
KeyBank
NA
3.40%,
5/20/26,
MTN
................................................
2,500
2,360
3.90%,
4/13/29
....................................................
3,000
2,706
4.90%,
8/8/32(h)
...................................................
1,000
895
KeyCorp.
2.25%,
4/6/27,
MTN
................................................
2,000
1,805
3.88%
(SOFRINDX+125bps),
5/23/25,
Callable
5/23/24
@
100,
MTN(c)
...........
2,500
2,478
4.79%
(SOFRINDX+206bps),
6/1/33
,
Callable
6/1/32
@
100,
MTN(c)
............
3,784
3,474
Level
3
Financing,
Inc.,
3.75%,
7/15/29,
Callable
3/8/24
@
101.88(a)
.................
4,750
1,392
Lincoln
National
Corp.,
7.99%
(TSFR3M+262bps),
5/17/66,
Callable
8/11/26
@
100(c)
....
7,500
5,666
Loews
Corp.,
3.20%,
5/15/30,
Callable
2/15/30
@
100
............................
5,000
4,579
Manufacturers
&
Traders
Trust
Co.
3.40%,
8/17/27
....................................................
4,380
4,080
4.65%,
1/27/26,
Callable
12/27/25
@
100
.................................
5,625
5,551
Mercury
General
Corp.,
4.40%,
3/15/27
,
Callable
12/15/26
@
100
....................
5,000
4,797
MetLife,
Inc.,
4.13%,
8/13/42
..............................................
5,000
4,395
Midwest
Connector
Capital
Co.
LLC,
4.63%,
4/1/29,
Callable
1/1/29
@
100(a)
...........
5,000
4,843
Morgan
Stanley
2.48%
(SOFR+136bps),
9/16/36
,
Callable
9/16/31
@
100(c)
....................
8,000
6,383
2.51%
(SOFR+120bps),
10/20/32,
Callable
10/20/31
@
100,
MTN(c)
.............
7,000
5,827
National
Rural
Utilities
Cooperative
Finance
Corp.,
8.49%
(TSFR3M+317bps),
4/30/43,
Callable
3/8/24
@
100(c)
.............................................
7,125
7,057
Nationwide
Mutual
Insurance
Co.,
7.94%
(US0003M+229bps),
12/15/24,
Callable
3/8/24
@
100(a)(c)
.........................................................
20,000
20,039
New
York
Community
Bancorp,
Inc.,
8.33%
(TSFR3M+304bps),
11/6/28,
Callable
5/6/24
@
100(c)(h)
.........................................................
7,000
6,432
Northern
Trust
Corp.,
6.13%,
11/2/32,
Callable
8/2/32
@
100
.......................
3,500
3,760
Penske
Truck
Leasing
Co.
LP/PTL
Finance
Corp.
4.00%,
7/15/25,
Callable
6/15/25
@
100(a)
................................
5,000
4,900
6.20%,
6/15/30,
Callable
4/15/30
@
100(a)
................................
4,000
4,202
PNC
Bank
NA,
2.70%,
10/22/29(h)
..........................................
6,000
5,295
PPL
Capital
Funding,
Inc.,
8.27%
(TSFR3M+293bps),
3/30/67,
Callable
3/8/24
@
100(c)(h)
.
6,130
5,873
Primerica,
Inc.,
2.80%,
11/19/31,
Callable
8/19/31
@
100
..........................
4,000
3,385
Prudential
Financial,
Inc.
3.94%,
12/7/49,
Callable
6/7/49
@
100
...................................
2,500
2,035
6.00%
(H15T5Y+323bps),
9/1/52,
Callable
6/1/32
@
100(c)
....................
6,000
5,977
Raymond
James
Financial,
Inc.,
4.95%,
7/15/46
.................................
4,000
3,748
Regions
Bank,
6.45%,
6/26/37
.............................................
6,909
7,090
Regions
Financial
Corp.,
5.75%
(H15T5Y+543bps),
Callable
6/15/25
@
100(c)(f)(h)
......
5,989
5,868
Santander
Holdings
USA,
Inc.
4.40%,
7/13/27,
Callable
4/14/27
@
100(h)
................................
5,818
5,657
6.57%
(SOFR+270bps),
6/12/29,
Callable
6/12/28
@
100(c)
....................
2,500
2,589
Signature
Bank,
4.13%
(US0003M+256bps),
11/1/29(c)(i)
.........................
3,000
1,303
State
Street
Corp.,
5.16%
(SOFR+189bps),
5/18/34,
Callable
5/18/33
@
100(c)
..........
4,250
4,276
Stellantis
Finance
U.S.,
Inc.,
2.69%,
9/15/31,
Callable
6/15/31
@
100(a)
...............
13,800
11,557
Stewart
Information
Services
Corp.,
3.60%,
11/15/31,
Callable
8/15/31
@
100
...........
8,500
6,681
Synchrony
Bank,
5.63%,
8/23/27,
Callable
7/23/27
@
100
.........................
4,500
4,426
Synovus
Bank,
4.00%
(H15T5Y+363bps),
10/29/30,
Callable
10/29/25
@
100(c)
.........
4,500
3,652
Synovus
Financial
Corp.,
5.90%
(USSW5+338bps),
2/7/29(c)
.......................
10,000
9,378
Teachers
Insurance
&
Annuity
Association
of
America,
4.90%,
9/15/44(a)
..............
5,000
4,684
The
Allstate
Corp.,
8.58%
(TSFR3M+320bps),
8/15/53,
Callable
3/8/24
@
100(c)(h)
......
5,000
5,003
The
Bank
of
New
York
Mellon
Corp.
3.75%
(H15T5Y+263
bps),
Callable
12/20/26
@
100(c)(f)
......................
7,000
6,280
4.70%
(H15T5Y+436bps),
Callable
9/20/25
@
100(c)(f)
.......................
3,250
3,205
The
Charles
Schwab
Corp.
5.38%
(H15T5Y+497bps),
Callable
6/1/25
@
100(c)(f)
........................
9,250
9,125
6.14%
(SOFR+201
bps),
8/24/34,
Callable
8/24/33
@
100(c)
....................
1,385
1,462
Victory
Portfolios
III
Victory
Income
Fund
155
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
The
Hartford
Financial
Services
Group,
Inc.,
7.77%
(TSFR3M+239bps),
2/12/47,
Callable
3/8/24
@
100(a)(c)
..................................................
$
14,000
$
12,194
The
PNC
Financial
Services
Group,
Inc.,
4.63%
(SOFRINDX+185
bps),
6/6/33,
Callable
6/6/32
@
100(c)
....................................................
2,500
2,342
Truist
Bank,
2.25%,
3/11/30,
Callable
12/11/29
@
100
............................
2,450
2,041
Truist
Financial
Corp.,
1.89%
(SOFR+86bps),
6/7/29,
MTN,
Callable
6/7/28
@
100(c)
.....
5,000
4,359
U.S.
Bancorp,
4.97%
(SOFR+211bps),
7/22/33,
Callable
7/22/32
@
100(c)
.............
4,000
3,790
UL
Solutions,
Inc.,
6.50%,
10/20/28,
Callable
9/20/28
@
100(a)
.....................
8,000
8,432
W.R.
Berkley
Corp.,
3.55%,
3/30/52,
Callable
9/30/51
@
100
.......................
5,588
3,947
Webster
Financial
Corp.
4.00%
(TSFR3M+253bps),
12/30/29,
Callable
12/30/24
@
100(c)
................
4,750
4,143
4.38%,
2/15/24
....................................................
6,285
6,231
Wells
Fargo
&
Co.,
5.90%,
Callable
6/15/24
@
100(f)
.............................
15,492
15,465
554,979
Health
Care
(3.0%):
AbbVie,
Inc.,
4.25%,
11/21/49,
Callable
5/21/49
@
100
...........................
2,500
2,196
Amgen,
Inc.
3.00%,
1/15/52,
Callable
7/15/51
@
100(h)
................................
4,500
3,090
4.20%,
2/22/52,
Callable
8/22/51
@
100
..................................
3,500
2,894
5
.25%,
3/2/33,
Callable
12/2/32
@
100
...................................
4,000
4,084
Baxter
International,
Inc.,
3.13%,
12/1/51,
Callable
6/1/51
@
100
....................
10,000
6,700
Bio-Rad
Laboratories,
Inc.,
3.30%,
3/15/27,
Callable
2/15/27
@
100
..................
3,500
3,332
Bon
Secours
Charity
Health
System,
Inc.,
5.25%,
11/1/25
..........................
3,000
2,970
Bristol-Myers
Squibb
Co.,
5.90%,
11/15/33,
Callable
8/15/33
@
100
..................
4,100
4,426
Centene
Corp.,
2.50%,
3/1/31,
Callable
12/1/30
@
100
............................
4,000
3,326
CVS
Health
Corp.
1.75%,
8/21/30,
Callable
5/21/30
@
100(h)
................................
3,000
2,478
5.63%,
2/21/53,
Callable
8/21/52
@
100
..................................
4,500
4,464
CVS
Pass
Through
Trust,
6.04%,
12/10/28
.....................................
3,425
3,444
DENTSPLY
SIRONA,
Inc.,
3.25%,
6/1/30
,
Callable
3/1/30
@
100
....................
15,750
14,086
Eastern
Maine
Healthcare
Systems,
5.02%,
7/1/36
...............................
17,000
15,561
Fresenius
Medical
Care
U.S.
Finance
III,
Inc.,
2.38%,
2/16/31,
Callable
11/16/30
@
100(a)
..
13,000
10,064
HCA,
Inc.
4
.38%,
3/15/42,
Callable
9/15/41
@
100
..................................
2,156
1,839
5.50%,
6/15/47,
Callable
12/15/46
@
100
.................................
2,000
1,932
5.90%,
6/1/53,
Callable
12/1/52
@
100
...................................
3,500
3,560
Illumina,
Inc.,
2.55%,
3/23/31,
Callable
12/23/30
@
100
...........................
7,250
6,054
Northwell
Healthcare,
Inc.,
3.39%,
11/1/27,
Callable
8/1/27
@
100
...................
3,900
3,648
Orlando
Health
Obligated
Group,
2.89%,
10/1/35
................................
1,660
1,380
Revvity,
Inc.
2.25%,
9/15/31,
Callable
6/15/31
@
100
..................................
4,500
3,718
2
.55%,
3/15/31,
Callable
12/15/30
@
100
.................................
8,500
7,223
Southern
Illinois
Healthcare
Enterprises,
Inc.,
3.97%,
5/15/50,
Callable
11/15/49
@
100
....
9,000
6,183
Tenet
Healthcare
Corp.,
6.13%,
6/15/30,
Callable
6/15/25
@
103.06
...................
1,500
1,500
The
Cigna
Group,
3.40%,
3/1/27,
Callable
12/1/26
@
100
..........................
5,000
4,811
Trinity
Health
Corp.,
2.63%,
12/1/40,
Callable
6/1/40
@
100
........................
3,000
2,136
Universal
Health
Services,
Inc.,
2.65%,
1/15/32,
Callable
10/15/31
@
100
..............
9,827
8,037
135,136
Industrials
(5.6%):
Acuity
Brands
Lighting,
Inc.,
2.15%,
12/15/30,
Callable
9/15/30
@
100
................
10,000
8,349
Air
Lease
Corp.,
2.88%,
1/15/32,
Callable
10/15/31
@
100
.........................
4,750
4,017
American
Airlines
Pass
Through
Trust
3.60%,
10/15/29
....................................................
7,023
6,199
3.70%,
10/1/26
....................................................
5,281
4,939
4.00%,
9/22/27
....................................................
6,447
5,937
4.00%,
2/15/29
....................................................
3,431
3,079
Ashtead
Capital,
Inc.
2.45%,
8/12/31,
Callable
5/12/31
@
100(a)
................................
6,000
4,880
4.25%,
11/1/29,
Callable
11/1/24
@
102.13(a)
..............................
3,937
3,675
5.50%,
8/11/32,
Callable
5/11/32
@
100(a)
................................
3,750
3,725
5.95%,
10/15/33,
Callable
7/15/33
@
100(a)
...............................
4,500
4,588
Victory
Portfolios
III
Victory
Income
Fund
156
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
BNSF
Funding
Trust
I,
6.61%
(US0003M+235bps),
12/15/55,
Callable
1/15/26
@
100(c)
...
$
8,325
$
8,242
British
Airways
Pass
Through
Trust
3.35%,
6/15/29(a)
..................................................
4,310
3,930
3.80%,
9/20/31(a)
..................................................
2,631
2,461
Builders
FirstSource,
Inc.
,
6.38%,
6/15/32,
Callable
6/15/27
@
103.19(a)
...............
2,500
2,551
Burlington
Northern
Santa
Fe
LLC,
3.90%,
8/1/46,
Callable
2/1/46
@
100
..............
5,000
4,189
Carrier
Global
Corp.,
3.38%,
4/5/40,
Callable
10/5/39
@
100
.......................
4,000
3,202
Continental
Airlines
Pass
Through
Trust,
4.00%,
10/29/24
..........................
2,514
2,474
Delta
Air
Lines
Pass
Through
Trust,
3.88%,
7/30/27
..............................
5,666
5,250
Delta
Air
Lines,
Inc./SkyMiles
IP
Ltd.,
4.75%,
10/20/28(a)
.........................
2,000
1,967
Fluor
Corp.,
4.25
%,
9/15/28,
Callable
6/15/28
@
100(h)
...........................
8,000
7,702
GXO
Logistics,
Inc.,
2.65%,
7/15/31,
Callable
4/15/31
@
100
.......................
13,000
10,762
Hawaiian
Airlines
Pass
Through
Certificates,
3.90%,
1/15/26
........................
8,167
7,607
Hillenbrand,
Inc.
3
.75%,
3/1/31,
Callable
3/1/26
@
101.88
..................................
3,150
2,745
5.00%,
9/15/26,
Callable
7/15/26
@
100
..................................
10,000
9,817
Hubbell,
Inc.
2.30%,
3/15/31,
Callable
12/15/30
@
100
.................................
8,500
7,138
3.50%,
2/15/28,
Callable
11/15/27
@
100
..................................
1,500
1,436
JetBlue
Pass
Through
Trust,
2.95%,
5/15/28
....................................
7,972
6,965
Kennametal,
Inc.,
4.63%,
6/15/28,
Callable
3/15/28
@
100
.........................
5,295
5,175
Leidos,
Inc.,
2.30%,
2/15/31,
Callable
11/15/30
@
100
............................
15,000
12,506
Lincoln
Center
for
the
Performing
Arts,
Inc.,
3.71%,
12/1/35,
Callable
9/1/35
@
100
.......
3,935
3,479
Molex
Electronic
Technologies
LLC,
3.90%,
4/15/25,
Callable
1/15/25
@
100(a)
.........
10,000
9,737
Otis
Worldwide
Corp.,
3.11%,
2/15/40
,
Callable
8/15/39
@
100
......................
7,000
5,538
Regal
Rexnord
Corp.,
6.40%,
4/15/33,
Callable
1/15/33
@
100(a)
....................
1,465
1,520
RTX
Corp.,
4.20%,
12/15/44,
Callable
6/15/44
@
100
.............................
10,000
8,320
Ryder
System,
Inc.,
5.25%,
6/1/28,
MTN
,
Callable
5/1/28
@
100
.....................
5,000
5,084
Spirit
Airlines
Pass
Through
Trust
3.38%,
2/15/30
....................................................
6,970
6,007
4.10%,
4/1/28
.....................................................
8,449
7,623
4.45%,
4/1/24
.....................................................
1,487
1,442
The
Boeing
Co.
3.25%,
2/1/28,
Callable
12/1/27
@
100
...................................
4,000
3,752
3.63%,
2/1/31,
Callable
11/1/30
@
100
...................................
4,000
3,656
5.71%,
5/1/40,
Callable
11/1/39
@
100
...................................
6,000
6,036
5.81%,
5/1/50,
Callable
11/1/49
@
100
...................................
4,500
4,511
The
Conservation
Fund
A
Nonprofit
Corp.
,
3.47%,
12/15/29,
Callable
9/15/29
@
100
......
7,000
6,387
The
Timken
Co.,
4.13%,
4/1/32,
Callable
1/1/32
@
100
............................
6,400
5,906
TOTE
Maritime
Alaska
LLC
(NBGA
-
United
States
Government),
6.37%,
4/15/28
.......
4,355
4,434
Union
Pacific
Corp.
3.38%,
2/1/35,
Callable
8/1/34
@
100
....................................
2,000
1,755
4.25%,
4/15/43,
Callable
10/15/42
@
100
.................................
5,000
4,225
United
Airlines
Pass
Through
Trust
2.90%,
5/1/28
.....................................................
4,138
3,622
4.30%,
8/15/25
....................................................
2,766
2,695
US
Airways
Pass
Through
Trust,
3.95%,
11/15/25
................................
3,792
3,672
254,908
Information
Technology
(1.6%):
Amphenol
Corp.,
2.20%,
9/15/31,
Callable
6/15/31
@
100
.........................
8,875
7,388
Broadcom,
Inc.
2.60%,
2/15/33
,
Callable
11/15/32
@
100(a)
................................
5,000
4,110
3.47%,
4/15/34,
Callable
1/15/34
@
100(a)
................................
2,000
1,738
Dell
International
LLC/EMC
Corp.,
5.75%,
2/1/33,
Callable
11/1/32
@
100(h)
...........
700
734
HP,
Inc.,
5.50%,
1/15/33,
Callable
10/15/32
@
100(h)
.............................
3,000
3,063
Jabil,
Inc.,
3.00%,
1/15/31,
Callable
10/15/30
@
100
..............................
4,776
4,130
Marvell
Technology,
Inc.,
2.45%,
4/15/28,
Callable
2/15/28
@
100
...................
5,950
5,388
Microsoft
Corp.,
2.53%,
6/1/50,
Callable
12/1/49
@
100
...........................
4,250
2,831
Motorola
Solutions,
Inc.,
5.60%,
6/1/32,
Callable
3/1/32
@
100
......................
4,000
4,104
Oracle
Corp.
3.60%,
4/1/50,
Callable
10/1/49
@
100
...................................
4,750
3,488
3.85%,
7/15/36,
Callable
1/15/36
@
100
..................................
9,250
8,046
Victory
Portfolios
III
Victory
Income
Fund
157
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
Qorvo,
Inc.,
3.38%,
4/1/31,
Callable
4/1/26
@
101.69(a)
...........................
$
15,985
$
13,736
Skyworks
Solutions,
Inc.,
3.00%,
6/1/31,
Callable
3/1/31
@
100
.....................
8,800
7,512
TSMC
Arizona
Corp.,
2.50%,
10/25/31,
Callable
7/25/31
@
100
.....................
6,400
5,457
Workday,
Inc.,
3.70%,
4/1/29,
Callable
2/1/29
@
100
.............................
3,000
2,859
74,584
Materials
(2.2%):
Amcor
Finance
USA,
Inc.,
5.63%,
5/26/33,
Callable
2/26/33
@
100(h)
.................
3,864
4,005
AptarGroup,
Inc.,
3.60%,
3/15/32
,
Callable
12/15/31
@
100
........................
7,071
6,337
Avery
Dennison
Corp.,
2.25%,
2/15/32,
Callable
11/15/31
@
100
....................
11,500
9,574
Ball
Corp.,
3.13%,
9/15/31,
Callable
6/15/31
@
100
..............................
8,500
7,191
Bayport
Polymers
LLC,
4.74%,
4/14/27
,
Callable
3/14/27
@
100(a)
...................
6,000
5,753
Colonial
Enterprises,
Inc.,
3.25%,
5/15/30,
Callable
2/15/30
@
100(a)
.................
4,000
3,629
Commercial
Metals
Co.,
3.88%,
2/15/31,
Callable
2/15/26
@
101.94
..................
4,500
3,963
Ecolab,
Inc.
2
.13%,
8/15/50,
Callable
2/15/50
@
100
..................................
5,000
3,001
2.70%,
12/15/51,
Callable
6/15/51
@
100
.................................
500
329
Freeport-McMoRan,
Inc.
4.38%,
8/1/28,
Callable
3/8/24
@
102.19
..................................
3,500
3,377
4.63%,
8/1/30,
Callable
8/1/25
@
102.31
..................................
2,000
1,933
LYB
International
Finance
III
LLC
3.38%,
10/1/40,
Callable
4/1/40
@
100
...................................
1,500
1,149
4.20%,
5/1/50,
Callable
11/1/49
@
100
...................................
2,500
1,986
5.63%,
5/15/33,
Callable
2/15/33
@
100(h)
................................
3,000
3,115
Martin
Marietta
Materials,
Inc.,
2.40%,
7/15/31,
Callable
4/15/31
@
100
...............
5,000
4,220
Monsanto
Co.
3.38%,
7/15/24,
Callable
4/15/24
@
100
..................................
5,000
4,926
3.95%,
4/15/45,
Callable
10/15/44
@
100
.................................
5,000
3,300
NewMarket
Corp.
,
2.70%,
3/18/31,
Callable
12/18/30
@
100
........................
7,500
6,355
Packaging
Corp.
of
America,
3.05%,
10/1/51,
Callable
4/1/51
@
100
..................
10,875
7,454
Reliance
Steel
&
Aluminum
Co.,
2.15%,
8/15/30,
Callable
5/15/30
@
100
..............
4,694
3,965
The
Dow
Chemical
Co.
4.25%,
10/1/34,
Callable
4/1/34
@
100
...................................
4,750
4,500
6.30%,
3/15/33,
Callable
12/15/32
@
100(h)
...............................
4,000
4,388
Vulcan
Materials
Co.,
3.50%,
6/1/30,
Callable
3/1/30
@
100
........................
5,000
4,627
99,077
Real
Estate
(2.5%):
Alexandria
Real
Estate
Equities,
Inc.
1.88%,
2/1/33,
Callable
11/1/32
@
100
...................................
4,000
3,082
3.55%,
3/15/52,
Callable
9/15/51
@
100(h)
................................
2,000
1,439
AvalonBay
Communities,
Inc.
2.45%,
1/15/31
,
Callable
10/17/30
@
100,
MTN
.............................
2,000
1,727
3.20%,
1/15/28,
Callable
10/15/27
@
100,
MTN
.............................
2,679
2,536
Boston
Properties
LP
2.45%,
10/1/33,
Callable
7/1/33
@
100
...................................
7,878
5,982
2.55%,
4/1/32,
Callable
1/1/32
@
100
....................................
4,000
3,185
CBRE
Services,
Inc.,
5.95%,
8/15/34,
Callable
5/15/34
@
100
.......................
8,000
8,268
CoStar
Group,
Inc.,
2.80%,
7/15/30,
Callable
4/15/30
@
100(a)
......................
10,354
8,880
Crown
Castle,
Inc.,
2.25%,
1/15/31,
Callable
10/15/30
@
100
.......................
1,250
1,031
ERP
Operating
LP,
2.85%,
11/1/26,
Callable
8/1/26
@
100
.........................
9,000
8,576
Essex
Portfolio
LP,
2.65%,
3/15/32,
Callable
12/15/31
@
100
.......................
5,000
4,178
GLP
Capital
LP/GLP
Financing
II,
Inc.
3.25%,
1/15/32,
Callable
10/15/31
@
100
.................................
3,617
3,046
4.00%,
1/15/31,
Callable
10/15/30
@
100
.................................
4,000
3,571
Highwoods
Realty
LP,
2.60%,
2/1/31,
Callable
11/1/30
@
100
.......................
3,502
2,785
Host
Hotels
&
Resorts
LP,
3.38%,
12/15/29,
Callable
9/15/29
@
100
..................
3,500
3,145
Hudson
Pacific
Properties
LP
3.25%,
1/15/30,
Callable
10/15/29
@
100
.................................
9,629
7,680
3.95%,
11/1/27,
Callable
8/1/27
@
100(h)
.................................
5,000
4,519
4.65%,
4/1/29,
Callable
1/1/29
@
100(h)
..................................
1,979
1,746
Kilroy
Realty
LP,
2.65%,
11/15/33,
Callable
8/15/33
@
100
........................
11,850
8,969
Physicians
Realty
LP,
4.30%,
3/15/27,
Callable
12/15/26
@
100
.....................
5,000
4,888
Victory
Portfolios
III
Victory
Income
Fund
158
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
Pine
Street
Trust
I,
4.57%,
2/15/29,
Callable
11/15/28
@
100(a)
......................
$
10,000
$
9,548
SBA
Tower
Trust
2.84%,
1/15/25,
Callable
3/8/24
@
100(a)
.................................
2,000
1,936
6.60%,
1/15/28,
Callable
1/15/27
@
100(a)
................................
1,158
1,189
Simon
Property
Group
LP,
6.25%,
1/15/34,
Callable
10/15/33
@
100
..................
3,400
3,680
VICI
Properties
LP/VICI
Note
Co.,
Inc.,
4.13%,
8/15/30,
Callable
2/15/25
@
102.06(a)
....
8,000
7,281
112,867
Utilities
(4.0%):
AEP
Texas,
Inc.,
4.70%,
5/15/32,
Callable
2/15/32
@
100
..........................
6,000
5,848
Alabama
Power
Co.,
3
.85%,
12/1/42
.........................................
3,000
2,499
Ameren
Corp.,
3.50%,
1/15/31,
Callable
10/15/30
@
100
..........................
4,250
3,878
Black
Hills
Corp.,
3.88%,
10/15/49,
Callable
4/15/49
@
100
........................
10,000
7,369
CenterPoint
Energy,
Inc.,
2.65%,
6/1/31,
Callable
3/1/31
@
100
......................
8,500
7,222
Delmarva
Power
&
Light
Co.,
4.15%,
5/15/45,
Callable
11/15/44
@
100
...............
5,000
4,154
Dominion
Energy
South
Carolina,
Inc.,
4.10%,
6/15/46,
Callable
12/15/45
@
100
.........
5,000
4,039
Duke
Energy
Carolinas
LLC,
3.88
%,
3/15/46,
Callable
9/15/45
@
100
.................
5,000
4,014
Duke
Energy
Progress
LLC,
4.15%,
12/1/44,
Callable
6/1/44
@
100
..................
7,000
5,923
Duquesne
Light
Holdings,
Inc.,
2.78%,
1/7/32,
Callable
10/7/31
@
100(a)
..............
3,967
3,197
Entergy
Louisiana
LLC,
4.95%,
1/15/45,
Callable
1/15/25
@
100(h)
..................
7,000
6,471
Entergy
Mississippi
LLC,
3.25%,
12/1/27,
Callable
9/1/27
@
100
....................
5,000
4,639
Entergy
Texas,
Inc.
3.45%,
12/1/27,
Callable
9/1/27
@
100
...................................
9,420
8,914
3.55%,
9/30/49,
Callable
3/30/49
@
100
..................................
5,000
3,725
Florida
Power
&
Light
Co.
2.88%,
12/4/51,
Callable
6/4/51
@
100
...................................
4,500
3,045
3.15%,
10/1/49,
Callable
4/1/49
@
100
...................................
8,750
6,294
IPALCO
Enterprises,
Inc.,
4.25%
,
5/1/30,
Callable
2/1/30
@
100
.....................
5,475
5,134
ITC
Holdings
Corp.
3.35%,
11/15/27,
Callable
8/15/27
@
100
..................................
2,000
1,906
4.95%,
9/22/27,
Callable
8/22/27
@
100(a)
................................
4,000
4,014
MidAmerican
Energy
Co.
2.70%,
8/1/52
,
Callable
2/1/52
@
100
....................................
2,500
1,587
3.15%,
4/15/50,
Callable
10/15/49
@
100
.................................
7,000
4,955
Mississippi
Power
Co.,
4.25%,
3/15/42
.......................................
3,168
2,710
Oglethorpe
Power
Corp.
4.20%,
12/1/42
....................................................
3,392
2,719
4.50%,
4/1/47
,
Callable
10/1/46
@
100
...................................
3,750
3,156
Oncor
Electric
Delivery
Co.
LLC,
3.75%,
4/1/45,
Callable
10/1/44
@
100
..............
5,000
4,086
PECO
Energy
Co.,
3.00%,
9/15/49,
Callable
3/15/49
@
100
........................
7,000
4,865
Potomac
Electric
Power
Co.,
4.15
%,
3/15/43,
Callable
9/15/42
@
100
.................
5,000
4,387
Public
Service
Co.
of
Colorado,
2.70%,
1/15/51,
Callable
7/15/50
@
100
...............
7,000
4,342
Public
Service
Electric
&
Gas
Co.,
3.80%,
3/1/46,
MTN,
Callable
9/1/45
@
100
..........
8,000
6,574
Rayburn
Country
Securitization
LLC,
2.31%,
12/1/30(a)
...........................
5,072
4,609
South
Jersey
Industries,
Inc.,
5.02%,
4/15/31
...................................
9,000
7,221
Southwestern
Public
Service
Co.,
3.15%,
5/1/50,
Callable
11/1/49
@
100
...............
10,000
6,759
The
AES
Corp.,
2.45%,
1/15/31,
Callable
10/15/30
@
100
..........................
9,000
7,514
Tri-State
Generation
&
Transmission
Association,
Inc.
4.25%,
6/1/46,
Callable
12/1/45
@
100
...................................
10,000
7,261
4.70%,
11/1/44,
Callable
5/1/44
@
100
...................................
5,000
3,889
WEC
Energy
Group,
Inc.,
7.75%
(TSFR3M+237bps),
5/15/67,
Callable
3/8/24
@
100(c)
...
13,000
12,293
181,212
Total
Corporate
Bonds
(Cost
$2,078,565)
a
a
a
1,878,986
Yankee
Dollars
(12.1%)
Communication
Services
(0.1%):
Rogers
Communications,
Inc.,
4.50%,
3/15/42,
Callable
9/15/41
@
100(h)
..............
5,500
4,880
Consumer
Discretionary
(0.2%):
International
Game
Technology
PLC,
5.25%,
1/15/29
,
Callable
3/8/24
@
102.63(a)
........
5,500
5,364
Victory
Portfolios
III
Victory
Income
Fund
159
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
Nemak
SAB
de
CV,
3.63%,
6/28/31,
Callable
3/28/31
@
100(a)
.....................
$
7,192
$
5,803
11,167
Consumer
Staples
(0.4%):
Alimentation
Couche-Tard,
Inc.,
2.95%,
1/25/30,
Callable
10/25/29
@
100(a)
............
9,333
8,370
Bacardi
Ltd.,
4.70%,
5/15/28,
Callable
2/15/28
@
100(a)
...........................
12,000
11,803
20,173
Energy
(0.7%):
Aker
BP
ASA,
4.00%,
1/15/31,
Callable
10/15/30
@
100(a)
........................
9,250
8,477
Korea
National
Oil
Corp.,
2.63%,
4/18/32(a)
...................................
6,000
5,069
Petroleos
Mexicanos
5.95%,
1/28/31,
Callable
10/28/30
@
100
.................................
6,667
5,245
6.70%,
2/16/32,
Callable
11/16/31
@
100(h)
...............................
1,500
1,224
TransCanada
PipeLines
Ltd.,
7.85
%
(US0003M+221bps),
5/15/67,
Callable
3/8/24
@
100(c)
.
10,124
8,539
Var
Energi
ASA,
8.00%,
11/15/32,
Callable
8/15/32
@
100(a)(h)
.....................
3,750
4,248
32,802
Financials
(6.7%):
ABN
AMRO
Bank
NV
4.75%,
7/28/25(a)
..................................................
6,000
5,907
4.80%,
4/18/26(a)
..................................................
8,000
7,846
Allianz
SE,
6.35%
(H15T5Y+323bps),
9/6/53,
Callable
3/6/33
@
100(a)(c)
.............
2,000
2,085
ANZ
Bank
New
Zealand
Ltd.,
5.55%,
8/11/32,
Callable
8/11/27
@
100(a)
..............
4,167
4,214
Ascot
Group
Ltd.,
4.25%,
12/15/30,
Callable
12/15/25
@
100(a)
.....................
7,802
6,479
Banco
Santander
Mexico
SA
Institucion
de
Banca
Multiple
Grupo
Financiero
Santand,
7.53%
(H15T5Y+300bps),
10/1/28(a)(c)
.......................................
1,000
1,041
Banco
Santander
SA,
6.92%,
8/8/33
.........................................
4,000
4,219
Bank
of
Montreal,
3.09%
(H15T5Y+140bps),
1/10/37,
Callable
1/10/32
@
100(c)
........
6,500
5,317
Barclays
PLC
2.89%
(H15T1Y+130bps),
11/24/32,
Callable
11/24/31
@
100(c)
................
5,000
4,125
6.22%
(SOFR+298bps),
5/9/34,
Callable
5/9/33
@
100(c)
......................
3,000
3,090
7.39%
(H15T1Y+330bps),
11/2/28,
Callable
11/2/27
@
100(c)
..................
5,000
5,338
BBVA
Bancomer
SA
8.13%
(H15T5Y+421bps),
1/8/39,
Callable
1/8/34
@
100(a)(c)
..................
5,000
5,089
8.45%,
6/29/38,
Callable
6/29/33
@
100(a)
................................
3,125
3,258
BNP
Paribas
SA
4.38%,
5/12/26(a)
..................................................
5,500
5,383
4.63%,
3/13/27(a)
..................................................
4,500
4,408
BP
Capital
Markets
PLC
4.38%
(H15T5Y+404bps),
Callable
6/22/25
@
100(c)(f)
.......................
9,500
9,291
4.88%
(H15T5Y+440bps),
Callable
3/22/30
@
100(c)(f)
.......................
4,000
3,789
BPCE
SA
3.25%,
1/11/28(a)
...................................................
3,000
2,798
3.50%,
10/23/27(a)
..................................................
5,000
4,709
6.51%
(H15T1Y+279bps),
1/18/35,
Callable
1/18/34
@
100(a)(c)
................
7,000
7,081
Brookfield
Finance,
Inc.,
4.85%,
3/29/29,
Callable
12/29/28
@
100
...................
7,000
6,969
Canadian
Imperial
Bank
of
Commerce
6.09%,
10/3/33,
Callable
7/3/33
@
100
...................................
1,500
1,593
7.26%,
4/10/32(a)
..................................................
5,464
5,840
Commonwealth
Bank
of
Australia
2.69%,
3/11/31(a)
...................................................
9,000
7,489
3.78%,
3/14/32(a)
..................................................
3,000
2,657
Cooperatieve
Rabobank
UA,
4.00%
(USSW5+189bps),
4/10/29,
MTN,
Callable
4/10/24
@
100(c)
...........................................................
5,000
4,977
Credit
Agricole
SA,
4.13
%,
1/10/27(a)
........................................
15,000
14,612
Deutsche
Bank
AG
3.74%
(SOFR+226bps),
1/7/33,
Callable
10/7/31
@
100(c)(h)
...................
5,000
4,080
4.88%
(USISOA05+255bps),
12/1/32,
Callable
12/1/27
@
100(c)
................
10,000
9,399
HSBC
Holdings
PLC,
2.21%
(
SOFR+129bps),
8/17/29,
Callable
8/17/28
@
100(c)(h)
......
8,500
7,434
Imperial
Brands
Finance
PLC,
3.88%,
7/26/29,
Callable
4/26/29
@
100(a)
..............
5,000
4,659
Victory
Portfolios
III
Victory
Income
Fund
160
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
Lloyds
Banking
Group
PLC
3.57%
(US0003M+121bps),
11/7/28,
Callable
11/7/27
@
100
(c)
.................
$
5,000
$
4,708
3.75%,
1/11/27
.....................................................
9,000
8,676
7.95%
(H15T1Y+375bps),
11/15/33,
Callable
8/15/32
@
100(c)
.................
2,121
2,400
Macquarie
Bank
Ltd.,
3.05%
(H15T5Y+170bps),
3/3/36,
Callable
3/3/31
@
100(a)(c)
......
8,750
7,161
Macquarie
Group
Ltd.,
4.10%
(SOFR+213bps),
6/21/28,
Callable
6/21/27
@
100(a)(c)
.....
5,000
4,809
Mitsubishi
UFJ
Financial
Group,
Inc.,
5.02%
(H15T1Y+195bps),
7/20/28,
Callable
7/20/27
@
100(c)
...........................................................
5,000
5,004
Mizuho
Financial
Group,
Inc.
2.17%
(H15T1Y+87bps),
5/22/32,
Callable
5/22/31
@
100(c)
...................
5,000
4,074
2.56%,
9/13/31
....................................................
5,000
4,088
3.17%,
9/11/27(h)
..................................................
5,000
4,707
Nationwide
Building
Society,
4.00%,
9/14/26(a)
.................................
7,058
6,810
NatWest
Group
PLC
4.80%,
4/5/26
.....................................................
5,000
4,969
5.08%
(US0003M+191bps),
1/27/30,
Callable
1/27/29
@
100(c)
.................
6,000
5,929
Nomura
Holdings,
Inc.,
5.61%,
7/6/29
........................................
5,000
5,096
Santander
UK
Group
Holdings
PLC,
2.90%
(SOFR+148bps),
3/15/32
,
Callable
3/15/31
@
100(c)
...........................................................
3,000
2,568
Societe
Generale
SA
1.49%
(H15T1Y+110bps),
12/14/26,
Callable
12/14/25
@
100(a)(c)
..............
8,500
7,862
6.22%
(H15T1Y+320bps),
6/15/33,
Callable
6/15/32
@
100(a)(c)
................
9,000
8,993
Standard
Chartered
PLC
4.87%
(USISOA05+197bps),
3/15/33,
Callable
3/15/28
@
100(a)(c)
..............
7,500
7,116
7.77%
(H15T1Y+345bps),
11/16/28,
Callable
11/16/27
@
100(a)(c)
..............
2,500
2,693
Sumitomo
Mitsui
Financial
Group,
Inc.,
2.22%,
9/17/31
...........................
8,500
6,984
The
Toronto-Dominion
Bank,
3.63%
(USSW5+221bps),
9/15/31,
Callable
9/15/26
@
100(c)
.
10,000
9,606
UBS
Group
AG
3.87%
(US0003M+141bps),
1/12/29,
Callable
1/12/28
@
100(a)(c)
...............
4,445
4,220
4.28%,
1/9/28
,
Callable
1/9/27
@
100(a)
..................................
3,250
3,164
4.55%,
4/17/26
....................................................
5,000
4,939
9.02%
(SOFR+502bps),
11/15/33,
Callable
11/15/32
@
100(a)(c)
................
750
924
Washington
Aircraft
1
Co.
DAC,
Title
XI
(NBGA
-
United
States
Government),
2.64%,
9/15/26
..........................................................
1,726
1,648
Westpac
Banking
Corp.
2.67%
(H15T5Y+175bps),
11/15/35,
Callable
11/15/30
@
100(c)
................
4,000
3,321
3.02%
(H15T5Y+153bps),
11/18/36,
Callable
11/18/31
@
100(c)
................
2,000
1,653
4.32%
(USISOA05+224bps),
11/23/31,
Callable
11/23/26
@
100(c)
...............
5,000
4,839
304,137
Health
Care
(0.9%):
Olympus
Corp.,
2.14%,
12/8/26,
Callable
11/8/26
@
100(a)
........................
3,939
3,638
Royalty
Pharma
PLC
2.15%,
9/2/31,
Callable
6/2/31
@
100
....................................
8,500
6,919
3.30%,
9/2/40,
Callable
3/2/40
@
100
....................................
10,167
7,658
3.55%,
9/2/50,
Callable
3/2/50
@
100
....................................
2,500
1,767
Smith
&
Nephew
PLC,
2.03%,
10/14/30,
Callable
7/14/30
@
100
....................
10,240
8,541
STERIS
Irish
FinCo
Unlimited
Co.
2.70%,
3/15/31,
Callable
12/15/30
@
100
.................................
3,000
2,597
3.75%,
3/15/51,
Callable
9/15/50
@
100
..................................
8,000
6,100
Teva
Pharmaceutical
Finance
Netherlands
III
BV,
3.15%,
10/1/26
....................
5,000
4,665
41,885
Industrials
(1.5%):
Air
Canada
Pass
Through
Trust
3.60%,
3/15/27(a)
..................................................
6,225
5,861
3.75%,
12/15/27(a)
..................................................
3,830
3,578
4.13%,
5/15/25(a)
..................................................
13,346
12,953
Aircastle
Ltd.,
6.50%,
7/18/28,
Callable
6/18/28
@
100(a)
..........................
3,000
3,074
BAE
Systems
PLC,
3.40%,
4/15/30,
Callable
1/15/30
@
100(a)
......................
3,500
3,226
Ferguson
Finance
PLC
3.25%,
6/2/30,
Callable
3/2/30
@
100(a)
..................................
6,000
5,441
4.65%,
4/20/32,
Callable
1/20/32
@
100(a)
................................
3,000
2,929
Victory
Portfolios
III
Victory
Income
Fund
161
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
nVent
Finance
Sarl,
5.65%,
5/15/33,
Callable
2/15/33
@
100
........................
$
5,500
$
5,629
Pentair
Finance
Sarl,
5.90%,
7/15/32,
Callable
4/15/32
@
100
.......................
7,500
7,786
Port
of
Newcastle
Investments
Financing
Pty
Ltd.,
5.90%,
11/24/31
,
Callable
8/24/31
@
100(a)
(h)
.............................................................
6,000
5,410
Rolls-Royce
PLC,
3.63%,
10/14/25,
Callable
7/14/25
@
100(a)
......................
5,000
4,820
Trane
Technologies
Financing
Ltd.,
5.25%,
3/3/33,
Callable
12/3/32
@
100
.............
4,000
4,128
Turkish
Airlines
Pass
Through
Trust,
4.20%,
3/15/27(a)
............................
4,444
4,117
68,952
Information
Technology
(0.3%):
NXP
BV/NXP
Funding
LLC/NXP
USA,
Inc.,
2.65%,
2/15/32,
Callable
11/15/31
@
100
....
7,000
5,850
Open
Text
Corp.,
6.90%,
12/1/27,
Callable
11/1/27
@
100(a)
........................
1,765
1,833
SK
Hynix,
Inc.,
2.38%,
1/19/31(a)
...........................................
5,000
4,138
11,821
Materials
(0.8%):
ArcelorMittal
SA
6.80%,
11/29/32,
Callable
8/29/32
@
100
..................................
3,250
3,488
7
.00%,
10/15/39
....................................................
4,000
4,359
Braskem
Netherlands
Finance
BV
4.50%,
1/31/30,
Callable
10/31/29
@
100(a)
...............................
13,000
10,294
7.25%,
2/13/33,
Callable
11/13/32
@
100(a)(h)
.............................
1,600
1,423
CCL
Industries,
Inc.,
3.05%,
6/1/30
,
Callable
3/1/30
@
100(a)
.......................
7,235
6,321
Endeavour
Mining
PLC,
5.00%,
10/14/26,
Callable
3/8/24
@
102.5(a)
.................
3,500
3,223
Teck
Resources
Ltd.,
6.13%,
10/1/35
.........................................
5,000
5,218
34,326
Real
Estate
(0.1%):
Ontario
Teachers'
Cadillac
Fairview
Properties
Trust,
2.50%,
10/15/31,
Callable
7/15/31
@
100(a)
...........................................................
5,500
4,415
Utilities
(0.4%):
Enel
Chile
SA,
4.88%,
6/12/28,
Callable
3/12/28
@
100
...........................
5,000
4,938
Enel
Finance
International
NV,
2.25%,
7/12/31,
Callable
4/12/31
@
100(a)
..............
5,000
4,076
GENM
Capital
Labuan
Ltd.,
3.88%,
4/19/31,
Callable
1/19/31
@
100(a)
...............
8,500
7,324
16,338
Total
Yankee
Dollars
(Cost
$587,401)
a
a
a
550,896
Municipal
Bonds
(4.1%)
Arizona
(0.1%):
City
of
Phoenix
Civic
Improvement
Corp.
Revenue
1.16%,
7/1/26
.....................................................
910
840
1.59%,
7/1/29
.....................................................
1,000
857
1.84%,
7/1/31,
Continuously
Callable
@100
...............................
2,000
1,635
3,332
California
(0.5%):
City
of
El
Cajon
Revenue
Series
A,
2.09%,
4/1/29
..............................................
425
371
Series
A,
2.19%,
4/1/30
..............................................
425
362
Series
A,
2.29%,
4/1/31,
Continuously
Callable
@100
.........................
550
458
City
of
Riverside
Revenue
Series
A,
2.49%,
6/1/26
..............................................
1,800
1,711
Series
A,
2.64%,
6/1/27
..............................................
1,400
1,312
San
Jose
Financing
Authority
Revenue,
1.71%,
6/1/28
.............................
2,000
1,779
San
Jose
Redevelopment
Agency
Successor
Agency
Tax
Allocation,
Series
A-T,
3.13%,
8/1/28,
Continuously
Callable
@100
...........................................
10,000
9,512
San
Marcos
Redevelopment
Agency
Successor
Agency
Tax
Allocation,
Series
B,
4.47%,
10/1/29
..........................................................
6,500
6,437
Vista
Redevelopment
Agency
Successor
Agency
Tax
Allocation
(INS
-
Assured
Guaranty
Municipal
Corp.),
Series
A,
4.13%,
9/1/30,
Continuously
Callable
@100
...........
2,590
2,516
24,458
Victory
Portfolios
III
Victory
Income
Fund
162
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
Connecticut
(0.1%):
State
of
Connecticut,
GO,
Series
A,
3
.43%,
4/15/28
..............................
$
1,500
$
1,458
Town
of
Hamden,
GO,
4.93%,
8/15/30,
Continuously
Callable
@100
..................
3,845
3,837
5,295
Florida
(0.5%):
Florida
Development
Finance
Corp.
Revenue,
Series
B,
3.22%,
2/1/32,
Continuously
Callable
@100
...........................................................
4,080
3,429
Hillsborough
County
IDA
Revenue,
3.58%,
8/1/35,
Continuously
Callable
@100
.........
13,500
11,704
Hillsborough
County
School
Board
Certificate
of
Participation,
Series
B,
1.92%,
7/1/25
....
4,250
4,058
St.
Johns
County
IDA
Revenue
(INS
-
Assured
Guaranty
Municipal
Corp.),
Series
B,
2.54%,
10/1/30,
Continuously
Callable
@100
....................................
2,500
2,125
21,316
Georgia
(0.1%):
Savannah
Hospital
Authority
Revenue,
Series
B,
3.99%,
7/1/38
......................
5,000
4,275
Hawaii
(0.2%):
State
of
Hawaii
Department
of
Business
Economic
Development
&
Tourism
Revenue,
Series
A-2,
3.24%,
1/1/31
..................................................
9,078
8,756
Idaho
(0.1%):
Idaho
State
Building
Authority
Revenue
Series
A,
3.93
%,
9/1/31,
Continuously
Callable
@100
.........................
2,120
2,019
Series
A,
3.98%,
9/1/32,
Continuously
Callable
@100
.........................
2,000
1,888
3,907
Illinois
(0.2%):
State
of
Illinois
Sales
Tax
Revenue
Series
B,
2.51%,
6/15/32,
Continuously
Callable
@100
........................
2,000
1,636
Series
B,
2.66%,
6/15/33,
Continuously
Callable
@100
........................
1,500
1,209
Winnebago
&
Boone
Counties
School
District
No.
205
Rockford,
GO,
3.80%,
12/1/26,
Continuously
Callable
@100
...........................................
4,500
4,387
7,232
Indiana
(0.0%):(e)
Indiana
Finance
Authority
Revenue,
Series
A,
3.62%,
7/1/36
........................
1,500
1,358
Kansas
(0.0%):(e)
Wyandotte
County-Kansas
City
Unified
Government
Utility
System
Revenue,
Series
B,
1.66%,
9/1/27
...........................................................
2,000
1,811
Louisiana
(0.1%):
Louisiana
Local
Government
Environmental
Facilities
&
Community
Development
Authority
Revenue,
Series
A,
4.48%,
8/1/39(h)
.....................................
3,775
3,607
Maryland
(0.2%):
Maryland
Economic
Development
Corp.
Revenue
Series
B,
4.05%,
6/1/27
..............................................
2,290
2,199
Series
B,
4.15%,
6/1/28
..............................................
2,390
2,277
Series
B,
4.25%,
6/1/29
..............................................
2,495
2,359
Series
B,
4.35%,
6/1/30
..............................................
1,325
1,242
Series
B,
4.40%
,
6/1/31
..............................................
1,385
1,284
9,361
New
Jersey
(0.2%):
City
of
Atlantic,
GO
Series
A,
4.23%,
9/1/25
..............................................
2,525
2,485
Series
A,
4.29%,
9/1/26
..............................................
2,415
2,367
New
Jersey
Educational
Facilities
Authority
Revenue,
Series
E
,
4.02%,
7/1/39
...........
3,000
2,502
South
Jersey
Transportation
Authority
Revenue,
Series
B,
2.38%,
11/1/27
...............
1,030
939
8,293
New
York
(0.3%):
Long
Island
Power
Authority
Revenue,
Series
B,
4.13%,
9/1/26
......................
2,500
2,474
New
York
State
Dormitory
Authority
Revenue,
2.51%,
7/1/33
.......................
5,000
4,122
New
York
State
Urban
Development
Corp.
Revenue
1.88%,
3/15/30
....................................................
2,600
2,233
2.03%,
3/15/31,
Continuously
Callable
@100
...............................
3,500
2,948
11,777
Victory
Portfolios
III
Victory
Income
Fund
163
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
Ohio
(0.1%):
Cleveland
Department
of
Public
Utilities
Division
of
Public
Power
Revenue,
5.50%,
11/15/38,
Pre-refunded
11/15/24
@
100
..........................................
$
5,000
$
5,015
Oklahoma
(0.2%):
Oklahoma
Development
Finance
Authority
Revenue,
Series
C,
5.45%,
8/15/28
...........
9,750
8,687
The
University
of
Oklahoma
Revenue
Series
C,
2.15%,
7/1/30
..............................................
750
640
Series
C,
2.30%,
7/1/31,
Continuously
Callable
@100
.........................
1,000
838
10,165
Pennsylvania
(0.4%):
Pennsylvania
Economic
Development
Financing
Authority
Revenue,
Series
B,
3.20%,
11/15/27
.........................................................
1,375
1,313
Pennsylvania
Higher
Educational
Facilities
Authority
Revenue,
3.73%,
7/15/43
..........
3,000
2,301
Pennsylvania
IDA
Revenue,
3.56%,
7/1/24(a)
...................................
2,106
2,088
Public
Parking
Authority
of
Pittsburgh
Revenue
2.33%,
12/1/29
....................................................
895
762
2.58%,
12/1/31,
Continuously
Callable
@100
...............................
825
675
Scranton
School
District,
GO
Series
A,
3.15%,
6/15/34,
(Put
Date
6/15/24)(j)
..............................
2,800
2,777
Series
B,
3.15%,
6/15/34,
(Put
Date
6/15/24)(j)
..............................
1,405
1,393
Scranton
School
District,
GO
(INS
-
Build
America
Mutual
Assurance
Co.)
3.05%,
4/1/29
.....................................................
800
744
3.10%,
4/1/30
.....................................................
950
871
3.15%,
4/1/31
.....................................................
250
226
State
Public
School
Building
Authority
Revenue
3.05%,
4/1/28
.....................................................
2,000
1,865
3.15%,
4/1/30
.....................................................
4,460
4,051
19,066
Tennessee
(0.1%):
Jackson
Energy
Authority
Telecommunications
System
Revenue,
3.20%,
4/1/24,
Continuously
Callable
@100
.....................................................
3,915
3,898
Texas
(0.6%):
Central
Texas
Regional
Mobility
Authority
Revenue
Series
C,
1.74%,
1/1/26
..............................................
1,000
941
Series
C,
1.84%,
1/1/27
..............................................
1,000
919
Series
C,
2.09%,
1/1/28
..............................................
1,000
903
County
of
Bexar
Revenue,
2.53%,
8/15/34,
Continuously
Callable
@100
...............
2,800
2,201
Dallas
Fort
Worth
International
Airport
Revenue
Series
C,
1.95%,
11/1/28
..............................................
1,000
893
Series
C,
2.05%,
11/1/29
..............................................
1,250
1,094
Series
C,
2.10%,
11/1/30
..............................................
1,000
854
Harris
County
Cultural
Education
Facilities
Finance
Corp.
Revenue
3.34%,
11/15/37
....................................................
2,000
1,664
Series
B,
2.57%,
5/15/26
.............................................
1,000
945
Series
D,
2.28%,
7/1/34
..............................................
6,785
5,255
McLennan
County
Public
Facility
Corp.
Revenue,
3.90%,
6/1/29,
Continuously
Callable
@100
2,000
1,952
Port
of
Corpus
Christi
Authority
of
Nueces
County
Revenue,
3.49%,
12/1/25
............
1,000
981
San
Antonio
Education
Facilities
Corp.
Revenue
2.38%,
4/1/28
.....................................................
1,500
1,295
2.65%,
4/1/30
.....................................................
1,150
943
2.73%,
4/1/31
.....................................................
750
599
Tarrant
County
Cultural
Education
Facilities
Finance
Corp.
Revenue
2.08%,
9/1/28
.....................................................
600
534
2.57%,
9/1/32,
Continuously
Callable
@100
...............................
1,000
828
2.69%,
9/1/33,
Continuously
Callable
@100
...............................
1,000
816
Waco
Educational
Finance
Corp.
Revenue
1.53%,
3/1/27
.....................................................
1,340
1,230
1.69%,
3/1/28
.....................................................
1,500
1,348
2.06%,
3/1/31,
Continuously
Callable
@100
...............................
1,500
1,262
27,457
Victory
Portfolios
III
Victory
Income
Fund
164
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
Washington
(0.0%):(e)
Washington
State
University
Revenue,
Series
A,
2.24%,
10/1/28
.....................
$
1,800
$
1,628
Wisconsin
(0.1%):
Public
Finance
Authority
Revenue,
Series
WI,
3.63%,
6/1/51
........................
6,575
4,313
Total
Municipal
Bonds
(Cost
$207,267)
a
a
a
186,320
U.S.
Government
Agency
Mortgages
(5.4%)
Federal
Home
Loan
Mortgage
Corporation
3.00%,
1/1/52
-
5/1/52
...............................................
8,791
7,718
3.50%,
5/1/42
-
7/1/52
...............................................
11,115
10,286
4.00%,
1/1/43
.....................................................
4,802
4,612
4.50%,
11/1/42
-
10/1/52
..............................................
9,441
9,156
5.00%,
3/1/38
-
6/1/53
...............................................
32,465
32,157
5.50%,
12/1/35
-
5/1/53
..............................................
16,017
16,141
6.00%,
8/1/53
.....................................................
3,959
4,016
84,086
Federal
National
Mortgage
Association
2.50%,
2/1/28
-
3/1/52
...............................................
12,255
10,714
3.00%,
2/1/50
-
12/1/51
..............................................
8,630
7,610
3.50%,
12/1/42
-
6/1/52
..............................................
17,158
15,831
4.00%,
4/1/38
-
2/1/50
...............................................
13,510
12,972
5.00%,
6/1/33
-
4/1/53
...............................................
8,683
8,655
5.50%,
9/1/35
-
5/1/38
...............................................
2,420
2,502
6.00%,
5/1/36
-
9/1/53
...............................................
3,851
3,945
6.50%,
4/1/31
-
3/1/32
...............................................
194
203
62,432
Government
National
Mortgage
Association
2.50%,
6/20/53
-
7/20/53
.............................................
12,225
10,585
4.50%,
9/20/52
-
9/20/53
.............................................
18,432
17,952
5.00%,
8/15/33
-
9/20/53
.............................................
11,379
11,356
5.50%
,
4/20/33
-
9/20/53
.............................................
28,632
28,950
6.00%,
9/15/28
-
9/20/53
.............................................
17,542
17,875
6.50%,
4/15/26
-
10/20/53
.............................................
293
305
6.50%,
1/20/54
....................................................
12,475
12,752
7.00%,
1/15/26
-
7/15/32
.............................................
240
248
7.50%,
6/15/26
-
8/15/29
.............................................
104
107
100,130
Total
U.S.
Government
Agency
Mortgages
(Cost
$249,462)
a
a
a
246,648
U.S.
Treasury
Obligations
(18.5%)
U.S.
Treasury
Bonds
1.13%,
5/15/40
....................................................
10,000
6,345
1.25%,
5/15/50
....................................................
30,000
15,614
1.38%,
11/15/40
....................................................
30,000
19,598
1.63%,
11/15/50
....................................................
35,000
20,147
1.75%,
8/15/41
....................................................
25,000
17,148
1.88%,
2/15/41
....................................................
9,000
6,372
2.25%,
5/15/41
....................................................
57,000
42,786
2.25%,
8/15/46
....................................................
42,950
29,937
2.50%,
2/15/45
....................................................
55,000
40,949
2.50%,
2/15/46
....................................................
15,000
11,046
2.75%,
8/15/42
....................................................
55,000
43,991
2.75%,
11/15/42
....................................................
10,000
7,977
2.75%,
11/15/47
....................................................
12,000
9,139
2.88%,
5/15/43
....................................................
10,000
8,097
2.88%,
11/15/46
....................................................
10,000
7,852
2.88%,
5/15/52
....................................................
10,000
7,722
3.00%,
11/15/44
....................................................
25,000
20,387
Victory
Portfolios
III
Victory
Income
Fund
165
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
3.00%,
11/15/45
....................................................
$
12,000
$
9,709
3.00%,
2/15/47
....................................................
23,000
18,440
3.00
%,
2/15/49
....................................................
10,000
7,942
3.13%,
2/15/43
....................................................
45,000
37,969
3.13%,
5/15/48
....................................................
30,000
24,450
3.38%,
5/15/44
....................................................
5,000
4,347
3.38%,
11/15/48
....................................................
10,000
8,513
3.88%,
8/15/40
....................................................
10,000
9,605
4.00%,
11/15/52
....................................................
10,000
9,603
4.13%,
8/15/53
....................................................
17,000
16,705
4.38%,
8/15/43
....................................................
25,000
25,184
4.75%,
11/15/53
....................................................
10,000
10,920
U.S.
Treasury
Inflation
Indexed
Bonds
0.88%,
1/15/29
....................................................
12,161
11,703
2.38%,
1/15/25
....................................................
65,162
64,918
U.S.
Treasury
Notes
0.38%,
1/31/26
....................................................
10,000
9,270
0.50%,
10/31/27
....................................................
11,000
9,695
0.75%,
8/31/26
....................................................
5,000
4,598
1.25%,
3/31/28
....................................................
7,000
6,290
1.25%,
9/30/28
....................................................
7,000
6,217
2.00%,
2/15/25
....................................................
10,000
9,722
2.38%,
5/15/27
....................................................
5,000
4,755
2.38%,
3/31/29
....................................................
20,000
18,589
2.63%,
2/15/29
....................................................
13,000
12,251
2.75%,
5/15/25
....................................................
10,000
9,779
2.88%,
8/15/28
....................................................
6,000
5,746
3.00%,
7/31/24
....................................................
15,000
14,842
3.50%,
1/31/28
....................................................
7,000
6,891
3.75%,
12/31/28
....................................................
10,000
9,946
3.88%,
9/30/29
....................................................
10,000
9,982
3.88%,
8/15/33
....................................................
42,000
41,770
4.13%,
10/31/27
....................................................
10,000
10,062
4.13%,
8/31/30
....................................................
10,000
10,116
4.13%,
11/15/32
....................................................
5,000
5,068
4.25%,
10/15/25
....................................................
6,000
5,992
4.38%,
8/31/28
....................................................
15,000
15,306
4.38%,
11/30/30
....................................................
6,000
6,162
4.50%,
11/15/33
....................................................
30,000
31,350
Total
U.S.
Treasury
Obligations
(Cost
$945,868)
a
a
a
839,514
Commercial
Paper
(1.1%)
Consumer
Staples
(0.4%):
CVS
Corp.,
5.39%,
2/1/24(a)(k)
............................................
20,500
20,497
Financials
(0.5%):
Hannover
Funding
Co.
LLC
5.47%,
2/2/24(a)(k)
.................................................
10,000
9,997
5.49%,
2/7/24(a)(k)
.................................................
10,000
9,989
National
Rural
Utilities
Cooperative
Finance
Corp.,
5.33%,
2/5/24(a)(k)
................
1,850
1,849
21,835
Industrials
(0.1%):
Penske
Truck
Leasing
Co.,
5.51%,
2/5/24(a)(k)
..................................
4,750
4,747
Utilities
(0.1%):
Evergy
Metro,
Inc.,
5.49%,
2/1/24(a)(k)
.......................................
4,430
4,429
Total
Commercial
Paper
(Cost
$51,515)
a
a
a
51,508
Victory
Portfolios
III
Victory
Income
Fund
166
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Shares
Value
(000)
Collateral
for
Securities
Loaned
(1.0%)^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares,
5.22%(l)
........
11,707,315
$
11,707
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares,
5
.27%(l)
............
11,707,315
11,707
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares,
5.24%(l)
................
11,707,315
11,707
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares,
5.21%(l)
.
11,707,315
11,708
Total
Collateral
for
Securities
Loaned
(Cost
$46,829)
a
a
a
46,829
Total
Investments
(Cost
$4,948,655)
—
100.1%
4,549,287
Liabilities
in
excess
of
other
assets
—
(0.1)%
(3,547)
NET
ASSETS
-
100.00%
$
4,545,740
At
January
31,
2024,
the
Fund's
investments
in
foreign
securities
were
12.7%
of
net
assets.
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
Rule
144A
security
or
other
security
that
is
restricted
as
to
resale
to
institutional
investors.
As
of
January
31,
2024,
the
fair
value
of
these
securities
was
$1,189,587
(thousands)
and
amounted
to
26.2%
of
net
assets.
(b)
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
January
31,
2024.
(c)
Variable
or
Floating-Rate
Security.
Rate
disclosed
is
as
of
January
31,
2024.
(d)
Security
is
interest
only.
(e)
Amount
represents
less
than
0.05%
of
net
assets.
(f)
Security
is
perpetual
and
has
no
final
maturity
date
but
may
be
subject
to
calls
at
various
dates
in
the
future.
(g)
Non-income
producing
security.
(h)
All
or
a
portion
of
this
security
is
on
loan.
(i)
Currently
the
issuer
is
in
default
with
respect
to
interest
and/or
principal
payments.
(j)
Put
Bond.
(k)
Rate
represents
the
effective
yield
at
January
31,
2024.
(l)
Rate
disclosed
is
the
daily
yield
on
January
31,
2024.
ABS
—
Asset-Backed
Securities
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
H15T1Y
—
1
Year
Treasury
Constant
Maturity
Rate,
rate
disclosed
as
of
January
31,
2024.
H15T5Y
—
5
Year
Treasury
Constant
Maturity
Rate,
rate
disclosed
as
of
January
31,
2024.
ICE
—
Intercontinental
Exchange,
Inc.
IBA
—
ICE
Benchmark
Administration
Limited
IDA
—
Industrial
Development
Authority
LIBOR
—
London
Interbank
Offered
Rate
LLC
—
Limited
Liability
Company
LP
—
Limited
Partnership
MBS
—
Mortgage-Backed
Securities
MTN
—
Medium
Term
Note
PLC
—
Public
Limited
Company
SOFR
—
Secured
Overnight
Financing
Rate
SOFRINDX
—
United
States
SOFR
Compounded
Index,
rate
disclosed
as
of January
31,
2024.
SOFR01M
—
1
Month
SOFR,
rate
disclosed
as
of
January
31,
2024.
SOFR30A
—
30
day
average
of
SOFR,
rate
disclosed
as
of
January
31,
2024.
SOFR90A
—
90
day
average
of
SOFR,
rate
disclosed
as
of
January
31,
2024.
TSFR1M
—
1
month
Term
SOFR,
rate
disclosed
as
of
January
31,
2024.
TSFR3M
—
3
month
Term
SOFR,
rate
disclosed
as
of
January
31,
2024.
US0003M
—
3
Month
US
Dollar
LIBOR,
rate
disclosed
as
of
January
31,
2024,
based
on
the
last
reset
date
of
the
security.
USISOA05
—
ICE
IBA
-
USD
SOFR
Spread-Adjusted
ICE
5
Year
Swap
Rate,
rate
disclosed
as
of
January
31,
2024.
USSW5
—
USD
5
Year
Swap
Rate,
rate
disclosed
as
of
January
31,
2024.
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.
Victory
Portfolios
III
Victory
Income
Fund
167
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
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
January
31,
2024
Victory
Portfolios
III
Victory
Income
Stock
Fund
168
(Unaudited)
Security
Description
Shares
Value
(000)
Common
Stocks
(99.6%)
Communication
Services
(3.9%):
Comcast
Corp.
,
Class
A
..................................................
1,504,058
$
69,999
Fox
Corp.
,
Class
A
......................................................
393,985
12,726
Omnicom
Group,
Inc.
....................................................
151,637
13,705
Sirius
XM
Holdings,
Inc.
(a)
...............................................
501,619
2,553
98,983
Consumer
Discretionary
(6.1%):
Best
Buy
Co.,
Inc.
......................................................
168,974
12,249
H&R
Block,
Inc.
.......................................................
258,512
12,109
Lennar
Corp.
,
Class
A
....................................................
133,681
20,032
Lowe's
Cos.,
Inc.
.......................................................
130,086
27,687
PulteGroup,
Inc.
........................................................
159,781
16,707
Starbucks
Corp.
........................................................
74,078
6,891
Tapestry,
Inc.
..........................................................
179,884
6,978
The
Home
Depot,
Inc.
...................................................
65,966
23,283
Toll
Brothers,
Inc.
......................................................
155,942
15,493
Williams-Sonoma,
Inc.
...................................................
69,492
13,439
154,868
Consumer
Staples
(9.2%):
Altria
Group,
Inc.
.......................................................
895,856
35,942
Archer-Daniels-Midland
Co.
...............................................
145,220
8,071
Bunge
Global
SA
.......................................................
47,547
4,189
Colgate-Palmolive
Co.
...................................................
278,145
23,420
Kimberly-Clark
Corp.
....................................................
109,649
13,264
PepsiCo,
Inc.
..........................................................
186,978
31,511
Philip
Morris
International,
Inc.
.............................................
254,924
23,160
Target
Corp.
..........................................................
237,215
32,992
The
Kroger
Co.
........................................................
199,077
9,185
The
Procter
&
Gamble
Co.
................................................
248,987
39,126
Walmart,
Inc.
..........................................................
68,264
11,281
232,141
Energy
(5.8%):
ConocoPhillips
........................................................
181,703
20,327
Devon
Energy
Corp.
.....................................................
558,962
23,488
Diamondback
Energy,
Inc.
................................................
95,857
14,737
EOG
Resources,
Inc.
....................................................
97,060
11,044
Exxon
Mobil
Corp.
.....................................................
193,517
19,896
Marathon
Petroleum
Corp.
................................................
42,454
7,030
Phillips
66
Co.
.........................................................
69,992
10,101
Valero
Energy
Corp.
.....................................................
280,175
38,916
145,539
Financials
(17.5%):
American
Express
Co.
...................................................
211,983
42,554
American
Financial
Group,
Inc.
.............................................
40,373
4,861
American
International
Group,
Inc.
..........................................
158,483
11,016
Ameriprise
Financial,
Inc.
.................................................
86,225
33,354
Annaly
Capital
Management,
Inc.
...........................................
261,696
5,022
Apollo
Global
Management,
Inc.
............................................
127,985
12,850
Corebridge
Financial,
Inc.
.................................................
186,423
4,506
Discover
Financial
Services
...............................................
202,819
21,402
East
West
Bancorp,
Inc.
..................................................
52,434
3,818
Everest
Group
Ltd.
......................................................
43,939
16,915
Fidelity
National
Financial,
Inc.
............................................
270,100
13,513
First
Horizon
Corp.
.....................................................
361,057
5,141
JPMorgan
Chase
&
Co.
..................................................
727,181
126,791
LPL
Financial
Holdings,
Inc.
...............................................
31,444
7,521
Mastercard,
Inc.
,
Class
A
.................................................
29,340
13,180
Popular,
Inc.
..........................................................
139,367
11,909
Regions
Financial
Corp.
..................................................
1,230,733
22,978
Victory
Portfolios
III
Victory
Income
Stock
Fund
169
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Shares
Value
(000)
Starwood
Property
Trust,
Inc.
..............................................
116,541
$
2,369
Synchrony
Financial
.....................................................
828,328
32,197
The
Allstate
Corp.
......................................................
75,670
11,748
The
Carlyle
Group,
Inc.
..................................................
127,964
5,121
The
Goldman
Sachs
Group,
Inc.
............................................
35,618
13,678
Visa,
Inc.
,
Class
A
......................................................
47,444
12,965
W.R.
Berkley
Corp.
.....................................................
59,405
4,864
Webster
Financial
Corp.
..................................................
60,596
2,998
443,271
Health
Care
(14.7%):
AbbVie,
Inc.
..........................................................
207,259
34,073
Amgen,
Inc.
...........................................................
45,196
14,203
Bristol-Myers
Squibb
Co.
.................................................
471,940
23,064
Cardinal
Health,
Inc.
....................................................
296,453
32,370
Cencora,
Inc.
..........................................................
66,352
15,439
Chemed
Corp.
.........................................................
13,788
8,173
CVS
Health
Corp.
......................................................
295,636
21,987
Elevance
Health,
Inc.
....................................................
26,700
13,175
Gilead
Sciences,
Inc.
....................................................
601,488
47,073
Johnson
&
Johnson
.....................................................
94,613
15,034
McKesson
Corp.
.......................................................
34,163
17,078
Merck
&
Co.,
Inc.
......................................................
437,293
52,816
Pfizer,
Inc.
............................................................
1,091,848
29,567
Quest
Diagnostics,
Inc.
...................................................
89,228
11,460
The
Cigna
Group
.......................................................
64,201
19,321
UnitedHealth
Group,
Inc.
.................................................
33,076
16,926
371,759
Industrials
(16.0%):
3M
Co.
..............................................................
229,464
21,650
AGCO
Corp.
..........................................................
31,822
3,893
Automatic
Data
Processing,
Inc.
............................................
38,153
9,377
Caterpillar,
Inc.
........................................................
87,088
26,153
Cintas
Corp.
..........................................................
21,648
13,088
Cummins,
Inc.
.........................................................
73,860
17,675
Expeditors
International
of
Washington,
Inc.
....................................
58,732
7,420
Fastenal
Co.
...........................................................
498,392
34,005
FedEx
Corp.
..........................................................
70,754
17,072
Ferguson
PLC
.........................................................
98,005
18,411
General
Dynamics
Corp.
..................................................
44,109
11,688
Illinois
Tool
Works,
Inc.
..................................................
111,483
29,086
Lennox
International,
Inc.
.................................................
33,072
14,160
Lockheed
Martin
Corp.
...................................................
50,196
21,555
ManpowerGroup,
Inc.
...................................................
100,528
7,453
Masco
Corp.
..........................................................
201,724
13,574
Old
Dominion
Freight
Line,
Inc.
............................................
17,095
6,684
Owens
Corning
........................................................
142,311
21,564
PACCAR,
Inc.
.........................................................
253,531
25,452
Parker-Hannifin
Corp.
...................................................
40,176
18,662
Paychex,
Inc.
..........................................................
189,278
23,041
Snap-on,
Inc.
..........................................................
44,289
12,841
United
Parcel
Service,
Inc.
,
Class
B
..........................................
61,453
8,720
United
Rentals,
Inc.
.....................................................
24,416
15,270
W.W.
Grainger,
Inc.
.....................................................
7,727
6,921
405,415
Information
Technology
(12.0%):
Accenture
PLC
,
Class
A
..................................................
36,085
13,131
Apple,
Inc.
...........................................................
62,480
11,521
Applied
Materials,
Inc.
...................................................
108,133
17,766
Broadcom,
Inc.
........................................................
33,319
39,317
Cisco
Systems,
Inc.
.....................................................
914,040
45,867
Hewlett
Packard
Enterprise
Co.
.............................................
517,225
7,908
Victory
Portfolios
III
Victory
Income
Stock
Fund
170
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Shares
Value
(000)
HP,
Inc.
..............................................................
776,814
$
22,302
International
Business
Machines
Corp.
........................................
89,940
16,518
KLA
Corp.
...........................................................
30,788
18,289
Lam
Research
Corp.
.....................................................
15,874
13,099
Microsoft
Corp.
........................................................
34,980
13,907
Motorola
Solutions,
Inc.
..................................................
36,615
11,699
NetApp,
Inc.
..........................................................
191,350
16,686
QUALCOMM,
Inc.
.....................................................
315,226
46,814
Skyworks
Solutions,
Inc.
.................................................
96,642
10,095
304,919
Materials
(6.0%):
Celanese
Corp.
.........................................................
41,517
6,074
CF
Industries
Holdings,
Inc.
...............................................
186,798
14,105
Dow,
Inc.
............................................................
232,246
12,448
LyondellBasell
Industries
NV
,
Class
A
........................................
350,699
33,008
Nucor
Corp.
...........................................................
153,637
28,719
Olin
Corp.
............................................................
57,955
3,018
Packaging
Corp.
of
America
...............................................
116,216
19,278
Reliance
Steel
&
Aluminum
Co.
............................................
14,997
4,281
The
Mosaic
Co.
........................................................
335,597
10,306
The
Sherwin-Williams
Co.
................................................
31,879
9,703
Westlake
Corp.
........................................................
80,072
11,078
152,018
Real
Estate
(5.2%):
Alexandria
Real
Estate
Equities,
Inc.
.........................................
111,285
13,454
AvalonBay
Communities,
Inc.
..............................................
59,254
10,607
Crown
Castle,
Inc.
......................................................
137,409
14,875
Equinix,
Inc.
..........................................................
10,802
8,963
Healthpeak
Properties,
Inc.
................................................
507,741
9,393
NNN
REIT,
Inc.
........................................................
120,758
4,871
Prologis,
Inc.
..........................................................
199,940
25,331
Realty
Income
Corp.
....................................................
211,273
11,491
SBA
Communications
Corp.
...............................................
41,665
9,327
Simon
Property
Group,
Inc.
...............................................
59,738
8,280
VICI
Properties,
Inc.
....................................................
457,689
13,786
130,378
Utilities
(3.2%):
Consolidated
Edison,
Inc.
.................................................
132,164
12,014
Edison
International
.....................................................
104,432
7,047
Evergy,
Inc.
...........................................................
145,406
7,382
NiSource,
Inc.
.........................................................
296,371
7,697
NRG
Energy,
Inc.
.......................................................
194,938
10,339
Sempra
..............................................................
163,228
11,681
The
Southern
Co.
.......................................................
347,143
24,133
80,293
Total
Common
Stocks
(Cost
$2,046,325)
a
a
a
2,519,584
Collateral
for
Securities
Loaned
(0.1%)^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
5
.22
%
(b)
........
656,328
656
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
5
.27
%
(b)
............
656,328
656
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
5
.24
%
(b)
...............
656,328
657
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
5
.21
%
(b)
.
656,328
656
Total
Collateral
for
Securities
Loaned
(Cost
$2,625)
a
a
a
2,625
Total
Investments
(Cost
$2,048,950)
—
99.7%
2,522,209
Other
assets
in
excess
of
liabilities
—
0.3%
8,299
NET
ASSETS
-
100.00%
$
2,530,508
Victory
Portfolios
III
Victory
Income
Stock
Fund
171
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
^
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
January
31,
2024.
PLC
—
Public
Limited
Company
REIT
—
Real
Estate
Investment
Trust
Schedule
of
Portfolio
Investments
January
31,
2024
Victory
Portfolios
III
Victory
Nasdaq-100
Index
Fund
172
(Unaudited)
Security
Description
Shares
Value
(000)
Common
Stocks
(99.0%)
Communication
Services
(15.3%):
Alphabet,
Inc.,
Class
A(a)
.................................................
1,045,478
$
146,471
Alphabet,
Inc.,
Class
C(a)
.................................................
1,011,382
143,414
Charter
Communications,
Inc.,
Class
A(a)
.....................................
67,495
25,021
Comcast
Corp.,
Class
A
..................................................
1,832,296
85,275
Electronic
Arts,
Inc.
.....................................................
122,801
16,895
Meta
Platforms,
Inc.,
Class
A(a)
............................................
623,817
243,376
Netflix,
Inc.(a)
.........................................................
199,709
112,658
Sirius
XM
Holdings,
Inc.(b)
...............................................
1,751,672
8,916
Take-Two
Interactive
Software,
Inc.(a)
........................................
77,600
12,799
The
Trade
Desk,
Inc.,
Class
A(a)
............................................
203,625
13,934
T-Mobile
US,
Inc.
......................................................
527,689
85,079
Warner
Bros
Discovery,
Inc.(a)
.............................................
1,112,694
11,149
904,987
Communications
Equipment
(1.6%):
Cisco
Systems,
Inc.
.....................................................
1,854,125
93,040
Consumer
Discretionary
(13.2%):
Airbnb,
Inc.,
Class
A(a)
..................................................
198,370
28,593
Amazon.com,
Inc.(a)
....................................................
1,825,617
283,336
Booking
Holdings,
Inc.(a)
.................................................
15,920
55,839
DoorDash,
Inc.,
Class
A(a)
................................................
169,167
17,627
Lululemon
Athletica,
Inc.(a)
...............................................
55,405
25,144
Marriott
International,
Inc.,
Class
A
..........................................
134,009
32,126
MercadoLibre,
Inc.(a)
....................................................
23,070
39,492
O'Reilly
Automotive,
Inc.(a)
...............................................
26,995
27,617
PDD
Holdings,
Inc.,
ADR(a)
...............................................
304,769
38,666
Ross
Stores,
Inc.
.......................................................
154,515
21,675
Starbucks
Corp.
........................................................
518,665
48,252
Tesla,
Inc.(a)
..........................................................
850,057
159,207
777,574
Consumer
Staples
(6.7%):
Coca-Cola
Europacific
Partners
PLC
.........................................
208,429
14,361
Costco
Wholesale
Corp.
..................................................
202,018
140,378
Dollar
Tree,
Inc.(a)
......................................................
99,413
12,985
Keurig
Dr.
Pepper,
Inc.
...................................................
638,048
20,060
Mondelez
International,
Inc.,
Class
A
.........................................
620,964
46,740
Monster
Beverage
Corp.(a)
................................................
474,744
26,121
PepsiCo,
Inc.
..........................................................
627,337
105,725
The
Kraft
Heinz
Co.
.....................................................
559,658
20,780
Walgreens
Boots
Alliance,
Inc.
.............................................
394,196
8,897
396,047
Electronic
Equipment,
Instruments
&
Components
(0.2%):
CDW
Corp.
...........................................................
61,125
13,858
Energy
(0.4%):
Baker
Hughes
Co.
......................................................
459,135
13,085
Diamondback
Energy,
Inc.
................................................
81,669
12,556
25,641
Financials
(0.5%):
PayPal
Holdings,
Inc.(a)
..................................................
491,945
30,181
Health
Care
(6.7%):
Amgen,
Inc.
...........................................................
244,197
76,741
AstraZeneca
PLC,
ADR
..................................................
265,699
17,706
Biogen,
Inc.(a)
.........................................................
66,116
16,308
Dexcom,
Inc.(a)
........................................................
176,299
21,394
GE
HealthCare
Technologies,
Inc.
...........................................
207,723
15,239
Gilead
Sciences,
Inc.
....................................................
568,557
44,495
Victory
Portfolios
III
Victory
Nasdaq-100
Index
Fund
173
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Shares
Value
(000)
IDEXX
Laboratories,
Inc.(a)
...............................................
37,896
$
19,520
Illumina,
Inc.(a)
........................................................
72,459
10,362
Intuitive
Surgical,
Inc.(a)
.................................................
160,647
60,760
Moderna,
Inc.(a)
.......................................................
173,976
17,580
Regeneron
Pharmaceuticals,
Inc.(a)
..........................................
48,882
46,085
Vertex
Pharmaceuticals,
Inc.(a)
.............................................
117,578
50,956
397,146
Industrials
(4.8%):
Automatic
Data
Processing,
Inc.
............................................
187,674
46,127
Cintas
Corp.
..........................................................
46,475
28,097
Copart,
Inc.(a)
.........................................................
438,145
21,048
CSX
Corp.
............................................................
901,690
32,190
Fastenal
Co.
...........................................................
260,730
17,790
Honeywell
International,
Inc.
..............................................
300,810
60,842
Old
Dominion
Freight
Line,
Inc.
............................................
49,788
19,468
PACCAR,
Inc.
.........................................................
238,675
23,961
Paychex,
Inc.
..........................................................
164,827
20,064
Verisk
Analytics,
Inc.
....................................................
66,156
15,979
285,566
IT
Services
(0.5%):
Cognizant
Technology
Solutions
Corp.,
Class
A
.................................
228,790
17,644
MongoDB,
Inc.(a)
......................................................
32,554
13,039
30,683
Real
Estate
(0.3%):
CoStar
Group,
Inc.(a)
....................................................
186,332
15,555
Semiconductors
&
Semiconductor
Equipment
(21.0%):
Advanced
Micro
Devices,
Inc.(a)
............................................
737,137
123,610
Analog
Devices,
Inc.
....................................................
226,439
43,558
Applied
Materials,
Inc.
...................................................
381,702
62,714
ASML
Holding
NV,
NYS
.................................................
40,055
34,841
Broadcom,
Inc.
........................................................
213,137
251,502
GLOBALFOUNDRIES,
Inc.(a)(b)
..........................................
249,935
13,741
Intel
Corp.
............................................................
1,923,721
82,874
KLA
Corp.
...........................................................
62,025
36,845
Lam
Research
Corp.
.....................................................
60,135
49,621
Marvell
Technology,
Inc.
.................................................
393,687
26,653
Microchip
Technology,
Inc.
................................................
246,874
21,029
Micron
Technology,
Inc.
..................................................
503,623
43,186
NVIDIA
Corp.
.........................................................
436,352
268,474
NXP
Semiconductors
NV
.................................................
117,615
24,766
ON
Semiconductor
Corp.(a)
...............................................
196,523
13,979
QUALCOMM,
Inc.
.....................................................
507,851
75,421
Texas
Instruments,
Inc.
...................................................
414,405
66,354
1,239,168
Software
(18.0%):
Adobe,
Inc.(a)
.........................................................
207,749
128,343
ANSYS,
Inc.(a)
........................................................
39,639
12,995
Atlassian
Corp.,
Class
A(a)
................................................
70,730
17,666
Autodesk,
Inc.(a)
.......................................................
97,538
24,756
Cadence
Design
Systems,
Inc.(a)
............................................
124,139
35,809
Crowdstrike
Holdings,
Inc.,
Class
A(a)
.......................................
103,865
30,381
Datadog,
Inc.,
Class
A(a)
.................................................
137,874
17,157
Fortinet,
Inc.(a)
........................................................
350,390
22,597
Intuit,
Inc.
............................................................
127,732
80,641
Microsoft
Corp.
........................................................
1,312,989
522,018
Palo
Alto
Networks,
Inc.(a)
................................................
143,868
48,701
Roper
Technologies,
Inc.
..................................................
48,742
26,174
Splunk,
Inc.(a)
.........................................................
76,885
11,792
Synopsys,
Inc.(a)
.......................................................
69,394
37,011
Victory
Portfolios
III
Victory
Nasdaq-100
Index
Fund
174
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Shares
Value
(000)
Workday,
Inc.,
Class
A(a)
.................................................
95,365
$
27,758
Zscaler,
Inc.(a)
.........................................................
67,679
15,950
1,059,749
Technology
Hardware,
Storage
&
Peripherals
(8.6%):
Apple,
Inc.
...........................................................
2,747,560
506,650
Utilities
(1.2%):
American
Electric
Power
Co.,
Inc.
...........................................
239,952
18,750
Constellation
Energy
Corp.
................................................
145,731
17,779
Exelon
Corp.
..........................................................
454,209
15,811
Xcel
Energy,
Inc.
.......................................................
251,789
15,075
67,415
Total
Common
Stocks
(Cost
$2,457,538)
a
a
a
5,843,260
Collateral
for
Securities
Loaned
(0.3%)^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares,
5.22%(c)
........
4,881,152
4,882
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares,
5.27%(c)
............
4,881,152
4,881
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares,
5.24%(c)
...............
4,881,152
4,881
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares,
5.21%(c)
.
4,881,152
4,881
Total
Collateral
for
Securities
Loaned
(Cost
$19,525)
a
a
a
19,525
Total
Investments
(Cost
$2,477,063)
—
99.3%
5,862,785
Other
assets
in
excess
of
liabilities
—
0.7%
39,038
NET
ASSETS
-
100.00%
$
5,901,823
^
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
January
31,
2024.
ADR
—
American
Depositary
Receipt
NYS
—
New
York
Registered
Shares
PLC
—
Public
Limited
Company
Futures
Contracts
Purchased
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
NASDAQ
100
E-Mini
Futures
.........
138
3/15/24
$
46,530,416
$
47,588,610
$
1,058,194
Total
unrealized
appreciation
$
1,058,194
Total
unrealized
depreciation
—
Total
net
unrealized
appreciation
(depreciation)
$
1,058,194
Schedule
of
Portfolio
Investments
January
31,
2024
Victory
Portfolios
III
Victory
Science
&
Technology
Fund
175
(Unaudited)
Security
Description
Shares
Value
(000)
Common
Stocks
(99.4%)
Australia
(0.4%):
Health
Care
(0.1%):
Opthea
Ltd.,
ADR(a)
....................................................
305,881
$
829
Information
Technology
(0.3%):
Atlassian
Corp.,
Class
A(a)
................................................
13,494
3,371
4,200
Belgium
(0.0%):(b)
Health
Care
(0.0%):(b)
UCB
SA
.............................................................
641
60
Brazil
(0.0%):(b)
Health
Care
(0.0%):(b)
Hapvida
Participacoes
e
Investimentos
SA(a)(c)
.................................
29,598
23
Canada
(0.1%):
Health
Care
(0.1%):
Fusion
Pharmaceuticals,
Inc.(a)
.............................................
98,231
1,141
Xenon
Pharmaceuticals,
Inc.(a)
.............................................
830
38
1,179
China
(0.0%):(b)
Health
Care
(0.0%):(b)
Sichuan
Kelun-Biotech
Biopharmaceutical
Co.
Ltd.(a)
............................
2,000
21
Zai
Lab
Ltd.,
ADR(a)
....................................................
1,038
22
43
Denmark
(0.0%):(b)
Health
Care
(0.0%):(b)
Ascendis
Pharma
A/S,
ADR(a)
.............................................
347
45
Genmab
A/S(a)
........................................................
149
41
86
Germany
(0.1%):
Health
Care
(0.0%):(b)
Immatics
NV(a)
........................................................
2,680
30
Information
Technology
(0.1%):
AIXTRON
SE
.........................................................
31,355
1,167
1,197
Ireland
(0.6%):
Health
Care
(0.0%):(b)
Alkermes
PLC(a)
.......................................................
1,440
39
ICON
PLC(a)
.........................................................
515
134
Prothena
Corp.
PLC(a)
...................................................
474
14
187
Information
Technology
(0.6%):
Accenture
PLC,
Class
A
..................................................
16,000
5,822
6,009
Israel
(1.2%):
Information
Technology
(1.2%):
Monday.com
Ltd.(a)
.....................................................
32,965
6,924
Victory
Portfolios
III
Victory
Science
&
Technology
Fund
176
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Shares
Value
(000)
Sapiens
International
Corp.
................................................
4,878
$
133
Wix.com
Ltd.(a)
........................................................
49,133
6,234
13,291
Italy
(0.0%):(b)
Health
Care
(0.0%):(b)
DiaSorin
SpA
.........................................................
476
44
Japan
(0.4%):
Health
Care
(0.3%):
Chugai
Pharmaceutical
Co.
Ltd.
............................................
2,300
83
Daiichi
Sankyo
Co.
Ltd.
..................................................
5,450
163
Eisai
Co.
Ltd.
..........................................................
1,865
88
Hoya
Corp.
...........................................................
22,530
2,862
Otsuka
Holdings
Co.
Ltd.
.................................................
1,600
63
3,259
Information
Technology
(0.1%):
Hamamatsu
Photonics
KK
................................................
26,200
1,035
4,294
Netherlands
(0.1%):
Health
Care
(0.1%):
Argenx
SE,
ADR(a)
.....................................................
237
90
Merus
NV(a)
..........................................................
29,557
1,055
Qiagen
NV(a)
.........................................................
1,473
64
1,209
Switzerland
(0.3%):
Health
Care
(0.3%):
MoonLake
Immunotherapeutics(a)(d)
........................................
57,140
3,193
Novartis
AG,
Registered
Shares
.............................................
873
90
Tecan
Group
AG,
Class
R
.................................................
115
44
3,327
Taiwan
(0.6%):
Information
Technology
(0.6%):
Accton
Technology
Corp.
.................................................
108,000
1,817
ASPEED
Technology,
Inc.
................................................
9,300
914
Chroma
ATE,
Inc.
......................................................
266,000
1,700
E
Ink
Holdings,
Inc.
.....................................................
365,000
2,421
6,852
Thailand
(0.1%):
Information
Technology
(0.1%):
Fabrinet(a)
............................................................
3,551
758
United
Kingdom
(0.2%):
Health
Care
(0.2%):
AstraZeneca
PLC,
ADR
..................................................
3,263
217
Autolus
Therapeutics
PLC,
ADR(a)
..........................................
311,437
1,875
Genus
PLC
...........................................................
1,201
35
GSK
PLC
............................................................
3,616
72
Immunocore
Holdings
PLC,
ADR(a)
.........................................
766
55
Smith
&
Nephew
PLC
...................................................
630
9
Verona
Pharma
PLC,
ADR(a)
..............................................
1,971
36
2,299
Victory
Portfolios
III
Victory
Science
&
Technology
Fund
177
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Shares
Value
(000)
United
States
(95.3%):
Communication
Services
(11.2%):
Alphabet,
Inc.,
Class
A(a)
.................................................
194,704
$
27,278
Bandwidth,
Inc.,
Class
A(a)
................................................
112,488
1,557
Cargurus,
Inc.(a)
.......................................................
32,394
753
Match
Group,
Inc.(a)
....................................................
53,004
2,034
Meta
Platforms,
Inc.,
Class
A(a)
............................................
159,939
62,399
Netflix,
Inc.(a)
.........................................................
22,111
12,473
Pinterest,
Inc.,
Class
A(a)
.................................................
116,556
4,367
Roku,
Inc.(a)
..........................................................
12,303
1,084
Shutterstock,
Inc.
.......................................................
8,263
388
Take-Two
Interactive
Software,
Inc.(a)
........................................
65,484
10,800
Yelp,
Inc.(a)
...........................................................
21,264
930
ZipRecruiter,
Inc.(a)
.....................................................
25,163
350
124,413
Consumer
Discretionary
(3.3%):
Airbnb,
Inc.,
Class
A(a)
..................................................
5,558
801
Amazon.com,
Inc.(a)
....................................................
235,081
36,485
37,286
Financials
(3.0%):
Block,
Inc.(a)
..........................................................
46,980
3,054
Global
Payments,
Inc.
....................................................
17,562
2,340
Shift4
Payments,
Inc.,
Class
A(a)
............................................
84,428
6,063
Visa,
Inc.,
Class
A
......................................................
72,342
19,768
WEX,
Inc.(a)
..........................................................
13,192
2,696
33,921
Health
Care
(19.6%):
Abbott
Laboratories
.....................................................
2,244
254
AbbVie,
Inc.
..........................................................
1,285
211
Absci
Corp.(a)(d)
.......................................................
393,808
1,559
Acadia
Healthcare
Co.,
Inc.(a)
..............................................
1,350
111
Addus
HomeCare
Corp.(a)
................................................
668
58
Agilent
Technologies,
Inc.
.................................................
1,336
174
agilon
health,
Inc.(a)
.....................................................
9,661
57
Akero
Therapeutics,
Inc.(a)
................................................
89,039
1,924
Alnylam
Pharmaceuticals,
Inc.(a)
...........................................
393
68
Alpine
Immune
Sciences,
Inc.(a)
............................................
85,202
2,267
Amicus
Therapeutics,
Inc.(a)
...............................................
497,214
6,180
AN2
Therapeutics,
Inc.(a)(d)
...............................................
136,145
2,628
AnaptysBio,
Inc.(a)
.....................................................
108,584
2,563
Apellis
Pharmaceuticals,
Inc.(a)
............................................
167,874
10,625
Apogee
Therapeutics,
Inc.(a)(d)
............................................
30,556
1,024
Arcellx,
Inc.(a)
........................................................
93,155
5,761
Becton
Dickinson
&
Co.
..................................................
148
35
Biogen,
Inc.(a)
.........................................................
517
127
Biohaven
Ltd.(a)
.......................................................
47,640
2,119
Bio-Techne
Corp.
.......................................................
569
40
Blueprint
Medicines
Corp.(a)
..............................................
35,958
2,860
Boston
Scientific
Corp.(a)
.................................................
5,260
333
Bridgebio
Pharma,
Inc.(a)
.................................................
177,227
6,077
Cabaletta
Bio,
Inc.(a)
....................................................
159,874
3,274
Celldex
Therapeutics,
Inc.(a)
...............................................
1,231
43
Cencora,
Inc.
..........................................................
1,100
256
Centene
Corp.(a)
.......................................................
3,585
270
Crinetics
Pharmaceuticals,
Inc.(a)
...........................................
68,567
2,501
Cytokinetics,
Inc.(a)
.....................................................
79,033
6,175
Danaher
Corp.
.........................................................
1,918
460
Dexcom,
Inc.(a)
........................................................
29,070
3,528
Disc
Medicine,
Inc.(a)
...................................................
70,490
4,635
Edwards
Lifesciences
Corp.(a)
.............................................
2,561
201
Victory
Portfolios
III
Victory
Science
&
Technology
Fund
178
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Shares
Value
(000)
Elanco
Animal
Health,
Inc.(a)
..............................................
4,080
$
60
Eli
Lilly
&
Co.
.........................................................
24,392
15,748
Encompass
Health
Corp.
..................................................
1,415
100
Evolent
Health,
Inc.,
Class
A(a)
.............................................
2,232
66
Exact
Sciences
Corp.(a)
..................................................
191,045
12,494
EyePoint
Pharmaceuticals,
Inc.(a)
...........................................
76,078
2,049
Fate
Therapeutics,
Inc.(a)
.................................................
193,290
1,191
Gilead
Sciences,
Inc.
....................................................
789
62
Gossamer
Bio,
Inc.(a)
....................................................
647,033
543
Guardant
Health,
Inc.(a)
..................................................
571
12
HCA
Healthcare,
Inc.
....................................................
1,005
306
Hologic,
Inc.(a)
........................................................
1,282
95
Humana,
Inc.
..........................................................
532
201
Ideaya
Biosciences,
Inc.(a)
................................................
111,085
4,836
Illumina,
Inc.(a)
........................................................
779
111
Immunovant,
Inc.(a)(d)
...................................................
93,086
3,389
Inari
Medical,
Inc.(a)
....................................................
822
47
Inspire
Medical
Systems,
Inc.(a)
............................................
99
21
Insulet
Corp.(a)
........................................................
515
98
Ionis
Pharmaceuticals,
Inc.(a)
..............................................
23,386
1,202
Krystal
Biotech,
Inc.(a)
...................................................
34,153
3,799
Laboratory
Corp.
of
America
Holdings
........................................
539
120
Legend
Biotech
Corp.,
ADR(a)
.............................................
437
24
Longboard
Pharmaceuticals,
Inc.(a)
..........................................
1,084
23
Marinus
Pharmaceuticals,
Inc.(a)
............................................
172,875
1,684
Merck
&
Co.,
Inc.
......................................................
6,219
751
Mirum
Pharmaceuticals,
Inc.(a)(d)
...........................................
52,513
1,389
Moderna,
Inc.(a)
.......................................................
344
35
Molina
Healthcare,
Inc.(a)
................................................
487
174
Morphic
Holding,
Inc.(a)
.................................................
82,730
2,622
Natera,
Inc.(a)
.........................................................
44,491
2,934
Nuvalent,
Inc.,
Class
A(a)
.................................................
74,095
5,570
Olema
Pharmaceuticals,
Inc.(a)
.............................................
308,448
4,022
Option
Care
Health,
Inc.(a)
................................................
2,601
81
ORIC
Pharmaceuticals,
Inc.(a)(d)
...........................................
248,583
2,732
Pacific
Biosciences
of
California,
Inc.(a)
......................................
556,984
3,626
Pfizer,
Inc.
............................................................
6,298
171
Privia
Health
Group,
Inc.(a)
...............................................
2,381
48
PTC
Therapeutics,
Inc.(a)
.................................................
684
18
QuidelOrtho
Corp.(a)
....................................................
339
23
Regeneron
Pharmaceuticals,
Inc.(a)
..........................................
178
168
Regulus
Therapeutics,
Inc.(a)
..............................................
712,305
905
Repligen
Corp.(a)
.......................................................
12,747
2,414
REVOLUTION
Medicines,
Inc.(a)
..........................................
257,647
7,150
Rhythm
Pharmaceuticals,
Inc.(a)
............................................
84,982
3,749
Rocket
Pharmaceuticals,
Inc.(a)
.............................................
106,048
3,047
Sage
Therapeutics,
Inc.(a)
.................................................
629
16
Sagimet
Biosciences,
Inc.,
Class
A(a)(d)
......................................
93,696
888
Sarepta
Therapeutics,
Inc.(a)
...............................................
15,278
1,818
Shockwave
Medical,
Inc.(a)
...............................................
532
120
SpringWorks
Therapeutics,
Inc.(a)
...........................................
147,442
6,507
Structure
Therapeutics,
Inc.,
ADR(a)
.........................................
1,065
46
Stryker
Corp.
..........................................................
1,007
338
Surgery
Partners,
Inc.(a)
..................................................
1,973
61
Syndax
Pharmaceuticals,
Inc.(a)
............................................
1,448
30
Tango
Therapeutics,
Inc.(a)(d)
..............................................
164,077
1,928
Teleflex,
Inc.
..........................................................
264
64
Thermo
Fisher
Scientific,
Inc.
..............................................
551
297
Tyra
Biosciences,
Inc.(a)(d)
...............................................
131,411
1,761
Ultragenyx
Pharmaceutical,
Inc.(a)
..........................................
688
30
United
Therapeutics
Corp.(a)
..............................................
314
67
UnitedHealth
Group,
Inc.
.................................................
1,715
878
Vaxcyte,
Inc.(a)
........................................................
145,340
10,380
Victory
Portfolios
III
Victory
Science
&
Technology
Fund
179
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Shares
Value
(000)
Veeva
Systems,
Inc.,
Class
A(a)
.............................................
28,290
$
5,868
Veracyte,
Inc.(a)
........................................................
1,651
41
Vertex
Pharmaceuticals,
Inc.(a)
.............................................
64,069
27,766
Voyager
Therapeutics,
Inc.(a)
..............................................
168,098
1,222
Waters
Corp.(a)
........................................................
264
84
Zoetis,
Inc.
...........................................................
1,423
267
218,785
Industrials
(1.0%):
Dayforce,
Inc.(a)
.......................................................
28,552
1,985
Lyft,
Inc.,
Class
A(a)
....................................................
562,781
7,029
Uber
Technologies,
Inc.(a)
................................................
34,174
2,231
11,245
Information
Technology
(56.8%):
A10
Networks,
Inc.
.....................................................
20,015
268
ACI
Worldwide,
Inc.(a)
..................................................
10,179
306
Adobe,
Inc.(a)
.........................................................
23,403
14,458
Advanced
Energy
Industries,
Inc.
...........................................
4,209
438
Advanced
Micro
Devices,
Inc.(a)
............................................
55,953
9,383
Agilysys,
Inc.(a)
.......................................................
5,838
489
Akamai
Technologies,
Inc.(a)
..............................................
16,002
1,972
Alarm.com
Holdings,
Inc.(a)
...............................................
4,522
275
Altair
Engineering,
Inc.,
Class
A(a)
..........................................
6,292
535
Amdocs
Ltd.
..........................................................
13,226
1,213
Amkor
Technology,
Inc.
..................................................
23,815
754
Amphenol
Corp.,
Class
A
.................................................
24,121
2,439
Amplitude,
Inc.,
Class
A(a)
................................................
200,358
2,597
Appfolio,
Inc.,
Class
A(a)
.................................................
3,268
716
Apple,
Inc.
...........................................................
114,238
21,065
Applied
Materials,
Inc.
...................................................
96,617
15,874
AppLovin
Corp.,
Class
A(a)
...............................................
263,715
10,847
Arista
Networks,
Inc.(a)
..................................................
28,478
7,367
Autodesk,
Inc.(a)
.......................................................
13,875
3,522
Axcelis
Technologies,
Inc.(a)
..............................................
6,551
852
Backblaze,
Inc.,
Class
A(a)
................................................
113,920
934
Badger
Meter,
Inc.
......................................................
4,097
590
Bel
Fuse,
Inc.,
Class
B
...................................................
4,792
320
Broadcom,
Inc.
........................................................
9,907
11,690
Cadence
Design
Systems,
Inc.(a)
............................................
15,133
4,365
CDW
Corp.
...........................................................
9,318
2,113
Clear
Secure,
Inc.,
Class
A
................................................
19,565
372
Cohu,
Inc.(a)
..........................................................
11,702
373
CommVault
Systems,
Inc.(a)
...............................................
7,881
722
Confluent,
Inc.,
Class
A(a)
................................................
344,284
7,698
Daktronics,
Inc.(a)
......................................................
29,956
227
Diodes,
Inc.(a)
.........................................................
6,855
461
DocuSign,
Inc.(a)
.......................................................
125,655
7,655
Dropbox,
Inc.,
Class
A(a)
.................................................
98,757
3,129
Dynatrace,
Inc.(a)
......................................................
176,404
10,055
ePlus,
Inc.(a)
..........................................................
7,753
586
Extreme
Networks,
Inc.(a)
................................................
34,232
462
F5,
Inc.(a)
............................................................
10,625
1,952
Fair
Isaac
Corp.(a)
......................................................
15,056
18,050
First
Solar,
Inc.(a)
......................................................
6,812
997
Flex
Ltd.(a)
...........................................................
187,329
4,447
Fortinet,
Inc.(a)
........................................................
50,270
3,242
Gartner,
Inc.(a)
........................................................
8,207
3,754
Gitlab,
Inc.,
Class
A(a)
...................................................
78,738
5,599
GoDaddy,
Inc.,
Class
A(a)
.................................................
30,573
3,261
Harmonic,
Inc.(a)
.......................................................
70,415
824
HubSpot,
Inc.(a)
.......................................................
4,672
2,855
Impinj,
Inc.(a)
.........................................................
85,362
8,278
Victory
Portfolios
III
Victory
Science
&
Technology
Fund
180
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Shares
Value
(000)
Insight
Enterprises,
Inc.(a)
................................................
4,013
$
741
Intapp,
Inc.(a)
.........................................................
9,989
430
InterDigital,
Inc.
.......................................................
6,729
707
Intuit,
Inc.
............................................................
15,127
9,550
Jabil,
Inc.
............................................................
26,486
3,318
Keysight
Technologies,
Inc.(a)
.............................................
11,768
1,804
KLA
Corp.
...........................................................
15,191
9,024
Lam
Research
Corp.
.....................................................
19,718
16,271
Lattice
Semiconductor
Corp.(a)
.............................................
176,073
10,716
LiveRamp
Holdings,
Inc.(a)
...............................................
15,250
602
MACOM
Technology
Solutions
Holdings,
Inc.(a)
................................
207,188
17,866
Manhattan
Associates,
Inc.(a)
..............................................
17,056
4,137
Marvell
Technology,
Inc.
.................................................
152,346
10,314
MaxLinear,
Inc.(a)
......................................................
264,697
5,511
Microchip
Technology,
Inc.
................................................
36,600
3,118
Micron
Technology,
Inc.
..................................................
53,139
4,557
Microsoft
Corp.
........................................................
232,972
92,625
MongoDB,
Inc.(a)
......................................................
14,566
5,834
Monolithic
Power
Systems,
Inc.
............................................
34,798
20,973
Motorola
Solutions,
Inc.
..................................................
8,738
2,792
Napco
Security
Technologies,
Inc.
...........................................
11,847
412
Nutanix,
Inc.,
Class
A(a)
..................................................
62,927
3,536
NVE
Corp.
...........................................................
1,654
132
NVIDIA
Corp.
.........................................................
92,369
56,832
ON
Semiconductor
Corp.(a)
...............................................
30,652
2,180
OSI
Systems,
Inc.(a)
.....................................................
3,777
484
Palantir
Technologies,
Inc.,
Class
A(a)
........................................
153,912
2,476
PC
Connection,
Inc.
.....................................................
3,871
250
Perficient,
Inc.(a)
.......................................................
4,994
340
Photronics,
Inc.(a)
......................................................
31,835
930
PTC,
Inc.(a)
...........................................................
10,200
1,843
Pure
Storage,
Inc.,
Class
A(a)
..............................................
64,566
2,582
QUALCOMM,
Inc.
.....................................................
34,026
5,053
Qualys,
Inc.(a)
.........................................................
5,315
1,005
Rambus,
Inc.(a)
........................................................
12,768
875
Rapid7,
Inc.(a)
.........................................................
9,959
548
RingCentral,
Inc.,
Class
A(a)
...............................................
151,669
5,140
Salesforce,
Inc.(a)
......................................................
38,022
10,688
Samsara,
Inc.,
Class
A(a)
.................................................
134,628
4,227
Semtech
Corp.(a)
.......................................................
465,372
9,233
ServiceNow,
Inc.(a)
.....................................................
41,564
31,813
SiTime
Corp.(a)
........................................................
43,031
4,586
SMART
Global
Holdings,
Inc.(a)
...........................................
21,436
421
Smartsheet,
Inc.,
Class
A(a)
...............................................
36,419
1,638
Snowflake,
Inc.,
Class
A(a)
................................................
35,601
6,965
Sprout
Social,
Inc.,
Class
A(a)
..............................................
111,454
6,835
SPS
Commerce,
Inc.(a)
...................................................
3,708
681
Squarespace,
Inc.,
Class
A(a)
..............................................
61,974
1,921
Super
Micro
Computer,
Inc.(a)
.............................................
1,897
1,005
Synaptics,
Inc.(a)
.......................................................
4,767
509
Synopsys,
Inc.(a)
.......................................................
10,334
5,512
Tenable
Holdings,
Inc.(a)
.................................................
10,309
485
Texas
Instruments,
Inc.
...................................................
34,404
5,509
The
Hackett
Group,
Inc.
..................................................
4,914
114
Trimble,
Inc.(a)
........................................................
58,211
2,961
Unity
Software,
Inc.(a)
...................................................
105,344
3,413
Universal
Display
Corp.
..................................................
11,642
1,976
Varonis
Systems,
Inc.(a)
..................................................
456,734
20,498
Workday,
Inc.,
Class
A(a)
.................................................
11,456
3,334
Workiva,
Inc.(a)
........................................................
3,827
356
Yext,
Inc.(a)
...........................................................
36,521
217
Victory
Portfolios
III
Victory
Science
&
Technology
Fund
181
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Name
Acquisition
Date
Cost
Regulus
Therapeutics,
Inc.
.....................................
12/1/2020
$
588
Security
Description
Shares
Value
(000)
Zoom
Video
Communications,
Inc.,
Class
A(a)
..................................
26,978
$
1,743
632,529
Real
Estate
(0.4%):
Opendoor
Technologies,
Inc.(a)
.............................................
1,230,900
4,210
1,062,389
Total
Common
Stocks
(Cost
$685,546)
1,107,260
Rights
(0.0%)(b)
United
States
(0.0%):(b)
Health
Care
(0.0%):(b)
ABIOMED,
Inc.
CVR,
Expires
1/2/26(a)(e)
....................................
145
—(f)
Total
Rights
(Cost
$–)
—(f)
Warrants
(0.0%)(b)
United
States
(0.0%):(b)
Health
Care
(0.0%):(b)
Athenex,
Inc.(a)(e)
......................................................
5,153,482
—(f)
Nuvation
Bio,
Inc.(a)
....................................................
163,388
14
Regulus
Therapeutics,
Inc.(a)(g)(h)
..........................................
470,257
—(f)
14
Total
Warrants
(Cost
$639)
14
Collateral
for
Securities
Loaned
(0.8%)^
United
States
(0.8%):
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares,
5.22%(i)
........
2,526,670
2,527
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares,
5.27%(i)
............
2,526,670
2,527
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares,
5.24%(i)
................
2,526,670
2,527
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares,
5.21%(i)
.
2,526,670
2,527
Total
Collateral
for
Securities
Loaned
(Cost
$10,108)
10,108
Total
Investments
(Cost
$696,293)
—
100.2%
1,117,382
Liabilities
in
excess
of
other
assets
—
(0.2)%
(2,742)
NET
ASSETS
-
100.00%
$
1,114,640
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
Non-income
producing
security.
(b)
Amount
represents
less
than
0.05%
of
net
assets.
(c)
Rule
144A
security
or
other
security
that
is
restricted
as
to
resale
to
institutional
investors.
As
of
January
31,
2024,
the
fair
value
of
these
securities
was
$23
(thousands)
and
amounted
to
less
than
0.05%
of
net
assets.
(d)
All
or
a
portion
of
this
security
is
on
loan.
(e)
Security
was
fair
valued
using
significant
unobservable
inputs
as
of
January
31,
2024.
(f)
Rounds
to
less
than
$1
thousand.
(g)
Restricted
security
that
is
not
registered
under
the
Securities
Act
of
1933.
(h)
The
following
table
details
the
earliest
acquisition
date
and
cost
of
the
Fund's
restricted
securities
at
January
31,
2024.
(i)
Rate
disclosed
is
the
daily
yield
on
January
31,
2024.
ADR
—
American
Depositary
Receipt
CVR
—
Contingent
Value
Right
PLC
—
Public
Limited
Company
Schedule
of
Portfolio
Investments
January
31,
2024
Victory
Portfolios
III
Victory
Small
Cap
Stock
Fund
182
(Unaudited)
Security
Description
Shares
Value
(000)
Common
Stocks
(99.5%)
Communication
Services
(2.1%):
Cargurus,
Inc.
(a)
.......................................................
24,857
$
578
Cian
PLC
,
ADR
(a)
(b)
....................................................
914
—
(c)
Cinemark
Holdings,
Inc.
(a)
................................................
74,500
1,030
Cogent
Communications
Holdings,
Inc.
.......................................
18,144
1,401
Eventbrite,
Inc.
,
Class
A
(a)
................................................
11,424
96
IDT
Corp.
,
Class
B
(a)
....................................................
33,820
1,169
John
Wiley
&
Sons,
Inc.
,
Class
A
............................................
28,330
959
Lions
Gate
Entertainment
Corp.
,
Class
B
(a)
....................................
82,500
800
Madison
Square
Garden
Sports
Corp.
(a)
.......................................
7,530
1,394
Magnite,
Inc.
(a)
........................................................
484,290
4,286
Shutterstock,
Inc.
.......................................................
22,210
1,043
Thryv
Holdings,
Inc.
(a)
..................................................
58,365
1,193
TripAdvisor,
Inc.
(a)
.....................................................
31,123
672
Yelp,
Inc.
(a)
...........................................................
26,432
1,156
Ziff
Davis,
Inc.
(a)
.......................................................
13,964
941
ZipRecruiter,
Inc.
(a)
.....................................................
80,926
1,126
17,844
Consumer
Discretionary
(11.0%):
Academy
Sports
&
Outdoors,
Inc.
...........................................
23,019
1,444
Acushnet
Holdings
Corp.
.................................................
49,170
3,114
Asbury
Automotive
Group,
Inc.
(a)
...........................................
6,236
1,304
Beazer
Homes
USA,
Inc.
(a)
...............................................
32,583
1,034
Big
5
Sporting
Goods
Corp.
(d)
.............................................
50,075
252
BJ's
Restaurants,
Inc.
(a)
..................................................
118,773
4,111
Bloomin'
Brands,
Inc.
(d)
..................................................
54,245
1,444
Boot
Barn
Holdings,
Inc.
(a)
...............................................
12,072
866
Bright
Horizons
Family
Solutions,
Inc.
(a)
.....................................
12,339
1,212
Brunswick
Corp.
.......................................................
48,103
3,881
Cavco
Industries,
Inc.
(a)
..................................................
4,053
1,345
Century
Communities,
Inc.
................................................
17,401
1,509
Chegg,
Inc.
(a)
.........................................................
103,252
1,017
Coursera,
Inc.
(a)
.......................................................
14,989
287
Dillard's,
Inc.
,
Class
A
...................................................
2,781
1,077
Etsy,
Inc.
(a)
...........................................................
2,019
134
First
Watch
Restaurant
Group,
Inc.
(a)
........................................
29,902
642
Foot
Locker,
Inc.
.......................................................
27,768
782
Fox
Factory
Holding
Corp.
(a)
..............................................
8,178
516
Garrett
Motion,
Inc.
(a)
...................................................
111,620
959
Genius
Sports
Ltd.
(a)
....................................................
194,341
1,304
Gentherm,
Inc.
(a)
.......................................................
73,731
3,550
G-III
Apparel
Group
Ltd.
(a)
...............................................
38,010
1,144
Group
1
Automotive,
Inc.
.................................................
5,140
1,337
Hibbett,
Inc.
..........................................................
18,334
1,222
Installed
Building
Products,
Inc.
............................................
20,476
3,990
KB
Home
............................................................
23,867
1,422
Kontoor
Brands,
Inc.
....................................................
15,277
896
Latham
Group,
Inc.
(a)
...................................................
828,149
2,095
LCI
Industries
.........................................................
9,132
1,016
Life
Time
Group
Holdings,
Inc.
(a)
...........................................
31,389
417
Light
&
Wonder,
Inc.
(a)
..................................................
26,133
2,101
M/I
Homes,
Inc.
(a)
......................................................
27,292
3,478
Marriott
Vacations
Worldwide
Corp.
.........................................
17,431
1,462
Modine
Manufacturing
Co.
(a)
..............................................
50,812
3,511
Nordstrom,
Inc.
........................................................
97,178
1,764
Perdoceo
Education
Corp.
.................................................
57,965
1,049
Portillo's,
Inc.
,
Class
A
(a)
.................................................
199,618
2,743
PVH
Corp.
...........................................................
13,195
1,587
RH
(a)
...............................................................
1,730
438
Sally
Beauty
Holdings,
Inc.
(a)
..............................................
114,725
1,413
Signet
Jewelers
Ltd.
.....................................................
11,495
1,143
Victory
Portfolios
III
Victory
Small
Cap
Stock
Fund
183
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Shares
Value
(000)
Skechers
USA,
Inc.
,
Class
A
(a)
.............................................
4,752
$
297
Smith
&
Wesson
Brands,
Inc.
..............................................
72,836
951
Sonos,
Inc.
(a)
.........................................................
207,173
3,228
Steven
Madden
Ltd.
.....................................................
63,555
2,662
Stoneridge,
Inc.
(a)
......................................................
21,776
387
Taylor
Morrison
Home
Corp.
(a)
............................................
53,231
2,775
The
Buckle,
Inc.
........................................................
13,057
486
The
Gap,
Inc.
..........................................................
50,000
934
The
Lovesac
Co.
(a)
.....................................................
24,591
570
Thor
Industries,
Inc.
.....................................................
29,600
3,345
ThredUp,
Inc.
,
Class
A
(a)
(d)
...............................................
77,984
159
Topgolf
Callaway
Brands
Corp.
(a)
...........................................
214,062
2,819
Tri
Pointe
Homes,
Inc.
(a)
.................................................
140,589
4,855
Under
Armour,
Inc.
,
Class
C
(a)
.............................................
155,290
1,149
Victoria's
Secret
&
Co.
(a)
.................................................
16,399
427
Visteon
Corp.
(a)
........................................................
10,704
1,234
Winnebago
Industries,
Inc.
................................................
16,642
1,094
YETI
Holdings,
Inc.
(a)
...................................................
44,762
1,968
95,352
Consumer
Staples
(2.5%):
Central
Garden
&
Pet
Co.
,
Class
A
(a)
........................................
24,580
1,015
Coca-Cola
Consolidated,
Inc.
..............................................
1,566
1,349
Edgewell
Personal
Care
Co.
...............................................
26,000
963
Grocery
Outlet
Holding
Corp.
(a)
............................................
47,409
1,175
Ingles
Markets,
Inc.
,
Class
A
...............................................
13,418
1,130
Nomad
Foods
Ltd.
(a)
....................................................
131,950
2,374
Oddity
Tech
Ltd.
(a)
.....................................................
6,800
281
SunOpta,
Inc.
(a)
(d)
.....................................................
166,798
992
The
Andersons,
Inc.
.....................................................
25,000
1,318
The
Chefs'
Warehouse,
Inc.
(a)
..............................................
79,087
2,517
The
Honest
Co.,
Inc.
(a)
...................................................
14,829
42
The
Simply
Good
Foods
Co.
(a)
.............................................
26,865
1,015
The
Vita
Coco
Co.,
Inc.
(a)
................................................
70,321
1,385
TreeHouse
Foods,
Inc.
(a)
.................................................
23,186
976
US
Foods
Holding
Corp.
(a)
................................................
39,090
1,799
USANA
Health
Sciences,
Inc.
(a)
............................................
16,329
764
Vector
Group
Ltd.
......................................................
96,555
1,011
WD-40
Co.
...........................................................
6,036
1,563
21,669
Energy
(6.3%):
Atlas
Energy
Solutions,
Inc.
...............................................
74,474
1,294
Cactus,
Inc.
,
Class
A
.....................................................
49,980
2,121
California
Resources
Corp.
................................................
66,244
3,159
Chord
Energy
Corp.
.....................................................
20,210
3,108
Civitas
Resources,
Inc.
...................................................
45,136
2,925
CONSOL
Energy,
Inc.
...................................................
13,978
1,322
Crescent
Energy
Co.
,
Class
A
..............................................
93,496
1,033
Diamond
Offshore
Drilling,
Inc.
(a)
..........................................
132,536
1,617
Dril-Quip,
Inc.
(a)
.......................................................
102,405
2,055
Expro
Group
Holdings
NV
(a)
..............................................
193,523
3,406
Green
Plains,
Inc.
(a)
.....................................................
49,392
1,024
Gulfport
Energy
Corp.
(a)
.................................................
9,180
1,165
International
Seaways,
Inc.
................................................
32,467
1,742
Liberty
Energy,
Inc.
.....................................................
58,880
1,224
Magnolia
Oil
&
Gas
Corp.
,
Class
A
..........................................
57,346
1,182
Matador
Resources
Co.
...................................................
47,207
2,591
Murphy
Oil
Corp.
......................................................
81,184
3,142
Northern
Oil
&
Gas,
Inc.
..................................................
61,560
2,062
PBF
Energy,
Inc.
,
Class
A
.................................................
30,783
1,555
Peabody
Energy
Corp.
...................................................
48,093
1,284
Permian
Resources
Corp.
.................................................
151,000
2,035
Victory
Portfolios
III
Victory
Small
Cap
Stock
Fund
184
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Shares
Value
(000)
Plains
GP
Holdings
LP
,
Class
A
.............................................
124,160
$
2,009
RPC,
Inc.
............................................................
474,702
3,470
Scorpio
Tankers,
Inc.
....................................................
35,865
2,536
SM
Energy
Co.
........................................................
36,252
1,344
Solaris
Oilfield
Infrastructure,
Inc.
,
Class
A
....................................
212,267
1,592
Teekay
Corp.
(a)
........................................................
133,138
1,197
Vital
Energy,
Inc.
(a)
.....................................................
20,903
916
54,110
Financials
(16.1%):
AGNC
Investment
Corp.
(d)
...............................................
188,000
1,782
Ameris
Bancorp
........................................................
66,950
3,323
Ares
Commercial
Real
Estate
Corp.
..........................................
53,210
506
Artisan
Partners
Asset
Management,
Inc.
,
Class
A
................................
51,358
2,152
Assured
Guaranty
Ltd.
...................................................
16,450
1,335
Atlantic
Union
Bankshares
Corp.
............................................
43,043
1,470
Banc
of
California,
Inc.
..................................................
68,330
942
Bank
of
Hawaii
Corp.
....................................................
21,350
1,350
Banner
Corp.
..........................................................
29,300
1,365
Bread
Financial
Holdings,
Inc.
.............................................
62,512
2,267
Brightsphere
Investment
Group,
Inc.
.........................................
203,110
4,493
Cathay
General
Bancorp
..................................................
38,757
1,596
CNO
Financial
Group,
Inc.
................................................
40,529
1,102
Customers
Bancorp,
Inc.
(a)
................................................
25,255
1,350
Donnelley
Financial
Solutions,
Inc.
(a)
........................................
22,926
1,424
Dynex
Capital,
Inc.
.....................................................
96,185
1,177
Enova
International,
Inc.
(a)
................................................
28,596
1,556
Essent
Group
Ltd.
......................................................
30,925
1,706
Euronet
Worldwide,
Inc.
(a)
................................................
26,467
2,637
EVERTEC,
Inc.
........................................................
122,254
4,910
Fidelis
Insurance
Holdings
Ltd.
(a)
...........................................
158,810
2,068
First
BanCorp
.........................................................
33,000
1,140
First
BanCorp
.........................................................
209,977
3,502
First
Busey
Corp.
.......................................................
131,079
3,086
First
Merchants
Corp.
....................................................
48,100
1,626
Fulton
Financial
Corp.
...................................................
65,923
1,028
Genworth
Financial,
Inc.
(a)
................................................
237,843
1,468
Glacier
Bancorp,
Inc.
....................................................
46,000
1,778
Globe
Life,
Inc.
........................................................
16,020
1,968
Goosehead
Insurance,
Inc.
,
Class
A
(a)
........................................
15,570
1,202
Hancock
Whitney
Corp.
..................................................
31,697
1,430
Heartland
Financial
USA,
Inc.
..............................................
37,928
1,345
Home
Bancshares,
Inc.
...................................................
123,738
2,900
Houlihan
Lokey,
Inc.
....................................................
33,105
3,965
International
Bancshares
Corp.
.............................................
32,806
1,734
Jackson
Financial,
Inc.
,
Class
A
.............................................
29,312
1,468
Kemper
Corp.
.........................................................
51,520
3,091
Kinsale
Capital
Group,
Inc.
................................................
10,151
4,036
Ladder
Capital
Corp.
....................................................
106,005
1,159
Lakeland
Financial
Corp.
.................................................
14,938
1,000
MGIC
Investment
Corp.
..................................................
84,000
1,667
Northwest
Bancshares,
Inc.
................................................
114,500
1,416
OFG
Bancorp
.........................................................
90,619
3,332
Old
National
Bancorp
....................................................
115,980
1,910
Pacific
Premier
Bancorp,
Inc.
..............................................
58,303
1,479
PennyMac
Financial
Services,
Inc.
..........................................
14,371
1,253
Pinnacle
Financial
Partners,
Inc.
............................................
20,590
1,820
PJT
Partners,
Inc.
,
Class
A
................................................
25,134
2,417
Preferred
Bank
.........................................................
16,307
1,172
Primerica,
Inc.
.........................................................
12,545
2,938
PROG
Holdings,
Inc.
(a)
..................................................
35,542
1,089
Prosperity
Bancshares,
Inc.
................................................
42,346
2,706
Radian
Group,
Inc.
......................................................
42,165
1,222
Victory
Portfolios
III
Victory
Small
Cap
Stock
Fund
185
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Shares
Value
(000)
RLI
Corp.
............................................................
15,113
$
2,061
Selective
Insurance
Group,
Inc.
.............................................
13,331
1,398
Skyward
Specialty
Insurance
Group,
Inc.
(a)
....................................
35,160
1,093
SouthState
Corp.
.......................................................
48,684
4,046
Stewart
Information
Services
Corp.
..........................................
19,472
1,201
Stifel
Financial
Corp.
....................................................
67,769
4,944
Synovus
Financial
Corp.
..................................................
24,723
931
Texas
Capital
Bancshares,
Inc.
(a)
...........................................
60,841
3,711
The
Bancorp,
Inc.
(a)
.....................................................
28,562
1,246
The
Bank
of
NT
Butterfield
&
Son
Ltd.
.......................................
28,050
851
Toast,
Inc.
,
Class
A
(a)
....................................................
79,402
1,411
UMB
Financial
Corp.
....................................................
39,092
3,225
Valley
National
Bancorp
..................................................
335,382
3,226
Veritex
Holdings,
Inc.
....................................................
63,186
1,328
Virtus
Investment
Partners,
Inc.
.............................................
6,341
1,497
Western
Alliance
Bancorp
.................................................
16,307
1,043
White
Mountains
Insurance
Group
Ltd.
.......................................
1,050
1,655
138,725
Health
Care
(16.9%):
10X
Genomics,
Inc.
,
Class
A
(a)
.............................................
31,373
1,307
ACADIA
Pharmaceuticals,
Inc.
(a)
...........................................
46,330
1,200
Alector,
Inc.
(a)
.........................................................
107,255
639
Alkermes
PLC
(a)
.......................................................
49,607
1,342
AMN
Healthcare
Services,
Inc.
(a)
...........................................
17,046
1,262
Amneal
Pharmaceuticals,
Inc.
(a)
............................................
184,090
985
Amphastar
Pharmaceuticals,
Inc.
(a)
..........................................
9,020
481
Apellis
Pharmaceuticals,
Inc.
(a)
............................................
11,731
742
Arcellx,
Inc.
(a)
........................................................
19,777
1,223
Arcturus
Therapeutics
Holdings,
Inc.
(a)
.......................................
34,010
1,121
Arcus
Biosciences,
Inc.
(a)
.................................................
113,730
1,722
Avanos
Medical,
Inc.
(a)
..................................................
48,576
932
Azenta,
Inc.
(a)
.........................................................
15,297
997
Bausch
+
Lomb
Corp.
(a)
..................................................
47,310
663
BioLife
Solutions,
Inc.
(a)
.................................................
157,188
2,672
Biomerica,
Inc.
(a)
(d)
....................................................
134,513
125
Bluebird
Bio,
Inc.
(a)
.....................................................
1,081,485
1,103
Blueprint
Medicines
Corp.
(a)
..............................................
27,200
2,163
Bridgebio
Pharma,
Inc.
(a)
.................................................
65,840
2,258
Brookdale
Senior
Living,
Inc.
(a)
............................................
158,000
864
Castle
Biosciences,
Inc.
(a)
................................................
180,341
4,162
Catalyst
Pharmaceuticals,
Inc.
(a)
............................................
73,257
1,055
Certara,
Inc.
(a)
.........................................................
53,577
866
Collegium
Pharmaceutical,
Inc.
(a)
...........................................
67,488
2,224
CorVel
Corp.
(a)
........................................................
30,017
7,064
Cross
Country
Healthcare,
Inc.
(a)
...........................................
52,354
1,113
CytoSorbents
Corp.
(a)
(d)
.................................................
457,469
462
Definitive
Healthcare
Corp.
(a)
..............................................
250,990
2,133
Dynavax
Technologies
Corp.
(a)
.............................................
76,346
986
Eagle
Pharmaceuticals,
Inc.
(a)
..............................................
25,234
148
Edgewise
Therapeutics,
Inc.
(a)
.............................................
77,138
1,375
Embecta
Corp.
.........................................................
54,784
939
Encompass
Health
Corp.
..................................................
37,010
2,629
Evolent
Health,
Inc.
,
Class
A
(a)
.............................................
78,214
2,300
Fortrea
Holdings,
Inc.
(a)
..................................................
50,970
1,578
Fulgent
Genetics,
Inc.
(a)
..................................................
3,089
76
Globus
Medical,
Inc.
(a)
..................................................
19,768
1,044
Guardant
Health,
Inc.
(a)
..................................................
31,258
686
Haemonetics
Corp.
(a)
....................................................
11,368
869
Halozyme
Therapeutics,
Inc.
(a)
.............................................
120,319
4,073
Harvard
Bioscience,
Inc.
(a)
................................................
137,676
606
Health
Catalyst,
Inc.
(a)
...................................................
124,640
1,218
iCAD,
Inc.
(a)
..........................................................
19,895
27
Victory
Portfolios
III
Victory
Small
Cap
Stock
Fund
186
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Shares
Value
(000)
Insmed,
Inc.
(a)
.........................................................
34,267
$
953
Integer
Holdings
Corp.
(a)
.................................................
37,951
3,845
Integra
LifeSciences
Holdings
Corp.
(a)
.......................................
20,570
826
Intellia
Therapeutics,
Inc.
(a)
...............................................
34,476
821
Ironwood
Pharmaceuticals,
Inc.
(a)
...........................................
221,790
3,147
iTeos
Therapeutics,
Inc.
(a)
................................................
69,546
692
Keros
Therapeutics,
Inc.
(a)
................................................
21,120
1,169
Kezar
Life
Sciences,
Inc.
(a)
(d)
.............................................
410,064
406
Kiniksa
Pharmaceuticals
Ltd.
,
Class
A
(a)
......................................
92,319
1,628
Lantheus
Holdings,
Inc.
(a)
................................................
8,675
451
LivaNova
PLC
(a)
.......................................................
32,049
1,560
MaxCyte,
Inc.
(a)
.......................................................
73,435
374
Medpace
Holdings,
Inc.
(a)
................................................
7,889
2,300
Merit
Medical
Systems,
Inc.
(a)
.............................................
25,653
2,009
Mesa
Laboratories,
Inc.
..................................................
11,564
1,060
MoonLake
Immunotherapeutics
(a)
..........................................
23,938
1,338
Myriad
Genetics,
Inc.
(a)
..................................................
55,369
1,184
Natera,
Inc.
(a)
.........................................................
22,872
1,508
Neogen
Corp.
(a)
.......................................................
219,806
3,407
Nuvalent,
Inc.
,
Class
A
(a)
.................................................
8,685
653
Omnicell,
Inc.
(a)
.......................................................
32,090
1,032
Option
Care
Health,
Inc.
(a)
................................................
36,938
1,154
OrthoPediatrics
Corp.
(a)
..................................................
76,761
2,005
Owens
&
Minor,
Inc.
(a)
..................................................
62,591
1,234
Pacific
Biosciences
of
California,
Inc.
(a)
......................................
213,891
1,392
Pacira
BioSciences,
Inc.
(a)
................................................
30,100
981
Patterson
Cos.,
Inc.
.....................................................
40,999
1,224
Perrigo
Co.
PLC
.......................................................
28,535
915
Phreesia,
Inc.
(a)
........................................................
2,082
53
Pliant
Therapeutics,
Inc.
(a)
................................................
151,575
2,716
Prestige
Consumer
Healthcare,
Inc.
(a)
........................................
41,324
2,543
Progyny,
Inc.
(a)
........................................................
35,044
1,335
Prothena
Corp.
PLC
(a)
...................................................
51,060
1,450
Quanterix
Corp.
(a)
......................................................
64,087
1,416
Repligen
Corp.
(a)
.......................................................
15,517
2,939
Sage
Therapeutics,
Inc.
(a)
.................................................
29,760
763
Select
Medical
Holdings
Corp.
.............................................
93,525
2,431
Shockwave
Medical,
Inc.
(a)
...............................................
6,758
1,529
SI-BONE,
Inc.
(a)
.......................................................
127,846
2,584
SIGA
Technologies,
Inc.
..................................................
178,697
872
STAAR
Surgical
Co.
(a)
..................................................
45,227
1,267
Stoke
Therapeutics,
Inc.
(a)
(d)
..............................................
245,009
1,186
Supernus
Pharmaceuticals,
Inc.
(a)
...........................................
41,519
1,149
Syndax
Pharmaceuticals,
Inc.
(a)
............................................
64,249
1,317
The
Ensign
Group,
Inc.
...................................................
34,490
3,905
TransMedics
Group,
Inc.
(a)
................................................
21,463
1,841
U.S.
Physical
Therapy,
Inc.
................................................
8,870
818
UFP
Technologies,
Inc.
(a)
.................................................
16,446
2,771
Vanda
Pharmaceuticals,
Inc.
(a)
.............................................
107,907
389
Veracyte,
Inc.
(a)
........................................................
111,997
2,802
Vericel
Corp.
(a)
........................................................
113,271
4,868
Xenon
Pharmaceuticals,
Inc.
(a)
.............................................
27,048
1,223
Zymeworks,
Inc.
(a)
.....................................................
128,108
1,389
146,258
Industrials
(17.4%):
AAON,
Inc.
...........................................................
21,768
1,527
ACCO
Brands
Corp.
....................................................
197,286
1,199
Alta
Equipment
Group,
Inc.
...............................................
100,654
1,077
Ameresco,
Inc.
,
Class
A
(a)
................................................
39,954
816
Applied
Industrial
Technologies,
Inc.
.........................................
12,619
2,227
ArcBest
Corp.
.........................................................
31,225
3,720
Array
Technologies,
Inc.
(a)
................................................
180,015
2,383
Victory
Portfolios
III
Victory
Small
Cap
Stock
Fund
187
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Shares
Value
(000)
Atkore,
Inc.
(a)
.........................................................
21,600
$
3,295
Axon
Enterprise,
Inc.
(a)
..................................................
7,716
1,922
BlueLinx
Holdings,
Inc.
(a)
................................................
15,278
1,762
Boise
Cascade
Co.
......................................................
35,962
4,871
BWX
Technologies,
Inc.
..................................................
10,897
888
Cadre
Holdings,
Inc.
.....................................................
32,763
1,114
Casella
Waste
Systems,
Inc.
(a)
.............................................
66,834
5,704
Chart
Industries,
Inc.
(a)
..................................................
24,312
2,838
Columbus
McKinnon
Corp.
...............................................
50,980
1,992
Comfort
Systems
USA,
Inc.
...............................................
7,664
1,667
Conduent,
Inc.
(a)
.......................................................
49,043
177
Core
&
Main,
Inc.
,
Class
A
(a)
..............................................
34,560
1,428
CRA
International,
Inc.
...................................................
10,956
1,175
Curtiss-Wright
Corp.
....................................................
5,826
1,297
Deluxe
Corp.
..........................................................
60,718
1,148
EMCOR
Group,
Inc.
....................................................
4,877
1,112
Enovix
Corp.
(a)
(d)
......................................................
54,288
505
Esab
Corp.
............................................................
14,061
1,209
ESCO
Technologies,
Inc.
.................................................
28,799
2,934
ExlService
Holdings,
Inc.
(a)
...............................................
41,120
1,286
Finning
International,
Inc.
.................................................
27,360
792
Fluor
Corp.
(a)
.........................................................
81,846
3,086
Forward
Air
Corp.
......................................................
12,203
541
Gates
Industrial
Corp.
PLC
(a)
..............................................
84,010
1,082
Genco
Shipping
&
Trading
Ltd.
.............................................
55,298
970
Gibraltar
Industries,
Inc.
(a)
................................................
59,108
4,783
GMS,
Inc.
(a)
..........................................................
28,000
2,356
Granite
Construction,
Inc.
.................................................
40,630
1,833
Hayward
Holdings,
Inc.
(a)
................................................
68,230
854
Hexcel
Corp.
..........................................................
47,592
3,160
Hub
Group,
Inc.
,
Class
A
(a)
...............................................
50,180
2,272
Hudson
Technologies,
Inc.
(a)
..............................................
53,263
675
Insperity,
Inc.
..........................................................
12,279
1,408
JELD-WEN
Holding,
Inc.
(a)
...............................................
67,868
1,262
Kforce,
Inc.
...........................................................
17,932
1,226
Korn
Ferry
...........................................................
48,075
2,821
Kornit
Digital
Ltd.
(a)
....................................................
108,883
1,863
Landstar
System,
Inc.
....................................................
19,872
3,810
Matson,
Inc.
..........................................................
17,179
1,925
Moog,
Inc.
,
Class
A
.....................................................
13,800
1,929
Mueller
Industries,
Inc.
...................................................
35,276
1,693
Mueller
Water
Products,
Inc.
,
Class
A
........................................
67,100
920
Paylocity
Holding
Corp.
(a)
................................................
6,619
1,048
RBC
Bearings,
Inc.
(a)
...................................................
27,756
7,454
Rush
Enterprises,
Inc.
,
Class
A
.............................................
24,885
1,118
Ryder
System,
Inc.
......................................................
11,739
1,333
Shoals
Technologies
Group,
Inc.
,
Class
A
(a)
....................................
29,308
386
Simpson
Manufacturing
Co.,
Inc.
...........................................
7,811
1,414
SPX
Technologies,
Inc.
(a)
.................................................
38,894
3,914
Standex
International
Corp.
................................................
12,536
1,851
Sterling
Infrastructure,
Inc.
(a)
..............................................
16,361
1,229
Tecnoglass,
Inc.
........................................................
21,000
966
Terex
Corp.
...........................................................
46,961
2,885
The
AZEK
Co.,
Inc.
(a)
...................................................
40,394
1,558
The
Brink's
Co.
........................................................
19,724
1,594
The
Greenbrier
Cos.,
Inc.
.................................................
22,737
1,034
The
Timken
Co.
........................................................
11,290
925
Thermon
Group
Holdings,
Inc.
(a)
...........................................
6,967
228
Titan
Machinery,
Inc.
(a)
..................................................
29,247
782
Trex
Co.,
Inc.
(a)
........................................................
39,383
3,209
TriNet
Group,
Inc.
(a)
....................................................
11,926
1,356
UFP
Industries,
Inc.
.....................................................
68,637
7,787
Valmont
Industries,
Inc.
..................................................
6,801
1,535
Victory
Portfolios
III
Victory
Small
Cap
Stock
Fund
188
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Shares
Value
(000)
Vestis
Corp.
...........................................................
77,683
$
1,662
Viad
Corp.
(a)
..........................................................
10,957
362
Vicor
Corp.
(a)
.........................................................
24,677
930
Wabash
National
Corp.
...................................................
43,970
1,112
Werner
Enterprises,
Inc.
..................................................
48,309
1,911
WillScot
Mobile
Mini
Holdings
Corp.
(a)
......................................
130,485
6,172
WNS
Holdings
Ltd.
,
ADR
(a)
..............................................
36,170
2,508
150,797
Information
Technology
(16.5%):
908
Devices,
Inc.
(a)
(d)
...................................................
300,559
2,128
ACI
Worldwide,
Inc.
(a)
..................................................
65,245
1,962
Adeia,
Inc.
............................................................
107,341
1,303
Advanced
Energy
Industries,
Inc.
...........................................
36,961
3,851
Agilysys,
Inc.
(a)
.......................................................
6,085
509
Ambarella,
Inc.
(a)
......................................................
40,504
2,129
Amkor
Technology,
Inc.
..................................................
44,921
1,422
Arteris,
Inc.
(a)
.........................................................
108,496
672
Axcelis
Technologies,
Inc.
(a)
..............................................
5,340
694
Badger
Meter,
Inc.
......................................................
13,655
1,966
Bel
Fuse,
Inc.
,
Class
B
...................................................
6,580
440
Belden,
Inc.
...........................................................
46,761
3,469
Box,
Inc.
,
Class
A
(a)
....................................................
45,858
1,191
Canadian
Solar,
Inc.
(a)
(d)
.................................................
26,326
582
CEVA,
Inc.
(a)
.........................................................
18,671
358
Ciena
Corp.
(a)
.........................................................
32,960
1,747
CommVault
Systems,
Inc.
(a)
...............................................
23,580
2,162
Confluent,
Inc.
,
Class
A
(a)
................................................
98,542
2,203
Crane
NXT
Co.
........................................................
11,950
696
CyberArk
Software
Ltd.
(a)
................................................
13,930
3,252
Diodes,
Inc.
(a)
.........................................................
84,312
5,676
DoubleVerify
Holdings,
Inc.
(a)
.............................................
43,729
1,750
ePlus,
Inc.
(a)
..........................................................
57,172
4,319
Extreme
Networks,
Inc.
(a)
................................................
65,175
880
FARO
Technologies,
Inc.
(a)
...............................................
25,341
574
First
Solar,
Inc.
(a)
......................................................
6,824
998
Five9,
Inc.
(a)
..........................................................
20,171
1,530
FormFactor,
Inc.
(a)
.....................................................
145,676
5,648
Globant
SA
(a)
.........................................................
4,311
1,017
Guidewire
Software,
Inc.
(a)
...............................................
20,084
2,243
Harmonic,
Inc.
(a)
.......................................................
110,788
1,296
HashiCorp,
Inc.
,
Class
A
(a)
................................................
28,029
613
HubSpot,
Inc.
(a)
.......................................................
1,003
613
indie
Semiconductor,
Inc.
,
Class
A
(a)
.........................................
606,116
3,679
Insight
Enterprises,
Inc.
(a)
(d)
..............................................
23,112
4,270
InterDigital,
Inc.
.......................................................
1,553
163
JFrog
Ltd.
(a)
..........................................................
45,595
1,483
Klaviyo,
Inc.
,
Class
A
(a)
..................................................
3,573
92
Knowles
Corp.
(a)
.......................................................
65,286
1,065
Kulicke
&
Soffa
Industries,
Inc.
.............................................
92,832
4,671
MKS
Instruments,
Inc.
...................................................
14,945
1,591
N-able,
Inc.
(a)
.........................................................
19,271
250
Napco
Security
Technologies,
Inc.
...........................................
31,335
1,089
Nova
Ltd.
(a)
..........................................................
6,200
898
Nutanix,
Inc.
,
Class
A
(a)
..................................................
47,098
2,647
Okta,
Inc.
(a)
..........................................................
10,745
888
Onto
Innovation,
Inc.
(a)
..................................................
12,280
1,983
OSI
Systems,
Inc.
(a)
.....................................................
9,462
1,211
PDF
Solutions,
Inc.
(a)
...................................................
28,908
902
Perficient,
Inc.
(a)
.......................................................
63,734
4,342
Photronics,
Inc.
(a)
......................................................
54,263
1,586
Plexus
Corp.
(a)
........................................................
11,146
1,056
Porch
Group,
Inc.
(a)
.....................................................
449,843
1,057
Victory
Portfolios
III
Victory
Small
Cap
Stock
Fund
189
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Shares
Value
(000)
Power
Integrations,
Inc.
..................................................
12,074
$
905
PROS
Holdings,
Inc.
(a)
..................................................
84,038
2,893
PTC,
Inc.
(a)
...........................................................
13,020
2,352
Pure
Storage,
Inc.
,
Class
A
(a)
..............................................
69,961
2,798
Qualys,
Inc.
(a)
.........................................................
12,012
2,272
Radware
Ltd.
(a)
........................................................
28,774
526
Rapid7,
Inc.
(a)
.........................................................
17,363
955
Riskified
Ltd.
,
Class
A
(a)
.................................................
127,705
586
Rogers
Corp.
(a)
........................................................
1,303
150
Sanmina
Corp.
(a)
.......................................................
44,705
2,674
Silicon
Laboratories,
Inc.
(a)
...............................................
6,743
832
Smartsheet,
Inc.
,
Class
A
(a)
...............................................
55,340
2,489
SolarWinds
Corp.
(a)
.....................................................
91,341
1,080
Sprinklr,
Inc.
,
Class
A
(a)
..................................................
91,228
1,139
Sprout
Social,
Inc.
,
Class
A
(a)
..............................................
28,253
1,733
SPS
Commerce,
Inc.
(a)
...................................................
5,073
932
Squarespace,
Inc.
,
Class
A
(a)
..............................................
20,251
628
Super
Micro
Computer,
Inc.
(a)
.............................................
1,355
718
Synaptics,
Inc.
(a)
.......................................................
24,229
2,588
Teradata
Corp.
(a)
.......................................................
30,324
1,400
The
Descartes
Systems
Group,
Inc.
(a)
........................................
17,259
1,512
TTM
Technologies,
Inc.
(a)
................................................
58,427
813
Twilio,
Inc.
,
Class
A
(a)
...................................................
12,195
858
Varonis
Systems,
Inc.
(a)
..................................................
41,768
1,875
Veeco
Instruments,
Inc.
(a)
.................................................
138,848
4,426
Verint
Systems,
Inc.
(a)
...................................................
69,960
2,077
Vertex,
Inc.
,
Class
A
(a)
...................................................
55,035
1,335
Vishay
Intertechnology,
Inc.
...............................................
57,311
1,245
Workiva,
Inc.
(a)
........................................................
9,994
929
Xerox
Holdings
Corp.
...................................................
76,032
1,404
Zeta
Global
Holdings
Corp.
,
Class
A
(a)
.......................................
137,140
1,327
142,267
Materials
(4.4%):
Alpha
Metallurgical
Resources,
Inc.
..........................................
2,515
1,004
Arch
Resources,
Inc.
....................................................
8,555
1,514
ATI,
Inc.
(a)
...........................................................
36,684
1,499
Axalta
Coating
Systems
Ltd.
(a)
.............................................
30,670
994
Balchem
Corp.
.........................................................
20,150
2,824
Carpenter
Technology
Corp.
...............................................
13,399
825
Commercial
Metals
Co.
..................................................
63,935
3,339
Constellium
SE
(a)
......................................................
83,560
1,567
Eagle
Materials,
Inc.
.....................................................
4,790
1,084
Ecovyst,
Inc.
(a)
........................................................
239,777
2,220
Graphic
Packaging
Holding
Co.
............................................
48,780
1,245
Greif,
Inc.
,
Class
A
......................................................
16,121
1,009
Huntsman
Corp.
........................................................
43,412
1,065
Ingevity
Corp.
(a)
.......................................................
31,433
1,369
Knife
River
Corp.
(a)
....................................................
5,079
333
Materion
Corp.
........................................................
28,863
3,376
NewMarket
Corp.
......................................................
2,807
1,566
O-I
Glass,
Inc.
(a)
.......................................................
74,345
1,083
Olin
Corp.
............................................................
21,620
1,126
Orion
SA
.............................................................
57,111
1,279
Summit
Materials,
Inc.
,
Class
A
(a)
..........................................
41,888
1,516
Sylvamo
Corp.
.........................................................
20,761
964
TimkenSteel
Corp.
(a)
....................................................
49,165
1,010
Tronox
Holdings
PLC
...................................................
180,577
2,490
Warrior
Met
Coal,
Inc.
...................................................
24,277
1,558
37,859
Real
Estate
(4.5%):
Alexander
&
Baldwin,
Inc.
................................................
98,958
1,714
Victory
Portfolios
III
Victory
Small
Cap
Stock
Fund
190
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Shares
Value
(000)
Armada
Hoffler
Properties,
Inc.
.............................................
62,082
$
742
CareTrust
REIT,
Inc.
....................................................
49,995
1,046
Compass,
Inc.
,
Class
A
(a)
.................................................
289,722
997
COPT
Defense
Properties
.................................................
66,990
1,578
CTO
Realty
Growth,
Inc.
(d)
...............................................
31,845
526
Cushman
&
Wakefield
PLC
(a)
.............................................
32,868
346
DiamondRock
Hospitality
Co.
..............................................
154,909
1,416
Easterly
Government
Properties,
Inc.
.........................................
102,000
1,253
Equity
Commonwealth
...................................................
41,490
793
Essential
Properties
Realty
Trust,
Inc.
........................................
115,240
2,871
Four
Corners
Property
Trust,
Inc.
............................................
67,840
1,588
Gladstone
Commercial
Corp.
..............................................
43,209
554
Gladstone
Land
Corp.
....................................................
39,095
554
Howard
Hughes
Holdings,
Inc.
(a)
...........................................
24,570
1,968
Independence
Realty
Trust,
Inc.
.............................................
66,175
972
Innovative
Industrial
Properties,
Inc.
.........................................
9,532
889
Kite
Realty
Group
Trust
..................................................
57,167
1,223
LXP
Industrial
Trust
.....................................................
167,345
1,521
Opendoor
Technologies,
Inc.
(a)
.............................................
228,804
783
Outfront
Media,
Inc.
.....................................................
60,368
786
Phillips
Edison
&
Co.,
Inc.
................................................
29,341
1,018
Physicians
Realty
Trust
...................................................
138,000
1,689
PotlatchDeltic
Corp.
.....................................................
55,549
2,485
Ryman
Hospitality
Properties,
Inc.
...........................................
12,483
1,372
Sabra
Health
Care
REIT,
Inc.
..............................................
96,358
1,285
Service
Properties
Trust
..................................................
90,529
700
SITE
Centers
Corp.
.....................................................
132,000
1,758
STAG
Industrial,
Inc.
....................................................
25,522
943
Summit
Hotel
Properties,
Inc.
..............................................
155,000
1,004
Terreno
Realty
Corp.
....................................................
19,374
1,157
Veris
Residential,
Inc.
....................................................
70,000
1,067
38,598
Utilities
(1.8%):
ALLETE,
Inc.
.........................................................
69,666
4,118
Black
Hills
Corp.
.......................................................
22,970
1,189
National
Fuel
Gas
Co.
...................................................
27,664
1,305
Northwestern
Energy
Group,
Inc.
...........................................
52,735
2,538
ONE
Gas,
Inc.
.........................................................
39,771
2,441
Otter
Tail
Corp.
........................................................
12,091
1,093
Portland
General
Electric
Co.
..............................................
38,857
1,590
Spire,
Inc.
............................................................
22,055
1,252
15,526
Total
Common
Stocks
(Cost
$726,085)
a
a
a
859,005
Rights
(0.0%)(e)
Health
Care
(0.0%):(e)
Flexion
Therapeutics,
Inc.,
CVR
(a)
(b)
........................................
58,207
—
(c)
OmniAb
Operations,
Inc.
(a)
(b)
.............................................
7,105
—
OmniAb
Operations,
Inc.
(a)
(b)
.............................................
7,105
—
—
Total
Rights
(Cost
$36)
a
a
a
—
(c)
Exchange-Traded
Funds
(0.1%)
iShares
Russell
2000
ETF
.................................................
2,687
518
Total
Exchange-Traded
Funds
(Cost
$506)
a
a
a
518
Victory
Portfolios
III
Victory
Small
Cap
Stock
Fund
191
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Shares
Value
(000)
Collateral
for
Securities
Loaned
(0.8%)^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
5
.22
%
(f)
........
1,769,880
$
1,770
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
5
.27
%
(f)
............
1,769,880
1,770
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
5
.24
%
(f)
................
1,769,880
1,770
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
5
.21
%
(f)
.
1,769,880
1,770
Total
Collateral
for
Securities
Loaned
(Cost
$7,080)
a
a
a
7,080
Total
Investments
(Cost
$733,707)
—
100.4%
866,603
Liabilities
in
excess
of
other
assets
—
(0.4)%
(
3,089
)
NET
ASSETS
-
100.00%
$
863,514
At
January
31,
2024,
the
Fund's
investments
in
foreign
securities
were
6.3%
of
net
assets.
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
Non-income
producing
security.
(b)
Security
was
fair
valued
using
significant
unobservable
inputs
as
of
January
31,
2024.
(c)
Rounds
to
less
than
$1
thousand.
(d)
All
or
a
portion
of
this
security
is
on
loan.
(e)
Amount
represents
less
than
0.05%
of
net
assets.
(f)
Rate
disclosed
is
the
daily
yield
on
January
31,
2024.
ADR
—
American
Depositary
Receipt
CVR
—
Contingent
Value
Right
ETF
—
Exchange-Traded
Fund
LP
—
Limited
Partnership
PLC
—
Public
Limited
Company
REIT
—
Real
Estate
Investment
Trust
Schedule
of
Portfolio
Investments
January
31,
2024
Victory
Portfolios
III
Victory
Short-Term
Bond
Fund
192
(Unaudited)
Security
Description
Principal
Amount
(000)
Value
(000)
Asset-Backed
Securities
(34.8%)
ABS
Auto
(21.5%):
Ally
Auto
Receivables
Trust
...............................................
Series
2023-1,
Class
B,
5.76%,
1/15/29,
Callable
4/15/27
@
100(a)
...............
$
2,000
$
2,047
Series
2023-1,
Class
D,
6.74%,
4/15/34,
Callable
4/15/27
@
100(a)
...............
1,268
1,271
Series
2023-A,
Class
C,
6.08%,
1/17/34,
Callable
9/15/27
@
100(a)
...............
2,000
2,036
Series
2023-A,
Class
D,
7.33%,
1/17/34,
Callable
9/15/27
@
100(a)
...............
1,333
1,359
American
Credit
Acceptance
Receivables
Trust
.................................
Series
2020-4,
Class
E,
3.65%,
12/14/26,
Callable
4/13/24
@
100(a)
..............
666
663
Series
2022-1,
Class
C,
2.12%,
3/13/28,
Callable
5/13/25
@
100(a)
...............
2,779
2,752
Series
2023-2,
Class
C,
5.96
%,
8/13/29,
Callable
2/12/26
@
100(a)
...............
1,000
1,004
AmeriCredit
Automobile
Receivables
Trust,
Series
2021-1,
Class
D,
1.21%,
12/18/26,
Callable
6/18/25
@
100
.....................................................
2,135
2,009
ARI
Fleet
Lease
Trust
....................................................
Series
2021-A,
Class
A2,
0.37%,
3/15/30,
Callable
6/15/24
@
100(a)
..............
29
29
Series
2021-A,
Class
A3,
0.68%,
3/15/30,
Callable
6/15/24
@
100(a)
..............
2,550
2,507
Series
2021-A,
Class
B,
1.13%,
3/15/30,
Callable
6/15/24
@
100(a)
...............
2,650
2,525
Series
2022-A,
Class
A2,
3.12%,
1/15/31,
Callable
4/15/25
@
100(a)
..............
716
710
Series
2022-A,
Class
A3,
3.43%,
1/15/31,
Callable
4/15/25
@
100(a)
..............
1,524
1,491
Avis
Budget
Rental
Car
Funding
AESOP
LLC
..................................
Series
2019-2A,
Class
A,
3.35%,
9/22/25
,
Callable
10/20/24
@
100(a)
.............
3,300
3,268
Series
2019-2A,
Class
D,
3.04%,
9/22/25,
Callable
10/20/24
@
100(a)
.............
725
710
Series
2019-3A,
Class
A,
2.36%,
3/20/26,
Callable
4/20/25
@
100(a)
..............
5,000
4,860
Series
2020-1A,
Class
B
,
2.68%,
8/20/26,
Callable
9/20/25
@
100(a)
..............
4,000
3,836
Series
2021-2A,
Class
C,
2.35%,
2/20/28,
Callable
2/20/27
@
100(a)
..............
800
717
Series
2022-5A,
Class
B,
7.09%,
4/20/27(a)
................................
2,500
2,561
Series
2023-5A,
Class
B,
6.12%,
4/20/28(a)
................................
2,000
2,025
Canadian
Pacer
Auto
Receivables
Trust,
Series
2021-1A,
Class
C,
1.46%,
12/20/27,
Callable
7/19/25
@
100(a)
...................................................
5,594
5,314
CarMax
Auto
Owner
Trust
................................................
Series
2020-1,
Class
B,
2.21%,
9/15/25,
Callable
3/15/24
@
100
.................
3,188
3,174
Series
2020-1,
Class
C,
2.34%,
11/17/25,
Callable
3/15/24
@
100
................
3,270
3,254
Series
2020-2,
Class
B,
2.90%,
8/15/25,
Callable
5/15/24
@
100
.................
1,806
1,791
Series
2020-2,
Class
D,
5.75%,
5/17/27,
Callable
5/15/24
@
100
.................
3,127
3,126
Series
2021-3,
Class
D,
1.50%,
1/18/28,
Callable
10/15/25
@
100
................
1,800
1,676
Series
2021-4,
Class
D,
1.48%,
3/15/28,
Callable
1/15/26
@
100
.................
4,719
4,353
Series
2022-2,
Class
A3,
3.49%,
2/16/27
,
Callable
7/15/26
@
100
................
1,865
1,838
Series
2023-2,
Class
C,
5.57%,
11/15/28,
Callable
2/15/27
@
100
................
1,000
1,009
Series
2023-3,
Class
D,
6.44%,
12/16/30,
Callable
4/15/27
@
100
................
1,000
1,017
Series
2023-4,
Class
D,
7.16%,
4/15/30,
Callable
6/15/27
@
100
.................
1,000
1,041
Series
2024-1,
Class
C,
5.47%,
8/15/29,
Callable
12/15/27
@
100
................
1,000
1,006
Carvana
Auto
Receivables
Trust
............................................
Series
2020-P1,
Class
D,
1.82%,
9/8/27,
Callable
1/8/26
@
100
..................
1,318
1,220
Series
2021-N1,
Class
A,
0.70%,
1/10/28,
Callable
6/10/26
@
100
................
486
466
Series
2021-N1,
Class
B,
1.09%,
1/10/28,
Callable
6/10/26
@
100
................
612
580
Series
2021-N1,
Class
C,
1.30%,
1/10/28,
Callable
6/10/26
@
100
................
467
444
Series
2021-N1,
Class
D,
1.50%,
1/10/28,
Callable
6/10/26
@
100
................
543
513
Series
2021-N2,
Class
A2,
0.97%,
3/10/28,
Callable
1/10/27
@
100
...............
1,061
1,010
Series
2021-N2,
Class
B,
0.75%,
3/10/28,
Callable
1/10/27
@
100
................
420
393
Series
2021-N2,
Class
C,
1.07%,
3/10/28,
Callable
1/10/27
@
100
................
412
387
Series
2021-N2,
Class
D,
1.27%,
3/10/28,
Callable
1/10/27
@
100
................
736
682
Series
2021-N3,
Class
A2,
1.11%,
6/12/28,
Callable
3/10/27
@
100
...............
3,500
3,310
Series
2021-N3,
Class
B,
0.66%,
6/12/28,
Callable
3/10/27
@
100
................
747
693
Series
2021-N3,
Class
C,
1.02%,
6/12/28,
Callable
3/10/27
@
100
................
378
353
Chase
Auto
Owner
Trust,
Series
2023-AA,
Class
D,
6.85%,
6/25/31,
Callable
5/25/28
@
100(a)
...........................................................
5,000
5,042
Chesapeake
Funding
II
LLC
...............................................
Series
2021-1A,
Class
A1,
0.47%,
4/15/33,
Callable
5/15/24
@
100(a)
.............
755
740
Series
2023-1A,
Class
B,
5.59%,
5/15/35,
Callable
3/15/26
@
100(a)
..............
177
178
Series
2023-1A,
Class
C,
6.07%,
5/15/35,
Callable
3/15/26
@
100(a)
..............
800
807
Series
2023-1A,
Class
D,
6.69%,
5/15/35,
Callable
3/15/26
@
100(a)
..............
1,500
1,527
Series
2023-2A,
Class
B,
5.97%,
10/15/35,
Callable
7/15/26
@
100(a)
.............
1,582
1,618
Series
2023-2A,
Class
C,
6.15%,
10/15/35,
Callable
7/15/26
@
100(a)
.............
2,294
2,347
Victory
Portfolios
III
Victory
Short-Term
Bond
Fund
193
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
Citizens
Auto
Receivables
Trust
............................................
Series
2023-1,
Class
A4,
5.78%,
10/15/30,
Callable
5/15/27
@
100(a)
.............
$
3,000
$
3,088
Series
2023-2,
Class
A4,
5.74%,
10/15/30,
Callable
6/15/27
@
100(a)
.............
3,000
3,072
Series
2024-1,
Class
A4,
5.03%,
10/15/30,
Callable
5/15/27
@
100(a)
.............
2,000
2,011
CPS
Auto
Receivables
Trust
...............................................
Series
2022-B,
Class
B,
3.88%,
8/15/28,
Callable
10/15/26
@
100(a)
..............
2,000
1,982
Series
2022-D,
Class
B,
6.84%,
1/16/29,
Callable
12/15/26
@
100(a)
..............
2,000
2,021
Credit
Acceptance
Auto
Loan
Trust
..........................................
Series
2020-3A,
Class
B,
1.77%,
12/17/29,
Callable
2/15/24
@
100(a)
.............
146
145
Series
2021-2A,
Class
A,
0.96%,
2/15/30,
Callable
8/15/24
@
100(a)
..............
99
99
Series
2021-3A,
Class
A,
1.00%,
5/15/30,
Callable
11/15/24
@
100(a)
.............
539
533
Series
2021-3A,
Class
B,
1.38%,
7/15/30,
Callable
11/15/24
@
100(a)
.............
1,750
1,702
Series
2021-3A,
Class
C,
1.63%,
9/16/30,
Callable
11/15/24
@
100(a)
.............
3,000
2,894
Series
2021-4,
Class
A,
1.26%,
10/15/30,
Callable
4/15/25
@
100(a)
..............
505
497
Series
2021-4,
Class
B,
1.74%,
12/16/30,
Callable
4/15/25
@
100(a)
..............
640
614
Series
2021-4,
Class
C,
1.94%,
2/18/31,
Callable
4/15/25
@
100(a)
...............
1,000
953
Series
2022-1A,
Class
B,
4.95%,
8/16/32,
Callable
4/15/26
@
100(a)
..............
1,000
984
Series
2022-3A,
Class
C,
8.45%,
2/15/33
,
Callable
10/15/26
@
100(a)
.............
1,000
1,051
Series
2023-1A,
Class
B,
7.02%,
5/16/33,
Callable
11/15/26
@
100(a)
.............
2,000
2,051
Series
2023-2A,
Class
C,
7.15%,
9/15/33,
Callable
12/15/26
@
100(a)
.............
4,000
4,124
Series
2023-3A,
Class
B,
7.09%,
10/17/33,
Callable
3/15/27
@
100(a)
.............
1,895
1,955
Series
2023-3A,
Class
C,
7.62%,
12/15/33,
Callable
3/15/27
@
100(a)
.............
4,886
5,113
Series
2023-5A,
Class
C,
7.30%,
4/17/34,
Callable
6/15/27
@
100(a)
..............
1,000
1,039
Donlen
Fleet
Lease
Funding
2
LLC
..........................................
Series
2,
Class
C,
1.20%,
12/11/34(a)
.....................................
5,000
4,847
Series
2021-2,
Class
B,
0.98%,
12/11/34(a)
................................
4,423
4,306
Drive
Auto
Receivables
Trust
..............................................
Series
2021-1,
Class
C,
1.02%,
6/15/27
,
Callable
3/15/25
@
100
.................
461
459
Series
2021-2,
Class
D,
1.39%,
3/15/29,
Callable
7/15/25
@
100
.................
3,000
2,858
DT
Auto
Owner
Trust
....................................................
Series
2019-4A,
Class
E,
3.93%,
10/15/26,
Callable
4/15/24
@
100(a)
.............
2,000
1,990
Series
2020-1A,
Class
E,
3.48%,
2/16/27,
Callable
8/15/24
@
100(a)
..............
2,000
1,973
Series
2020-2A,
Class
D,
4.73%,
3/16/26,
Callable
9/15/24
@
100(a)
..............
1,841
1,833
Series
2020-3A,
Class
E,
3.62%,
10/15/27,
Callable
1/15/25
@
100(a)
.............
1,000
974
Series
2021-3A,
Class
C,
0.87%,
5/17/27,
Callable
9/15/25
@
100(a)
..............
2,650
2,604
Series
2022-2A,
Class
B,
4.22%,
1/15/27,
Callable
10/15/25
@
100(a)
.............
2,000
1,988
Series
2022-2A,
Class
D,
5.46%,
3/15/28,
Callable
10/15/25
@
100(a)
.............
2,000
1,974
Ent
Auto
Receivables
Trust
................................................
Series
2023-1A,
Class
A4,
6.26%,
11/15/29,
Callable
6/15/28
@
100(a)
............
1,500
1,531
Series
2023-1A,
Class
B,
6.45%,
1/15/30,
Callable
6/15/28
@
100(a)
..............
1,600
1,634
Series
2023-1A,
Class
C,
6.77%,
4/15/30,
Callable
6/15/28
@
100(a)
..............
1,310
1,330
Enterprise
Fleet
Financing
LLC
.............................................
Series
2021-1,
Class
A2,
0.44%,
12/21/26,
Callable
7/20/24
@
100(a)
.............
267
264
Series
2022-2,
Class
A2,
4.65%,
5/21/29,
Callable
12/20/25
@
100(a)
.............
1,383
1,375
Series
2022-4,
Class
A3,
5.65%,
10/22/29,
Callable
6/20/26
@
100(a)
.............
2,000
2,030
Series
2023-1,
Class
A3,
5.42%,
10/22/29,
Callable
2/20/26
@
100(a)
.............
1,778
1,799
Series
2023-2,
Class
A2,
5.56%,
4/22/30,
Callable
2/20/27
@
100(a)
..............
1,000
1,003
Series
2023-3,
Class
A3,
6.41%,
6/20/30,
Callable
7/20/27
@
100(a)
..............
4,000
4,184
Series
2024-1,
Class
A3,
5.16%,
9/20/30,
Callable
9/20/27
@
100(a)
..............
2,000
2,014
Exeter
Automobile
Receivables
Trust
.........................................
Series
2019-3A,
Class
D,
3.11%,
8/15/25,
Callable
4/15/24
@
100(a)
..............
686
683
Series
2019-3A,
Class
E,
4.00%,
8/17/26,
Callable
4/15/24
@
100(a)
..............
1,133
1,127
Series
2020-1A,
Class
E,
3.74%,
1/15/27,
Callable
10/15/24
@
100(a)
.............
1,000
984
Series
2020-2A,
Class
E,
7.19%,
9/15/27,
Callable
2/15/25
@
100(a)
..............
6,750
6,831
Series
2020-3A,
Class
F,
5.56%,
6/15/27,
Callable
6/15/25
@
100(a)
..............
1,440
1,425
Series
2021-2A,
Class
C,
0.98%,
6/15/26,
Callable
12/15/25
@
100
...............
979
969
Series
2022-2A,
Class
B,
3.65%,
10/15/26
.................................
1,410
1,404
Series
2022-5A,
Class
C,
6.51%,
12/15/27,
Callable
2/15/27
@
100
...............
1,000
1,010
First
Investors
Auto
Owner
Trust,
Series
2023-1A,
Class
C,
6.81%,
12/17/29,
Callable
8/15/27
@
100(a)
.........................................................
3,000
3,071
Flagship
Credit
Auto
Trust
................................................
Series
2019-2,
Class
D,
3.53%,
5/15/25,
Callable
11/15/24
@
100(a)
..............
1,140
1,133
Series
2019-4,
Class
E,
4.11%,
3/15/27,
Callable
4/15/25
@
100(a)
...............
2,765
2,678
Victory
Portfolios
III
Victory
Short-Term
Bond
Fund
194
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
Series
2020-2,
Class
D,
5.75%,
4/15/26,
Callable
7/15/25
@
100(a)
...............
$
4,621
$
4,606
Series
2021-1,
Class
C,
0.91%,
3/15/27,
Callable
3/15/26
@
100(a)
...............
2,464
2,403
Series
2021-2,
Class
D,
1.59%,
6/15/27,
Callable
7/15/26
@
100(a)
...............
2,430
2,216
Series
2021-3,
Class
B,
0.95%,
7/15/27,
Callable
9/15/26
@
100(a)
...............
3,300
3,194
Series
2022-2,
Class
B,
4.76%,
5/17/27,
Callable
1/15/27
@
100(a)
...............
2,000
1,983
Ford
Credit
Auto
Lease
Trust
..............................................
Series
2022-A,
Class
B,
3.81%,
8/15/25,
Callable
11/15/24
@
100
................
1,286
1,273
Series
2023-A,
Class
C,
5.54%,
12/15/26,
Callable
9/15/25
@
100
................
720
718
Series
2023-B,
Class
C,
6.43%,
4/15/27,
Callable
4/15/26
@
100
.................
1,571
1,601
Ford
Credit
Auto
Owner
Trust
..............................................
Series
2020-1,
Class
A,
2.04%,
8/15/31,
Callable
2/15/25
@
100(a)
...............
2,667
2,585
Series
2020-1,
Class
B,
2.29%,
8/15/31,
Callable
2/15/25
@
100(a)
...............
5,000
4,833
Series
2020-1,
Class
C,
2.54%,
8/15/31,
Callable
2/15/25
@
100(a)
...............
5,000
4,825
Series
2021-2,
Class
D,
2.60%,
5/15/34,
Callable
11/15/26
@
100(a)
..............
850
777
Series
2023-1,
Class
B,
5.29%,
8/15/35
,
Callable
2/15/28
@
100(a)
...............
822
815
Series
2023-1,
Class
C,
5.58%,
8/15/35,
Callable
2/15/28
@
100(a)
...............
3,000
3,001
Series
2023-1,
Class
D,
6.26%,
8/15/35,
Callable
2/15/28
@
100(a)
...............
7,400
7,375
Foursight
Capital
Automobile
Receivables
Trust
.................................
Series
2021-1,
Class
C,
1.02%,
9/15/26,
Callable
8/15/24
@
100(a)
...............
570
566
Series
2021-2,
Class
A3,
0.81%,
5/15/26,
Callable
2/15/25
@
100(a)
..............
2
2
Series
2021-2,
Class
B,
1.31%,
7/15/27,
Callable
2/15/25
@
100(a)
...............
5,749
5,647
Series
2022-1,
Class
A3,
1.83%,
12/15/26,
Callable
8/15/25
@
100(a)
.............
866
856
Series
2022-1,
Class
B,
2.15%,
5/17/27,
Callable
8/15/25
@
100(a)
...............
2,000
1,932
Series
2022-2,
Class
B,
5.19%,
10/15/27,
Callable
11/15/25
@
100(a)
.............
2,500
2,472
Series
2023-1,
Class
B,
5.35%,
3/15/28,
Callable
7/15/26
@
100(a)
...............
1,253
1,241
Series
2023-1,
Class
C,
5.72%,
8/15/28,
Callable
7/15/26
@
100(a)
...............
2,000
1,990
Series
2024-1,
Class
B,
5.55%,
5/15/29,
Callable
11/15/27
@
100(a)
..............
714
717
Series
2024-1,
Class
C,
5.77%,
11/15/29,
Callable
11/15/27
@
100(a)
.............
1,000
1,006
Series
2024-1,
Class
D,
6.83%,
3/15/30,
Callable
11/15/27
@
100(a)
..............
1,000
1,006
GECU
Auto
Receivables
Trust
.............................................
Series
2023-1A,
Class
A4,
5.79%,
10/15/29,
Callable
9/15/28
@
100(a)
............
3,000
3,025
Series
2023-1A,
Class
B,
5.87%,
1/15/30,
Callable
9/15/28
@
100(a)
..............
1,660
1,666
Series
2023-1A,
Class
C,
6.33%,
4/15/30,
Callable
9/15/28
@
100(a)
..............
998
999
GLS
Auto
Receivables
Issuer
Trust
..........................................
Series
2019-2A,
Class
D,
4.52%,
2/17/26,
Callable
2/15/24
@
100(a)
..............
3,455
3,452
Series
2019-3A,
Class
D,
3.84%,
5/15/26,
Callable
4/15/24
@
100(a)
..............
987
984
Series
2020-2A,
Class
C,
4.57%,
4/15/26,
Callable
12/15/24
@
100(a)
.............
637
634
Series
2020-2A,
Class
D,
7.48%,
4/15/27,
Callable
12/15/24
@
100(a)
.............
1,560
1,577
Series
2021-2A,
Class
C,
1.08%,
6/15/26
,
Callable
12/15/25
@
100(a)
.............
1,618
1,598
Series
2021-3A,
Class
C,
1.11%,
9/15/26,
Callable
1/15/26
@
100(a)
..............
3,316
3,250
Series
2021-4A,
Class
B,
1.53%,
4/15/26(a)
................................
470
467
Series
2022-1A,
Class
B,
2.84%,
5/15/26(a)
................................
740
735
Series
2022-2A,
Class
B,
4.70%,
9/15/26(a)
................................
2,000
1,988
GLS
Auto
Select
Receivables
Trust
..........................................
Series
2023-2A,
Class
D,
8.22%,
2/18/31,
Callable
8/15/28
@
100(a)
..............
2,000
2,166
Series
2024-1A,
Class
B,
5.32%,
3/15/30
,
Callable
11/15/28
@
100(a)
.............
875
876
Series
2024-1A,
Class
C,
5.69%,
3/15/30,
Callable
11/15/28
@
100(a)
.............
1,000
998
GM
Financial
Automobile
Leasing
Trust
......................................
Series
2022-2,
Class
B,
4.02%,
5/20/26,
Callable
10/20/24
@
100
................
1,250
1,236
Series
2023-2,
Class
B,
5.54%,
5/20/27,
Callable
12/20/25
@
100
................
833
835
GMF
Floorplan
Owner
Revolving
Trust,
Series
2019-2,
Class
C,
3.30%,
4/15/26(a)
........
2,000
1,990
GTE
Auto
Receivables
Trust
...............................................
Series
2023-1,
Class
A3,
5.18%,
3/15/28,
Callable
12/15/26
@
100(a)
.............
1,000
995
Series
2023-1,
Class
A4,
5.12%,
4/16/29,
Callable
12/15/26
@
100(a)
.............
4,000
3,966
Series
2023-1,
Class
B,
5.39%,
8/15/29,
Callable
12/15/26
@
100(a)
..............
3,000
2,967
Series
2023-1,
Class
C,
5.88%,
11/15/29,
Callable
12/15/26
@
100(a)
.............
2,625
2,590
Hertz
Vehicle
Financing
III
LLC
............................................
Series
2022-1A,
Class
A,
1.99%,
6/25/26,
Callable
6/25/25
@
100(a)
..............
1,000
961
Series
2022-1A,
Class
B,
2.19%,
6/25/26,
Callable
6/25/25
@
100(a)
..............
4,250
4,060
Series
2022-1A,
Class
C,
2.63%,
6/25/26,
Callable
6/25/25
@
100(a)
..............
4,175
3,996
Series
2022-3A,
Class
A,
3.37%,
3/25/25,
Callable
3/25/24
@
100(a)
..............
667
665
Series
2023-1A,
Class
B,
6.22%,
6/25/27(a)
................................
1,000
1,007
Series
2023-1A,
Class
C,
6.91%,
6/25/27(a)
................................
4,000
4,055
Victory
Portfolios
III
Victory
Short-Term
Bond
Fund
195
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
Hertz
Vehicle
Financing
LLC,
Series
2022-4A,
Class
A,
3.73%,
9/25/26,
Callable
9/25/25
@
100(a)
...........................................................
$
4,000
$
3,906
JPMorgan
Chase
Bank
NA
................................................
Series
2021-1,
Class
B,
0.88%,
9/25/28,
Callable
5/25/25
@
100(a)
...............
762
750
Series
2021-1,
Class
C,
1.02%,
9/25/28,
Callable
5/25/25
@
100(a)
...............
286
281
Series
2021-1,
Class
D,
1.17%,
9/25/28,
Callable
5/25/25
@
100(a)
...............
379
373
Series
2021-2,
Class
B,
0.89%,
12/26/28,
Callable
8/25/25
@
100(a)
..............
319
313
Series
2021-2,
Class
D,
1.14%,
12/26/28,
Callable
8/25/25
@
100(a)
..............
163
160
Series
2021-3,
Class
B,
0.76%,
2/26/29
,
Callable
5/25/25
@
100(a)
...............
671
649
Series
2021-3,
Class
D,
1.01%,
2/26/29,
Callable
5/25/25
@
100(a)
...............
1,010
976
LAD
Auto
Receivables
Trust
...............................................
Series
2021-1A,
Class
A,
1.30%,
8/17/26,
Callable
11/15/25
@
100(a)
.............
327
323
Series
2021-1A,
Class
B,
1.94%,
11/16/26,
Callable
11/15/25
@
100(a)
............
5,600
5,469
Series
2021-1A,
Class
C,
2.35%,
4/15/27,
Callable
11/15/25
@
100(a)
.............
5,000
4,811
Series
2022-1A,
Class
A,
5.21%,
6/15/27,
Callable
7/15/26
@
100(a)
..............
814
813
Series
2022-1A,
Class
B,
5.87%,
9/15/27,
Callable
7/15/26
@
100(a)
..............
1,600
1,598
Series
2022-1A,
Class
C,
6.85%,
4/15/30,
Callable
7/15/26
@
100(a)
..............
2,000
2,038
Series
2023-1A,
Class
B,
5.59%,
8/16/27,
Callable
6/15/27
@
100(a)
..............
1,200
1,205
Series
2023-1A,
Class
C,
6.18%,
12/15/27,
Callable
6/15/27
@
100(a)
.............
2,000
2,013
Series
2023-1A,
Class
D,
7.30%,
6/17/30,
Callable
6/15/27
@
100(a)
..............
1,811
1,866
Series
2023-2A,
Class
D,
6.30%,
2/15/31
,
Callable
10/15/27
@
100(a)
.............
1,400
1,414
Series
2023-3A,
Class
D,
6.92%,
12/16/30,
Callable
12/15/27
@
100(a)
............
1,820
1,873
Lobel
Automobile
Receivables
Trust
.........................................
Series
2023-1,
Class
A,
6.97%,
7/15/26,
Callable
12/15/25
@
100(a)
..............
2,519
2,525
Series
2023-2,
Class
A,
7.59%,
4/16/29,
Callable
6/15/27
@
100(a)
...............
1,726
1,746
Merchants
Fleet
Funding
LLC
..............................................
Series
2023-1A,
Class
A,
7.21%,
5/20/36(a)
................................
4,000
4,063
Series
2023-1A,
Class
B,
7.25%,
5/20/36(a)
................................
4,000
4,130
Navistar
Financial
Dealer
Note
Master
Owner
Trust
II,
Series
2023-1,
Class
A,
6.18%,
8/25/28(a)
........................................................
828
841
OCCU
Auto
Receivables
Trust
.............................................
Series
2022-1A,
Class
C,
6.52%,
11/15/29,
Callable
10/15/27
@
100(a)
............
1,690
1,692
Series
2023-1A,
Class
A4,
6.29%,
9/17/29,
Callable
4/15/28
@
100(a)
.............
2,775
2,828
Series
2023-1A,
Class
B,
6.51%,
9/17/29,
Callable
4/15/28
@
100(a)
..............
2,000
2,049
Series
2023-1A,
Class
C,
6.82%,
9/17/29,
Callable
4/15/28
@
100(a)
..............
2,250
2,290
Series
2023-1A,
Class
D,
7.88%,
12/15/31,
Callable
4/15/28
@
100(a)
.............
4,500
4,599
Oscar
U.S.
Funding
XII
LLC
..............................................
Series
2021-1A,
Class
A3,
0.70%,
4/10/25,
Callable
2/10/25
@
100(a)
.............
410
409
Series
2021-1A,
Class
A4,
1.00%,
4/10/28,
Callable
2/10/25
@
100(a)
.............
7,500
7,185
Oscar
U.S.
Funding
XIII
LLC
..............................................
Series
2021-2A,
Class
A3,
0.86%,
9/10/25,
Callable
6/10/25
@
100(a)
.............
2,600
2,571
Series
2021-2A,
Class
A4,
1.27%,
9/11/28,
Callable
6/10/25
@
100(a)
.............
8,100
7,676
Oscar
U.S.
Funding
XIV
LLC
..............................................
Series
2022-1A,
Class
A3,
2.30%,
4/10/26,
Callable
4/10/26
@
100(a)
.............
2,340
2,299
Series
2022-1A,
Class
A4,
2.82%,
4/10/29,
Callable
4/10/26
@
100(a)
.............
1,400
1,334
PenFed
Auto
Receivables
Owner
Trust
........................................
Series
2022-A,
Class
A4,
4.18%,
12/15/28,
Callable
4/15/26
@
100(a)
.............
1,000
988
Series
2022-A,
Class
B,
4.60%,
12/15/28,
Callable
4/15/26
@
100(a)
..............
2,299
2,278
Series
2022-A
,
Class
C,
4.83%,
12/15/28,
Callable
4/15/26
@
100(a)
..............
1,833
1,815
Series
2022-A,
Class
D,
5.85%,
6/17/30,
Callable
4/15/26
@
100(a)
...............
1,412
1,416
Prestige
Auto
Receivables
Trust
............................................
Series
2019-1A,
Class
D,
3.01%,
8/15/25,
Callable
3/15/24
@
100(a)
..............
3,115
3,103
Series
2023-1A,
Class
C,
5.65%,
2/15/28,
Callable
5/15/27
@
100(a)
..............
2,000
1,995
Series
2023-2A,
Class
C,
7.12%,
8/15/29,
Callable
1/15/29
@
100(a)
..............
4,000
4,124
Santander
Bank
Auto
Credit-Linked
Notes
.....................................
Series
2022-A,
Class
B,
5.28%,
5/15/32,
Callable
1/15/26
@
100(a)
...............
1,263
1,254
Series
2022-A,
Class
C,
7.38%,
5/15/32,
Callable
1/15/26
@
100(a)
...............
1,579
1,581
Series
2022-A,
Class
D,
9.97%
,
5/15/32,
Callable
1/15/26
@
100(a)
...............
835
861
Series
2022-B,
Class
C,
5.92%,
8/16/32,
Callable
5/15/26
@
100(a)
...............
610
608
Series
2022-B,
Class
D,
6.79%,
8/16/32,
Callable
5/15/26
@
100(a)
...............
661
660
Series
2022-B,
Class
E,
8
.68%,
8/16/32,
Callable
5/15/26
@
100(a)
...............
611
610
Series
2022-C,
Class
B,
6.45%,
12/15/32,
Callable
12/15/26
@
100(a)
.............
506
506
Series
2022-C,
Class
C,
6.99%,
12/15/32,
Callable
12/15/26
@
100(a)
.............
2,529
2,537
Victory
Portfolios
III
Victory
Short-Term
Bond
Fund
196
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
Series
2022-C,
Class
D,
8.20%,
12/15/32,
Callable
12/15/26
@
100(a)
.............
$
3,165
$
3,190
Series
2023-A,
Class
C,
6.74%,
6/15/33,
Callable
7/15/27
@
100(a)
...............
146
147
Series
2023-A,
Class
D,
7.08%,
6/15/33,
Callable
7/15/27
@
100(a)
...............
2,591
2,602
Series
2023-B,
Class
C,
5.93%,
12/15/33,
Callable
10/15/27
@
100(a)
.............
875
879
Series
2023-B,
Class
D,
6.66%,
12/15/33,
Callable
10/15/27
@
100(a)
.............
2,875
2,889
Santander
Bank
NA
.....................................................
Series
2021-1A,
Class
B,
1.83%,
12/15/31,
Callable
9/15/25
@
100(a)
.............
800
781
Series
2021-1A,
Class
C,
3.27%,
12/15/31,
Callable
9/15/25
@
100(a)
.............
146
144
Santander
Consumer
Auto
Receivables
Trust
...................................
Series
2020-BA,
Class
C,
1.29%,
4/15/26,
Callable
7/15/25
@
100(a)
.............
3,696
3,669
Series
2020-BA,
Class
E,
4.13%,
1/15/27,
Callable
7/15/25
@
100(a)
..............
1,000
976
Santander
Retail
Auto
Lease
Trust
...........................................
Series
2021-B,
Class
B,
0.84%,
6/20/25,
Callable
4/20/24
@
100(a)
...............
5,000
4,975
Series
2021-C,
Class
B,
0.83%
,
3/20/26,
Callable
6/20/24
@
100(a)
...............
1,750
1,731
Series
2021-C,
Class
C,
1.11%,
3/20/26,
Callable
6/20/24
@
100(a)
...............
3,438
3,380
SCCU
Auto
Receivables
Trust
..............................................
Series
2023-1A,
Class
A4,
5.70%,
8/15/29,
Callable
2/15/28
@
100(a)
.............
2,700
2,717
Series
2023-1A,
Class
B,
6.08%,
11/15/29,
Callable
2/15/28
@
100(a)
.............
2,000
2,022
Series
2023-1A,
Class
C,
6.61%,
3/15/30,
Callable
2/15/28
@
100(a)
..............
5,635
5,697
Series
2023-1A,
Class
D,
7.34%,
11/17/31,
Callable
2/15/28
@
100(a)
.............
2,730
2,740
SFS
Auto
Receivables
Securitization
Trust
.....................................
Series
2023-1A,
Class
C,
5.97%,
2/20/31,
Callable
8/20/27
@
100(a)
..............
2,709
2,767
Series
2024-1A,
Class
B,
5.38%,
1/21/31,
Callable
4/20/28
@
100(a)
..............
1,260
1,269
Series
2024-1A,
Class
C,
5.51%,
1/20/32,
Callable
4/20/28
@
100(a)
..............
1,500
1,510
Tesla
Auto
Lease
Trust
...................................................
Series
2023-A,
Class
B,
6.41%,
7/20/27,
Callable
9/20/25
@
100(a)
...............
3,450
3,496
Series
2023-B,
Class
B,
6.57
%,
8/20/27,
Callable
12/20/25
@
100(a)
..............
2,025
2,066
Tesla
Electric
Vehicle
Trust
................................................
Series
2023-1,
Class
A4,
5.38%,
2/20/29,
Callable
4/20/26
@
100(a)
..............
1,500
1,520
Series
2023-1,
Class
B,
5.82%,
5/20/31,
Callable
4/20/26
@
100(a)
...............
1,950
1,974
Toyota
Lease
Owner
Trust,
Series
2023-A,
Class
A4,
5.05%,
8/20/27,
Callable
9/20/25
@
100(a)
...........................................................
3,000
2,998
U.S.
Bank
NA,
Series
2023-1,
Class
B,
6.79%,
8/25/32,
Callable
7/25/25
@
100(a)
........
6,484
6,526
UNIFY
Auto
Receivables
Trust
.............................................
Series
2021-1A,
Class
A4,
0.98%,
7/15/26,
Callable
3/15/25
@
100(a)
.............
1,841
1,812
Series
2021-1A,
Class
B,
1.29%,
11/16/26,
Callable
3/15/25
@
100(a)
.............
3,000
2,897
United
Auto
Credit
Securitization
Trust,
Series
2023-1,
Class
C,
6.28%,
7/10/28,
Callable
5/10/26
@
100(a)
...................................................
4,000
4,004
Veridian
Auto
Receivables
Trust
............................................
Series
2023-1A,
Class
A3,
5.56%,
3/15/28,
Callable
7/15/27
@
100(a)
.............
1,000
1,001
Series
2023-1A,
Class
A4,
5.59%,
12/15/28,
Callable
7/15/27
@
100(a)
............
2,000
2,005
Series
2023-1A,
Class
B,
5.86%,
4/16/29,
Callable
7/15/27
@
100(a)
..............
2,133
2,138
Series
2023-1A,
Class
C,
6.37%,
7/16/29,
Callable
7/15/27
@
100
(a)
..............
2,500
2,502
VStrong
Auto
Receivables
Trust
............................................
Series
2023-A,
Class
A3,
6.87%,
11/15/27(a)
...............................
500
510
Series
2023-A,
Class
B,
7.11%,
2/15/30,
Callable
8/15/29
@
100(a)
...............
3,000
3,088
Westlake
Automobile
Receivables
Trust
.......................................
Series
2020-1A,
Class
E,
3.31%,
10/15/25,
Callable
2/15/24
@
100(a)
.............
3,830
3,826
Series
2021-3A,
Class
D,
2.12%,
1/15/27,
Callable
9/15/25
@
100(a)
..............
1,000
953
Series
2022-2A,
Class
B,
4.31%,
9/15/27,
Callable
5/15/26
@
100(a)
..............
800
792
Series
2022-2A,
Class
C,
4.85%,
9/15/27,
Callable
5/15/26
@
100(a)
..............
1,429
1,416
Series
2022-3A,
Class
C,
6.44%,
12/15/27,
Callable
4/15/26
@
100(a)
.............
2,000
2,015
Series
2023-1A,
Class
B,
5.41%,
1/18/28,
Callable
8/15/26
@
100(a)
..............
1,000
999
Series
2023-P1,
Class
C,
6.44%,
6/15/27,
Callable
4/15/26
@
100(a)
..............
1,200
1,216
Wheels
Fleet
Lease
Funding
1
LLC
..........................................
Series
2022-1A,
Class
A,
2.47%,
10/18/36,
Callable
9/18/24
@
100(a)
.............
908
896
Series
2023-1A,
Class
A,
5.80%,
4/18/38(a)
................................
1,100
1,106
Series
2023-1A,
Class
B,
5.80%,
4/18/38(a)
................................
1,345
1,354
Series
2023-1A,
Class
C,
6.18%,
4/18/38(a)
................................
3,333
3,370
Series
2023-2A,
Class
C,
6.94%,
8/18/38(a)
................................
2,769
2,868
Series
2023-2A,
Class
D,
7.38%,
8/18/38(a)
................................
3,644
3,750
Wheels
SPV
2
LLC,
Series
2020-1A,
Class
A3,
0.62%,
8/20/29,
Callable
3/20/24
@
100(a)
..
1,272
1,262
World
Omni
Automobile
Lease
Securitization
Trust,
Series
2022-A,
Class
A4,
3.34%,
6/15/27
1,500
1,484
Victory
Portfolios
III
Victory
Short-Term
Bond
Fund
197
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
World
Omni
Select
Auto
Trust
..............................................
Series
2020-A,
Class
B,
0.84%,
6/15/26,
Callable
9/15/24
@
100
.................
$
1,384
$
1,377
Series
2021-A,
Class
D,
1.44%,
11/15/27,
Callable
10/15/25
@
100
...............
2,750
2,555
Series
2023-A,
Class
C,
6.00%,
1/16/29,
Callable
11/15/26
@
100
................
2,000
2,027
522,172
ABS
Card
(2.1%):
CARDS
II
Trust,
Series
2021-1A,
Class
A,
0.60%,
4/15/27(a)
.......................
9,200
9,105
Evergreen
Credit
Card
Trust
...............................................
Series
2021-1,
Class
A,
0.90%,
10/15/26(a)
................................
3,500
3,392
Series
2022-CRT1,
Class
B,
5.61%,
7/15/26(a)
..............................
2,000
1,990
Series
2022-CRT1,
Class
C,
6.19%,
7/15/26(a)
..............................
3,000
2,983
Series
2022-CRT2,
Class
C,
7.44%,
11/15/26(a)
.............................
3,750
3,761
Series
2023-CRT3,
Class
B,
6.58%,
2/15/27(a)
..............................
2,285
2,299
Series
2023-CRT3,
Class
C,
7.31%,
2/15/27(a)
..............................
2,118
2,127
Golden
Credit
Card
Trust,
Series
2021-1A,
Class
A,
1.14%,
8/15/28(a)
.................
5,000
4,571
Master
Credit
Card
Trust
.................................................
Series
2021-1A,
Class
B,
0.79%,
11/21/25(a)
...............................
1,346
1,324
Series
2021-1A,
Class
C,
1.06%,
11/21/25(a)
...............................
4,151
4,082
Master
Credit
Card
Trust
II
................................................
Series
2023-1A,
Class
C,
5.87%,
6/21/27(a)
................................
1,200
1,200
Series
2023-2A,
Class
B,
6.26%,
1/21/27(a)
................................
821
827
Series
2023-2A,
Class
C,
6.89%,
1/21/27(a)
................................
953
958
Series
2023-3A,
Class
C,
7.08%,
10/21/30(a)
...............................
1,500
1,553
Series
2024-1A,
Class
B,
5.53%,
1/21/28(a)
................................
919
921
Series
2024-1A,
Class
C,
6.02%,
1/21/28(a)
................................
1,680
1,684
Synchrony
Card
Funding
LLC,
Series
2022-A1,
Class
A,
3.37%,
4/15/28,
Callable
4/15/25
@
100
.............................................................
880
862
Trillium
Credit
Card
Trust
II
...............................................
Series
2023-1A,
Class
B,
5
.23%,
3/26/31(a)
................................
1,000
976
Series
2023-1A,
Class
C,
6.06%,
3/26/31(a)
................................
1,500
1,465
Series
2023-3A,
Class
C,
6.94%,
8/26/28(a)
................................
3,033
3,058
Series
2024-1A,
Class
B,
5.50%,
12/27/28(a)
...............................
1,000
1,000
Series
2024-1A
,
Class
C,
5.99%,
12/27/28(a)
...............................
1,120
1,120
51,258
ABS
Other
(11.1%):
AFG
ABS
I
LLC
.......................................................
Series
2023-1,
Class
A2,
6.30%,
9/16/30,
Callable
12/15/26
@
100(a)
.............
448
448
Series
2023-1,
Class
B,
7.51%,
9/16/30
,
Callable
12/15/26
@
100(a)
..............
1,667
1,679
Aligned
Data
Centers
Issuer
LLC,
Series
2021-1A,
Class
A2,
1.94%,
8/15/46,
Callable
8/15/24
@
100(a)
.........................................................
5,500
4,961
AMSR
Trust
..........................................................
Series
2021-SFR1,
Class
A,
1.95%,
6/17/38(a)
..............................
2,000
1,754
Series
2021-SFR1,
Class
B,
2.15%,
6/17/38(a)
..............................
2,000
1,733
Series
2021-SFR1,
Class
C,
2.35%,
6/17/38(a)
..............................
1,200
1,046
Amur
Equipment
Finance
Receivables
IX
LLC
..................................
Series
2021-1A,
Class
B,
1.38%,
2/22/27,
Callable
11/20/24
@
100(a)
.............
1,240
1,212
Series
2021-1A,
Class
C,
1.75%,
6/21/27,
Callable
11/20/24
@
100(a)
.............
1,000
968
Amur
Equipment
Finance
Receivables
X
LLC
..................................
Series
2022-1A,
Class
A2,
1.64%,
10/20/27,
Callable
9/20/25
@
100(a)
............
954
929
Series
2022-1A,
Class
B,
2.20%,
1/20/28,
Callable
9/20/25
@
100(a)
..............
4,162
3,965
Amur
Equipment
Finance
Receivables
XI
LLC
..................................
Series
2022-2A,
Class
A2,
5.30%,
6/21/28,
Callable
6/20/26
@
100(a)
.............
985
984
Series
2022-2A,
Class
B,
5
.65%,
10/20/28,
Callable
6/20/26
@
100(a)
.............
2,000
2,010
Amur
Equipment
Finance
Receivables
XII
LLC
.................................
Series
2023-1A,
Class
B,
6.03%,
12/20/29,
Callable
5/20/27
@
100(a)
.............
750
764
Series
2023-1A,
Class
C,
6.36%,
12/20/29,
Callable
5/20/27
@
100(a)
.............
1,966
2,014
Series
2023-1A,
Class
D,
7.48%,
7/22/30,
Callable
5/20/27
@
100(a)
..............
500
515
Amur
Equipment
Finance
Receivables
XIII
LLC
................................
Series
2024-1A,
Class
B,
5.37%,
1/21/31,
Callable
1/20/28
@
100(a)
..............
1,622
1,629
Series
2024-1A,
Class
C,
5.55%,
1/21/31,
Callable
1/20/28
@
100(a)
..............
1,872
1,882
Atalaya
Equipment
Leasing
Trust
...........................................
Victory
Portfolios
III
Victory
Short-Term
Bond
Fund
198
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
Series
2021-1A,
Class
A2,
1.23%,
5/15/26,
Callable
10/15/24
@
100(a)
............
$
135
$
134
Series
2021-1A,
Class
B,
2.08%,
2/15/27,
Callable
10/15/24
@
100(a)
.............
2,467
2,395
Series
2021-1A,
Class
C,
2.69%,
6/15/28,
Callable
10/15/24
@
100(a)
.............
2,000
1,892
Auxilior
Term
Funding
LLC
...............................................
Series
2023-1A,
Class
A3,
5.70%,
2/15/30,
Callable
2/15/28
@
100
(a)
.............
3,000
3,057
Series
2023-1A,
Class
B,
6.05%,
6/17/30,
Callable
2/15/28
@
100(a)
..............
1,239
1,268
Series
2023-1A,
Class
C,
6.50%,
11/15/30,
Callable
2/15/28
@
100(a)
.............
1,200
1,242
Series
2023-1A,
Class
D,
7.27%,
12/16/30
,
Callable
2/15/28
@
100(a)
.............
1,000
1,027
Blue
Bridge
Funding
LLC,
Series
2023-1A,
Class
A,
7.37%,
11/15/30,
Callable
4/15/27
@
100(a)
...........................................................
1,542
1,556
CARS-DB4
LP,
Series
2020-1A,
Class
A1,
2.69%,
2/15/50,
Callable
2/15/24
@
100(a)
.....
3,861
3,729
CARS-DB5
LP,
Series
2021-1A,
Class
A1,
1.44%,
8/15/51,
Callable
8/15/24
@
100(a)
.....
1,862
1,671
CARS-DB7
LP,
Series
2023-1A,
Class
A1,
5.75%,
9/15/53,
Callable
9/15/28
@
100(a)
.....
2,960
2,952
CCG
Receivables
Trust
...................................................
Series
2021-2,
Class
C,
1.50%,
3/14/29,
Callable
6/14/25
@
100(a)
...............
1,487
1,411
Series
2023-1,
Class
B,
5.99%,
9/16/30,
Callable
10/14/26
@
100(a)
..............
2,010
2,053
Series
2023-1,
Class
C,
6.28%,
9/16/30,
Callable
10/14/26
@
100(a)
..............
3,556
3,644
Series
2023-2,
Class
C,
6.45%,
4/14/32,
Callable
10/14/27
@
100(a)
..............
2,250
2,335
Series
2023-2,
Class
D,
7.18%,
4/14/32,
Callable
10/14/27
@
100(a)
..............
1,300
1,332
CF
Hippolyta
Issuer
LLC,
Series
2021-1A,
Class
A1,
1.53%
,
3/15/61,
Callable
3/15/24
@
100(a)
...........................................................
2,827
2,545
CNH
Equipment
Trust,
Series
2022-A,
Class
A3,
2.94%,
7/15/27,
Callable
2/15/26
@
100
...
1,000
977
Conn's
Receivables
Funding
LLC
...........................................
Series
2022-A,
Class
B,
9.52%,
12/15/26,
Callable
8/15/24
@
100(a)
..............
1,940
1,943
Series
2023-A,
Class
A,
8.01%,
1/17/28,
Callable
4/15/24
@
100(a)
...............
1,972
1,975
Series
2023-A,
Class
B,
10.00%,
1/17/28,
Callable
12/15/24
@
100(a)
.............
2,253
2,279
Series
2024-A,
Class
A,
7.05%,
1/16/29,
Callable
8/15/25
@
100(a)
...............
8,000
8,001
Series
2024-A,
Class
B,
9.80%,
1/16/29,
Callable
8/15/25
@
100(a)
...............
5,500
5,470
CP
EF
Asset
Securitization
I
LLC,
Series
2022-1A,
Class
A,
5.96%,
4/15/30,
Callable
11/15/25
@
100(a)
.........................................................
3,149
3,144
CP
EF
Asset
Securitization
II
LLC,
Series
2023-1A,
Class
A,
7.48%,
3/15/32,
Callable
6/15/27
@
100(a)
.........................................................
1,851
1,880
Dell
Equipment
Finance
Trust
..............................................
Series
2021-2,
Class
C,
0.94%,
12/22/26,
Callable
4/22/24
@
100(a)
..............
2,500
2,470
Series
2021-2,
Class
D,
1.21%,
6/22/27,
Callable
4/22/24
@
100(a)
...............
2,188
2,161
Series
2022-1,
Class
B,
2.72%,
8/23/27,
Callable
8/22/24
@
100(a)
...............
1,550
1,523
Series
2023-1,
Class
D,
6.80%,
3/22/29,
Callable
10/22/25
@
100(a)
..............
1,818
1,833
Series
2023-2,
Class
C,
6.06%,
1/22/29,
Callable
12/22/25
@
100(a)
..............
1,100
1,114
Series
2023-2,
Class
D,
6.74%,
7/23/29,
Callable
12/22/25
@
100(a)
..............
2,283
2,301
Series
2023-3,
Class
D,
6.75%,
10/22/29
,
Callable
5/22/26
@
100(a)
..............
1,060
1,069
Dext
ABS
LLC
........................................................
Series
2020-1,
Class
C,
3.03%,
11/15/27,
Callable
9/15/24
@
100(a)
..............
1,600
1,587
Series
2021-1,
Class
C,
2.29%,
9/15/28,
Callable
4/15/26
@
100(a)
...............
5,000
4,713
Series
2023-1,
Class
A2,
5.99%,
3/15/32,
Callable
5/15/27
@
100(a)
..............
1,000
1,004
Series
2023-1,
Class
B,
6.55%,
3/15/32,
Callable
5/15/27
@
100(a)
...............
5,430
5,554
Series
2023-2,
Class
B,
6.41%,
5/15/34,
Callable
1/15/28
@
100(a)
...............
3,000
3,056
Series
2023-2,
Class
D,
8.30%,
5/15/34,
Callable
1/15/28
@
100(a)
...............
1,666
1,622
Diamond
Infrastructure
Funding
LLC
........................................
Series
2021-1A,
Class
A,
1.76%,
4/15/49,
Callable
9/20/25
@
100(a)
..............
3,333
2,962
Series
2021-1A,
Class
B,
2.36%,
4/15/49,
Callable
9/20/25
@
100(a)
..............
3,000
2,642
Diamond
Issuer,
Series
2021-1A,
Class
B,
2.70%,
11/20/51,
Callable
11/20/25
@
100(a)
....
3,273
2,786
Diamond
Resorts
Owner
Trust
.............................................
Series
2021-1A,
Class
A,
1.51%,
11/21/33,
Callable
10/20/25
@
100(a)
............
873
827
Series
2021-1A,
Class
B,
2.05%,
11/21/33,
Callable
10/20/25
@
100(a)
............
503
478
DLLAA
LLC,
Series
2023-1A,
Class
A3,
5.64%,
2/22/28,
Callable
6/20/27
@
100(a)
......
2,000
2,036
DLLMT
LLC
..........................................................
Series
2023-1A,
Class
A3,
5.34%,
3/22/27,
Callable
2/20/27
@
100(a)
.............
2,000
2,010
Series
2023-1A,
Class
A4,
5.35%,
3/20/31,
Callable
2/20/27
@
100(a)
.............
1,143
1,155
DLLST
LLC,
Series
2022-1A,
Class
A4,
3.69%,
9/20/28
,
Callable
7/20/25
@
100(a)
.......
3,000
2,958
FirstKey
Homes
Trust
....................................................
Series
2021-SFR1,
Class
B,
1.79%,
8/17/38(a)
..............................
3,000
2,739
Series
2021-SFR1,
Class
C,
1.89%,
8/17/38(a)
..............................
3,000
2,728
Series
2021-SFR2,
Class
B,
1.61%,
9/17/38(a)
..............................
2,308
2,092
Victory
Portfolios
III
Victory
Short-Term
Bond
Fund
199
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
Series
2021-SFR3,
Class
B,
2.44%,
12/17/38(a)
.............................
$
1,000
$
922
Series
2021-SFR3,
Class
C,
2.54%,
12/17/38(a)
.............................
1,750
1,604
Flexential
Issuer,
Series
2021-1A,
Class
A2,
3.25%,
11/27/51,
Callable
11/25/25
@
100(a)
..
5,000
4,516
Ford
Credit
Floorplan
Master
Owner
Trust,
Series
2023-1,
Class
C,
5.75%,
5/15/28(a)
......
1,597
1,592
Frontier
Issuer
LLC,
Series
2023-1,
Class
B,
8.30%,
8/20/53,
Callable
7/20/26
@
100(a)
....
1,867
1,870
FRTKL
,
Series
2021-SFR1,
Class
B,
1.72%,
9/17/38(a)
............................
1,500
1,356
Granite
Park
Equipment
Leasing
LLC
........................................
Series
2023-1A,
Class
B,
6.62%,
4/20/33,
Callable
8/20/30
@
100(a)
..............
654
685
Series
2023-1A,
Class
C,
6.97%,
8/22/33,
Callable
8/20/30
@
100(a)
..............
1,200
1,276
Series
2023-1A,
Class
D,
7.00%,
8/22/33,
Callable
8/20/30
@
100(a)
..............
800
818
Greatamerica
Leasing
Receivables
...........................................
Series
2024-1,
Class
B,
5.18%,
12/16/30,
Callable
2/15/28
@
100(a)
..............
1,480
1,487
Series
2024-1,
Class
C,
5.43%,
12/15/31,
Callable
2/15/28
@
100(a)
..............
650
651
GreatAmerica
Leasing
Receivables,
Series
2023-1,
Class
B,
5.21%,
3/15/30,
Callable
7/15/27
@
100(a)
.........................................................
1,500
1,506
HPEFS
Equipment
Trust
..................................................
Series
2021-1A,
Class
D,
1.03%,
3/20/31,
Callable
3/20/24
@
100(a)
..............
6,737
6,675
Series
2021-2A,
Class
C,
0.88%,
9/20/28,
Callable
8/20/24
@
100(a)
..............
3,408
3,375
Series
2021-2A,
Class
D,
1.29%,
3/20/29,
Callable
8/20/24
@
100(a)
..............
2,719
2,648
Series
2022-2A,
Class
D,
4.94%,
3/20/30,
Callable
11/20/25
@
100(a)
.............
1,200
1,183
Series
2022-3A,
Class
C,
6.13%,
8/20/29,
Callable
5/20/26
@
100(a)
..............
735
741
Series
2023-2A,
Class
D,
6.97%,
7/21/31,
Callable
9/20/26
@
100(a)
..............
1,500
1,537
Series
2024-1A,
Class
D,
5.82%,
11/20/31,
Callable
8/20/27
@
100(a)
.............
1,138
1,143
Kubota
Credit
Owner
Trust
................................................
Series
2022-1A,
Class
A3,
2.67%,
10/15/26,
Callable
1/15/26
@
100(a)
............
2,000
1,950
Series
2023-2A,
Class
A4,
5.23%,
6/15/28,
Callable
4/15/27
@
100(a)
.............
1,500
1,513
M&T
Equipment
LEAF1
Notes,
Series
2023-1A,
Class
A4,
5.75%,
7/15/30,
Callable
7/15/27
@
100(a)
.........................................................
2,596
2,625
MMAF
Equipment
Finance
LLC
............................................
Series
2020-BA,
Class
A5,
0
.85%,
4/14/42,
Callable
4/14/25
@
100(a)
.............
5,000
4,745
Series
2021-A,
Class
A4,
1.04%,
11/13/30(a)
...............................
2,000
1,834
Series
2022-A,
Class
A3,
3.20%,
1/13/28(a)
................................
2,000
1,954
Series
2023-A,
Class
A3,
5.54%,
12/13/29(a)
...............................
1,000
1,017
Series
2023-A,
Class
A4,
5.50%,
12/13/38(a)
...............................
1,500
1,527
Series
2024-A,
Class
A4,
5.10%,
7/13/49,
Callable
3/13/30
@
100(a)
..............
519
525
MVW
LLC
...........................................................
Series
2021-1WA,
Class
A,
1.14%,
1/22/41,
Callable
10/20/26
@
100(a)
...........
744
684
Series
2021-1WA,
Class
B,
1.44%,
1/22/41,
Callable
10/20/26
@
100(a)
...........
778
717
MVW
Owner
Trust,
Series
2018-1A,
Class
A,
3.45%,
1/21/36,
Callable
7/20/24
@
100(a)
...
2,214
2,185
New
Economy
Assets
Phase
1
Sponsor
LLC
....................................
Series
2021-1,
Class
A1,
1.91%,
10/20/61,
Callable
10/20/24
@
100(a)
............
4,516
3,973
Series
2021-1,
Class
B1,
2.41%,
10/20/61,
Callable
10/20/24
@
100(a)
............
1,466
1,196
NMEF
Funding
LLC
....................................................
Series
2021-A,
Class
B,
1.85%,
12/15/27
,
Callable
8/15/24
@
100(a)
..............
2,129
2,112
Series
2022-B,
Class
A2,
6.07%,
6/15/29,
Callable
9/15/26
@
100(a)
..............
693
695
Series
2022-B,
Class
B,
7.12%,
6/15/29,
Callable
9/15/26
@
100(a)
...............
1,000
1,018
Series
2023-A,
Class
B,
6
.83%,
6/17/30,
Callable
8/15/27
@
100(a)
...............
1,500
1,548
NP
SPE
II
LLC
........................................................
Series
2017-1A,
Class
A1,
3.37%,
10/21/47,
Callable
2/20/24
@
100(a)
............
1,219
1,163
Series
2019-2A,
Class
C1,
6.44%,
11/19/49,
Callable
2/19/24
@
100(a)
............
2,562
2,405
Pawnee
Equipment
Receivables
LLC
.........................................
Series
2021-1,
Class
A2,
1.10%,
7/15/27,
Callable
8/15/25
@
100(a)
..............
613
600
Series
2021-1,
Class
B,
1.82%,
7/15/27,
Callable
8/15/25
@
100(a)
...............
1,637
1,569
Series
2022-1,
Class
A3,
5.17%,
2/15/28,
Callable
6/15/26
@
100(a)
..............
1,000
998
Series
2022-1,
Class
B,
5.40%,
7/17/28,
Callable
6/15/26
@
100(a)
...............
2,375
2,367
Post
Road
Equipment
Finance
LLC,
Series
2022-1A,
Class
B,
5.15%,
1/16/29,
Callable
4/15/26
@
100(a)
...................................................
1,000
989
Progress
Residential
Trust
.................................................
Series
2021-SFR2,
Class
B,
1.80%,
4/19/38(a)
..............................
6,850
6,313
Series
2021-SFR4,
Class
B,
1.81%,
5/17/38(a)
..............................
4,500
4,148
Series
2021-SFR5,
Class
B,
1.66%,
7/17/38(a)
..............................
2,400
2,173
Series
2021-SFR5,
Class
C,
1.81%,
7/17/38(a)
..............................
1,500
1,352
Series
2021-SFR6,
Class
B,
1.75%,
7/17/38,
Callable
7/17/26
@
100(a)
............
2,813
2,573
Victory
Portfolios
III
Victory
Short-Term
Bond
Fund
200
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
SCF
Equipment
Leasing
LLC
..............................................
Series
2019-2A,
Class
B,
2.76%,
8/20/26
,
Callable
5/20/24
@
100(a)
..............
$
118
$
118
Series
2020-1A,
Class
B,
2.02%,
3/20/28,
Callable
5/20/24
@
100(a)
..............
1,386
1,378
Series
2020-1A,
Class
C,
2.60%,
8/21/28,
Callable
5/20/24
@
100(a)
..............
2,900
2,834
Series
2021-1A,
Class
B,
1
.37%,
8/20/29,
Callable
8/20/25
@
100(a)
..............
500
478
Series
2021-1A,
Class
D,
1.93%,
9/20/30,
Callable
8/20/25
@
100(a)
..............
616
578
Series
2022-2A,
Class
B,
6.50%,
2/20/32,
Callable
8/20/29
@
100(a)
..............
429
439
Series
2022-2A,
Class
C,
6.50%,
8/20/32,
Callable
8/20/29
@
100(a)
..............
785
806
Series
2022-2A,
Class
D,
6.50%,
10/20/32,
Callable
8/20/29
@
100(a)
.............
1,319
1,335
Series
2023-1A,
Class
B,
6.37%,
5/20/32,
Callable
8/20/30
@
100(a)
..............
857
887
Series
2023-1A,
Class
C,
6.77%,
8/22/33,
Callable
8/20/30
@
100(a)
..............
2,813
2,963
Sierra
Timeshare
Receivables
Funding
LLC
....................................
Series
2019-1A,
Class
A,
3.20%,
1/20/36,
Callable
3/20/24
@
100(a)
..............
736
731
Series
2019-3A,
Class
A,
2.34%
,
8/20/36,
Callable
9/20/24
@
100(a)
..............
1,534
1,503
Tricon
Residential
Trust,
Series
2022-SFR1,
Class
B,
4.20%,
4/17/39(a)
................
1,000
962
Trinity
Rail
Leasing
LLC,
Series
2019-2A,
Class
A1,
2.39%,
10/18/49,
Callable
2/17/24
@
100(a)
...........................................................
994
942
Vantage
Data
Centers
Issuer
LLC
...........................................
Series
2019-1A,
Class
A2,
3.19%,
7/15/44,
Callable
2/15/24
@
100(a)
.............
1,434
1,412
Series
2020-1A,
Class
A2,
1.65%,
9/15/45,
Callable
2/15/24
@
100(a)
.............
6,500
6,044
VB-S1
Issuer
LLC,
Series
2022-1A,
Class
D,
4.29%,
2/15/52,
Callable
2/15/26
@
100(a)
...
1,000
890
Verdant
Receivables
LLC
.................................................
Series
2023-1A,
Class
A2,
6.24%,
1/13/31,
Callable
3/12/27
@
100(a)
.............
1,931
1,950
Series
2023-1A,
Class
B,
6.05%,
1/13/31
,
Callable
3/12/27
@
100(a)
..............
2,000
2,026
Series
2023-1A,
Class
C,
6.73%,
1/13/31,
Callable
3/12/27
@
100(a)
..............
749
773
Verizon
Master
Trust,
Series
2024-2,
Class
B,
5.08%,
12/22/31,
Callable
12/20/28
@
100(a)
.
2,000
2,009
Volvo
Financial
Equipment
LLC,
Series
2020-1A,
Class
A4,
0.60%,
3/15/28,
Callable
7/15/24
@
100(a)
.........................................................
1,297
1,278
VSE
VOI
Mortgage
LLC,
Series
2017-A,
Class
B,
2.63%,
3/20/35,
Callable
2/20/24
@
100(a)
1,294
1,291
271,505
Agency
ABS
Other
(0.1%):
College
Loan
Corp.
Trust,
Series
2005-2,
Class
B,
6.11%
(SOFR90A+75bps),
1/15/37,
Callable
10/15/27
@
100(b)
...........................................
660
602
Nelnet
Student
Loan
Trust,
Series
2005-3,
Class
B,
5.89%
(SOFR90A+54bps),
9/22/37,
Callable
3/22/24
@
100(b)
............................................
1,048
1,000
1,602
Total
Asset-Backed
Securities
(Cost
$855,427)
a
a
a
846,537
Collateralized
Loan
Obligations
(0.7%)
Cash
Flow
CLO
(0.7%):
Annisa
CLO
Ltd.,
Series
2016-2A,
Class
AR,
6.68%
(TSFR3M+136bps),
7/20/31,
Callable
4/20/24
@
100(a)(b)
.................................................
2,687
2,688
Barrow
Hanley
CLO
I
Ltd.,
Series
2023-1A,
Class
A1,
7.62%
(TSFR3M+230bps),
4/20/35,
Callable
4/20/24
@
100(a)(b)
..........................................
2,000
2,012
Columbia
Cent
CLO
Ltd.,
Series
2022-32A,
Class
BF,
5.20%,
7/24/34,
Callable
4/24/24
@
100(a)
...........................................................
1,000
960
Palmer
Square
Loan
Funding
Ltd.
...........................................
Series
2021-1A,
Class
A1,
6.48%
(TSFR3M+116bps),
4/20/29,
Callable
4/20/24
@
100(a)(b)
.........................................................
435
435
Series
2023-1A,
Class
A1,
7.02%
(TSFR3M+170bps),
7/20/31,
Callable
7/20/24
@
100(a)(b)
.........................................................
2,726
2,734
Series
2023-1A,
Class
A2,
7.82%
(TSFR3M+250bps),
7/20/31,
Callable
7/20/24
@
100(a)(b)
.........................................................
1,000
1,001
Race
Point
CLO
Ltd.,
Series
2016-10A,
Class
A1R,
6.69%
(TSFR3M+136bps),
7/25/31,
Callable
4/25/24
@
100(a)(b)
..........................................
3,715
3,714
Stratus
CLO
Ltd.
.......................................................
Series
2021-3A,
Class
A,
6.53%
(TSFR3M+121bps),
12/29/29,
Callable
4/20/24
@
100(a)(b)
.........................................................
1,242
1,242
Victory
Portfolios
III
Victory
Short-Term
Bond
Fund
201
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
Series
2021-3A,
Class
B,
7.13%
(TSFR3M+181bps),
12/29/29,
Callable
4/20/24
@
100(a)(b)
.........................................................
$
1,643
$
1,631
16,417
Total
Collateralized
Loan
Obligations
(Cost
$16,442)
a
a
a
16,417
Collateralized
Mortgage
Obligations
(5.4%)
Agency
CMO
Other
(0.5%):
Federal
Home
Loan
Mortgage
Corporation,
Series
5270,
Class
AB,
5.50%,
1/25/49
........
2,868
2,897
Federal
National
Mortgage
Association,
Series
2022-88,
Class
BA,
5.50%,
7/25/47
........
1,722
1,735
Government
National
Mortgage
Association
....................................
Series
2023-107,
Class
PA,
5.50%,
1/20/46
................................
1,960
1,986
Series
2023-128,
Class
KA,
6.00%,
6/20/47
................................
1,959
1,987
Series
2023-131,
Class
P,
5.50%,
6/20/48
..................................
1,982
1,971
10,576
Commercial
MBS
(4.9%):
Aventura
Mall
Trust,
Series
2018-AVM,
Class
C,
4.25%,
7/5/40(a)(c)
..................
2,000
1,825
BBCMS
Mortgage
Trust,
Series
2020-BID,
Class
C,
9
.09%
(TSFR1M+375bps),
10/15/37(a)
(b)
.............................................................
2,000
1,950
BPR
Trust
............................................................
Series
2021-TY,
Class
A,
6.50%
(TSFR1M+116bps),
9/15/38(a)(b)
...............
3,731
3,681
Series
2021-TY,
Class
B,
6.60%
(TSFR1M+126bps),
9/15/38(a)(b)
...............
750
728
Series
2021-TY,
Class
C,
7.15%
(TSFR1M+181bps),
9/15/38(a)(b)
...............
2,712
2,644
Series
2021-TY,
Class
D,
7.80%
(TSFR1M+246bps),
9/15/38(a)(b)
...............
1,313
1,295
Series
2022-OANA,
Class
B,
7.78%
(TSFR1M+245bps),
4/15/37(a)(b)
............
3,000
2,975
Series
2022-STAR,
Class
A,
8.57%
(TSFR1M+323bps),
8/15/24(a)(b)
.............
4,000
3,996
BX
Commercial
Mortgage
Trust
............................................
Series
2019-XL,
Class
C,
6.70%
(TSFR1M+136bps),
10/15/36(a)(b)
..............
566
564
Series
2019-XL,
Class
D,
6.90%
(TSFR1M+156
bps),
10/15/36(a)(b)
..............
2,601
2,591
Series
2021-VOLT,
Class
B,
6.40%
(TSFR1M+106bps),
9/15/36(a)(b)
.............
2,500
2,459
Series
2022-CLS,
Class
B,
6.30%,
10/13/27(a)
..............................
2,750
2,558
COMM
Mortgage
Trust
..................................................
Series
2012-CR4,
Class
XA,
1
.29%,
10/15/45,
Callable
2/15/24
@
100(c)(d)
........
10,719
54
Series
2014-277P,
Class
A,
3.73%,
8/10/49,
Callable
8/10/24
@
100(a)(c)
..........
14,610
13,899
Series
2015-PC1,
Class
AM,
4.29%,
7/10/50,
Callable
6/10/25
@
100(c)
...........
6,550
6,387
Series
2015-PC1,
Class
B,
4.42%,
7/10/50,
Callable
6/10/25
@
100(c)
.............
3,366
3,188
Series
2020-CBM,
Class
A2,
2.90%,
2/10/37,
Callable
2/10/25
@
100(a)
...........
5,620
5,413
Series
2020-CBM,
Class
B,
3.10%,
2/10/37,
Callable
2/10/25
@
100(a)
............
5,000
4,787
Series
2020-CBM,
Class
C,
3.40%,
2/10/37,
Callable
2/10/25
@
100(a)
............
6,875
6,550
CSMC
Trust,
Series
2021-980M,
Class
A,
2.39%,
7/15/31(a)
........................
2,500
2,299
Extended
Stay
America
Trust
..............................................
Series
2021-ESH,
Class
A,
6.53%
(TSFR1M+119bps),
7/15/38(a)(b)
..............
1,832
1,826
Series
2021-ESH,
Class
B,
6.83%
(TSFR1M+149bps),
7/15/38(a)(b)
..............
712
706
Series
2021-ESH,
Class
C,
7.15%
(TSFR1M+181bps),
7/15/38(a)(b)
..............
2,290
2,266
GS
Mortgage
Securities
Corp.
II,
Series
2023-SHIP,
Class
B,
5.10%,
9/10/38(a)(c)
........
2,400
2,334
GS
Mortgage
Securities
Corp.
Trust
..........................................
Series
2017-GPTX,
Class
A,
2.86%,
5/10/34(a)
.............................
13,110
9,268
Series
2020-UPTN,
Class
A,
2.75%,
2/10/37,
Callable
2/10/25
@
100(a)
...........
2,000
1,906
Houston
Galleria
Mall
Trust,
Series
2015-HGLR,
Class
A1A2,
3.09%,
3/5/37(a)
..........
11,824
11,402
Hudson
Yards
Mortgage
Trust,
Series
2016-10HY,
Class
A,
2.84%,
8/10/38,
Callable
8/10/26
@
100
(a)
.........................................................
3,000
2,816
KNDL
Mortgage
Trust,
Series
2019-KNSQ,
Class
B,
6.48%
(TSFR1M+115bps),
5/15/36(a)(b)
2,000
1,988
Life
Mortgage
Trust,
Series
2021-BMR,
Class
B,
6.33%
(TSFR1M+99bps),
3/15/38(a)(b)
...
2,949
2,905
Morgan
Stanley
Capital
I
Trust,
Series
2019-NUGS,
Class
B,
6.75%
(TSFR1M+141bps),
12/15/36(a)(b)
.....................................................
3,846
2,580
SCOTT
Trust,
Series
2023-SFS,
Class
AS,
6.20%,
3/15/40(a)
.......................
2,357
2,344
SREIT
Trust,
Series
2021-MFP2,
Class
C,
6.82%
(TSFR1M
+149bps),
11/15/36(a)(b)
......
2,000
1,972
TTAN
...............................................................
Series
2021-MHC,
Class
B,
6.55%
(TSFR1M+121bps),
3/15/38(a)(b)
.............
1,885
1,862
Series
2021-MHC,
Class
C,
6.80%
(TSFR1M+146bps),
3/15/38(a)(b)
.............
2,538
2,500
Victory
Portfolios
III
Victory
Short-Term
Bond
Fund
202
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
Series
2021-MHC,
Class
D,
7.20%
(TSFR1M+186bps),
3/15/38(a)(b)
.............
$
1,015
$
1,000
119,518
Private
CMO
Other
(0.0%):(e)
Sequoia
Mortgage
Trust,
Series
2013-5,
Class
A2,
3.00%,
5/25/43,
Callable
7/25/25
@
100(a)
(c)
.............................................................
545
479
U.S.
Government
Agency
Mortgages
(0.0%):(e)
Federal
National
Mortgage
Association,
Series
2012-104,
Class
HC,
1.25%,
9/25/27
.......
387
371
Total
Collateralized
Mortgage
Obligations
(Cost
$140,188)
a
a
a
130,944
Shares
Preferred
Stocks
(0.3%)
Financials
(0.3%):
Citigroup
Capital
XIII,
11.95%(TSFR3M+663bps),
10/30/40(b)
.....................
200,000
5,806
Total
Preferred
Stocks
(Cost
$5,470)
a
a
a
5,806
Principal
Amount
(000)
Senior
Secured
Loans
(0.1%)
Consumer
Discretionary
(0.0%):(e)
Delta
Air
Lines,
Inc.
and
SkyMiles
IP
Ltd.,
Initial
Term
Loan,
First
Lien,
9.07%
(SOFR03M+375bps),
10/20/27(b)
.......................................
$
1,125
1,150
Industrials
(0.1%):
MasTec,
Inc.,
Three-Year
Term
Loan,
First
Lien,
6.71%
(SOFR01M+138bps),
9/1/25(b)
....
2,000
1,995
Total
Senior
Secured
Loans
(Cost
$3,098)
a
a
a
3,145
Corporate
Bonds
(35.1%)
Communication
Services
(0.5%):
Paramount
Global,
2.90%,
1/15/27,
Callable
10/15/26
@
100
.......................
1,750
1,627
Sprint
Spectrum
Co.
LLC/Sprint
Spectrum
Co.
II
LLC/Sprint
Spectrum
Co.
III
LLC,
4.74%,
3/20/25,
Callable
3/20/24
@
100(a)
......................................
3,234
3,210
T-Mobile
US,
Inc.,
4.75%,
2/1/28,
Callable
2/20/24
@
101.58
.......................
2,641
2,629
Warnermedia
Holdings,
Inc.,
3.76%,
3/15/27,
Callable
2/15/27
@
100
.................
4,000
3,842
11,308
Consumer
Discretionary
(2.3%):
Advance
Auto
Parts,
Inc.
1.75%,
10/1/27,
Callable
8/1/27
@
100
...................................
2,000
1,727
3.90%,
4/15/30,
Callable
1/15/30
@
100(f)
.................................
3,145
2,809
5.95%,
3/9/28,
Callable
2/9/28
@
100
....................................
2,500
2,491
Association
of
American
Medical
Colleges
2.27%,
10/1/25
....................................................
4,145
3,901
2.39%,
10/1/26
....................................................
4,275
3,917
Daimler
Truck
Finance
North
America
LLC,
5.00%,
1/15/27(a)
......................
2,000
2,013
Duke
University
Health
System,
Inc.,
2.26%,
6/1/26
..............................
700
655
Genuine
Parts
Co.,
6.50%,
11/1/28,
Callable
10/1/28
@
100
........................
2,000
2,126
Howard
University,
2.42%,
10/1/24
..........................................
1,350
1,315
LKQ
Corp.,
5.75%,
6/15/28,
Callable
5/15/28
@
100
.............................
3,000
3,062
Mattel,
Inc.,
3
.75%,
4/1/29,
Callable
4/1/24
@
101.88(a)
...........................
3,000
2,751
Nissan
Motor
Acceptance
Co.
LLC
1.85%,
9/16/26,
Callable
8/16/26
@
100(a)
................................
3,296
2,982
2.00%,
3/9/26,
Callable
2/9/26
@
100(a)
..................................
4,216
3,901
Nordstrom,
Inc.,
2.30%
,
4/8/24,
Callable
2/22/24
@
100
...........................
6,500
6,437
QVC,
Inc.,
4.45%,
2/15/25,
Callable
11/15/24
@
100(f)
...........................
9,450
9,154
Tapestry,
Inc.
7.00%,
11/27/26(f)
..................................................
2,000
2,063
7.35%,
11/27/28,
Callable
10/27/28
@
100
.................................
1,500
1,573
Victory
Portfolios
III
Victory
Short-Term
Bond
Fund
203
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
Toll
Brothers
Finance
Corp.,
4.88%,
3/15/27,
Callable
12/15/26
@
100
................
$
250
$
248
Volkswagen
Group
of
America
Finance
LLC,
6.20%,
11/16/28,
Callable
10/16/28
@
100(a)(f)
2,000
2,103
55,228
Consumer
Staples
(1.2%):
7-Eleven,
Inc.,
0.80%,
2/10/24(a)
...........................................
5,000
4,993
Bimbo
Bakeries
USA,
Inc.,
6.05%,
1/15/29,
Callable
12/15/28
@
100(a)
...............
2,000
2,089
Dollar
General
Corp.,
5.20%,
7/5/28,
Callable
6/5/28
@
100
........................
3,000
3,047
JBS
USA
LUX
SA/JBS
USA
Food
Co./JBS
USA
Finance,
Inc.
3.75%,
12/1/31,
Callable
12/1/26
@
101.88
................................
1,419
1,217
5.50%,
1/15/30,
Callable
1/15/25
@
102.75
................................
2,669
2,610
6.50%,
4/15/29,
Callable
4/15/24
@
103.25
................................
1,643
1,608
Philip
Morris
International,
Inc.
4.88%,
2/15/28,
Callable
1/15/28
@
100
..................................
5,000
5,036
5.25%,
9/7/28,
Callable
8/7/28
@
100
....................................
3,000
3,073
Sodexo,
Inc.,
2.72%,
4/16/31,
Callable
1/16/31
@
100(a)
..........................
3,000
2,552
The
J.M.
Smucker
Co.,
5.90%,
11/15/28,
Callable
10/15/28
@
100
...................
2,000
2,092
28,317
Energy
(2.9%):
Antero
Resources
Corp.,
7.63%,
2/1/29,
Callable
3/8/24
@
103.81(a)
..................
1,500
1,545
Buckeye
Partners
LP,
4.35%,
10/15/24
,
Callable
7/15/24
@
100
......................
1,000
984
Continental
Resources,
Inc.,
3.80%,
6/1/24,
Callable
3/8/24
@
100
...................
9,171
9,105
DCP
Midstream
Operating
LP,
5.38%,
7/15/25,
Callable
4/15/25
@
100
................
3,000
3,004
Devon
Energy
Corp.,
5.25%,
10/15/27,
Callable
2/20/24
@
101.75
...................
13,330
13,413
Energy
Transfer
LP
4.90%,
2/1/24
.....................................................
5,326
5,326
6.50%
(H15T5Y+569bps),
Callable
11/15/26
@
100(b)(g)
.....................
2,567
2,481
6.75%
(H15T5Y+513bps),
Callable
5/15/25
@
100(b)(g)
......................
333
327
7.13%
(H15T5Y+531bps),
Callable
5/15/30
@
100(b)(g)
......................
2,300
2,223
8.00%,
4/1/29,
Callable
4/1/24
@
104(a)
..................................
750
780
Gray
Oak
Pipeline
LLC,
2.60%,
10/15/25,
Callable
9/15/25
@
100(a)
.................
1,171
1,120
Hilcorp
Energy
I
LP/Hilcorp
Finance
Co.,
6.00%,
4/15/30,
Callable
4/15/25
@
103(a)
......
1,333
1,294
Murphy
Oil
Corp.,
5.88%,
12/1/27,
Callable
2/22/24
@
101.96
......................
3,208
3,179
Ovintiv,
Inc.,
5.65%,
5/15/28,
Callable
4/15/28
@
100
............................
2,000
2,035
Parsley
Energy
LLC/Parsley
Finance
Corp.,
4.13%,
2/15/28,
Callable
3/8/24
@
101.03(a)
...
8,699
8,341
Talos
Production,
Inc.,
12.00%,
1/15/26,
Callable
2/7/24
@
103
......................
2,000
2,062
Targa
Resources
Partners
LP/Targa
Resources
Partners
Finance
Corp.,
6.50%,
7/15/27,
Callable
3/8/24
@
103.25
.............................................
7,772
7,907
Viper
Energy,
Inc.,
5.38%,
11/1/27,
Callable
2/22/24
@
101.79(a)
....................
6,350
6,248
71,374
Financials
(18.7%):
Ally
Financial,
Inc.
5.75%,
11/20/25,
Callable
10/21/25
@
100
.................................
3,750
3,755
6.99%
(SOFR+326bps),
6/13/29,
Callable
6/13/28
@
100(b)
....................
4,611
4,769
Antares
Holdings
LP,
8.50%,
5/18/25,
Callable
4/18/25
@
100(a)
.....................
2,515
2,565
Ares
Capital
Corp.,
3.25%,
7/15/25,
Callable
6/15/25
@
100
........................
5,000
4,817
Ashtead
Capital,
Inc.,
4.38%,
8/15/27,
Callable
2/22/24
@
101.46(a)
..................
11,245
10,840
Assurant,
Inc.,
6.10%,
2/27/26,
Callable
1/27/26
@
100
...........................
7,059
7,136
Bank
of
America
Corp.
6.10%
(TSFR3M+416bps),
Callable
3/17/25
@
100(b)(f)(g)
....................
2,000
2,002
6.50%
(TSFR3M+444bps),
Callable
10/23/24
@
100(b)(f)(g)
...................
1,265
1,268
Blackstone
Private
Credit
Fund
1.75%,
9/15/24
....................................................
3,500
3,410
2.35%,
11/22/24
....................................................
5,000
4,857
2.63%,
12/15/26,
Callable
11/15/26
@
100
.................................
3,808
3,458
4.70%,
3/24/25
....................................................
2,000
1,975
7.05%,
9/29/25
....................................................
2,500
2,545
Blue
Owl
Credit
Income
Corp.
5.50%,
3/21/25
....................................................
5,000
4,945
7.75%,
9/16/27,
Callable
8/16/27
@
100
..................................
2,677
2,775
Victory
Portfolios
III
Victory
Short-Term
Bond
Fund
204
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
Cadence
Bank
4.13%
(US0003M+247bps),
11/20/29,
Callable
11/20/24
@
100(b)
...............
$
11,196
$
10,447
4.75%
(US0003M+303bps),
6/30/29,
Callable
6/30/24
@
100(b)
.................
10,000
9,897
7.25%
(US0003M+454bps),
6/28/29,
Callable
6/28/24
@
100(a)(b)
...............
1,000
975
Capital
One
Financial
Corp.
4.17%
(SOFR+137bps),
5/9/25,
Callable
5/9/24
@
100(b)
......................
2,000
1,991
5.47%
(SOFR+208bps),
2/1/29,
Callable
2/1/28
@
100(b)
......................
2,000
2,003
6.31%
(SOFR+264bps),
6/8/29,
Callable
6/8/28
@
100(b)
......................
2,000
2,061
CDW
LLC/CDW
Finance
Corp.,
2.67%,
12/1/26,
Callable
11/1/26
@
100
..............
1,000
936
Citizens
Bank
NA
4.12%
(SOFR+140bps),
5/23/25
,
Callable
5/23/24
@
100(b)
....................
1,640
1,629
4.58%
(SOFR+200bps),
8/9/28,
Callable
8/9/27
@
100(b)
......................
1,000
963
6.06%
(SOFR+145bps),
10/24/25,
Callable
10/24/24
@
100(b)
..................
6,640
6,627
Citizens
Financial
Group,
Inc.,
5.65%
(H15T5Y+
531bps),
Callable
10/6/25
@
100(b)(f)(g)
..
1,600
1,562
DAE
Funding
LLC,
1.55%,
8/1/24,
Callable
7/1/24
@
100(a)
.......................
1,250
1,220
Enact
Holdings,
Inc.,
6.50%,
8/15/25,
Callable
2/15/25
@
100(a)
.....................
7,055
7,040
Entergy
Texas
Restoration
Funding
II
LLC,
3.05%,
12/15/27
........................
932
895
EverBank
Financial
Corp.,
10.35%
(TSFR3M+497bps),
3/15/26,
Callable
3/8/24
@
100(b)
..
5,718
5,365
F&G
Global
Funding,
5.15%,
7/7/25(a)
.......................................
2,000
1,972
Farm
Credit
Bank
of
Texas,
5.70%
(H15T5Y+542bps),
Callable
9/15/25
@
100(a)(b)(g)
....
5,200
4,940
Fifth
Third
Bancorp,
4.50%
(H15T5Y+422bps),
Callable
9/30/25
@
100(b)(g)
...........
7,793
7,362
First
American
Financial
Corp.,
4.60%,
11/15/24
................................
6,000
5,939
First
Citizens
Bancshares,
Inc.,
3.38%
(TSFR3M+247bps),
3/15/30,
Callable
3/15/25
@
100(b)
10,871
10,345
First
Financial
Bancorp,
5.13%,
8/25/25
.......................................
9,000
8,124
First-Citizens
Bank
&
Trust
Co.,
4.13%
(H15T5Y+237bps),
11/13/29,
Callable
11/13/24
@
100(b)
...........................................................
1,000
956
Ford
Motor
Credit
Co.
LLC
3.38%,
11/13/25,
Callable
10/13/25
@
100
.................................
3,000
2,879
4.95%,
5/28/27,
Callable
4/28/27
@
100
..................................
3,000
2,936
FS
KKR
Capital
Corp.
1.65%,
10/12/24
....................................................
2,119
2,055
3.40%,
1/15/26,
Callable
12/15/25
@
100
.................................
4,000
3,806
4.25%,
2/14/25,
Callable
1/14/25
@
100(a)
................................
5,600
5,494
4.63%,
7/15/24,
Callable
6/15/24
@
100(f)
.................................
2,250
2,233
Fulton
Financial
Corp.,
3
.25%
(TSFR3M+230bps),
3/15/30,
Callable
3/15/25
@
100(b)
....
9,318
8,191
GA
Global
Funding
Trust,
1.63%,
1/15/26(a)
...................................
2,500
2,313
Glencore
Funding
LLC,
1.63%,
4/27/26,
Callable
3/27/26
@
100(a)
...................
5,000
4,647
Global
Payments,
Inc.,
1.50%,
11/15/24,
Callable
10/15/24
@
100
....................
3,000
2,904
Hikma
Finance
USA
LLC,
3.25%,
7/9/25
......................................
10,000
9,572
Hilltop
Holdings,
Inc.
5.00%,
4/15/25,
Callable
1/15/25
@
100
..................................
5,000
4,751
5.75%
(TSFR3M+
568bps),
5/15/30,
Callable
5/15/25
@
100(b)
..................
5,000
4,724
Horace
Mann
Educators
Corp.,
7.25%,
9/15/28,
Callable
8/15/28
@
100
................
5,000
5,429
HSB
Group,
Inc.,
6.49%
(TSFR3M+117bps),
7/15/27,
Callable
3/8/24
@
100(b)
..........
2,750
2,548
Huntington
Bancshares,
Inc.,
4.45%
(H15T7Y+405bps),
Callable
10/15/27
@
100(b)(g)
....
750
676
Hyundai
Capital
America
5.30%,
1/8/29,
Callable
12/8/28
@
100(a)
.................................
2,500
2,534
5.68%,
6/26/28,
Callable
5/26/28
@
100(a)
................................
2,000
2,054
Kemper
Corp.
2.40%,
9/30/30,
Callable
6/30/30
@
100
..................................
2,020
1,597
4.35%,
2/15/25,
Callable
11/15/24
@
100(f)
................................
2,684
2,642
KeyCorp.,
3.88%
(SOFRINDX+125bps),
5/23/25,
MTN,
Callable
5/23/24
@
100(b)(f)
.....
6,715
6,656
Luther
Burbank
Corp.,
6.50%,
9/30/24,
Callable
8/31/24
@
100(a)
....................
2,500
2,477
M&T
Bank
Corp.
3.50%
(H15T5Y+268bps),
Callable
9/1/26
@
100(b)(g)
.......................
800
642
5.75%,
10/1/24
....................................................
8,120
7,948
Main
Street
Capital
Corp.
3.00%
,
7/14/26,
Callable
6/14/26
@
100
..................................
3,500
3,227
5.20%,
5/1/24
.....................................................
11,700
11,658
Manufacturers
&
Traders
Trust
Co.,
4.65%,
1/27/26,
Callable
12/27/25
@
100
...........
4,500
4,441
Metropolitan
Life
Insurance
Co.,
7.88%,
2/15/24(a)
..............................
2,045
2,046
Midwest
Connector
Capital
Co.
LLC,
3.90%,
4/1/24,
Callable
3/8/24
@
100(a)
...........
12,200
12,141
Mobr-04
LLC
(LOC
-
Compass
Bank),
6.43%,
9/1/24(h)
...........................
2,750
2,750
Victory
Portfolios
III
Victory
Short-Term
Bond
Fund
205
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
MPT
Operating
Partnership
LP/MPT
Finance
Corp.,
5.00%,
10/15/27,
Callable
3/8/24
@
101.67(f)
.........................................................
$
18,901
$
14,337
National
General
Holdings
Corp.,
6.75%,
5/15/24(a)
..............................
4,000
4,007
New
York
Community
Bancorp,
Inc.,
8.33%
(TSFR3M+304bps),
11/6/28,
Callable
5/6/24
@
100(b)
...........................................................
8,242
7,573
Penske
Truck
Leasing
Co.
LP/PTL
Finance
Corp.,
5.75%,
5/24/26,
Callable
4/24/26
@
100(a)
3,000
3,028
PRA
Group,
Inc.,
8.38%,
2/1/28,
Callable
2/1/25
@
104.19(a)
.......................
3,898
3,733
Radian
Group,
Inc.
4.50%,
10/1/24,
Callable
7/1/24
@
100
...................................
6,349
6,265
6.63%,
3/15/25,
Callable
9/15/24
@
100
..................................
3,204
3,214
Regions
Financial
Corp.,
5.75%
(H15T5Y+543bps),
Callable
6/15/25
@
100(b)(f)(g)
......
8,786
8,609
SCE
Recovery
Funding
LLC,
0.86%,
11/15/31
..................................
7,696
6,604
Signature
Bank,
4.13%
(US0003M+256bps),
11/1/29(b)(i)
.........................
7,650
3,324
Starwood
Property
Trust,
Inc.,
3.63%,
7/15/26,
Callable
1/15/26
@
100(a)
..............
1,622
1,511
Stewart
Information
Services
Corp.,
3.60%,
11/15/31,
Callable
8/15/31
@
100
...........
6,430
5,054
Synchrony
Bank,
5.40%,
8/22/25,
Callable
7/22/25
@
100(f)
........................
3,000
2,977
Synchrony
Financial
3.95%,
12/1/27,
Callable
9/1/27
@
100
...................................
2,816
2,647
4.88%,
6/13/25,
Callable
5/13/25
@
100
..................................
2,000
1,972
Synovus
Bank,
5.63%,
2/15/28,
Callable
1/15/28
@
100
...........................
4,000
3,914
Synovus
Financial
Corp.,
5.90%
(USSW5+338bps),
2/7/29(b)
.......................
6,188
5,803
Texas
Capital
Bancshares,
Inc.,
4.00%
(H15T5Y+315bps),
5/6/31,
Callable
5/6/26
@
100(b)
.
6,000
5,312
Texas
Capital
Bank
NA,
5.25%,
1/31/26
......................................
1,530
1,428
The
Bank
of
New
York
Mellon
Corp.,
4.70%
(H15T5Y+436bps),
Callable
9/20/25
@
100(b)
(g)
.............................................................
6,500
6,411
The
Charles
Schwab
Corp.,
5.38%
(H15T5Y+497bps),
Callable
6/1/25
@
100(b)(g)
.......
8,500
8,385
The
Huntington
National
Bank,
5.50%
(TSFR3M+535bps),
5/6/30,
Callable
5/6/25
@
100(b)
13,590
12,848
Toyota
Motor
Credit
Corp.,
5.25%,
9/11/28
....................................
2,000
2,057
Truist
Financial
Corp.
4.25%,
9/30/24
....................................................
1,955
1,924
4.95%
(H15T5Y+461bps),
Callable
9/1/25
@
100(b)(g)
.......................
8,000
7,791
7.16%
(SOFR+245bps),
10/30/29,
Callable
10/30/28
@
100,
MTN(b)
.............
2,000
2,159
UL
Solutions,
Inc.,
6.50%,
10/20/28,
Callable
9/20/28
@
100(a)
.....................
3,000
3,162
US
Bancorp
3.10%,
4/27/26,
Callable
3/27/26
@
100,
MTN
.............................
4,250
4,077
5.78%
(SOFR+202bps),
6/12/29,
Callable
6/12/28
@
100(b)
....................
3,000
3,074
Webster
Financial
Corp.
4.00%
(TSFR3M+253bps),
12/30/29
,
Callable
12/30/24
@
100(b)
................
8,750
7,632
4.38%,
2/15/24
....................................................
5,500
5,452
Wells
Fargo
&
Co.
3.90%
(H15T5Y+345bps),
Callable
3/15/26
@
100(b)(g)
......................
2,000
1,874
5.90%,
Callable
6/15/24
@
100(g)
.......................................
14,391
14,366
454,861
Health
Care
(0.1%):
Health
Care
Service
Corp.
A
Mutual
Legal
Reserve
Co.,
2.20%,
6/1/30,
Callable
3/1/30
@
100(a)
...........................................................
2,504
2,140
Industrials
(3.2%):
American
Airlines
Pass
Through
Trust
4.00%,
9/22/27
....................................................
1,451
1,336
4.38%,
6/15/24(a)
..................................................
3,145
3,100
Aviation
Capital
Group
LLC,
5.50%,
12/15/24,
Callable
11/15/24
@
100(a)
.............
7,495
7,469
British
Airways
Pass
Through
Trust,
4.63%,
6/20/24(a)
............................
950
946
Concentrix
Corp.
6.60
%,
8/2/28,
Callable
7/2/28
@
100
....................................
4,000
4,111
6.65%,
8/2/26,
Callable
7/2/26
@
100
....................................
2,000
2,047
Continental
Airlines
Pass
Through
Trust,
4.00%,
10/29/24
..........................
7,986
7,858
Daimler
Trucks
Finance
North
America
LLC,
3.50%,
4/7/25
(a)
......................
3,000
2,944
Delta
Air
Lines
Pass
Through
Trust,
2.00%,
6/10/28
..............................
3,954
3,532
HEICO
Corp.,
5.25%,
8/1/28,
Callable
7/1/28
@
100
.............................
3,300
3,360
Hexcel
Corp.,
4.95%,
8/15/25,
Callable
5/15/25
@
100
............................
3,000
2,953
Victory
Portfolios
III
Victory
Short-Term
Bond
Fund
206
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
Mileage
Plus
Holdings
LLC/Mileage
Plus
Intellectual
Property
Assets
Ltd.,
6.50%,
6/20/27,
Callable
3/8/24
@
103.25(a)
...........................................
$
7,000
$
7,017
Molex
Electronic
Technologies
LLC,
3.90%,
4/15/25,
Callable
1/15/25
@
100(a)
.........
1,500
1,461
Otis
Worldwid
e
Corp.,
5.25%,
8/16/28,
Callable
7/16/28
@
100
......................
3,000
3,068
RXO,
Inc.,
7.50%,
11/15/27,
Callable
11/15/24
@
103.75(a)
........................
2,100
2,169
Ryder
System,
Inc.,
5.25%,
6/1/28,
MTN,
Callable
5/1/28
@
100
.....................
3,000
3,051
Spirit
Airlines
Pass
Through
Trust,
4.45%,
4/1/24
................................
8,347
8,094
Stanley
Black
&
Decker,
Inc.,
6.27%,
3/6/26,
Callable
3/6/24
@
100(f)
................
2,000
2,001
United
Airlines
Pass
Through
Trust
4.15%,
4/11/24
.....................................................
4,105
4,089
4.88%,
1/15/26
....................................................
572
559
US
Airways
Pass
Through
Trust,
3.95%,
11/15/25
................................
5,546
5,371
XPO,
Inc.,
6.25%,
6/1/28,
Callable
6/1/25
@
103.13(a)
............................
2,289
2,291
78,827
Information
Technology
(0.3%):
Arrow
Electronics,
Inc.,
6.13%,
3/1/26,
Callable
3/1/24
@
100
......................
3,000
3,001
Skyworks
Solutions,
Inc.,
1.80%,
6/1/26,
Callable
5/1/26
@
100
.....................
5,000
4,654
7,655
Materials
(1.3%):
Bayport
Polymers
LLC,
4.74%,
4/14/27
,
Callable
3/14/27
@
100(a)
...................
5,000
4,795
Berry
Global,
Inc.,
4.88%,
7/15/26,
Callable
3/8/24
@
101.22(a)
.....................
6,934
6,823
Celanese
U.S.
Holdings
LLC
1.40%,
8/5/26,
Callable
7/5/26
@
100
....................................
2,000
1,821
6.17%,
7/15/27
,
Callable
6/15/27
@
100
..................................
2,000
2,049
Freeport-McMoRan,
Inc.,
4.38%,
8/1/28,
Callable
3/8/24
@
102.19
...................
14,000
13,509
Nucor
Corp.,
3.95%,
5/23/25
...............................................
2,000
1,972
Steel
Dynamics,
Inc.,
5.00%,
12/15/26,
Callable
3/8/24
@
100.83
....................
1,000
997
31,966
Real
Estate
(3.8%):
Boston
Properties
LP
3.80%,
2/1/24
.....................................................
350
350
6.75%,
12/1/27,
Callable
11/1/27
@
100
..................................
3,500
3,659
CBRE
Services,
Inc.,
4.88%,
3/1/26,
Callable
12/1/25
@
100(f)
......................
2,000
1,992
Extra
Space
Storage
LP,
5.90%,
1/15/31,
Callable
11/15/30
@
100
....................
2,000
2,075
Federal
Realty
OP
LP,
5.38%,
5/1/28,
Callable
4/1/28
@
100
........................
2,000
2,021
GLP
Capital
LP/GLP
Financing
II,
Inc.,
5.25%,
6/1/25,
Callable
3/1/25
@
100
...........
857
853
Highwoods
Realty
LP
4.13%,
3/15/28,
Callable
12/15/27
@
100
.................................
1,850
1,728
4.20%,
4/15/29,
Callable
1/15/29
@
100
..................................
7,534
6,930
Jones
Lang
LaSalle,
Inc.,
6.88%,
12/1/28,
Callable
11/1/28
@
100
....................
3,000
3,180
Kilroy
Realty
LP
4.38%,
10/1/25,
Callable
7/1/25
@
100
...................................
3,833
3,745
4.75%,
12/15/28,
Callable
9/15/28
@
100
.................................
503
484
Kimco
Realty
OP
LLC,
3.80%,
4/1/27,
Callable
1/1/27
@
100
.......................
2,699
2,601
Kite
Realty
Group
LP,
4.00%,
10/1/26,
Callable
7/1/26
@
100
.......................
2,825
2,691
Kite
Realty
Group
Trust,
4.00%,
3/15/25,
Callable
12/15/24
@
100
...................
5,000
4,894
LXP
Industrial
Trust
4.40%,
6/15/24,
Callable
3/15/24
@
100
..................................
4,000
3,967
6.75%,
11/15/28,
Callable
10/15/28
@
100
.................................
3,000
3,130
Nationwide
Health
Properties,
Inc.,
6.90%,
10/1/37,
(Put
Date
10/1/27),
MTN(j)
..........
2,950
3,130
Physicians
Realty
LP
2.63%,
11/1/31,
Callable
8/1/31
@
100
...................................
1,306
1,076
3.95%,
1/15/28,
Callable
10/15/27
@
100
.................................
2,531
2,425
4.30%,
3/15/27,
Callable
12/15/26
@
100
.................................
1,700
1,662
Realty
Income
Corp.,
5.05%,
1/13/26,
Callable
2/20/24
@
100
......................
2,000
1,999
Retail
Opportunity
Investments
Partnership
LP
4.00%,
12/15/24,
Callable
9/15/24
@
100
.................................
2,500
2,458
6.75%,
10/15/28,
Callable
9/15/28
@
100
.................................
3,000
3,144
Victory
Portfolios
III
Victory
Short-Term
Bond
Fund
207
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
SBA
Tower
Trust
1.88%,
1/15/26,
Callable
1/15/25
@
100(a)
................................
$
3,500
$
3,254
2.84%,
1/15/25,
Callable
3/8/24
@
100(a)
.................................
9,423
9,123
6.60%,
1/15/28,
Callable
1/15/27
@
100(a)
................................
842
865
SITE
Centers
Corp.,
3.63%,
2/1/25,
Callable
11/1/24
@
100
........................
2,250
2,210
The
NHP
Foundation,
5.85%,
12/1/28
,
Callable
6/1/28
@
100
.......................
3,000
3,173
UDR,
Inc.
2.95%,
9/1/26,
Callable
6/1/26
@
100,
MTN
...............................
1,580
1,500
3.50%,
7/1/27,
Callable
4/1/27
@
100,
MTN
...............................
3,000
2,853
VICI
Properties
LP/VICI
Note
Co.,
Inc.,
3.50%,
2/15/25
,
Callable
3/8/24
@
100(a)
........
4,136
4,035
WEA
Finance
LLC/Westfield
UK
&
Europe
Finance
PLC,
3.75%,
9/17/24,
Callable
6/17/24
@
100(a)
...........................................................
4,808
4,722
91,929
Utilities
(0.8%):
Black
Hills
Corp.,
5.95%,
3/15/28
,
Callable
2/15/28
@
100
.........................
3,000
3,111
DTE
Energy
Co.,
4.88%,
6/1/28,
Callable
5/1/28
@
100
...........................
2,000
2,004
Florida
Power
&
Light
Co.
4.40%,
5/15/28,
Callable
3/15/28
@
100
..................................
2,800
2,807
5.05%,
4/1/28,
Callable
3/1/28
@
100
....................................
3,000
3,068
National
Fuel
Gas
Co.
5.50%,
1/15/26,
Callable
12/15/25
@
100
.................................
5,000
5,021
5.50%,
10/1/26
....................................................
2,750
2,770
18,781
Total
Corporate
Bonds
(Cost
$869,696)
a
a
a
852,386
Yankee
Dollars
(6.4%)
Consumer
Discretionary
(0.1%):
Borgwarner
Jersey
Ltd.,
5.00%,
10/1/25(a)
.....................................
2,087
2,047
Consumer
Staples
(0.3%):
BAT
International
Finance
PLC
4
.45%,
3/16/28,
Callable
2/16/28
@
100
..................................
4,000
3,909
5.93%,
2/2/29,
Callable
1/2/29
@
100
....................................
2,000
2,075
Imperial
Brands
Finance
PLC,
4.25%,
7/21/25,
Callable
4/21/25
@
100(a)
..............
1,075
1,057
7,041
Energy
(0.9%):
Enbridge,
Inc.,
5.75%
(H15T5Y+531bps),
7/15/80,
Callable
4/15/30
@
100(b)
...........
4,400
4,117
Harbour
Energy
PLC,
5.50%,
10/15/26,
Callable
3/8/24
@
102.75(a)
..................
5,396
5,290
TransCanada
PipeLines
Ltd.,
6.20%,
3/9/26,
Callable
3/9/24
@
100
...................
2,000
2,000
Var
Energi
ASA
5.00%,
5/18/27,
Callable
4/18/27
@
100(a)
................................
3,000
2,951
7.50%,
1/15/28,
Callable
12/15/27
@
100(a)
...............................
7,333
7,789
22,147
Financials
(2.6%):
AerCap
Ireland
Capital
DAC/AerCap
Global
Aviation
Trust,
3.15%,
2/15/24
............
5,000
4,995
Avolon
Holdings
Funding
Ltd.,
2.88%,
2/15/25,
Callable
1/15/25
@
100(a)
.............
10,000
9,687
Banco
Santander
Mexico
SA
Institucion
de
Banca
Multiple
Grupo
Financiero
Santand
7.53%
(H15T5Y+300bps),
10/1/28(a)(b)
..................................
7,630
7,946
7.53%
(H15T5Y+300bps),
10/1/28(b)(f)
..................................
4,199
4,373
Barclays
PLC
6.49%
(SOFR+222bps),
9/13/29
,
Callable
9/13/28
@
100(b)
....................
3,000
3,133
7.33%
(H15T1Y+305bps),
11/2/26,
Callable
11/2/25
@
100(b)
..................
2,000
2,065
BAT
International
Finance
PLC,
1.67%,
3/25/26,
Callable
2/25/26
@
100
...............
2,000
1,864
Beazley
Insurance
DAC
5
.50%,
9/10/29
....................................................
2,849
2,674
5.88%,
11/4/26
.....................................................
900
880
BP
Capital
Markets
PLC,
4.38%
(H15T5Y+404bps),
Callable
6/22/25
@
100(b)(g)
........
7,000
6,846
Victory
Portfolios
III
Victory
Short-Term
Bond
Fund
208
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
Lloyds
Banking
Group
PLC
4.58%,
12/10/25
....................................................
$
1,000
$
984
5.99%
(H15T1Y+
148bps),
8/7/27,
Callable
8/7/26
@
100(b)
....................
2,000
2,030
Nationwide
Building
Society,
4.00%,
9/14/26(a)
.................................
2,000
1,930
NatWest
Group
PLC
5.13%,
5/28/24
....................................................
1,091
1,087
7.47%
(H15T1Y+285bps),
11/10/26,
Callable
11/10/25
@
100
(b)
................
1,500
1,554
Phoenix
Group
Holdings
PLC,
4.75%
(H15T5Y+428bps),
9/4/31,
Callable
6/4/26
@
100(b)
.
2,251
2,161
Santander
UK
Group
Holdings
PLC,
6.53%
(SOFR+260bps),
1/10/29,
Callable
1/10/28
@
100(b)
...........................................................
4,000
4,148
Standard
Chartered
PLC
6.19%
(H15T1Y+185bps),
7/6/27,
Callable
7/6/26
@
100(a)(b)
..................
2,000
2,033
6.30%
(H15T1Y+245bps),
1/9/29,
Callable
1/9/28
@
100(a)(b)(f)
................
2,000
2,057
62,447
Health
Care
(0.0%):(e)
Galaxy
Pipeline
Assets
Bidco
Ltd.,
1.75%,
9/30/27(a)
.............................
1,617
1,516
Industrials
(1.2%):
Air
Canada
Pass
Through
Trust,
4.13%,
5/15/25(a)
...............................
12,526
12,158
Avolon
Holdings
Funding
Ltd.
3.95%,
7/1/24,
Callable
6/1/24
@
100(a)
..................................
5,000
4,954
5.25%,
5/15/24(a)
..................................................
813
812
Element
Fleet
Management
Corp.
1.60%,
4/6/24,
Callable
3/8/24
@
100(a)
..................................
3,750
3,719
6.32%,
12/4/28,
Callable
11/4/28
@
100(a)
................................
3,000
3,118
The
Weir
Group
PLC,
2.20%,
5/13/26,
Callable
4/13/26
@
100(a)
....................
5,000
4,655
29,416
Information
Technology
(0.1%):
Open
Text
Corp.,
6.90%,
12/1/27,
Callable
11/1/27
@
100(a)
........................
3,677
3,818
Materials
(1.0%):
Alcoa
Nederland
Holding
BV,
5.50%,
12/15/27,
Callable
3/8/24
@
102.75(a)
............
4,333
4,267
Braskem
Netherlands
Finance
BV,
4.50%,
1/10/28,
Callable
10/10/27
@
100(a)
..........
3,500
3,035
Endeavour
Mining
PLC,
5.00%,
10/14/26,
Callable
3/8/24
@
102.5(a)
.................
1,500
1,381
OCI
NV,
4.63%,
10/15/25,
Callable
3/8/24
@
101.16(a)
...........................
6,540
6,398
Syngenta
Finance
NV,
4.89%,
4/24/25,
Callable
2/24/25
@
100(a)
....................
5,839
5,767
West
Fraser
Timber
Co.
Ltd.,
4.35%,
10/15/24,
Callable
7/15/24
@
100(a)
..............
3,200
3,149
23,997
Real
Estate
(0.2%):
Ontario
Teachers'
Cadillac
Fairview
Properties
Trust,
3.88%,
3/20/27,
Callable
12/20/26
@
100(a)
...........................................................
4,390
4,168
Total
Yankee
Dollars
(Cost
$155,542)
a
a
a
156,597
Municipal
Bonds
(3.2%)
Alabama
(0.1%):
Black
Belt
Energy
Gas
District
Revenue,
Series
D-2,
6.00%,
2/1/29,
Continuously
Callable
@100
...........................................................
2,000
2,026
Arizona
(0.1%):
Arizona
Board
of
Regents,
0.77%,
6/1/24
......................................
1,500
1,477
City
of
Tempe
Certificate
of
Participation,
0.62%,
7/1/24
...........................
2,500
2,451
3,928
California
(0.3%):
California
Statewide
Communities
Development
Authority
Revenue
1
.03%,
4/1/24
.....................................................
1,250
1,239
1.31%,
4/1/25
.....................................................
915
871
2.15%,
11/15/30,
Continuously
Callable
@100
..............................
3,795
3,443
Victory
Portfolios
III
Victory
Short-Term
Bond
Fund
209
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
California
Statewide
Communities
Development
Authority
Revenue
(NBGA
-
California
Health
Insurance
Construction
Loan
Insurance
Program),
2.05%,
8/1/30
............
$
2,215
$
2,007
7,560
Colorado
(0.2%):
City
of
Loveland
Co.
Electric
&
Communications
Enterprise
Revenue,
2.97%,
12/1/24
.....
2,280
2,239
Colorado
Health
Facilities
Authority
Revenue
Series
B,
2.50%,
11/1/24
..............................................
1,250
1,222
Series
B,
2.80%,
12/1/26
.............................................
515
483
3,944
Florida
(0.3%):
Hillsborough
County
IDA
Revenue
2.01%,
8/1/24
.....................................................
5,000
4,902
2.16%,
8/1/25
.....................................................
2,910
2,772
7,674
Georgia
(0.2%):
Athens
Housing
Authority
Revenue
2.13%,
12/1/24
....................................................
1,850
1,804
2.32%,
12/1/25
....................................................
3,215
3,081
4,885
Illinois
(0.2%):
State
of
Illinois
Sales
Tax
Revenue
Series
B,
0.94%,
6/15/24
.............................................
3,500
3,436
Series
B,
1.25%,
6/15/25
.............................................
2,500
2,369
5,805
Indiana
(0.2%):
Indiana
Finance
Authority
Revenue
2.66%,
3/1/25
.....................................................
1,675
1,632
2.76%,
3/1/26
.....................................................
1,850
1,779
Series
B,
1.99%,
11/15/24
.............................................
350
340
Series
B,
2.45%,
11/15/25
.............................................
360
341
4,092
Maryland
(0.3%):
Maryland
Health
&
Higher
Educational
Facilities
Authority
Revenue
1.81%,
1/1/25
.....................................................
2,780
2,663
1.89%,
1/1/26
.....................................................
4,135
3,813
6,476
Michigan
(0.1%):
Michigan
Finance
Authority
Revenue
2.31%,
12/1/24
....................................................
895
874
Series
A-1,
2.33%,
6/1/30
.............................................
1,256
1,249
2,123
New
Jersey
(0.4%):
City
of
Orange
Township,
GO,
Series
B,
5.50%,
3/22/24
...........................
3,555
3,552
Franklin
Township
Board
of
Education/Somerset
County,
GO,
0.65%,
2/1/24
............
655
655
North
Hudson
Sewerage
Authority
Revenue
2.43%,
6/1/24
.....................................................
1,180
1,167
2.59%,
6/1/25
.....................................................
1,000
969
South
Jersey
Transportation
Authority
Revenue,
Series
B,
2.20%,
11/1/25
...............
3,515
3,357
9,700
New
York
(0.1%):
Buffalo
&
Erie
County
Industrial
Land
Development
Corp.
Revenue,
Series
B,
3.35%,
11/1/25
635
616
New
York
State
Thruway
Authority
Revenue,
Series
M,
2.26%,
1/1/25
.................
1,000
975
1,591
Oregon
(0.1%):
Medford
Hospital
Facilities
Authority
Revenue,
Series
B,
1.83%,
8/15/24
...............
1,700
1,664
Pennsylvania
(0.4%):
County
of
Bucks
PA,
GO,
0.98%,
6/1/24
......................................
2,025
1,996
Montgomery
County
IDA
Revenue,
Series
D,
2.60%,
11/15/24
......................
4,050
3,964
Scranton
School
District,
GO
Series
A,
3.15%,
6/15/34,
(Put
Date
6/15/24)(j)
..............................
2,805
2,782
Series
B,
3.15%,
6/15/34,
(Put
Date
6/15/24)(j)
..............................
1,415
1,403
10,145
Victory
Portfolios
III
Victory
Short-Term
Bond
Fund
210
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
South
Dakota
(0.0%):(e)
South
Dakota
Health
&
Educational
Facilities
Authority
Revenue,
Series
B,
2.38%,
7/1/24
..
$
1,350
$
1,330
Texas
(0.1%):
Central
Texas
Regional
Mobility
Authority
Revenue
Series
C,
1.45%,
1/1/25
..............................................
400
385
Series
D,
1.80%,
1/1/25
..............................................
750
726
Dallas
Fort
Worth
International
Airport,
Series
C,
1.23%,
11/1/24
.....................
750
728
San
Antonio
Education
Facilities
Corp.
Revenue
1.74%,
4/1/25
.....................................................
505
478
1.99%,
4/1/26
.....................................................
860
787
2.19%,
4/1/27
.....................................................
525
466
3,570
Wisconsin
(0.1%):
Public
Finance
Authority
Revenue
Series
S,
1.14%,
2/1/24
...............................................
1,445
1,445
Series
S,
1.48%,
2/1/25
...............................................
820
769
2,214
Total
Municipal
Bonds
(Cost
$81,433)
a
a
a
78,727
U.S.
Government
Agency
Mortgages
(0.2%)
Federal
Home
Loan
Mortgage
Corporation
4.19%
(RFUCCT1Y+163bps),
4/1/35(b)
..................................
93
92
5.50%,
10/1/38
....................................................
1,822
1,841
1,933
Federal
National
Mortgage
Association
2.50%,
4/1/27
-
8/1/27
...............................................
3,744
3,621
5.50%,
6/1/24
.....................................................
—(k)
–(k)
3,621
Total
U.S.
Government
Agency
Mortgages
(Cost
$5,633)
a
a
a
5,554
U.S.
Treasury
Obligations
(8.1%)
U.S.
Treasury
Notes
0.38%,
7/15/24
....................................................
5,000
4,893
0.38%,
8/15/24
....................................................
15,000
14,627
0.50%,
8/31/27
....................................................
38,000
33,666
1.63%,
8/15/29
....................................................
39,000
34,722
2.50%,
5/31/24
....................................................
3,000
2,973
3.00%,
7/31/24
....................................................
10,000
9,895
3.00%,
7/15/25
....................................................
5,000
4,899
3.88%,
1/15/26
....................................................
7,000
6,953
4.00%,
6/30/28
....................................................
31,000
31,129
4.13%,
8/31/30
....................................................
29,000
29,335
4.25%,
10/15/25
....................................................
6,000
5,992
4.50%,
11/30/24
....................................................
8,000
7,973
4.63%,
9/15/26
....................................................
9,000
9,122
Total
U.S.
Treasury
Obligations
(Cost
$192,624)
a
a
a
196,179
Commercial
Paper
(5.2%)
Consumer
Discretionary
(0.7%):
AutoNation,
Inc.
5.85%,
2/1/24(a)(l)
..................................................
11,800
11,798
5.75%,
2/6/24(a)(l)
..................................................
5,000
4,995
16,793
Energy
(0.5%):
Marathon
Oil
Corp.,
5.42%,
2/2/24(a)(l)
.......................................
5,000
4,999
Ovintiv,
Inc.,
6.17%,
2/20/24(a)(l)
...........................................
5,000
4,983
Victory
Portfolios
III
Victory
Short-Term
Bond
Fund
211
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
Western
Midstream
Operating
LP,
6.22%,
2/21/24(a)(l)
............................
$
3,000
$
2,989
12,971
Financials
(0.2%):
Nissan
Motor
Acceptance,
5.74%,
2/8/24(a)(l)
..................................
5,000
4,994
Industrials
(1.8%):
Aviation
Capital
Group
LLC,
5.50%,
2/1/24(a)(l)
................................
9,000
8,999
Global
Payments,
Inc.
5.99%,
2/5/24(a)(l)
..................................................
1,500
1,499
6.02%,
2/8/24(a)(l)
..................................................
10,000
9,987
6.10%,
2/12/24(a)
(l)
.................................................
5,700
5,688
Quanta
Services,
Inc.,
5.71%,
2/2/24(a)(l)
.....................................
7,800
7,797
Stanley
Black
Decker
5.40%,
2/2/24(a)(l)
..................................................
2,100
2,099
5.43%,
2/9/24(a)(l)
..................................................
5,300
5,293
5.46%,
2/20/24(a)(l)
.................................................
3,700
3,689
45,051
Information
Technology
(0.6%):
Jabil,
Inc.
6.07%,
2/2/24(a)(l)
..................................................
4,000
3,999
6.08%,
2/6/24(a)(l)
..................................................
2,000
1,998
6.09%,
2/7/24(a)(l)
..................................................
5,200
5,194
6.10%,
2/13/24(a)(l)
.................................................
2,900
2,893
14,084
Materials
(1.2%):
FMC
Corp.
6.06%,
2/5/24(a)(l)
..................................................
10,580
10,571
6.07%,
2/9/24(a)(l)
..................................................
3,000
2,995
6.08%,
2/14/24(a)(l)
.................................................
3,000
2,993
6.09%,
2/20/24(a)(l)
.................................................
3,000
2,990
6.09%,
2/21/24(a)(l)
.................................................
4,400
4,384
International
Flavors
Fragnance,
5.53%,
2/20/24(a)(l)
.............................
5,000
4,985
28,918
Utilities
(0.2%):
The
AES
Corp.,
5.90%,
2/1/24(a)(l)
..........................................
4,000
3,999
Total
Commercial
Paper
(Cost
$126,828)
a
a
a
126,810
Shares
Collateral
for
Securities
Loaned
(0.6%)^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares,
5.22%(m)
.......
3,690,168
3,691
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares,
5.27%(m)
...........
3,690,168
3,690
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares,
5.24%(m)
...............
3,690,168
3,690
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares,
5.21%(m)
3,690,168
3,690
Total
Collateral
for
Securities
Loaned
(Cost
$14,761)
a
a
a
14,761
Total
Investments
(Cost
$2,467,142)
—
100.1%
2,433,863
Liabilities
in
excess
of
other
assets
—
(0.1)%
(1,235)
NET
ASSETS
-
100.00%
$
2,432,628
At
January
31,
2024,
the
Fund's
investments
in
foreign
securities
were
10.0%
of
net
assets.
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
Rule
144A
security
or
other
security
that
is
restricted
as
to
resale
to
institutional
investors.
As
of
January
31,
2024,
the
fair
value
of
these
securities
was
$1,335,017
(thousands)
and
amounted
to
54.9%
of
net
assets.
(b)
Variable
or
Floating-Rate
Security.
Rate
disclosed
is
as
of
January
31,
2024.
(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
January
31,
2024.
(d)
Security
is
interest
only.
(e)
Amount
represents
less
than
0.05%
of
net
assets.
Victory
Portfolios
III
Victory
Short-Term
Bond
Fund
212
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
(f)
All
or
a
portion
of
this
security
is
on
loan.
(g)
Security
is
perpetual
and
has
no
final
maturity
date
but
may
be
subject
to
calls
at
various
dates
in
the
future.
(h)
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.
(i)
Currently
the
issuer
is
in
default
with
respect
to
interest
and/or
principal
payments.
(j)
Put
Bond.
(k)
Rounds
to
less
than
$1
thousand.
(l)
Rate
represents
the
effective
yield
at
January
31,
2024.
(m)
Rate
disclosed
is
the
daily
yield
on
January
31,
2024.
ABS
—
Asset-Backed
Securities
bps
—
Basis
points
CLO
—
Collateralized
Loan
Obligations
CMO
—
Collateralized
Mortgage
Obligations
Continuously
callable
—
Investment
is
continuously
callable
or
will
be
continuously
callable
on
any
date
after
the
first
call
date
until
its
maturity.
GO
—
General
Obligation
H15T1Y
—
1
Year
Treasury
Constant
Maturity
Rate,
rate
disclosed
as
of
January
31,
2024.
H15T5Y
—
5
Year
Treasury
Constant
Maturity
Rate,
rate
disclosed
as
of
January
31,
2024.
H15T7Y
—
7
Year
Treasury
Constant
Maturity
Rate,
rate
disclosed
as
of
January
31,
2024.
IDA
—
Industrial
Development
Authority
LIBOR
—
London
Interbank
Offered
Rate
LLC
—
Limited
Liability
Company
LP
—
Limited
Partnership
MBS
—
Mortgage-Backed
Securities
MTN
—
Medium
Term
Note
PLC
—
Public
Limited
Company
SOFR
—
Secured
Overnight
Financing
Rate
SOFRINDX
—
United
States
SOFR
Compounded
Index,
rate
disclosed
as
of January
31,
2024.
SOFR01M
—
1
Month
SOFR,
rate
disclosed
as
of
January
31,
2024.
SOFR03M
—
3
Month
SOFR,
rate
disclosed
as
of
January
31,
2024.
SOFR90A
—
90
day
average
of
SOFR,
rate
disclosed
as
of
January
31,
2024.
TSFR1M
—
1
month
Term
SOFR,
rate
disclosed
as
of
January
31,
2024.
TSFR3M
—
3
month
Term
SOFR,
rate
disclosed
as
of
January
31,
2024.
US0003M
—
3
Month
US
Dollar
LIBOR,
rate
disclosed
as
of
January
31,
2024,
based
on
the
last
reset
date
of
the
security.
USSW5
—
USD
5
Year
Swap
Rate,
rate
disclosed
as
of
January
31,
2024.
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.
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
January
31,
2024
Victory
Portfolios
III
Victory
Value
Fund
213
(Unaudited)
Security
Description
Shares
Value
(000)
Common
Stocks
(98.8%)
Communication
Services
(4.9%):
Alphabet,
Inc.
,
Class
A
(a)
.................................................
156,333
$
21,902
AT&T,
Inc.
...........................................................
259,303
4,587
Comcast
Corp.
,
Class
A
..................................................
142,080
6,612
Match
Group,
Inc.
(a)
....................................................
81,869
3,142
Meta
Platforms,
Inc.
,
Class
A
(a)
............................................
9,181
3,582
Nexstar
Media
Group,
Inc.
................................................
14,144
2,514
Playtika
Holding
Corp.
(a)
.................................................
244,998
1,769
TKO
Group
Holdings,
Inc.
................................................
116,400
9,742
Verizon
Communications,
Inc.
..............................................
148,579
6,292
60,142
Consumer
Discretionary
(5.4%):
Amazon.com,
Inc.
(a)
....................................................
17,800
2,763
AutoNation,
Inc.
(a)
.....................................................
19,832
2,770
Best
Buy
Co.,
Inc.
......................................................
56,232
4,076
Ford
Motor
Co.
........................................................
266,025
3,118
LKQ
Corp.
...........................................................
278,895
13,016
Lowe's
Cos.,
Inc.
.......................................................
24,637
5,244
Mattel,
Inc.
(a)
.........................................................
309,600
5,539
Penske
Automotive
Group,
Inc.
.............................................
9,827
1,458
PulteGroup,
Inc.
........................................................
52,438
5,483
Tapestry,
Inc.
..........................................................
157,670
6,116
The
Home
Depot,
Inc.
...................................................
17,585
6,207
Ulta
Beauty,
Inc.
(a)
.....................................................
6,347
3,186
Williams-Sonoma,
Inc.
...................................................
13,527
2,616
Yum!
Brands,
Inc.
......................................................
34,361
4,449
66,041
Consumer
Staples
(6.4%):
Altria
Group,
Inc.
.......................................................
142,258
5,708
Archer-Daniels-Midland
Co.
...............................................
44,262
2,460
Colgate-Palmolive
Co.
...................................................
62,927
5,299
Keurig
Dr.
Pepper,
Inc.
...................................................
505,592
15,896
Mondelez
International,
Inc.
,
Class
A
.........................................
167,200
12,585
Philip
Morris
International,
Inc.
.............................................
72,461
6,583
Sysco
Corp.
...........................................................
62,881
5,089
Target
Corp.
..........................................................
17,235
2,397
The
Kroger
Co.
........................................................
68,734
3,171
The
Procter
&
Gamble
Co.
................................................
45,030
7,076
US
Foods
Holding
Corp.
(a)
................................................
268,600
12,358
78,622
Energy
(6.1%):
APA
Corp.
............................................................
59,585
1,867
Chevron
Corp.
.........................................................
53,800
7,932
ConocoPhillips
........................................................
56,681
6,341
Devon
Energy
Corp.
.....................................................
128,800
5,412
Enterprise
Products
Partners
LP
.............................................
393,424
10,528
EOG
Resources,
Inc.
....................................................
24,824
2,825
Exxon
Mobil
Corp.
.....................................................
135,168
13,897
Marathon
Oil
Corp.
.....................................................
563,218
12,869
Marathon
Petroleum
Corp.
................................................
37,743
6,250
Valero
Energy
Corp.
.....................................................
43,222
6,003
73,924
Financials
(22.2%):
Affiliated
Managers
Group,
Inc.
............................................
31,641
4,709
American
Express
Co.
...................................................
51,872
10,413
American
Financial
Group,
Inc.
.............................................
18,691
2,250
American
International
Group,
Inc.
..........................................
73,380
5,101
Ameriprise
Financial,
Inc.
.................................................
19,762
7,645
Brown
&
Brown,
Inc.
....................................................
50,100
3,886
Victory
Portfolios
III
Victory
Value
Fund
214
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Shares
Value
(000)
Capital
One
Financial
Corp.
...............................................
37,687
$
5,100
Cboe
Global
Markets,
Inc.
................................................
45,900
8,439
Cincinnati
Financial
Corp.
................................................
32,269
3,575
Citigroup,
Inc.
.........................................................
314,200
17,649
Corebridge
Financial,
Inc.
.................................................
135,862
3,284
Credit
Acceptance
Corp.
(a)
(b)
..............................................
6,022
3,258
Discover
Financial
Services
...............................................
50,695
5,349
East
West
Bancorp,
Inc.
..................................................
52,172
3,799
Evercore,
Inc.
.........................................................
35,674
6,126
Fairfax
Financial
Holdings
Ltd.
.............................................
24,900
25,959
Fidelity
National
Financial,
Inc.
............................................
137,728
6,890
FleetCor
Technologies,
Inc.
(a)
..............................................
35,100
10,177
JPMorgan
Chase
&
Co.
..................................................
161,105
28,090
Mastercard,
Inc.
,
Class
A
.................................................
11,988
5,385
MetLife,
Inc.
..........................................................
74,226
5,145
MGIC
Investment
Corp.
..................................................
197,148
3,911
PayPal
Holdings,
Inc.
(a)
..................................................
43,456
2,666
Popular,
Inc.
..........................................................
55,794
4,768
Primerica,
Inc.
.........................................................
10,343
2,422
SEI
Investments
Co.
.....................................................
94,611
5,983
Synchrony
Financial
.....................................................
154,138
5,991
T.
Rowe
Price
Group,
Inc.
.................................................
45,339
4,917
The
Goldman
Sachs
Group,
Inc.
............................................
62,237
23,900
The
Hartford
Financial
Services
Group,
Inc.
....................................
27,117
2,358
The
PNC
Financial
Services
Group,
Inc.
......................................
64,400
9,738
The
Progressive
Corp.
...................................................
129,600
23,101
The
Travelers
Cos.,
Inc.
..................................................
5,960
1,260
Visa,
Inc.
,
Class
A
......................................................
14,802
4,045
W.R.
Berkley
Corp.
.....................................................
50,551
4,139
271,428
Health
Care
(16.6%):
AbbVie,
Inc.
..........................................................
97,831
16,083
Agilent
Technologies,
Inc.
.................................................
30,565
3,977
Amgen,
Inc.
...........................................................
13,672
4,297
Biogen,
Inc.
(a)
.........................................................
10,469
2,582
Bristol-Myers
Squibb
Co.
.................................................
97,561
4,768
CVS
Health
Corp.
......................................................
66,686
4,959
Elevance
Health,
Inc.
....................................................
14,044
6,930
GE
HealthCare
Technologies,
Inc.
...........................................
78,400
5,751
Gilead
Sciences,
Inc.
....................................................
114,304
8,945
HCA
Healthcare,
Inc.
....................................................
20,366
6,210
Hologic,
Inc.
(a)
........................................................
61,566
4,583
Humana,
Inc.
..........................................................
18,519
7,001
IDEXX
Laboratories,
Inc.
(a)
...............................................
7,227
3,723
Johnson
&
Johnson
.....................................................
112,472
17,872
Laboratory
Corp.
of
America
Holdings
........................................
12,959
2,881
McKesson
Corp.
.......................................................
15,900
7,948
Medtronic
PLC
........................................................
176,744
15,472
Merck
&
Co.,
Inc.
......................................................
246,958
29,828
Pfizer,
Inc.
............................................................
177,122
4,796
Quest
Diagnostics,
Inc.
...................................................
24,945
3,204
Regeneron
Pharmaceuticals,
Inc.
(a)
..........................................
4,955
4,671
Royalty
Pharma
PLC
,
Class
A
..............................................
120,755
3,428
The
Cigna
Group
.......................................................
55,731
16,772
UnitedHealth
Group,
Inc.
.................................................
26,538
13,581
Universal
Health
Services,
Inc.
,
Class
B
.......................................
15,697
2,493
202,755
Industrials
(14.4%):
3M
Co.
..............................................................
61,835
5,834
Advanced
Drainage
Systems,
Inc.
...........................................
25,481
3,323
Builders
FirstSource,
Inc.
(a)
...............................................
42,730
7,424
Victory
Portfolios
III
Victory
Value
Fund
215
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Shares
Value
(000)
CACI
International,
Inc.
,
Class
A
(a)
.........................................
5,842
$
2,008
Caterpillar,
Inc.
........................................................
24,817
7,453
Cintas
Corp.
..........................................................
9,073
5,485
Cummins,
Inc.
.........................................................
18,899
4,523
Eaton
Corp.
PLC
.......................................................
22,600
5,561
Expeditors
International
of
Washington,
Inc.
....................................
34,514
4,360
Fastenal
Co.
...........................................................
46,635
3,182
FedEx
Corp.
..........................................................
48,892
11,797
General
Dynamics
Corp.
..................................................
38,000
10,070
Honeywell
International,
Inc.
..............................................
12,669
2,562
Johnson
Controls
International
PLC
..........................................
124,800
6,576
Leidos
Holdings,
Inc.
....................................................
133,100
14,704
Lockheed
Martin
Corp.
...................................................
6,609
2,838
ManpowerGroup,
Inc.
...................................................
49,276
3,653
Masco
Corp.
..........................................................
69,861
4,701
MSC
Industrial
Direct
Co.,
Inc.
.............................................
33,149
3,271
Otis
Worldwide
Corp.
....................................................
69,621
6,157
Owens
Corning
........................................................
45,156
6,843
PACCAR,
Inc.
.........................................................
72,650
7,293
Parker-Hannifin
Corp.
...................................................
15,100
7,014
RTX
Corp.
............................................................
101,367
9,237
Sensata
Technologies
Holding
PLC
..........................................
248,900
9,003
The
Timken
Co.
........................................................
55,722
4,564
Union
Pacific
Corp.
.....................................................
9,844
2,401
United
Parcel
Service,
Inc.
,
Class
B
..........................................
27,127
3,849
United
Rentals,
Inc.
.....................................................
9,997
6,252
W.W.
Grainger,
Inc.
.....................................................
3,624
3,246
175,184
Information
Technology
(9.9%):
Accenture
PLC
,
Class
A
..................................................
14,641
5,328
Adobe,
Inc.
(a)
.........................................................
5,981
3,695
Amdocs
Ltd.
..........................................................
32,800
3,007
Amphenol
Corp.
,
Class
A
.................................................
95,500
9,655
Analog
Devices,
Inc.
....................................................
32,700
6,290
Applied
Materials,
Inc.
...................................................
88,899
14,606
Autodesk,
Inc.
(a)
.......................................................
23,328
5,921
Cadence
Design
Systems,
Inc.
(a)
............................................
14,466
4,173
Cisco
Systems,
Inc.
.....................................................
183,307
9,198
Cognizant
Technology
Solutions
Corp.
,
Class
A
.................................
49,529
3,820
DocuSign,
Inc.
(a)
.......................................................
80,492
4,904
International
Business
Machines
Corp.
........................................
19,702
3,618
Microchip
Technology,
Inc.
................................................
70,511
6,006
Qorvo,
Inc.
(a)
.........................................................
28,645
2,857
QUALCOMM,
Inc.
.....................................................
45,436
6,748
Salesforce,
Inc.
(a)
......................................................
28,200
7,927
Skyworks
Solutions,
Inc.
.................................................
38,673
4,040
Texas
Instruments,
Inc.
...................................................
24,713
3,957
VeriSign,
Inc.
(a)
........................................................
19,114
3,801
Zebra
Technologies
Corp.
(a)
...............................................
31,000
7,426
Zoom
Video
Communications,
Inc.
,
Class
A
(a)
..................................
57,962
3,745
120,722
Materials
(4.1%):
CF
Industries
Holdings,
Inc.
...............................................
46,192
3,488
Dow,
Inc.
............................................................
86,097
4,615
Louisiana-Pacific
Corp.
..................................................
50,857
3,384
LyondellBasell
Industries
NV
,
Class
A
........................................
46,875
4,412
Nucor
Corp.
...........................................................
33,199
6,206
Olin
Corp.
............................................................
89,545
4,663
PPG
Industries,
Inc.
.....................................................
61,700
8,702
Sealed
Air
Corp.
.......................................................
278,529
9,623
Victory
Portfolios
III
Victory
Value
Fund
216
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Shares
Value
(000)
Steel
Dynamics,
Inc.
.....................................................
38,770
$
4,679
49,772
Real
Estate
(4.0%):
Alexandria
Real
Estate
Equities,
Inc.
.........................................
27,165
3,284
AvalonBay
Communities,
Inc.
..............................................
23,227
4,158
Brixmor
Property
Group,
Inc.
..............................................
125,478
2,816
Equity
LifeStyle
Properties,
Inc.
............................................
129,300
8,752
Healthpeak
Properties,
Inc.
................................................
208,554
3,858
Invitation
Homes,
Inc.
...................................................
238,300
7,847
Prologis,
Inc.
..........................................................
52,543
6,657
Realty
Income
Corp.
....................................................
84,205
4,580
Ventas,
Inc.
...........................................................
55,018
2,552
VICI
Properties,
Inc.
....................................................
145,962
4,397
48,901
Utilities
(4.8%):
Constellation
Energy
Corp.
................................................
43,699
5,331
DTE
Energy
Co.
.......................................................
54,456
5,741
Duke
Energy
Corp.
......................................................
60,153
5,765
Evergy,
Inc.
...........................................................
87,047
4,419
Exelon
Corp.
..........................................................
274,300
9,548
National
Fuel
Gas
Co.
...................................................
54,905
2,589
NRG
Energy,
Inc.
.......................................................
76,503
4,058
Vistra
Corp.
...........................................................
504,369
20,694
58,145
Total
Common
Stocks
(Cost
$999,530)
a
a
a
1,205,636
Collateral
for
Securities
Loaned
(0.0%)^(c)
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
5
.22
%
(d)
........
14,150
15
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
5
.27
%
(d)
............
14,150
14
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
5
.24
%
(d)
...............
14,150
14
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
5
.21
%
(d)
.
14,150
14
Total
Collateral
for
Securities
Loaned
(Cost
$57)
a
a
a
57
Total
Investments
(Cost
$999,587)
—
98.8%
1,205,693
Other
assets
in
excess
of
liabilities
—
1.2%
14,870
NET
ASSETS
-
100.00%
$
1,220,563
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Amount
represents
less
than
0.05%
of
net
assets.
(d)
Rate
disclosed
is
the
daily
yield
on
January
31,
2024.
LP
—
Limited
Partnership
PLC
—
Public
Limited
Company
Schedule
of
Portfolio
Investments
January
31,
2024
Victory
Portfolios
III
Victory
Ultra
Short-Term
Bond
Fund
217
(Unaudited)
Security
Description
Principal
Amount
(000)
Value
(000)
Asset-Backed
Securities
(22.9%)
ABS
Auto
(14.6%):
American
Credit
Acceptance
Receivables
Trust
.................................
Series
2020-4
,
Class
E
,
3
.65
%
,
12/14/26
,
Callable
4/13/24
@
100
(a)
..............
$
667
$
664
Series
2022-1
,
Class
C
,
2
.12
%
,
3/13/28
,
Callable
5/13/25
@
100
(a)
...............
347
344
ARI
Fleet
Lease
Trust
,
Series
2022-A
,
Class
A2
,
3
.12
%
,
1/15/31
,
Callable
4/15/25
@
100
(a)
.
179
178
Avis
Budget
Rental
Car
Funding
AESOP
LLC
..................................
Series
2018-2A
,
Class
B
,
4
.27
%
,
3/20/25
,
Callable
4/20/24
@
100
(a)
..............
205
205
Series
2019-2A
,
Class
B
,
3
.55
%
,
9/22/25
,
Callable
10/20/24
@
100
(a)
.............
500
495
Series
2019-2A
,
Class
D
,
3
.04
%
,
9/22/25
,
Callable
10/20/24
@
100
(a)
.............
250
245
Series
2022-5A
,
Class
B
,
7
.09
%
,
4/20/27
(a)
................................
750
768
Carvana
Auto
Receivables
Trust
............................................
Series
2021-N1
,
Class
C
,
1
.30
%
,
1/10/28
,
Callable
6/10/26
@
100
................
175
167
Series
2021-N2
,
Class
C
,
1
.07
%
,
3/10/28
,
Callable
1/10/27
@
100
................
103
97
Series
2021-N4
,
Class
A1
,
0
.83
%
,
9/11/28
,
Callable
3/10/27
@
100
...............
74
73
Chesapeake
Funding
II
LLC
...............................................
Series
2020-1A
,
Class
A2
,
6
.11
%
(
SOFR30A
+
76
bps
)
,
8/15/32
,
Callable
2/15/24
@
100
(a)
(b)
.........................................................
84
84
Series
2023-1A
,
Class
A1
,
5
.65
%
,
5/15/35
,
Callable
3/15/26
@
100
(a)
.............
407
409
Series
2023-1A
,
Class
B
,
5
.59
%
,
5/15/35
,
Callable
3/15/26
@
100
(a)
..............
132
132
Series
2023-1A
,
Class
C
,
6
.07
%
,
5/15/35
,
Callable
3/15/26
@
100
(a)
..............
150
151
Series
2023-2A
,
Class
A2
,
6
.45
%
(
SOFR30A
+
110
bps
)
,
10/15/35
,
Callable
7/15/26
@
100
(a)
(b)
.........................................................
932
940
CPS
Auto
Receivables
Trust
...............................................
Series
2022-B
,
Class
A
,
2
.88
%
,
6/15/26
(a)
.................................
115
114
Series
2022-D
,
Class
A
,
6
.09
%
,
1/15/27
,
Callable
12/15/26
@
100
(a)
..............
279
279
Series
2022-D
,
Class
B
,
6
.84
%
,
1/16/29
,
Callable
12/15/26
@
100
(a)
..............
500
505
Credit
Acceptance
Auto
Loan
Trust
..........................................
Series
2021-2A
,
Class
A
,
0
.96
%
,
2/15/30
,
Callable
8/15/24
@
100
(a)
..............
25
25
Series
2021-3A
,
Class
A
,
1
.00
%
,
5/15/30
,
Callable
11/15/24
@
100
(a)
.............
81
80
Series
2023-1A
,
Class
A
,
6
.48
%
,
3/15/33
,
Callable
11/15/26
@
100
(a)
.............
1,000
1,016
Series
2023-1A
,
Class
B
,
7
.02
%
,
5/16/33
,
Callable
11/15/26
@
100
(a)
.............
500
513
Series
2023-3A
,
Class
A
,
6
.39
%
,
8/15/33
,
Callable
3/15/27
@
100
(a)
..............
750
764
Series
2023-3A
,
Class
B
,
7
.09
%
,
10/17/33
,
Callable
3/15/27
@
100
(a)
.............
474
489
Drive
Auto
Receivables
Trust
,
Series
2021-3
,
Class
C
,
1
.47
%
,
1/15/27
,
Callable
11/15/25
@
100
.............................................................
475
466
DT
Auto
Owner
Trust
....................................................
Series
2019-4A
,
Class
E
,
3
.93
%
,
10/15/26
,
Callable
4/15/24
@
100
(a)
.............
750
746
Series
2020-2A
,
Class
D
,
4
.73
%
,
3/16/26
,
Callable
9/15/24
@
100
(a)
..............
843
839
Series
2020-3A
,
Class
E
,
3
.62
%
,
10/15/27
,
Callable
1/15/25
@
100
(a)
.............
300
292
Series
2021-4A
,
Class
B
,
1
.02
%
,
5/15/26
,
Callable
12/15/25
@
100
(a)
.............
208
207
Series
2021-4A
,
Class
C
,
1
.50
%
,
9/15/27
,
Callable
12/15/25
@
100
(a)
.............
250
242
Series
2022-1A
,
Class
B
,
2
.43
%
,
9/15/26
,
Callable
11/15/25
@
100
(a)
.............
527
525
Series
2022-1A
,
Class
C
,
2
.96
%
,
11/15/27
,
Callable
11/15/25
@
100
(a)
............
500
491
Ent
Auto
Receivables
Trust
,
Series
2023-1A
,
Class
A3
,
6
.24
%
,
1/16/29
,
Callable
6/15/28
@
100
(a)
...........................................................
750
761
Enterprise
Fleet
Financing
LLC
.............................................
Series
2022-2
,
Class
A2
,
4
.65
%
,
5/21/29
,
Callable
12/20/25
@
100
(a)
.............
166
165
Series
2022-4
,
Class
A2
,
5
.76
%
,
10/22/29
,
Callable
6/20/26
@
100
(a)
.............
627
630
Exeter
Automobile
Receivables
Trust
.........................................
Series
2020-1A
,
Class
E
,
3
.74
%
,
1/15/27
,
Callable
10/15/24
@
100
(a)
.............
500
492
Series
2020-3A
,
Class
F
,
5
.56
%
,
6/15/27
,
Callable
6/15/25
@
100
(a)
..............
750
742
Series
2021-2A
,
Class
C
,
0
.98
%
,
6/15/26
,
Callable
12/15/25
@
100
...............
245
242
Series
2021-4A
,
Class
C
,
1
.46
%
,
10/15/27
,
Callable
2/15/26
@
100
...............
465
457
Series
2022-1A
,
Class
B
,
2
.18
%
,
6/15/26
..................................
101
101
Series
2022-5A
,
Class
A3
,
5
.43
%
,
4/15/26
.................................
219
219
Series
2023-4A
,
Class
B
,
6
.31
%
,
10/15/27
.................................
1,000
1,010
Flagship
Credit
Auto
Trust
,
Series
2020-2
,
Class
D
,
5
.75
%
,
4/15/26
,
Callable
7/15/25
@
100
(a)
214
214
Ford
Credit
Auto
Lease
Trust
,
Series
2023-A
,
Class
B
,
5
.29
%
,
6/15/26
,
Callable
9/15/25
@
100
.............................................................
300
299
Ford
Credit
Auto
Owner
Trust
,
Series
2021-2
,
Class
C
,
2
.11
%
,
5/15/34
,
Callable
11/15/26
@
100
(a)
...........................................................
250
228
Foursight
Capital
Automobile
Receivables
Trust
.................................
Victory
Portfolios
III
Victory
Ultra
Short-Term
Bond
Fund
218
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
Series
2021-2
,
Class
B
,
1
.31
%
,
7/15/27
,
Callable
2/15/25
@
100
(a)
...............
$
821
$
806
Series
2022-2
,
Class
A2
,
4
.49
%
,
3/16/26
,
Callable
11/15/25
@
100
(a)
.............
77
77
GLS
Auto
Receivables
Issuer
Trust
..........................................
Series
2019-2A
,
Class
D
,
4
.52
%
,
2/17/26
,
Callable
2/15/24
@
100
(a)
..............
1,219
1,218
Series
2019-3A
,
Class
D
,
3
.84
%
,
5/15/26
,
Callable
4/15/24
@
100
(a)
..............
494
492
Series
2021-2A
,
Class
C
,
1
.08
%
,
6/15/26
,
Callable
12/15/25
@
100
(a)
.............
243
240
Series
2021-3A
,
Class
C
,
1
.11
%
,
9/15/26
,
Callable
1/15/26
@
100
(a)
..............
663
650
GMF
Floorplan
Owner
Revolving
Trust
,
Series
2019-2
,
Class
C
,
3
.30
%
,
4/15/26
(a)
........
1,000
995
GTE
Auto
Receivables
Trust
,
Series
2023-1
,
Class
A2
,
5
.65
%
,
8/17/26
(a)
...............
364
364
Hertz
Vehicle
Financing
LLC
..............................................
Series
2021-1A
,
Class
A
,
1
.21
%
,
12/26/25
(a)
...............................
1,500
1,455
Series
2021-1A
,
Class
B
,
1
.56
%
,
12/26/25
(a)
...............................
500
484
JPMorgan
Chase
Bank
NA
................................................
Series
2021-1
,
Class
B
,
0
.88
%
,
9/25/28
,
Callable
5/25/25
@
100
(a)
...............
48
47
Series
2021-1
,
Class
C
,
1
.02
%
,
9/25/28
,
Callable
5/25/25
@
100
(a)
...............
95
94
Series
2021-1
,
Class
D
,
1
.17
%
,
9/25/28
,
Callable
5/25/25
@
100
(a)
...............
48
47
Series
2021-2
,
Class
B
,
0
.89
%
,
12/26/28
,
Callable
8/25/25
@
100
(a)
..............
35
34
Series
2021-2
,
Class
C
,
0
.97
%
,
12/26/28
,
Callable
8/25/25
@
100
(a)
..............
119
117
Series
2021-3
,
Class
C
,
0
.86
%
,
2/26/29
,
Callable
5/25/25
@
100
(a)
...............
117
113
LAD
Auto
Receivables
Trust
...............................................
Series
2021-1A
,
Class
B
,
1
.94
%
,
11/16/26
,
Callable
11/15/25
@
100
(a)
............
750
732
Series
2021-1A
,
Class
C
,
2
.35
%
,
4/15/27
,
Callable
11/15/25
@
100
(a)
.............
594
572
Series
2022-1A
,
Class
A
,
5
.21
%
,
6/15/27
,
Callable
7/15/26
@
100
(a)
..............
305
305
Series
2023-1A
,
Class
B
,
5
.59
%
,
8/16/27
,
Callable
6/15/27
@
100
(a)
..............
300
301
Series
2023-1A
,
Class
C
,
6
.18
%
,
12/15/27
,
Callable
6/15/27
@
100
(a)
.............
1,000
1,007
Series
2023-2A
,
Class
C
,
5
.58
%
,
9/15/28
,
Callable
10/15/27
@
100
(a)
.............
750
747
Series
2023-3A
,
Class
B
,
6
.09
%
,
6/15/28
,
Callable
12/15/27
@
100
(a)
.............
1,000
1,019
Lobel
Automobile
Receivables
Trust
,
Series
2023-1
,
Class
A
,
6
.97
%
,
7/15/26
,
Callable
12/15/25
@
100
(a)
..................................................
504
505
Merchants
Fleet
Funding
LLC
,
Series
2023-1A
,
Class
A
,
7
.21
%
,
5/20/36
(a)
.............
750
762
Navistar
Financial
Dealer
Note
Master
Owner
Trust
II
,
Series
2023-1
,
Class
A
,
6
.18
%
,
8/25/28
(a)
........................................................
414
421
Oscar
U.S.
Funding
XII
LLC
,
Series
2021-1A
,
Class
A3
,
0
.70
%
,
4/10/25
,
Callable
2/10/25
@
100
(a)
...........................................................
126
126
Oscar
U.S.
Funding
XIV
LLC
,
Series
2022-1A
,
Class
A2
,
1
.60
%
,
3/10/25
(a)
............
6
6
Prestige
Auto
Receivables
Trust
,
Series
2023-2A
,
Class
B
,
6
.64
%
,
12/15/27
(a)
...........
1,500
1,528
Santander
Bank
Auto
Credit-Linked
Notes
.....................................
Series
2022-A
,
Class
B
,
5
.28
%
,
5/15/32
,
Callable
1/15/26
@
100
(a)
...............
237
235
Series
2022-A
,
Class
D
,
9
.97
%
,
5/15/32
,
Callable
1/15/26
@
100
(a)
...............
500
515
Series
2022-B
,
Class
B
,
5
.72
%
,
8/16/32
,
Callable
5/15/26
@
100
(a)
...............
248
247
Series
2022-B
,
Class
C
,
5
.92
%
,
8/16/32
,
Callable
5/15/26
@
100
(a)
...............
153
152
Series
2022-B
,
Class
D
,
6
.79
%
,
8/16/32
,
Callable
5/15/26
@
100
(a)
...............
165
165
Series
2022-C
,
Class
B
,
6
.45
%
,
12/15/32
,
Callable
12/15/26
@
100
(a)
.............
506
506
Series
2022-C
,
Class
C
,
6
.99
%
,
12/15/32
,
Callable
12/15/26
@
100
(a)
.............
506
507
Series
2022-C
,
Class
D
,
8
.20
%
,
12/15/32
,
Callable
12/15/26
@
100
(a)
.............
253
255
Series
2023-A
,
Class
D
,
7
.08
%
,
6/15/33
,
Callable
7/15/27
@
100
(a)
...............
644
646
Series
2023-B
,
Class
C
,
5
.93
%
,
12/15/33
,
Callable
10/15/27
@
100
(a)
.............
500
502
Santander
Bank
NA
,
Series
2021-1A
,
Class
B
,
1
.83
%
,
12/15/31
,
Callable
9/15/25
@
100
(a)
..
94
91
Santander
Consumer
Auto
Receivables
Trust
...................................
Series
2020-AA
,
Class
D
,
5
.49
%
,
4/15/26
,
Callable
11/15/24
@
100
(a)
............
284
283
Series
2020-BA
,
Class
E
,
4
.13
%
,
1/15/27
,
Callable
7/15/25
@
100
(a)
..............
600
586
Santander
Drive
Auto
Receivables
Trust
,
Series
2021-4
,
Class
C
,
1
.26
%
,
2/16/27
,
Callable
11/15/25
@
100
....................................................
447
440
Tesla
Auto
Lease
Trust
,
Series
2023-B
,
Class
A3
,
6
.13
%
,
9/21/26
,
Callable
12/20/25
@
100
(a)
1,000
1,015
U.S.
Bank
NA
,
Series
2023-1
,
Class
B
,
6
.79
%
,
8/25/32
,
Callable
7/25/25
@
100
(a)
........
1,098
1,105
United
Auto
Credit
Securitization
Trust
,
Series
2022-1
,
Class
C
,
2
.61
%
,
6/10/27
,
Callable
12/10/25
@
100
(a)
..................................................
133
132
Westlake
Automobile
Receivables
Trust
.......................................
Series
2020-3A
,
Class
E
,
3
.34
%
,
6/15/26
,
Callable
9/15/24
@
100
(a)
..............
275
270
Series
2021-3A
,
Class
C
,
1
.58
%
,
1/15/27
,
Callable
9/15/25
@
100
(a)
..............
750
730
Series
2022-2A
,
Class
A3
,
3
.75
%
,
4/15/26
(a)
...............................
500
497
Series
2022-2A
,
Class
B
,
4
.31
%
,
9/15/27
,
Callable
5/15/26
@
100
(a)
..............
400
396
Series
2023-2A
,
Class
B
,
6
.14
%
,
3/15/28
,
Callable
9/15/26
@
100
(a)
..............
500
504
Victory
Portfolios
III
Victory
Ultra
Short-Term
Bond
Fund
219
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
Series
2023-2A
,
Class
C
,
6
.29
%
,
3/15/28
,
Callable
9/15/26
@
100
(a)
..............
$
500
$
504
Wheels
SPV
2
LLC
,
Series
2021-1A
,
Class
A
,
5
.73
%
(
TSFR1M
+
39
bps
)
,
8/20/29
,
Callable
5/20/24
@
100
(a)
(b)
.................................................
390
389
44,041
ABS
Card
(1.5%):
CARDS
II
Trust
,
Series
2021-1A
,
Class
C
,
1
.20
%
,
4/15/27
(a)
.......................
500
494
Evergreen
Credit
Card
Trust
...............................................
Series
2022-CRT2
,
Class
B
,
6
.56
%
,
11/15/26
(a)
.............................
1,000
1,002
Series
2022-CRT2
,
Class
C
,
7
.44
%
,
11/15/26
(a)
.............................
500
501
Series
2023-CRT3
,
Class
B
,
6
.58
%
,
2/15/27
(a)
..............................
762
767
Series
2023-CRT3
,
Class
C
,
7
.31
%
,
2/15/27
(a)
..............................
318
319
Master
Credit
Card
Trust
II
,
Series
2023-2A
,
Class
B
,
6
.26
%
,
1/21/27
(a)
...............
308
310
Trillium
Credit
Card
Trust
II
,
Series
2023-3A
,
Class
B
,
6
.26
%
,
8/26/28
(a)
..............
1,000
1,010
4,403
ABS
Other
(6.8%):
Aligned
Data
Centers
Issuer
LLC
,
Series
2021-1A
,
Class
A2
,
1
.94
%
,
8/15/46
,
Callable
8/15/24
@
100
(a)
.........................................................
1,500
1,353
Amur
Equipment
Finance
Receivables
X
LLC
..................................
Series
2022-1A
,
Class
A2
,
1
.64
%
,
10/20/27
,
Callable
9/20/25
@
100
(a)
............
239
232
Series
2022-1A
,
Class
B
,
2
.20
%
,
1/20/28
,
Callable
9/20/25
@
100
(a)
..............
405
386
Amur
Equipment
Finance
Receivables
XI
LLC
,
Series
2022-2A
,
Class
A2
,
5
.30
%
,
6/21/28
,
Callable
6/20/26
@
100
(a)
............................................
422
422
Amur
Equipment
Finance
Receivables
XII
LLC
,
Series
2023-1A
,
Class
A2
,
6
.09
%
,
12/20/29
,
Callable
5/20/27
@
100
(a)
............................................
482
486
Blue
Bridge
Funding
LLC
,
Series
2023-1A
,
Class
A
,
7
.37
%
,
11/15/30
,
Callable
4/15/27
@
100
(a)
...........................................................
578
584
CCG
Receivables
Trust
...................................................
Series
2023-1
,
Class
A2
,
5
.82
%
,
9/16/30
,
Callable
10/14/26
@
100
(a)
.............
947
952
Series
2023-2
,
Class
A2
,
6
.28
%
,
4/14/32
,
Callable
10/14/27
@
100
(a)
.............
500
509
Series
2023-2
,
Class
B
,
6
.21
%
,
4/14/32
,
Callable
10/14/27
@
100
(a)
..............
500
517
Conn's
Receivables
Funding
LLC
...........................................
Series
2022-A
,
Class
B
,
9
.52
%
,
12/15/26
,
Callable
8/15/24
@
100
(a)
..............
194
194
Series
2023-A
,
Class
A
,
8
.01
%
,
1/17/28
,
Callable
4/15/24
@
100
(a)
...............
329
329
Series
2023-A
,
Class
B
,
10
.00
%
,
1/17/28
,
Callable
12/15/24
@
100
(a)
.............
113
114
CP
EF
Asset
Securitization
II
LLC
,
Series
2023-1A
,
Class
A
,
7
.48
%
,
3/15/32
,
Callable
6/15/27
@
100
(a)
.........................................................
694
705
Dell
Equipment
Finance
Trust
,
Series
2023-1
,
Class
C
,
6
.22
%
,
9/22/28
,
Callable
10/22/25
@
100
(a)
...........................................................
1,000
1,012
Dext
ABS
LLC
........................................................
Series
2023-1
,
Class
A2
,
5
.99
%
,
3/15/32
,
Callable
5/15/27
@
100
(a)
..............
1,000
1,004
Series
2023-2
,
Class
B
,
6
.41
%
,
5/15/34
,
Callable
1/15/28
@
100
(a)
...............
750
764
DLLAA
LLC
,
Series
2023-1A
,
Class
A2
,
5
.93
%
,
7/20/26
(a)
........................
750
753
Granite
Park
Equipment
Leasing
LLC
,
Series
2023-1A
,
Class
A2
,
6
.51
%
,
5/20/30
(a)
.......
1,000
1,012
HPEFS
Equipment
Trust
..................................................
Series
2021-1A
,
Class
D
,
1
.03
%
,
3/20/31
,
Callable
3/20/24
@
100
(a)
..............
570
565
Series
2021-2A
,
Class
C
,
0
.88
%
,
9/20/28
,
Callable
8/20/24
@
100
(a)
..............
507
502
Series
2022-3A
,
Class
A2
,
5
.26
%
,
8/20/29
,
Callable
5/20/26
@
100
(a)
.............
256
256
Series
2022-3A
,
Class
C
,
6
.13
%
,
8/20/29
,
Callable
5/20/26
@
100
(a)
..............
735
741
Series
2023-2A
,
Class
B
,
6
.25
%
,
1/21/31
,
Callable
9/20/26
@
100
(a)
..............
1,000
1,013
M&T
Equipment
Notes
,
Series
2023-1A
,
Class
A2
,
6
.09
%
,
7/15/30
,
Callable
7/15/27
@
100
(a)
750
752
New
Economy
Assets
Phase
1
Sponsor
LLC
,
Series
2021-1
,
Class
B1
,
2
.41
%
,
10/20/61
,
Callable
10/20/24
@
100
(a)
...........................................
293
239
NMEF
Funding
LLC
....................................................
Series
2022-B
,
Class
A2
,
6
.07
%
,
6/15/29
,
Callable
9/15/26
@
100
(a)
..............
693
695
Series
2023-A
,
Class
A2
,
6
.57
%
,
6/17/30
,
Callable
8/15/27
@
100
(a)
..............
750
759
NP
SPE
II
LLC
........................................................
Series
2017-1A
,
Class
A1
,
3
.37
%
,
10/21/47
,
Callable
2/20/24
@
100
(a)
............
122
116
Series
2019-2A
,
Class
C1
,
6
.44
%
,
11/19/49
,
Callable
2/19/24
@
100
(a)
............
420
394
Pawnee
Equipment
Receivables
LLC
.........................................
Series
2021-1
,
Class
A2
,
1
.10
%
,
7/15/27
,
Callable
8/15/25
@
100
(a)
..............
77
75
Series
2022-1
,
Class
B
,
5
.40
%
,
7/17/28
,
Callable
6/15/26
@
100
(a)
...............
725
723
Victory
Portfolios
III
Victory
Ultra
Short-Term
Bond
Fund
220
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
Progress
Residential
Trust
,
Series
2021-SFR5
,
Class
B
,
1
.66
%
,
7/17/38
(a)
..............
$
600
$
543
SCF
Equipment
Leasing
LLC
,
Series
2021-1A
,
Class
A3
,
0
.83
%
,
8/21/28
,
Callable
8/20/25
@
100
(a)
...........................................................
189
186
Vantage
Data
Centers
Issuer
LLC
,
Series
2019-1A
,
Class
A2
,
3
.19
%
,
7/15/44
,
Callable
2/15/24
@
100
(a)
.........................................................
956
941
Verdant
Receivables
LLC
,
Series
2023-1A
,
Class
A2
,
6
.24
%
,
1/13/31
,
Callable
3/12/27
@
100
(a)
...........................................................
724
731
20,559
Total
Asset-Backed
Securities
(Cost
$69,011)
a
a
a
69,003
Collateralized
Loan
Obligations
(3.0%)
Cash
Flow
CLO
(3.0%):
CIFC
Funding
Ltd.
,
Series
2017-4A
,
Class
A1R
,
6
.53
%
(
TSFR3M
+
121
bps
)
,
10/24/30
,
Callable
4/24/24
@
100
(a)
(b)
..........................................
533
534
Golub
Capital
Partners
CLO
Ltd.
,
Series
2019-40A
,
Class
AR
,
6
.68
%
(
TSFR3M
+
135
bps
)
,
1/25/32
,
Callable
4/25/24
@
100
(a)
(b)
....................................
1,000
990
Octagon
Investment
Partners
XXI
Ltd.
,
Series
2014-1A
,
Class
AAR3
,
6
.64
%
(
TSFR3M
+
126
bps
)
,
2/14/31
,
Callable
2/14/24
@
100
(a)
(b)
.....................
750
750
Palmer
Square
Loan
Funding
Ltd.
...........................................
Series
2021-1A
,
Class
A1
,
6
.48
%
(
TSFR3M
+
116
bps
)
,
4/20/29
,
Callable
4/20/24
@
100
(a)
(b)
.........................................................
145
145
Series
2021-2A
,
Class
A1
,
6
.43
%
(
TSFR3M
+
106
bps
)
,
5/20/29
,
Callable
2/20/24
@
100
(a)
(b)
.........................................................
442
442
Series
2021-2A
,
Class
A2
,
6
.88
%
(
TSFR3M
+
151
bps
)
,
5/20/29
,
Callable
2/20/24
@
100
(a)
(b)
.........................................................
500
500
Series
2021-3A
,
Class
A2
,
6
.98
%
(
TSFR3M
+
166
bps
)
,
7/20/29
,
Callable
4/20/24
@
100
(a)
(b)
.........................................................
1,000
1,000
Series
2022-1A
,
Class
A2
,
6
.92
%
(
TSFR3M
+
160
bps
)
,
4/15/30
,
Callable
4/15/24
@
100
(a)
(b)
.........................................................
1,000
990
Series
2023-1A
,
Class
A1
,
7
.02
%
(
TSFR3M
+
170
bps
)
,
7/20/31
,
Callable
7/20/24
@
100
(a)
(b)
.........................................................
454
456
Series
2023-1A
,
Class
A2
,
7
.82
%
(
TSFR3M
+
250
bps
)
,
7/20/31
,
Callable
7/20/24
@
100
(a)
(b)
.........................................................
750
750
SOUND
POINT
CLO
VIII-R
Ltd.
,
Series
2015-1RA
,
Class
AR
,
6
.66
%
(
TSFR3M
+
134
bps
)
,
4/15/30
,
Callable
4/15/24
@
100
(a)
(b)
....................................
563
563
Stratus
CLO
Ltd.
.......................................................
Series
2021-1A
,
Class
B
,
6
.98
%
(
TSFR3M
+
166
bps
)
,
12/29/29
,
Callable
4/20/24
@
100
(a)
(b)
.........................................................
1,000
999
Series
2021-3A
,
Class
B
,
7
.13
%
(
TSFR3M
+
181
bps
)
,
12/29/29
,
Callable
4/20/24
@
100
(a)
(b)
.........................................................
822
816
8,935
Total
Collateralized
Loan
Obligations
(Cost
$8,961)
a
a
a
8,935
Collateralized
Mortgage
Obligations
(11.2%)
Agency
CMO
Other
(0.7%):
Government
National
Mortgage
Association
....................................
Series
2023-128
,
Class
KA
,
6
.00
%
,
6/20/47
................................
490
497
Series
2023-131
,
Class
P
,
5
.50
%
,
6/20/48
..................................
496
493
Series
2023-149
,
Class
D
,
5
.50
%
,
9/20/47
.................................
496
495
Series
2023-168
,
Class
GB
,
6
.00
%
,
2/20/50
................................
743
748
2,233
Commercial
MBS
(10.5%):
Austin
Fairmont
Hotel
Trust
...............................................
Series
2019-FAIR
,
Class
B
,
6
.63
%
(
TSFR1M
+
130
bps
)
,
9/15/32
(a)
(b)
.............
1,000
992
Series
2019-FAIR
,
Class
C
,
6
.83
%
(
TSFR1M
+
150
bps
)
,
9/15/32
(a)
(b)
.............
1,000
990
BBCMS
Mortgage
Trust
..................................................
Series
2019-BWAY
,
Class
B
,
6
.76
%
(
TSFR1M
+
142
bps
)
,
11/15/34
(a)
(b)
............
1,000
350
Series
2020-BID
,
Class
C
,
9
.09
%
(
TSFR1M
+
375
bps
)
,
10/15/37
(a)
(b)
.............
1,470
1,433
Victory
Portfolios
III
Victory
Ultra
Short-Term
Bond
Fund
221
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
BPR
Trust
............................................................
Series
2022-OANA
,
Class
B
,
7
.78
%
(
TSFR1M
+
245
bps
)
,
4/15/37
(a)
(b)
............
$
1,000
$
991
Series
2022-STAR
,
Class
A
,
8
.57
%
(
TSFR1M
+
323
bps
)
,
8/15/24
(a)
(b)
.............
1,250
1,249
BX
Commercial
Mortgage
Trust
............................................
Series
2019-XL
,
Class
C
,
6
.70
%
(
TSFR1M
+
136
bps
)
,
10/15/36
(a)
(b)
..............
850
847
Series
2019-XL
,
Class
D
,
6
.90
%
(
TSFR1M
+
156
bps
)
,
10/15/36
(a)
(b)
..............
489
487
Series
2021-CIP
,
Class
B
,
6
.72
%
(
TSFR1M
+
139
bps
)
,
12/15/38
(a)
(b)
..............
500
491
Series
2021-CIP
,
Class
C
,
6
.92
%
(
TSFR1M
+
159
bps
)
,
12/15/38
(a)
(b)
..............
1,000
981
Series
2021-RISE
,
Class
B
,
6
.70
%
(
TSFR1M
+
136
bps
)
,
11/15/36
(a)
(b)
.............
459
453
Series
2021-SOAR
,
Class
B
,
6
.32
%
(
TSFR1M
+
98
bps
)
,
6/15/38
(a)
(b)
.............
464
458
Series
2021-SOAR
,
Class
C
,
6
.55
%
(
TSFR1M
+
121
bps
)
,
6/15/38
(a)
(b)
.............
464
457
Series
2021-VINO
,
Class
B
,
6
.30
%
(
TSFR1M
+
97
bps
)
,
5/15/38
(a)
(b)
..............
756
745
Series
2021-VOLT
,
Class
C
,
6
.55
%
(
TSFR1M
+
121
bps
)
,
9/15/36
(a)
(b)
.............
750
735
Series
2021-XL2
,
Class
C
,
6
.64
%
(
TSFR1M
+
131
bps
)
,
10/15/38
(a)
(b)
.............
782
769
Series
2022-LBA6
,
Class
B
,
6
.63
%
(
TSFR1M
+
130
bps
)
,
1/15/39
(a)
(b)
.............
500
495
Series
2022-LBA6
,
Class
C
,
6
.93
%
(
TSFR1M
+
160
bps
)
,
1/15/39
(a)
(b)
.............
1,000
984
BX
Mortgage
Trust
,
Series
2021-PAC
,
Class
C
,
6
.55
%
(
TSFR1M
+
121
bps
)
,
10/15/36
(a)
(b)
..
1,000
975
CEDR
Commercial
Mortgage
Trust
,
Series
2022-SNAI
,
Class
B
,
6
.67
%
(
TSFR1M
+
134
bps
)
,
2/15/39
(a)
(b)
......................................................
1,000
908
COMM
Mortgage
Trust
..................................................
Series
2014-277P
,
Class
A
,
3
.73
%
,
8/10/49
,
Callable
8/10/24
@
100
(a)
(c)
..........
1,000
951
Series
2014-277P
,
Class
C
,
3
.73
%
,
8/10/49
,
Callable
8/10/24
@
100
(a)
(c)
..........
334
288
Series
2019-521F
,
Class
B
,
6
.58
%
(
TSFR1M
+
125
bps
)
,
6/15/34
(a)
(b)
..............
1,500
1,251
Series
2020-CBM
,
Class
C
,
3
.40
%
,
2/10/37
,
Callable
2/10/25
@
100
(a)
............
1,000
953
Extended
Stay
America
Trust
,
Series
2021-ESH
,
Class
B
,
6
.83
%
(
TSFR1M
+
149
bps
)
,
7/15/38
(a)
(b)
......................................................
356
353
GS
Mortgage
Securities
Corp.
Trust
,
Series
2017-GPTX
,
Class
A
,
2
.86
%
,
5/10/34
(a)
.......
969
685
Houston
Galleria
Mall
Trust
,
Series
2015-HGLR
,
Class
A1A2
,
3
.09
%
,
3/5/37
(a)
..........
750
723
HPLY
Trust
...........................................................
Series
2019-HIT
,
Class
A
,
6
.46
%
(
TSFR1M
+
111
bps
)
,
11/15/36
(a)
(b)
..............
792
789
Series
2019-HIT
,
Class
B
,
6
.81
%
(
TSFR1M
+
146
bps
)
,
11/15/36
(a)
(b)
..............
1,132
1,123
JP
Morgan
Chase
Commercial
Mortgage
Securities
Trust
,
Series
2021-MHC
,
Class
A
,
6
.25
%
(
TSFR1M
+
91
bps
)
,
4/15/38
(a)
(b)
........................................
945
942
JPMBB
Commercial
Mortgage
Securities
Trust
,
Series
2014-C19
,
Class
XA
,
0
.64
%
,
4/15/47
,
Callable
1/15/25
@
100
(c)
(d)
..........................................
2,244
1
KNDL
Mortgage
Trust
,
Series
2019-KNSQ
,
Class
B
,
6
.48
%
(
TSFR1M
+
115
bps
)
,
5/15/36
(a)
(b)
1,000
994
Life
Mortgage
Trust
,
Series
2021-BMR
,
Class
B
,
6
.33
%
(
TSFR1M
+
99
bps
)
,
3/15/38
(a)
(b)
...
983
968
Med
Trust
,
Series
2021-MDLN
,
Class
B
,
6
.90
%
(
TSFR1M
+
156
bps
)
,
11/15/38
(a)
(b)
.......
995
982
MHC
Commercial
Mortgage
Trust
,
Series
2021-MHC
,
Class
B
,
6
.55
%
(
TSFR1M
+
122
bps
)
,
4/15/38
(a)
(b)
......................................................
839
831
Morgan
Stanley
Capital
I
Trust
,
Series
2019-NUGS
,
Class
B
,
6
.75
%
(
TSFR1M
+
141
bps
)
,
12/15/36
(a)
(b)
.....................................................
1,154
774
ONE
Mortgage
Trust
,
Series
2021-PARK
,
Class
B
,
6
.40
%
(
TSFR1M
+
106
bps
)
,
3/15/36
(a)
(b)
.
1,000
948
One
New
York
Plaza
Trust
,
Series
2020-1NYP
,
Class
A
,
6
.40
%
(
TSFR1M
+
106
bps
)
,
1/15/36
(a)
(b)
......................................................
875
857
SMRT
,
Series
2022-MINI
,
Class
B
,
6
.68
%
(
TSFR1M
+
135
bps
)
,
1/15/39
(a)
(b)
............
1,000
984
TTAN
,
Series
2021-MHC
,
Class
B
,
6
.55
%
(
TSFR1M
+
121
bps
)
,
3/15/38
(a)
(b)
............
314
310
31,497
Total
Collateralized
Mortgage
Obligations
(Cost
$35,712)
a
a
a
33,730
Senior
Secured
Loans
(1.9%)
Consumer
Discretionary
(0.3%):
Gray
Television,
Inc.,
Term
Loan
E,
First
Lien
,
7
.85
%
(
SOFR01M
+
250
bps
)
,
1/2/26
(b)
.....
1,000
998
Financials
(0.3%):
Delos
Aircraft
Leasing
DAC
,
7
.35
%
(
SOFR03M
+
200
bps
)
,
10/31/27
(b)
................
857
858
Health
Care
(0.3%):
DaVita,
Inc.,
Tranche
B-1
Term
Facility,
First
Lien
,
7
.11
%
(
SOFR01M
+
175
bps
)
,
8/12/26
(b)
.
995
992
Victory
Portfolios
III
Victory
Ultra
Short-Term
Bond
Fund
222
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
Materials
(0.7%):
Berry
Global,
Inc.,
Term
Z
Loans,
First
Lien
,
7
.09
%
(
SOFR01M
+
175
bps
)
,
7/1/26
(b)
.......
$
488
$
488
The
Chemours
Co.,
TLB,
First
Lien
,
8
.86
%
(
SOFR01M
+
350
bps
)
,
8/18/28
(b)
............
1,483
1,477
1,965
Utilities
(0.3%):
Calpine
Corp.,
Term
Loans,
First
Lien
,
7
.36
%
(
SOFR01M
+
200
bps
)
,
4/1/26
(b)
...........
979
970
Total
Senior
Secured
Loans
(Cost
$5,763)
a
a
a
5,783
Corporate
Bonds
(28.5%)
Communication
Services
(0.6%):
Sprint
Spectrum
Co.
LLC/Sprint
Spectrum
Co.
II
LLC/Sprint
Spectrum
Co.
III
LLC
,
4
.74
%
,
3/20/25
,
Callable
3/20/24
@
100
(a)
......................................
863
856
Verizon
Communications,
Inc.
,
6
.15
%
(
SOFRINDX
+
79
bps
)
,
3/20/26
(b)
................
837
840
1,696
Consumer
Discretionary
(1.2%):
Association
of
American
Medical
Colleges
,
2
.12
%
,
10/1/24
.........................
1,000
973
Nissan
Motor
Acceptance
Co.
LLC
,
6
.28
%
(
TSFR3M
+
90
bps
)
,
3/8/24
(a)
(b)
.............
855
855
Nordstrom,
Inc.
,
2
.30
%
,
4/8/24
,
Callable
2/22/24
@
100
...........................
1,000
990
Tapestry,
Inc.
,
7
.05
%
,
11/27/25
.............................................
750
767
3,585
Energy
(1.3%):
EnLink
Midstream
Partners
LP
,
4
.40
%
,
4/1/24
,
Callable
3/8/24
@
100
.................
948
944
Gray
Oak
Pipeline
LLC
,
2
.60
%
,
10/15/25
,
Callable
9/15/25
@
100
(a)
.................
1,500
1,435
Hess
Midstream
Operations
LP
,
5
.63
%
,
2/15/26
,
Callable
3/8/24
@
100
(a)
..............
1,000
993
Occidental
Petroleum
Corp.
,
3
.20
%
,
8/15/26
,
Callable
6/15/26
@
100
.................
500
473
3,845
Financials
(18.6%):
Ally
Financial,
Inc.
,
5
.75
%
,
11/20/25
,
Callable
10/21/25
@
100
(e)
....................
1,505
1,507
Antares
Holdings
LP
,
3
.95
%
,
7/15/26
,
Callable
6/15/26
@
100
(a)
.....................
1,000
932
Ares
Capital
Corp.
3
.25
%
,
7/15/25
,
Callable
6/15/25
@
100
..................................
500
482
3
.88
%
,
1/15/26
,
Callable
12/15/25
@
100
.................................
1,000
961
Assurant,
Inc.
,
6
.10
%
,
2/27/26
,
Callable
1/27/26
@
100
...........................
882
892
Aviation
Capital
Group
LLC
,
4
.88
%
,
10/1/25
,
Callable
7/1/25
@
100
(a)
................
1,000
983
Bank
of
America
Corp.
,
6
.04
%
(
SOFR
+
69
bps
)
,
4/22/25
,
Callable
4/22/24
@
100
(b)
.......
500
500
Bank
of
America
NA
,
6
.38
%
(
SOFR
+
102
bps
)
,
8/18/26
,
Callable
7/17/26
@
100
(b)
........
500
504
Blackstone
Private
Credit
Fund
,
7
.05
%
,
9/29/25
.................................
1,500
1,527
Blackstone
Secured
Lending
Fund
,
3
.63
%
,
1/15/26
,
Callable
12/15/25
@
100
............
1,000
958
Blue
Owl
Capital
Corp.
3
.75
%
,
7/22/25
,
Callable
6/22/25
@
100
..................................
1,000
966
5
.25
%
,
4/15/24
,
Callable
3/15/24
@
100
..................................
500
499
Blue
Owl
Credit
Income
Corp.
,
3
.13
%
,
9/23/26
,
Callable
8/23/26
@
100
...............
1,500
1,376
Brighthouse
Financial
Global
Funding
,
6
.11
%
(
SOFR
+
76
bps
)
,
4/12/24
(a)
(b)
............
1,300
1,298
Capital
One
Financial
Corp.
,
4
.17
%
(
SOFR
+
137
bps
)
,
5/9/25
,
Callable
5/9/24
@
100
(b)
.....
1,000
996
Citigroup,
Inc.
6
.02
%
(
SOFR
+
67
bps
)
,
5/1/25
,
Callable
5/1/24
@
100
(b)
.......................
500
500
6
.05
%
(
SOFR
+
69
bps
)
,
1/25/26
,
Callable
1/25/25
@
100
(b)
.....................
1,000
997
Citizens
Bank
NA
,
6
.06
%
(
SOFR
+
145
bps
)
,
10/24/25
,
Callable
10/24/24
@
100
(b)
........
1,700
1,697
Credit
Acceptance
Corp.
6
.63
%
,
3/15/26
,
Callable
2/20/24
@
101.66
(e)
..............................
500
500
9
.25
%
,
12/15/28
,
Callable
12/15/25
@
104.63
(a)
............................
429
452
DAE
Funding
LLC
,
1
.55
%
,
8/1/24
,
Callable
7/1/24
@
100
(a)
.......................
1,500
1,464
Enact
Holdings,
Inc.
,
6
.50
%
,
8/15/25
,
Callable
2/15/25
@
100
(a)
.....................
1,500
1,497
Fidelity
&
Guaranty
Life
Holdings,
Inc.
,
5
.50
%
,
5/1/25
,
Callable
2/1/25
@
100
(a)
.........
1,250
1,240
Fifth
Third
Bank
NA
,
5
.85
%
(
SOFRINDX
+
123
bps
)
,
10/27/25
,
Callable
10/27/24
@
100
(b)
..
1,000
1,001
Victory
Portfolios
III
Victory
Ultra
Short-Term
Bond
Fund
223
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
Ford
Motor
Credit
Co.
LLC
2
.30
%
,
2/10/25
,
Callable
1/10/25
@
100
..................................
$
1,000
$
965
8
.31
%
(
SOFR
+
295
bps
)
,
3/6/26
(b)
.......................................
500
513
FS
KKR
Capital
Corp.
1
.65
%
,
10/12/24
....................................................
857
831
4
.13
%
,
2/1/25
,
Callable
1/1/25
@
100
(e)
..................................
1,000
982
Fulton
Financial
Corp.
,
4
.50
%
,
11/15/24
......................................
885
876
GA
Global
Funding
Trust
5
.86
%
(
SOFR
+
50
bps
)
,
9/13/24
(a)
(b)
.....................................
1,000
996
6
.71
%
(
SOFR
+
136
bps
)
,
4/11/25
(a)
(b)
....................................
380
380
Hikma
Finance
USA
LLC
,
3
.25
%
,
7/9/25
......................................
500
479
JPMorgan
Chase
&
Co.
5
.90
%
(
SOFR
+
54
bps
)
,
6/1/25
,
Callable
6/1/24
@
100
(b)
.......................
500
499
6
.12
%
(
SOFR
+
77
bps
)
,
9/22/27
,
Callable
9/22/26
@
100
(b)
.....................
1,000
994
Kemper
Corp.
,
4
.35
%
,
2/15/25
,
Callable
11/15/24
@
100
..........................
1,450
1,428
KeyCorp.
,
3
.88
%
(
SOFRINDX
+
125
bps
)
,
5/23/25
,
MTN
,
Callable
5/23/24
@
100
(b)
.......
1,650
1,636
M&T
Bank
Corp.
,
5
.75
%
,
10/1/24
...........................................
1,000
979
Main
Street
Capital
Corp.
,
5
.20
%
,
5/1/24
......................................
1,000
996
Manufacturers
&
Traders
Trust
Co.
4
.65
%
,
1/27/26
,
Callable
12/27/25
@
100
.................................
500
493
5
.40
%
,
11/21/25
,
Callable
10/21/25
@
100
.................................
300
299
Midwest
Connector
Capital
Co.
LLC
,
3
.90
%
,
4/1/24
,
Callable
3/8/24
@
100
(a)
...........
1,000
995
National
Securities
Clearing
Corp.
,
5
.15
%
,
5/30/25
(a)
.............................
750
754
New
York
Life
Global
Funding
5
.66
%
(
SOFR
+
31
bps
)
,
4/26/24
(a)
(b)
.....................................
500
500
6
.29
%
(
SOFRINDX
+
93
bps
)
,
4/2/26
(a)
(b)
.................................
750
751
Pacific
Life
Global
Funding
II
,
5
.98
%
(
SOFR
+
62
bps
)
,
6/4/26
(a)
(b)
...................
100
99
Penske
Truck
Leasing
Co.
LP/PTL
Finance
Corp.
,
5
.75
%
,
5/24/26
,
Callable
4/24/26
@
100
(a)
750
757
Protective
Life
Global
Funding
,
5
.21
%
,
4/14/26
(a)
...............................
1,000
1,000
Reliance
Standard
Life
Global
Funding
II
,
5
.24
%
,
2/2/26
(a)
........................
1,000
992
Santander
Holdings
USA,
Inc.
4
.26
%
(
SOFRINDX
+
138
bps
)
,
6/9/25
,
Callable
6/9/24
@
100
(b)
.................
665
657
5
.81
%
(
SOFR
+
233
bps
)
,
9/9/26
,
Callable
9/9/25
@
100
(b)
......................
1,000
1,004
Sixth
Street
Specialty
Lending,
Inc.
,
2
.50
%
,
8/1/26
,
Callable
7/1/26
@
100
..............
1,000
919
SLM
Corp.
,
4
.20
%
,
10/29/25
,
Callable
9/29/25
@
100
............................
1,152
1,127
Starwood
Property
Trust,
Inc.
,
3
.75
%
,
12/31/24
,
Callable
9/30/24
@
100
(a)
.............
1,550
1,515
State
Street
Corp.
,
5
.10
%
(
SOFR
+
113
bps
)
,
5/18/26
,
Callable
5/18/25
@
100
(b)
..........
1,000
1,001
Synchrony
Bank
,
5
.40
%
,
8/22/25
,
Callable
7/22/25
@
100
.........................
752
746
The
Bank
of
New
York
Mellon
Corp.
,
4
.95
%
(
SOFR
+
103
bps
)
,
4/26/27
,
Callable
4/26/26
@
100
(b)
...........................................................
750
751
The
Charles
Schwab
Corp.
,
5
.88
%
(
SOFRINDX
+
52
bps
)
,
5/13/26
,
Callable
4/13/26
@
100
(b)
1,500
1,489
The
Goldman
Sachs
Group,
Inc.
,
5
.84
%
(
SOFR
+
49
bps
)
,
10/21/24
,
Callable
9/21/24
@
100
(b)
1,000
999
The
Huntington
National
Bank
5
.70
%
(
SOFR
+
122
bps
)
,
11/18/25
,
Callable
11/18/24
@
100
(b)
..................
1,350
1,343
6
.55
%
(
SOFRINDX
+
119
bps
)
,
5/16/25
,
Callable
5/16/24
@
100
(b)
...............
500
496
Truist
Financial
Corp.
,
5
.76
%
(
SOFR
+
40
bps
)
,
6/9/25
,
Callable
6/9/24
@
100
(b)
..........
1,000
992
55,962
Health
Care
(0.2%):
Little
Co.
of
Mary
Hospital
of
Indiana,
Inc.
,
1
.97
%
,
11/1/25
........................
670
630
Industrials
(2.8%):
American
Airlines
Pass
Through
Trust
3
.70
%
,
10/15/25
....................................................
333
314
4
.38
%
,
6/15/24
(a)
..................................................
555
547
4
.95
%
,
2/15/25
....................................................
850
826
Concentrix
Corp.
,
6
.65
%
,
8/2/26
,
Callable
7/2/26
@
100
...........................
1,500
1,535
Hexcel
Corp.
,
4
.95
%
,
8/15/25
,
Callable
5/15/25
@
100
............................
1,000
985
Regal
Rexnord
Corp.
,
6
.05
%
,
2/15/26
(a)
......................................
1,000
1,010
Spirit
Airlines
Pass
Through
Trust
,
4
.45
%
,
4/1/24
................................
1,610
1,561
Victory
Portfolios
III
Victory
Ultra
Short-Term
Bond
Fund
224
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
United
Airlines
Pass
Through
Trust
4
.30
%
,
8/15/25
....................................................
$
692
$
674
4
.88
%
,
1/15/26
....................................................
963
940
8,392
Materials
(0.3%):
Sasol
Financing
USA
LLC
,
5
.88
%
,
3/27/24
,
Callable
2/27/24
@
100
..................
1,000
997
Real
Estate
(2.9%):
Brixmor
Operating
Partnership
LP
,
3
.85
%
,
2/1/25
,
Callable
11/1/24
@
100
..............
1,000
982
GLP
Capital
LP/GLP
Financing
II,
Inc.
,
5
.38
%
,
4/15/26
,
Callable
1/15/26
@
100
.........
1,500
1,497
Retail
Opportunity
Investments
Partnership
LP
,
4
.00
%
,
12/15/24
,
Callable
9/15/24
@
100
...
1,250
1,229
SBA
Tower
Trust
,
2
.84
%
,
1/15/25
,
Callable
3/8/24
@
100
(a)
........................
1,000
968
SITE
Centers
Corp.
,
4
.25
%
,
2/1/26
,
Callable
11/1/25
@
100
........................
1,261
1,232
VICI
Properties
LP/VICI
Note
Co.,
Inc.
3
.50
%
,
2/15/25
,
Callable
3/8/24
@
100
(a)
.................................
1,000
976
4
.63
%
,
6/15/25
,
Callable
3/15/25
@
100
(a)
................................
500
493
WEA
Finance
LLC/Westfield
UK
&
Europe
Finance
PLC
,
3
.75
%
,
9/17/24
,
Callable
6/17/24
@
100
(a)
...........................................................
1,250
1,227
8,604
Utilities
(0.6%):
Metropolitan
Edison
Co.
,
4
.00
%
,
4/15/25
(a)
....................................
1,500
1,462
NRG
Energy,
Inc.
,
3
.75
%
,
6/15/24
,
Callable
5/15/24
@
100
(a)
.......................
500
494
1,956
Total
Corporate
Bonds
(Cost
$85,682)
a
a
a
85,667
Yankee
Dollars
(18.5%)
Consumer
Discretionary
(0.6%):
International
Game
Technology
PLC
,
4
.13
%
,
4/15/26
,
Callable
3/8/24
@
102.06
(a)
........
1,030
997
Nissan
Motor
Co.
Ltd.
3
.52
%
,
9/17/25
,
Callable
8/17/25
@
100
(a)
................................
416
402
4
.35
%
,
9/17/27
,
Callable
7/17/27
@
100
(a)
................................
500
481
1,880
Energy
(1.0%):
Harvest
Operations
Corp.
,
1
.00
%
,
4/26/24
,
Callable
3/8/24
@
100
(a)
..................
714
706
Northriver
Midstream
Finance
LP
,
5
.63
%
,
2/15/26
,
Callable
3/8/24
@
101.41
(a)
..........
1,000
981
Petroleos
Mexicanos
,
4
.25
%
,
1/15/25
(e)
.......................................
1,000
975
TransCanada
PipeLines
Ltd.
,
6
.88
%
(
SOFRINDX
+
152
bps
)
,
3/9/26
,
Callable
3/9/24
@
100
(b)
500
501
3,163
Financials
(14.1%):
ABN
AMRO
Bank
NV
6
.34
%
(
H15T1Y
+
165
bps
)
,
9/18/27
,
Callable
9/18/26
@
100
(a)
(b)
................
480
491
7
.14
%
(
SOFRINDX
+
178
bps
)
,
9/18/27
,
Callable
9/18/26
@
100
(a)
(b)
.............
1,000
1,006
Avolon
Holdings
Funding
Ltd.
,
2
.88
%
,
2/15/25
,
Callable
1/15/25
@
100
(a)
.............
1,000
969
Bank
of
Montreal
,
5
.98
%
(
SOFRINDX
+
62
bps
)
,
9/15/26
,
MTN
(b)
....................
1,500
1,488
Barclays
PLC
5
.83
%
(
SOFR
+
221
bps
)
,
5/9/27
,
Callable
5/9/26
@
100
(b)
......................
1,000
1,008
7
.33
%
(
H15T1Y
+
305
bps
)
,
11/2/26
,
Callable
11/2/25
@
100
(b)
..................
500
516
BPCE
SA
6
.61
%
(
SOFR
+
198
bps
)
,
10/19/27
,
Callable
10/19/26
@
100
(a)
(b)
................
500
516
7
.33
%
(
SOFRINDX
+
198
bps
)
,
10/19/27
,
Callable
10/19/26
@
100
(a)
(b)
............
500
505
Canadian
Imperial
Bank
of
Commerce
,
6
.58
%
(
SOFR
+
122
bps
)
,
10/2/26
(b)
.............
1,000
1,006
Commonwealth
Bank
of
Australia
,
5
.88
%
(
SOFR
+
52
bps
)
,
6/15/26
(a)
(b)
...............
1,500
1,496
Credit
Agricole
SA
,
6
.64
%
(
SOFR
+
129
bps
)
,
7/5/26
(a)
(b)
..........................
750
757
Credit
Suisse
AG
(
SOFRINDX
+
39
bps
)
,
2/2/24
(b)
(f)
..............................
1,000
1,000
Danske
Bank
A/S
0
.98
%
,
9/10/25
,
Callable
9/10/24
@
100
(a)
................................
1,000
971
6
.26
%
(
H15T1Y
+
118
bps
)
,
9/22/26
,
Callable
9/22/25
@
100
(a)
(b)
................
500
508
Victory
Portfolios
III
Victory
Ultra
Short-Term
Bond
Fund
225
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
Deutsche
Bank
AG
3
.96
%
(
SOFR
+
258
bps
)
,
11/26/25
,
Callable
11/26/24
@
100
(b)
..................
$
603
$
593
4
.50
%
,
4/1/25
.....................................................
1,000
984
Element
Fleet
Management
Corp.
,
6
.27
%
,
6/26/26
,
Callable
5/26/26
@
100
(a)
(e)
.........
1,000
1,017
Enel
Finance
International
NV
,
6
.80
%
,
10/14/25
(a)
...............................
500
512
Federation
des
Caisses
Desjardins
du
Quebec
,
5
.28
%
(
SOFRINDX
+
109
bps
)
,
1/23/26
,
Callable
1/23/25
@
100
(a)
(b)
.................................................
1,000
998
HSBC
Holdings
PLC
6
.79
%
(
SOFR
+
143
bps
)
,
3/10/26
,
Callable
3/10/25
@
100
(b)
....................
1,000
1,004
6
.93
%
(
SOFR
+
157
bps
)
,
8/14/27
,
Callable
8/14/26
@
100
(b)
....................
600
604
ING
Groep
NV
6
.37
%
(
SOFRINDX
+
101
bps
)
,
4/1/27
,
Callable
4/1/26
@
100
(b)
.................
500
497
6
.92
%
(
SOFR
+
156
bps
)
,
9/11/27
,
Callable
9/11/26
@
100
(b)
....................
500
504
7
.00
%
(
SOFRINDX
+
164
bps
)
,
3/28/26
,
Callable
3/28/25
@
100
(b)
...............
500
503
Lloyds
Banking
Group
PLC
3
.51
%
(
H15T1Y
+
160
bps
)
,
3/18/26
,
Callable
3/18/25
@
100
(b)
..................
750
733
5
.99
%
(
H15T1Y
+
148
bps
)
,
8/7/27
,
Callable
8/7/26
@
100
(b)
....................
500
508
6
.91
%
(
SOFRINDX
+
156
bps
)
,
8/7/27
,
Callable
8/7/26
@
100
(b)
.................
500
503
Macquarie
Group
Ltd.
,
6
.06
%
(
SOFR
+
71
bps
)
,
10/14/25
,
Callable
10/14/24
@
100
(a)
(b)
....
1,500
1,494
Mitsubishi
UFJ
Financial
Group,
Inc.
,
6
.30
%
(
SOFR
+
94
bps
)
,
2/20/26
,
Callable
2/20/25
@
100
(b)
...........................................................
1,185
1,186
Mizuho
Financial
Group,
Inc.
,
6
.32
%
(
SOFR
+
96
bps
)
,
5/22/26
,
Callable
5/22/25
@
100
(b)
...
1,000
1,001
National
Australia
Bank
Ltd.
,
6
.00
%
(
SOFR
+
65
bps
)
,
1/12/27
(a)
(b)
...................
1,250
1,247
Nationwide
Building
Society
,
6
.65
%
(
SOFR
+
129
bps
)
,
2/16/28
,
Callable
2/16/27
@
100
(a)
(b)
1,400
1,380
NatWest
Markets
PLC
6
.12
%
(
SOFR
+
76
bps
)
,
9/29/26
(a)
(b)
.....................................
1,000
987
6
.81
%
(
SOFR
+
145
bps
)
,
3/22/25
(a)
(b)
....................................
500
504
Nordea
Bank
Abp
,
6
.32
%
(
SOFR
+
96
bps
)
,
6/6/25
(a)
(b)
............................
500
502
Park
Aerospace
Holdings
Ltd.
,
5
.50
%
,
2/15/24
(a)
................................
500
500
Phoenix
Group
Holdings
PLC
,
5
.38
%
,
7/6/27
,
MTN
..............................
1,000
972
Royal
Bank
of
Canada
5
.71
%
(
SOFRINDX
+
36
bps
)
,
7/29/24
(b)
..................................
1,000
1,000
5
.94
%
(
SOFRINDX
+
59
bps
)
,
11/2/26
,
MTN
(b)
(e)
............................
500
496
Santander
UK
Group
Holdings
PLC
1
.09
%
(
SOFR
+
79
bps
)
,
3/15/25
,
Callable
3/15/24
@
100
(b)
.....................
1,000
994
6
.83
%
(
SOFR
+
275
bps
)
,
11/21/26
,
Callable
11/21/25
@
100
(b)
..................
500
511
Societe
Generale
SA
,
6
.40
%
(
SOFR
+
105
bps
)
,
1/21/26
,
Callable
1/21/25
@
100
(a)
(b)
......
1,700
1,697
Standard
Chartered
PLC
3
.79
%
(
US0003M
+
156
bps
)
,
5/21/25
,
Callable
5/21/24
@
100
(a)
(b)
...............
351
349
7
.28
%
(
SOFR
+
193
bps
)
,
7/6/27
,
Callable
7/6/26
@
100
(a)
(b)
....................
500
504
7
.78
%
(
H15T1Y
+
310
bps
)
,
11/16/25
,
Callable
11/16/24
@
100
(a)
(b)
..............
750
763
Sumitomo
Mitsui
Trust
Bank
Ltd.
,
5
.80
%
(
SOFR
+
44
bps
)
,
9/16/24
(a)
(b)
................
1,000
999
The
Bank
of
Nova
Scotia
,
5
.91
%
(
SOFRINDX
+
55
bps
)
,
3/2/26
(b)
....................
1,250
1,241
The
Toronto-Dominion
Bank
,
5
.95
%
(
SOFR
+
59
bps
)
,
9/10/26
(b)
.....................
1,500
1,488
Westpac
Banking
Corp.
,
5
.88
%
(
SOFR
+
52
bps
)
,
6/3/26
(b)
..........................
1,500
1,495
42,507
Industrials
(0.9%):
Air
Canada
Pass
Through
Trust
,
4
.13
%
,
5/15/25
(a)
...............................
1,037
1,007
Aircastle
Ltd.
,
4
.13
%
,
5/1/24
,
Callable
3/8/24
@
100
.............................
750
745
The
Weir
Group
PLC
,
2
.20
%
,
5/13/26
,
Callable
4/13/26
@
100
(a)
....................
900
838
2,590
Information
Technology
(0.3%):
SK
Hynix,
Inc.
,
6
.25
%
,
1/17/26
(a)
...........................................
750
760
Materials
(1.6%):
Endeavour
Mining
PLC
,
5
.00
%
,
10/14/26
,
Callable
3/8/24
@
102.5
(a)
.................
500
460
NOVA
Chemicals
Corp.
,
4
.88
%
,
6/1/24
,
Callable
3/8/24
@
100
(a)
....................
382
380
OCI
NV
,
4
.63
%
,
10/15/25
,
Callable
3/8/24
@
101.16
(a)
...........................
1,504
1,471
POSCO
,
2
.50
%
,
1/17/25
(a)
................................................
510
497
Syngenta
Finance
NV
,
4
.89
%
,
4/24/25
,
Callable
2/24/25
@
100
(a)
....................
1,000
988
Victory
Portfolios
III
Victory
Ultra
Short-Term
Bond
Fund
226
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
West
Fraser
Timber
Co.
Ltd.
,
4
.35
%
,
10/15/24
,
Callable
7/15/24
@
100
(a)
..............
$
1,143
$
1,125
4,921
Total
Yankee
Dollars
(Cost
$55,887)
a
a
a
55,821
Municipal
Bonds
(0.3%)
California
(0.1%):
California
Statewide
Communities
Development
Authority
Revenue
,
1
.31
%
,
4/1/25
.......
500
476
Guam
(0.1%):
Antonio
B
Won
Pat
International
Airport
Authority
Revenue
,
Series
A
,
2
.50
%
,
10/1/25
.....
300
283
Texas
(0.1%):
San
Antonio
Education
Facilities
Corp.
Revenue
,
1
.74
%
,
4/1/25
......................
255
242
Total
Municipal
Bonds
(Cost
$1,055)
a
a
a
1,001
U.S.
Government
Agency
Mortgages
(0.7%)
Federal
Home
Loan
Banks
5
.50
%
,
8/21/25
....................................................
1,000
1,001
5
.55
%
,
8/28/26
....................................................
500
500
5
.60
%
,
7/17/26
....................................................
575
574
2,075
Total
U.S.
Government
Agency
Mortgages
(Cost
$2,074)
a
a
a
2,075
U.S.
Treasury
Obligations
(3.3%)
U.S.
Treasury
Notes
2
.25
%
,
4/30/24
....................................................
1,000
992
2
.38
%
,
2/29/24
....................................................
1,000
998
2
.50
%
,
4/30/24
....................................................
1,000
993
3
.00
%
,
6/30/24
....................................................
1,000
991
3
.00
%
,
7/31/24
....................................................
1,000
989
4
.00
%
,
1/15/27
....................................................
1,000
1,000
4
.13
%
,
1/31/25
....................................................
1,000
994
4
.25
%
,
9/30/24
....................................................
1,000
995
4
.38
%
,
10/31/24
....................................................
2,000
1,992
Total
U.S.
Treasury
Obligations
(Cost
$9,930)
a
a
a
9,944
Commercial
Paper
(9.1%)
Consumer
Discretionary
(0.3%):
AutoNation,
Inc.
,
5
.85
%
,
2/1/24
(a)
(g)
........................................
1,000
1,000
Energy
(2.5%):
Marathon
Oil
Corp.
,
5
.42
%
,
2/2/24
(a)
(g)
......................................
1,500
1,500
Ovintiv,
Inc.
6
.17
%
,
2/20/24
(a)
(g)
................................................
2,000
1,993
6
.17
%
,
2/26/24
(a)
(g)
................................................
1,000
996
Western
Midstream
Operating
LP
6
.06
%
,
2/2/24
(a)
(g)
.................................................
1,000
1,000
6
.14
%
,
2/6/24
(a)
(g)
.................................................
500
499
6
.16
%
,
2/7/24
(a)
(g)
.................................................
500
499
6
.20
%
,
2/13/24
(a)
(g)
................................................
1,000
998
7,485
Financials
(0.3%):
Brookfield
COR
Treasury
,
5
.74
%
,
3/11/24
(a)
(g)
.................................
1,000
994
Victory
Portfolios
III
Victory
Ultra
Short-Term
Bond
Fund
227
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
Security
Description
Principal
Amount
(000)
Value
(000)
Industrials
(1.8%):
Aviation
Capital
Group
LLC
,
5
.50
%
,
2/1/24
(a)
(g)
................................
$
1,000
$
1,000
Global
Payments,
Inc.
,
6
.02
%
,
2/8/24
(a)
(g)
....................................
1,500
1,498
Stanley
Black
Decker
5
.40
%
,
2/1/24
(a)
(g)
.................................................
1,000
1,000
5
.40
%
,
2/2/24
(a)
(g)
.................................................
1,500
1,499
5
.43
%
,
2/9/24
(a)
(g)
.................................................
500
499
5,496
Information
Technology
(1.0%):
Jabil,
Inc.
6
.00
%
,
2/1/24
(a)
(g)
.................................................
1,000
1,000
6
.10
%
,
2/13/24
(a)
(g)
................................................
1,000
998
6
.10
%
,
2/14/24
(a)
(g)
................................................
1,000
997
2,995
Materials
(1.6%):
Albemarle
Corp.
5
.74
%
,
2/5/24
(a)
(g)
.................................................
1,000
999
5
.90
%
,
2/29/24
(a)
(g)
................................................
750
746
FMC
Corp.
6
.08
%
,
2/12/24
(a)
(g)
................................................
1,500
1,497
6
.08
%
,
2/14/24
(a)
(g)
................................................
500
499
6
.09
%
,
2/20/24
(a)
(g)
................................................
1,000
997
4,738
Real
Estate
(0.3%):
Crown
Castle
International
Corp.
,
5
.85
%
,
2/22/24
(a)
(g)
............................
1,000
996
Utilities
(1.3%):
Guadalupe
Vy
Elec
6
.31
%
,
2/20/24
(a)
(g)
................................................
1,750
1,744
6
.32
%
,
2/22/24
(a)
(g)
................................................
500
498
The
AES
Corp.
,
5
.99
%
,
2/12/24
(a)
(g)
........................................
1,500
1,497
3,739
Total
Commercial
Paper
(Cost
$27,448)
a
a
a
27,443
Shares
Collateral
for
Securities
Loaned
(0.4%)^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
5
.22
%
(h)
........
281,293
281
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
5
.27
%
(h)
............
281,293
281
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
5
.24
%
(h)
...............
281,293
281
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
5
.21
%
(h)
.
281,293
282
Total
Collateral
for
Securities
Loaned
(Cost
$1,125)
a
a
a
1,125
Total
Investments
(Cost
$302,648)
—
99.8%
300,527
Other
assets
in
excess
of
liabilities
—
0.2%
648
NET
ASSETS
-
100.00%
$
301,175
At
January
31,
2024,
the
Fund's
investments
in
foreign
securities
were
23.1%
of
net
assets.
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
Rule
144A
security
or
other
security
that
is
restricted
as
to
resale
to
institutional
investors.
As
of
January
31,
2024,
the
fair
value
of
these
securities
was
$192,992
(thousands)
and
amounted
to
64.1%
of
net
assets.
(b)
Variable
or
Floating-Rate
Security.
Rate
disclosed
is
as
of
January
31,
2024.
(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
January
31,
2024.
(d)
Security
is
interest
only.
(e)
All
or
a
portion
of
this
security
is
on
loan.
(f)
Zero-coupon
bond.
(g)
Rate
represents
the
effective
yield
at
January
31,
2024.
(h)
Rate
disclosed
is
the
daily
yield
on
January
31,
2024.
Victory
Portfolios
III
Victory
Ultra
Short-Term
Bond
Fund
228
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
January
31,
2024
ABS
—
Asset-Backed
Securities
bps
—
Basis
points
CLO
—
Collateralized
Loan
Obligations
CMO
—
Collateralized
Mortgage
Obligations
H15T1Y
—
1
Year
Treasury
Constant
Maturity
Rate,
rate
disclosed
as
of
January
31,
2024.
LIBOR
—
London
Interbank
Offered
Rate
LLC
—
Limited
Liability
Company
LP
—
Limited
Partnership
MBS
—
Mortgage-Backed
Securities
MTN
—
Medium
Term
Note
PLC
—
Public
Limited
Company
SOFR
—
Secured
Overnight
Financing
Rate
SOFRINDX
—
United
States
SOFR
Compounded
Index,
rate
disclosed
as
of January
31,
2024.
SOFR01M
—
1
Month
SOFR,
rate
disclosed
as
of
January
31,
2024.
SOFR03M
—
3
Month
SOFR,
rate
disclosed
as
of
January
31,
2024.
SOFR30A
—
30
day
average
of
SOFR,
rate
disclosed
as
of
January
31,
2024.
TSFR1M
—
1
month
Term
SOFR,
rate
disclosed
as
of
January
31,
2024.
TSFR3M
—
3
month
Term
SOFR,
rate
disclosed
as
of
January
31,
2024.
US0003M
—
3
Month
US
Dollar
LIBOR,
rate
disclosed
as
of
January
31,
2024,
based
on
the
last
reset
date
of
the
security.