Victory Tax Exempt Intermediate-Term Fund

Financial position

Total assets: $2.74B
Total liabilities: $28.3M
Net assets: $2.71B
Assets attributable to miscellaneous securities: $0
Assets invested in controlled foreign corporations: $0
Borrowings payable within one year: $0
Payable to controlled companies within one year: $0
Payable to other affiliates within one year: $0
Other liabilities payable within one year: $0
Borrowings payable after one year: $0
Payable to controlled companies after one year: $0
Payable to other affiliates after one year: $0
Other liabilities payable after one year: $0
Payables for delayed-delivery investments: $0
Payables for standby commitments: $0
Liquidation preference of outstanding preferred stock: $0
Cash not reported in Parts C or D: $209K

Monthly flows and gains

	Month 1	Month 2	Month 3
Sales	$35.9M	$20M	$26.4M
Reinvestment	$7.25M	$7.18M	$7.67M
Redemptions	$39.7M	$38.3M	$40.8M
Net realized gain (non-derivative)	$-277	$-1.52M	$5.98K
Net unrealized appreciation (non-derivative)	$18.6M	$-55M	$-16M

The three months of the reporting period, as filed; month 3 ends August 31, 2026.

Credit spread risk (change in value per 1bp spread move)

Tenor	Investment grade	Non-investment grade
3 months	$-6.05K	$-369
1 year	$-89.3K	$-5.45K
5 years	$-328K	$-22.5K
10 years	$-873K	$-64K
30 years	$-250K	$-13.7K

Filing details

Registrant: Victory Portfolios Iii
Registrant CIK: 908695
Registrant LEI: 549300WIDR2J6W1Y9S11
Series: Victory Tax Exempt Intermediate-Term Fund
Series ID: S000012901
Series LEI: 549300XP2M6Q4ED9JY76
SEC file number: 811-07852
Address: 15935 La Cantera Pkwy Building Two, San Antonio, US-TX, 78256, US
Phone: 800-235-8396
Form: NPORT-P
Filed: October 28, 2026
Report period ends: February 28, 2027
Report month ends: August 31, 2026
Accession number: 000100472626010383

Holding	Value	% of net assets
Regional Transn Auth Ill DBT	$23.3M	0.86%
Missouri St Environmental Impt & Energy Res Auth Env Impt Rev DBT	$22.7M	0.84%
New York St Dorm Auth St Pers Income Tax Rev DBT	$19.7M	0.73%
North Tex Twy Auth Rev DBT	$18.8M	0.69%
Chicago Ill Brd Ed DBT	$18.7M	0.69%
Port Port Arthur Tex Nav Dist Environmental Facs Rev DBT	$17.8M	0.66%
Black Belt Energy Gas Dist Ala Gas Proj Rev DBT	$16.8M	0.62%
Southeast Energy Auth Commodity Supply Rev Ala DBT	$15.6M	0.58%
Lower Ala Gas Dist Gas Proj Rev DBT	$15.6M	0.58%
Iowa Fin Auth Health Facs Rev DBT	$14.7M	0.54%
Trimble Cnty Ky Environmental Facs Rev DBT	$14.4M	0.53%
Black Belt Energy Gas Dist Ala Gas Proj Rev DBT	$13.6M	0.50%
Louisiana Pub Facs Auth Hosp Rev DBT	$13.5M	0.50%
Illinois Fin Auth Wtr Fac Rev DBT	$13.4M	0.50%
Tennergy Corp Tenn Gas Rev DBT	$13.2M	0.49%
State Pub Sch Bldg Auth Pa Sch Rev DBT	$13.1M	0.48%
Allegheny Cnty Pa Arpt Auth Arpt Rev DBT	$12.8M	0.47%
North Tex Twy Auth Rev DBT	$12.7M	0.47%
Chicago Ill O Hare Intl Arpt Rev DBT	$12.6M	0.47%
Port Port Arthur Tex Nav Dist Environmental Facs Rev DBT	$11.8M	0.44%
Regional Transn Auth Ill DBT	$11.7M	0.43%
Rapid City S D Sales Tax Rev DBT	$11.2M	0.41%
Indiana Fin Auth Edl Facs Rev DBT	$11.2M	0.41%
Allen Cnty Ohio Hosp Facs Rev DBT	$10.5M	0.39%
Texas Mun Gas Acquisition & Supply Corp Iii Gas Supply Rev DBT	$10.2M	0.38%
State Pub Sch Bldg Auth Pa Lease Rev DBT	$10.1M	0.37%
Miami-dade Cnty Fla Expwy Auth Toll Sys Rev DBT	$10M	0.37%
Massachusetts St Dev Fin Agy Rev DBT	$10M	0.37%
Public Fin Auth Wis Rev DBT	$10M	0.37%
Philadelphia Pa Sch Dist DBT	$9.9M	0.37%
Illinois Edl Facs Auth Revs DBT	$9.64M	0.36%
Louisiana Loc Govt Environmental Facs & Cmnty Dev Auth Rev DBT	$9.59M	0.35%
Wisconsin St Health & Edl Facs Auth Rev DBT	$9.54M	0.35%
Arlington Tex Higher Ed Fin Corp Ed Rev DBT	$9.33M	0.34%
Southeast Energy Auth Coop Dist Ala Energy Supply Rev DBT	$9.31M	0.34%
Chicago Ill O Hare Intl Arpt Rev DBT	$9.19M	0.34%
Phoenix Ariz Indl Dev Auth Ed Rev DBT	$9.1M	0.34%
Metropolitan Transn Auth N Y Rev DBT	$9.02M	0.33%
Louisiana Pub Facs Auth Hosp Rev DBT	$8.95M	0.33%
Metropolitan Transn Auth N Y Rev DBT	$8.94M	0.33%
Pennsylvania St Higher Edl Facs Auth Rev DBT	$8.85M	0.33%
Broward Cnty Fla Tourist Dev Tax Rev DBT	$8.77M	0.32%
Chester Cnty Pa Indl Dev Auth Student Hsg Rev DBT	$8.62M	0.32%
Springfield Ill DBT	$8.51M	0.31%
Farmington N Mex Pollutn Ctl Rev DBT	$8.41M	0.31%
Chester Cnty Pa Indl Dev Auth Rev DBT	$8.33M	0.31%
Colorado Health Facs Auth Rev DBT	$8.15M	0.30%
Spokane Cnty Wash Arpt Rev DBT	$8.14M	0.30%
Chicago Ill Wastewater Transmission Rev DBT	$8.04M	0.30%
Allegheny Cnty Pa Hosp Dev Auth Rev DBT	$8.02M	0.30%
Infirmary Health Sys Spl Care Facs Fing Auth Mobile Ala Rev DBT	$8M	0.30%
Cityplace Cmnty Dev Dist Fla Spl Assmt Rev DBT	$7.92M	0.29%
New York Liberty Dev Corp Liberty Rev DBT	$7.82M	0.29%
San Antonio Tex Arpt Sys Rev DBT	$7.77M	0.29%
Idaho Health Facs Auth Rev DBT	$7.69M	0.28%
Indiana St Fin Auth Rev DBT	$7.55M	0.28%
Kentucky Inc Ky Pub Energy Auth Gas Suplly Rev DBT	$7.48M	0.28%
Allegheny Cnty Pa Hosp Dev Auth Rev DBT	$7.46M	0.28%
Chicago Ill Brd Ed DBT	$7.42M	0.27%
Denver Colo Health & Hosp Auth Healthcare Rev DBT	$7.42M	0.27%

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