VICTORY MARKET NEUTRAL INCOME FUND

NPORT-P false 0000908695 XXXXXXXX S000022887 C000066377 Victory Portfolios III 811-07852 0000908695 549300WIDR2J6W1Y9S11 15935 La Cantera Pkwy Building Two San Antonio 78256 800-235-8396 Victory Target Retirement 2050 Fund S000022887 5493004XIFVCVGSBGK17 2027-04-30 2026-07-31 N 1253817514.01 6964372.76 1246853141.25 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 4167918.31000000 N Victory Portfolios II: Victory Market Neutral Income Fund; Class I Shares 549300K0CUZCEEMBX789 VICTORY MARKET NEUTRAL INCOME FUND 92647P654 1409376.45700000 NS USD 13205857.40000000 1.059134950469 Long RF US N 1 N N N USAA Mutual Funds Trust: Emerging Markets Fund; Institutional Class Shares N/A VICTORY EMERGING MARKETS FUND 903288629 656526.44300000 NS USD 20234144.97000000 1.622817018347 Long RF US N 1 N N N GOLDMAN SACHS FINANCIAL SQUARE GOVERNMENT FUND N/A GLDMN SCHS FIN SQ GV-FST 38141W273 1730797.25000000 NS USD 1730797.25000000 0.138813240528 Long STIV RF US N 1 N N USAA Mutual Funds Trust: Global Managed Volatility Fund; Institutional Class Shares N/A VICTORY GLOBAL MANAGED VOLATILITY FUND 903288710 8577127.91500000 NS USD 104383646.73000000 8.371767554385 Long RF US N 1 N N N VictoryShares Free Cash Flow ETF N/A VICTORYSHARES FREE CASH FLOW ETF 92647X830 1342090.00000000 NS USD 66755556.60000000 5.353922959449 Long RF US N 1 N N Victory Portfolios: Victory RS International Fund; Class R6 Shares N/A VICTORY RS INTERNATIONAL R6 92647Q264 6903956.29600000 NS USD 111291775.49000000 8.925812656527 Long RF US N 1 N N N USAA Mutual Funds Trust: Small Cap Stock Fund; Institutional Class Shares N/A VICTORY SMALL CAP STOCK FUND 903288645 2026096.45300000 NS USD 34666510.31000000 2.780320244872 Long RF US N 1 N N N USAA Mutual Funds Trust: Income Stock Fund; Institutional Class Shares N/A VICTORY INCOME STOCK FUND 903288660 1485505.67600000 NS USD 31938372.03000000 2.561518351550 Long RF US N 1 N N N VictoryShares US Small Mid Cap Value Momentum ETF N/A VICTORYSHARES US SMALL MID CAP 92647N568 375468.00000000 NS USD 41074509.59000000 3.294254008841 Long RF US N 1 N N N Victory Portfolios: Victory Integrity Mid-Cap Value Fund; Class R6 Shares N/A VICTORY INTEGRITY M C VAL R6 92647K598 933633.83700000 NS USD 26505864.63000000 2.125820896872 Long RF US N 1 N N N USAA Mutual Funds Trust: Target Managed Allocation Fund N/A VICTORY TARGET MANAGED ALLOCATION FUND 903287829 2536168.06900000 NS USD 31651377.50000000 2.538500842871 Long RF US N 1 N N N VictoryShares WestEnd US Sector ETF N/A VICTORYSHARES WESTEND US SECTOR ETF 92647P126 1483654.00000000 NS USD 75755373.24000000 6.075725418957 Long RF US N 1 N N N USAA Mutual Funds Trust: Precious Metals & Minerals Fund; Institutional Class Shares N/A VICTORY PRECIOUS METALS AND MINERALS FUND 903288561 116752.13400000 NS USD 4977143.47000000 0.399176398995 Long RF US N 1 N N N USAA Mutual Funds Trust: Government Securities Fund; Institutional Class Shares N/A VICTORY GOVERNMENT SECURITIES FUND 903287787 5468918.38100000 NS USD 48017103.39000000 3.851063272925 Long RF US N 1 N N N VictoryShares International Free Cash Flow Gr ETF N/A VICTORYSHARES INTERNATIONAL FREE CASH FLOW GROWTH 92647X749 867000.00000000 NS USD 27221805.90000000 2.183240752211 Long RF US N 1 N N USAA Mutual Funds Trust: Intermediate-Term Bond Fund; Institutional Class Shares N/A VICTORY CORE PLUS INTERMEDIATE BOND FUND 903288595 4736570.10700000 NS USD 42818593.77000000 3.434132886498 Long RF US N 1 N N N VictoryShares International Value Momentum ETF N/A VICTORYSHARES INTERNATIONAL VA 92647N550 932283.00000000 NS USD 70734269.00000000 5.673023282364 Long RF US N 1 N N N VictoryShares Pioneer Asset-Based Income ETF N/A VICTORYSHARES PIONEER ASSET BASED INCOME ETF 92647X731 400000.00000000 NS USD 9936000.00000000 0.796886150524 Long RF US N 1 N N N MSILF Government Portfolio N/A MSILF GOVERNMENT-INST 61747C707 1730797.25000000 NS USD 1730797.25000000 0.138813240528 Long STIV RF US N 1 N N Victory Portfolios: Victory Trivalent International Fund-Core Equity; Class R6 Shares N/A VICTORY TRIVALENT INTL FUND C E R6 92646A120 6698579.11200000 NS USD 76966674.00000000 6.172874050173 Long RF US N 1 N N N INVESCO GOVERNMENT & AGENCY PORTFOLIO N/A INVESCO GVT & AGNCY-INST 825252885 1730797.25000000 NS USD 1730797.25000000 0.138813240528 Long STIV RF US N 1 N N VictoryShares Corporate Bond ETF N/A VICTORYSHARES CORPORATE BOND ETF 92647X855 698750.00000000 NS USD 14721125.25000000 1.180662322047 Long RF US N 1 N N N VictoryShares US Value Momentum ETF N/A VICTORYSHARES US VALUE MOMENTU 92647N576 576857.00000000 NS USD 62672513.39000000 5.026455106586 Long RF US N 1 N N VictoryShares Free Cash Flow Growth ETF N/A VICTORYSHARES FREE CASH FLOW GROWTH ETF 92647X764 1484836.00000000 NS USD 47529600.36000000 3.811964600125 Long RF US N 1 N N N VictoryShares US Multi-Factor Minimum Vol ETF 5493004HRSYZ4WW5CD82 VICTORYSHARES US MULTI FACTOR MIN VOL WTD ETF 92647N691 288087.00000000 NS USD 17202999.97000000 1.379713408168 Long RF US N 1 N N N USAA Mutual Funds Trust: 500 Index Fund; Reward Shares N/A VICTORY 500 INDEX FUND 903288769 1240161.27900000 NS USD 112519832.84000000 9.024305198220 Long RF US N 1 N N N USAA Mutual Funds Trust: High Income Fund; Institutional Class Shares N/A VICTORY HIGH INCOME FUND 903288579 1447818.72100000 NS USD 9801732.74000000 0.786117660189 Long RF US N 1 N N N VictoryShares Emerging Markets Value Momentum ETF N/A VICTORYSHARES EMERGING MARKETS 92647N543 576226.00000000 NS USD 34577708.83000000 2.773198196808 Long RF US N 1 N N N HSBC US GOVERNMENT MONEY MARKET FUND N/A HSBC US GOVT MMKT-I 40428X107 1730797.25000000 NS USD 1730797.25000000 0.138813240528 Long STIV RF US N 1 N N USAA Mutual Funds Trust: Nasdaq-100 Index Fund; Class R6 Shares N/A VICTORY NASDAQ 100 INDEX FUND 90291A700 1061295.58500000 NS USD 72040744.31000000 5.777805094012 Long RF US N 1 N N N USAA Mutual Funds Trust: Short-Term Bond Fund; Institutional Class Shares N/A VICTORY SHORT TERM BOND FUND 903288587 109157.12900000 NS USD 990055.16000000 0.079404312123 Long RF US N 1 N N N VictoryShares Small Cap Free Cash Flow ETF N/A VICTORYSHARES SMALL CAP FREE CASH FLOW ETF 92647X822 856847.00000000 NS USD 32157467.91000000 2.579090258998 Long RF US N 1 N N N 2026-08-31 Victory Portfolios III Carol D. Trevino Carol D. Trevino Treasurer XXXX