VICTORY MARKET NEUTRAL INCOME FUND

NPORT-P false 0000908695 XXXXXXXX S000022883 C000066373 Victory Portfolios III 811-07852 0000908695 549300WIDR2J6W1Y9S11 15935 La Cantera Pkwy Building Two San Antonio 78256 800-235-8396 Victory Target Retirement Income Fund S000022883 549300TI4WOBPIG65291 2025-04-30 2025-04-30 N 642512344.96 451538.72 642060806.24 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 764126.41000000 N Victory Portfolios II: Victory Market Neutral Income Fund; Class I Shares 549300K0CUZCEEMBX789 VICTORY MARKET NEUTRAL INCOME FUND 92647P654 4249379.80700000 NS USD 37224567.11000000 5.797670056827 Long RF US N 1 N N N GOLDMAN SACHS FINANCIAL SQUARE GOVERNMENT FUND N/A GLDMN SCHS FIN SQ GV-FST 38141W273 101975.00000000 NS USD 101975.00000000 0.015882452099 Long STIV RF US N 1 N N VictoryShares Free Cash Flow Growth ETF N/A VICTORYSHARES FREE CASH FLOW GROWTH ETF 92647X764 342786.00000000 NS USD 7863510.84000000 1.224729926445 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 94663.92400000 NS USD 2709281.50000000 0.421966498136 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 357378.60700000 NS USD 4252805.42000000 0.662368015407 Long RF US N 1 N N N USAA Mutual Funds Trust: Target Managed Allocation Fund N/A VICTORY TARGET MANAGED ALLOCATION FUND 903287829 2861393.65200000 NS USD 29787107.92000000 4.639297030827 Long RF US N 1 N N N USAA Mutual Funds Trust: Global Managed Volatility Fund; Institutional Class Shares N/A VICTORY GLOBAL MANAGED VOLATILITY FUND 903288710 2615168.46600000 NS USD 29211431.77000000 4.549636340686 Long RF US N 1 N N N VictoryShares Emerging Markets Value Momentum ETF N/A VICTORYSHARES EMERGING MARKETS 92647N543 256416.00000000 NS USD 12128476.80000000 1.888991927575 Long RF US N 1 N N N Victory Portfolios: Victory RS International Fund; Class R6 Shares N/A VICTORY RS INTERNATIONAL R6 92647Q264 1886321.74500000 NS USD 25144668.86000000 3.916244164980 Long RF US N 1 N N N VictoryShares Free Cash Flow ETF N/A VICTORYSHARES FREE CASH FLOW ETF 92647X830 208746.00000000 NS USD 6871918.32000000 1.070290890397 Long RF US N 1 N N N VictoryShares International Volatility Wtd ETF 549300PQPRGG1DP3EJ39 VICTORYSHARES INTERNATIONAL VOLATILITY WTD ETF 92647N840 154761.00000000 NS USD 7341861.84000000 1.143483883246 Long RF US N 1 N N N VictoryShares Short-Term Bond ETF N/A VICTORYSHARES SHORT TERM BOND ETF 92647N535 443598.00000000 NS USD 22450494.78000000 3.496630624671 Long RF US N 1 N N N VictoryShares International Value Momentum ETF N/A VICTORYSHARES INTERNATIONAL VA 92647N550 267086.00000000 NS USD 14306541.72000000 2.228222246391 Long RF US N 1 N N N USAA Mutual Funds Trust: Intermediate-Term Bond Fund; Institutional Class Shares N/A VICTORY CORE PLUS INTERMEDIATE BOND FUND 903288595 7474922.56300000 NS USD 68769287.58000000 10.71071258542 Long RF US N 1 N N N USAA Mutual Funds Trust: 500 Index Fund; Reward Shares N/A VICTORY 500 INDEX FUND 903288769 213614.58800000 NS USD 14846213.87000000 2.312275367957 Long RF US N 1 N N N USAA Mutual Funds Trust: Nasdaq-100 Index Fund; Class R6 Shares N/A VICTORY NASDAQ 100 INDEX FUND 90291A700 119279.17500000 NS USD 5750449.03000000 0.895623743750 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 4467542.42500000 NS USD 30289937.64000000 4.717611999614 Long RF US N 1 N N N MSILF Government Portfolio N/A MSILF GOVERNMENT-INST 61747C707 101975.00000000 NS USD 101975.00000000 0.015882452099 Long STIV RF US N 1 N N INVESCO GOVERNMENT & AGENCY PORTFOLIO N/A INVESCO GVT & AGNCY-INST 825252885 101975.00000000 NS USD 101975.00000000 0.015882452099 Long STIV RF US N 1 N N VictoryShares Small Cap Free Cash Flow ETF N/A VICTORYSHARES SMALL CAP FREE CASH FLOW ETF 92647X822 200000.00000000 NS USD 4582000.00000000 0.713639573614 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 8275469.40300000 NS USD 75555035.65000000 11.76758258963 Long RF US N 1 N N N Victory Portfolios: Victory Sophus Emerging Markets Fund; Class R6 Shares N/A VICTORY SOPHUS EMERGING MARKETS FUND 92647Q371 77372.61400000 NS USD 1586912.31000000 0.247159193424 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 196638.80300000 NS USD 4225767.88000000 0.658156959423 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 259378.83100000 NS USD 4471691.05000000 0.696459121401 Long RF US N 1 N N N HSBC US GOVERNMENT MONEY MARKET FUND N/A HSBC US GOVT MMKT-I 40428X107 101975.00000000 NS USD 101975.00000000 0.015882452099 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 1953787.43800000 NS USD 17193329.45000000 2.677835071523 Long RF US N 1 N N N VictoryShares US Value Momentum ETF N/A VICTORYSHARES US VALUE MOMENTU 92647N576 83804.00000000 NS USD 6536712.00000000 1.018083012772 Long RF US N 1 N N USAA Mutual Funds Trust: Government Securities Fund; Institutional Class Shares N/A VICTORY GOVERNMENT SECURITIES FUND 903287787 15558558.99500000 NS USD 138782346.24000000 21.61514063640 Long RF US N 1 N N N VictoryShares Hedged Equity Income ETF N/A VICTORYSHARES HEDGED EQUITY INCOME ETF 92647X772 284904.00000000 NS USD 7412717.74000000 1.154519582562 Long RF US N 1 N N N VictoryShares Corporate Bond ETF N/A VICTORYSHARES CORPORATE BOND ETF 92647X855 1899203.00000000 NS USD 40197581.10000000 6.260712491610 Long RF US N 1 N N N VictoryShares US Small Mid Cap Value Momentum ETF N/A VICTORYSHARES US SMALL MID CAP 92647N568 106772.00000000 NS USD 8158448.52000000 1.270666024262 Long RF US N 1 N N N VictoryShares WestEnd US Sector ETF N/A VICTORYSHARES WESTEND US SECTOR ETF 92647P126 262123.00000000 NS USD 10157266.25000000 1.581978864195 Long RF US N 1 N N USAA Mutual Funds Trust: Growth Fund; Institutional Class Shares N/A VICTORY GROWTH FUND 903288678 70985.14700000 NS USD 2496547.62000000 0.388833517906 Long RF US N 1 N N N 2025-05-30 Victory Portfolios III Carol Trevino Carol Trevino Treasurer