# EDGAR Filing Document

**Accession Number:** 0000908695
**File Stem:** 0001004726-26-005281
**Filing Date:** 2026-6
**Character Count:** 32124
**Document Hash:** 70dbd2acaf3c85cb685ba45ebc702eab
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001004726-26-005281.hdr.sgml**: 20260625

**ACCESSION NUMBER**: 0001004726-26-005281

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20260430

**FILED AS OF DATE**: 20260625

**DATE AS OF CHANGE**: 20260625

**PERIOD START**: 20260430

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07852
- **FILM NUMBER:** 261120249

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

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

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

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

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

## Series and Classes Contracts Data

### Victory Growth Fund (Formerly USAA Growth Fund) (Series ID: S000012895)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000034864 | Victory Growth Fund Shares               | USAAX           |
| C000066836 | Victory Growth Fund Institutional Shares | UIGRX           |

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Victory Portfolios III

- **b. Investment Company Act file number:** 811-07852

- **c. CIK number of Registrant:** 0000908695

- **d. LEI of Registrant:** 549300WIDR2J6W1Y9S11

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 15935 La Cantera Pkwy Building Two

  - **City:** San Antonio

  - **State:** TX

  - **Foreign country:** US

  - **Zip / Postal Code:** 78256

  - **Telephone number:** 800-235-8396

**Item A.2. Information about the Series.**

- **a. Name of Series:** Victory Growth Fund

- **b. EDGAR series identifier (if any):** S000012895

- **c. LEI of Series:** 5493002BRBIU3NVKKE62

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-04-30

- **b. Date as of which information is reported:** 2026-04-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $2435785973.55

**Total Liabilities:** $3739126.96

**Net Assets:** $2432046846.59

**Cash Not Reported:** $17959558.50

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000034864 | -4.06%               | -5.69%               | 11.21%               |
| Class ID C000066836 | -4.08%               | -5.68%               | 11.19%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $14260311.39             | $-117910532.10                             |
| Month 2  | $6237677.38              | $-145536519.36                             |
| Month 3  | $49207154.90             | $199001822.02                              |

### Schedule of Portfolio Investments

| Name                                               | Title                                         | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Alibaba Group Holding Limited                      | ALIBABA GROUP HOLDING LTD ADR                 | CUSIP: 01609W102<br>LEI: 5493001NTNQJDH60PM02 | Long             |  | CORP              | KY        |      6953 | NS      | $916961.64    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| ALPHABET INC.                                      | ALPHABET INC CLASS C                          | CUSIP: 02079K107<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |    268170 | NS      | $102424849.80 | 4.21%             |  |  |  | No            |                  1 | On Loan: No      |
| ALPHABET INC.                                      | ALPHABET INC CLASS A                          | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |    320380 | NS      | $123282224.00 | 5.07%             |  |  |  | No            |                  1 | On Loan: No      |
| AMAZON.COM, INC.                                   | AMAZON COM INC                                | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |    561557 | NS      | $148846298.42 | 6.12%             |  |  |  | No            |                  1 | On Loan: No      |
| APPLE INC.                                         | APPLE INC                                     | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |    428823 | NS      | $116361121.05 | 4.78%             |  |  |  | No            |                  1 | On Loan: No      |
| APPLOVIN CORPORATION                               | APPLOVIN CORP                                 | CUSIP: 03831W108<br>LEI: 549300LLVXMUAOL3SQ07 | Long             | EC               | CORP              | US        |     29295 | NS      | $13075823.25  | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| argenx SE                                          | ARGENX SE ADR                                 | CUSIP: 04016X101<br>LEI: 7245009C5FZE6G9ODQ71 | Long             |  | CORP              | NL        |     11963 | NS      | $9351716.36   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| ARISTA NETWORKS, INC.                              | ARISTA NETWORKS INC                           | CUSIP: 040413205<br>LEI: 635400H1WKBLOQERUU95 | Long             | EC               | CORP              | US        |    116260 | NS      | $20079264.60  | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| AUTODESK, INC.                                     | AUTODESK INC                                  | CUSIP: 052769106<br>LEI: FRKKVKAIQEF3FCSTPG55 | Long             | EC               | CORP              | US        |    139442 | NS      | $33047754.00  | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| BWX TECHNOLOGIES, INC.                             | BWX TECHNOLOGIES INC                          | CUSIP: 05605H100<br>LEI: 549300NP85N265KWMS58 | Long             | EC               | CORP              | US        |     43251 | NS      | $9359083.89   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| THE BOEING COMPANY                                 | BOEING CO                                     | CUSIP: 097023105<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | EC               | CORP              | US        |    271948 | NS      | $62284250.44  | 2.56%             |  |  |  | No            |                  1 | On Loan: No      |
| BROADCOM INC.                                      | BROADCOM INC                                  | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |    127749 | NS      | $53326265.07  | 2.19%             |  |  |  | No            |                  1 | On Loan: No      |
| BURLINGTON STORES, INC.                            | BURLINGTON STORES INC                         | CUSIP: 122017106<br>LEI: 5299003Z37DVGKKC1W09 | Long             | EC               | CORP              | US        |     41462 | NS      | $13268254.62  | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| CLEAN HARBORS, INC.                                | CLEAN HARBORS INC                             | CUSIP: 184496107<br>LEI: 5493000SJVZVZJKHJF48 | Long             | EC               | CORP              | US        |     19329 | NS      | $6043791.72   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| THE COCA-COLA COMPANY                              | COCA COLA CO THE                              | CUSIP: 191216100<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | EC               | CORP              | US        |    110657 | NS      | $8715345.32   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| COMFORT SYSTEMS USA, INC.                          | COMFORT SYSTEMS USA INC                       | CUSIP: 199908104<br>LEI: 5299009DT1ZA5HTU6R38 | Long             | EC               | CORP              | US        |      5755 | NS      | $10590638.75  | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| COSTCO WHOLESALE CORPORATION                       | COSTCO WHOLESALE CORP                         | CUSIP: 22160K105<br>LEI: 29DX7H14B9S6O3FD6V18 | Long             | EC               | CORP              | US        |     18381 | NS      | $18648075.93  | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| CROWDSTRIKE HOLDINGS, INC.                         | CROWDSTRIKE HOLDINGS INC A                    | CUSIP: 22788C105<br>LEI: 549300YBY08K9KM4HX32 | Long             | EC               | CORP              | US        |     28307 | NS      | $12617845.25  | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| DEERE & COMPANY                                    | DEERE CO                                      | CUSIP: 244199105<br>LEI: PWFTNG3EI0Y73OXWDH08 | Long             | EC               | CORP              | US        |     25314 | NS      | $14931969.18  | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| DELL TECHNOLOGIES INC.                             | DELL TECHNOLOGIES INC                         | CUSIP: 24703L202<br>LEI: 549300TJB5YBRUPOG437 | Long             | EC               | CORP              | US        |     31621 | NS      | $6607207.95   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| DEXCOM, INC.                                       | DEXCOM INC                                    | CUSIP: 252131107<br>LEI: 549300YSK3QDSFR5EU59 | Long             | EC               | CORP              | US        |    106515 | NS      | $6342968.25   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| DIAMONDBACK ENERGY, INC.                           | DIAMONDBACK ENERGY INC                        | CUSIP: 25278X109<br>LEI: 549300R22LSX6OHWEN64 | Long             | EC               | CORP              | US        |     28199 | NS      | $5798560.37   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| THE WALT DISNEY COMPANY                            | WALT DISNEY CO THE                            | CUSIP: 254687106<br>LEI: 549300GZKULIZ0WOW665 | Long             | EC               | CORP              | US        |    267189 | NS      | $27720858.75  | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.       | EXPEDITORS INTERNATIONAL OF WASHINGTON INC    | CUSIP: 302130109<br>LEI: 984500B055A804AB6E40 | Long             | EC               | CORP              | US        |    105127 | NS      | $15547232.03  | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| META PLATFORMS, INC.                               | META PLATFORMS INC                            | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |    209053 | NS      | $127921621.23 | 5.26%             |  |  |  | No            |                  1 | On Loan: No      |
| FACTSET RESEARCH SYSTEMS INC.                      | FACTSET RESEARCH SYSTEMS INC                  | CUSIP: 303075105<br>LEI: 549300ZSJE7NBK6K9P30 | Long             | EC               | CORP              | US        |     27706 | NS      | $6305331.48   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| GE VERNOVA INC.                                    | GE VERNOVA LLC                                | CUSIP: 36828A101<br>LEI: 254900DP080RU6OK2553 | Long             | EC               | CORP              | US        |      9748 | NS      | $10561568.08  | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| HEICO CORPORATION                                  | HEICO CORPORATION CL A                        | CUSIP: 422806208<br>LEI: 529900O1DTDLCJ7L0I14 | Long             | EC               | CORP              | US        |     37701 | NS      | $7880263.02   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| HILTON WORLDWIDE HOLDINGS INC.                     | HILTON WORLDWIDE HOLDINGS INC                 | CUSIP: 43300A203<br>LEI: 549300HVGPK36ICB0B89 | Long             | EC               | CORP              | US        |     31369 | NS      | $10165751.83  | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| HOWMET AEROSPACE INC.                              | HOWMET AEROSPACE INC                          | CUSIP: 443201108<br>LEI: 549300HO5WFZUT5N2T22 | Long             | EC               | CORP              | US        |     41787 | NS      | $10155912.48  | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| HUNTINGTON BANCSHARES INCORPORATED                 | HUNTINGTON BANCSHARES INC OH                  | CUSIP: 446150104<br>LEI: 549300XTVCVV9I7B5T19 | Long             | EC               | CORP              | US        |    724559 | NS      | $12143608.84  | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| ILLUMINA, INC.                                     | ILLUMINA INC                                  | CUSIP: 452327109<br>LEI: SQ95QG8SR5Q56LSNF682 | Long             | EC               | CORP              | US        |     51099 | NS      | $6476287.26   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| INTUITIVE SURGICAL, INC.                           | INTUITIVE SURGICAL INC                        | CUSIP: 46120E602<br>LEI: 54930052SRG011710797 | Long             | EC               | CORP              | US        |     48587 | NS      | $22233897.07  | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| LPL FINANCIAL HOLDINGS INC.                        | LPL FINANCIAL HOLDINGS INC                    | CUSIP: 50212V100<br>LEI: 549300XROQ4Y8G2L7682 | Long             | EC               | CORP              | US        |     19131 | NS      | $6392241.03   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| LAM RESEARCH CORPORATION                           | LAM RESEARCH CORP                             | CUSIP: 512807306<br>LEI: 549300I4GMO6D34U1T02 | Long             | EC               | CORP              | US        |    122952 | NS      | $31704402.72  | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| ELI LILLY AND COMPANY                              | ELI LILLY CO                                  | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |     47965 | NS      | $44828089.00  | 1.84%             |  |  |  | No            |                  1 | On Loan: No      |
| MICROSOFT CORPORATION                              | MICROSOFT CORP                                | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |    370203 | NS      | $150961379.34 | 6.21%             |  |  |  | No            |                  1 | On Loan: No      |
| MONOLITHIC POWER SYSTEMS, INC.                     | MONOLITHIC POWER SYSTEMS INC                  | CUSIP: 609839105<br>LEI: 529900TB7O85LSZ1XU31 | Long             | EC               | CORP              | US        |     17952 | NS      | $28981888.32  | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| MONSTER BEVERAGE CORPORATION                       | MONSTER BEVERAGE CORP                         | CUSIP: 61174X109<br>LEI: 52990090AP0E7HCB6F33 | Long             | EC               | CORP              | US        |    475176 | NS      | $36621814.32  | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| NATERA, INC.                                       | NATERA INC                                    | CUSIP: 632307104<br>LEI: 529900CQ3OZ0A0VYVU59 | Long             | EC               | CORP              | US        |     63863 | NS      | $13165996.08  | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| NETFLIX, INC.                                      | NETFLIX INC                                   | CUSIP: 64110L106<br>LEI: 549300Y7VHGU0I7CE873 | Long             | EC               | CORP              | US        |    852115 | NS      | $79766485.15  | 3.28%             |  |  |  | No            |                  1 | On Loan: No      |
| NIKE, INC.                                         | NIKE INC CLASS B                              | CUSIP: 654106103<br>LEI: 787RXPR0UX0O0XUXPZ81 | Long             | EC               | CORP              | US        |    149213 | NS      | $6619088.68   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Novartis AG                                        | NOVARTIS AG                                   | CUSIP: 66987V109<br>LEI: 5493007HIVTX6SY6XD66 | Long             |  | CORP              | CH        |    105138 | NS      | $15544653.30  | 0.64%             |  |  |  | No            |                  1 | On Loan: —       |
| NOVO NORDISK A/S                                   | NOVO NORDISK A S                              | CUSIP: 670100205<br>LEI: 549300DAQ1CVT6CXN342 | Long             |  | CORP              | DK        |    336740 | NS      | $14217162.80  | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA CORPORATION                                 | NVIDIA CORP                                   | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |   1674820 | NS      | $334243827.40 | 13.74%            |  |  |  | No            |                  1 | On Loan: No      |
| ORACLE CORPORATION                                 | ORACLE CORP                                   | CUSIP: 68389X105<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | EC               | CORP              | US        |    358717 | NS      | $57893336.63  | 2.38%             |  |  |  | No            |                  1 | On Loan: No      |
| PALANTIR TECHNOLOGIES INC.                         | PALANTIR TECHNOLOGIES INC                     | CUSIP: 69608A108<br>LEI: 549300UVN46B3BBDHO85 | Long             | EC               | CORP              | US        |     32359 | NS      | $4501460.49   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| PALO ALTO NETWORKS, INC.                           | PALO ALTO NETWORKS INC                        | CUSIP: 697435105<br>LEI: 549300QXR2YVZV231H43 | Long             | EC               | CORP              | US        |     43871 | NS      | $7866947.72   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| PAYPAL HOLDINGS, INC.                              | PAYPAL HOLDINGS INC                           | CUSIP: 70450Y103<br>LEI: 5493005X2GO78EFZ3E94 | Long             | EC               | CORP              | US        |    115479 | NS      | $5790117.06   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| THE PROGRESSIVE CORPORATION                        | PROGRESSIVE CORP                              | CUSIP: 743315103<br>LEI: 529900TACNVLY9DCR586 | Long             | EC               | CORP              | US        |     27433 | NS      | $5521714.24   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| QUALCOMM INCORPORATED                              | QUALCOMM INC                                  | CUSIP: 747525103<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | EC               | CORP              | US        |     78292 | NS      | $14059677.36  | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| QUANTA SERVICES, INC.                              | QUANTA SERVICES INC                           | CUSIP: 74762E102<br>LEI: SHVRXXEACT60MMH07S24 | Long             | EC               | CORP              | US        |     19124 | NS      | $13917873.48  | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| REDDIT, INC.                                       | REDDIT INC                                    | CUSIP: 75734B100<br>LEI: 529900APN1YHPBHPI679 | Long             | EC               | CORP              | US        |     68571 | NS      | $10095708.33  | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| REGENERON PHARMACEUTICALS, INC.                    | REGENERON PHARMACEUTICALS INC                 | CUSIP: 75886F107<br>LEI: 549300RCBFWIRX3HYQ56 | Long             | EC               | CORP              | US        |     36403 | NS      | $25739105.18  | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Roche Holding AG                                   | ROCHE HOLDING AG                              | CUSIP: 771195104<br>LEI: 549300U41AUUVOAAOB37 | Long             |  | CORP              | CH        |    239165 | NS      | $12168715.20  | 0.50%             |  |  |  | No            |                  1 | On Loan: —       |
| SEI INVESTMENTS COMPANY                            | SEI INVESTMENTS CO                            | CUSIP: 784117103<br>LEI: 5LJTIFADGZ6XH1RVOC11 | Long             | EC               | CORP              | US        |    157797 | NS      | $14309031.96  | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| SALESFORCE, INC.                                   | SALESFORCE INC                                | CUSIP: 79466L302<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | EC               | CORP              | US        |    116192 | NS      | $20511373.76  | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| SERVICENOW, INC.                                   | SERVICENOW INC                                | CUSIP: 81762P102<br>LEI: 549300HJTQM36M0E1G39 | Long             | EC               | CORP              | US        |    113040 | NS      | $9982562.40   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| SHOPIFY INC.                                       | SHOPIFY INC                                   | CUSIP: 82509L107<br>LEI: 549300HGQ43STJLLP808 | Long             | EC               | CORP              | CA        |    255984 | NS      | $31007341.92  | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| SNOWFLAKE INC.                                     | SNOWFLAKE INC                                 | CUSIP: 833445109<br>LEI: 254900CJNSY1K7T53Z16 | Long             | EC               | CORP              | US        |     50945 | NS      | $6952464.15   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| BLOCK, INC.                                        | Block Inc                                     | CUSIP: 852234103<br>LEI: 549300OHIIUWSTIZME52 | Long             | EC               | CORP              | US        |    133660 | NS      | $9424366.60   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| STARBUCKS CORPORATION                              | STARBUCKS CORP                                | CUSIP: 855244109<br>LEI: OQSJ1DU9TAOC51A47K68 | Long             | EC               | CORP              | US        |    176032 | NS      | $18541450.56  | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Company Limited | TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD ADR | CUSIP: 874039100<br>LEI: 549300KB6NK5SBD14S87 | Long             |  | CORP              | TW        |     34638 | NS      | $13718726.28  | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| TESLA, INC.                                        | TESLA INC                                     | CUSIP: 88160R101<br>LEI: 54930043XZGB27CTOV49 | Long             | EC               | CORP              | US        |    260225 | NS      | $99309666.75  | 4.08%             |  |  |  | No            |                  1 | On Loan: No      |
| THERMO FISHER SCIENTIFIC INCORPORATED              | THERMO FISHER SCIENTIFIC INC                  | CUSIP: 883556102<br>LEI: HCHV7422L5HDJZCRFL38 | Long             | EC               | CORP              | US        |     27410 | NS      | $13128293.60  | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| TRADEWEB MARKETS INC.                              | TRADEWEB MARKETS INC                          | CUSIP: 892672106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     69174 | NS      | $7833955.50   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| UBER TECHNOLOGIES, INC.                            | UBER TECHNOLOGIES INC                         | CUSIP: 90353T100<br>LEI: 549300B2FTG34FILDR98 | Long             | EC               | CORP              | US        |    105819 | NS      | $7895155.59   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| ULTA BEAUTY, INC.                                  | ULTA BEAUTY INC                               | CUSIP: 90384S303<br>LEI: 529900CIV6HN8M28YM82 | Long             | EC               | CORP              | US        |     18191 | NS      | $9777298.68   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITEDHEALTH GROUP INCORPORATED                    | UNITEDHEALTH GROUP INC                        | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |     28463 | NS      | $10544972.24  | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| VERTEX PHARMACEUTICALS INCORPORATED                | VERTEX PHARAMACEUTICALS INC                   | CUSIP: 92532F100<br>LEI: 54930015RAQRRZ5ZGJ91 | Long             | EC               | CORP              | US        |     77403 | NS      | $33080494.14  | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| VISA INC.                                          | VISA INC CLASS A                              | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |    281194 | NS      | $92749028.96  | 3.81%             |  |  |  | No            |                  1 | On Loan: No      |
| WOODWARD, INC.                                     | WOODWARD INC                                  | CUSIP: 980745103<br>LEI: YPYKXXTR8TFDH54ZMB45 | Long             | EC               | CORP              | US        |     31533 | NS      | $11446163.67  | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| WORKDAY, INC.                                      | WORKDAY INC                                   | CUSIP: 98138H101<br>LEI: 549300J0DYC0N31V7G13 | Long             | EC               | CORP              | US        |     41663 | NS      | $5099551.20   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| YUM! Brands, Inc.                                  | YUM BRANDS INC                                | CUSIP: 988498101<br>LEI: 549300JE8XHZZ7OHN517 | Long             | EC               | CORP              | US        |     72756 | NS      | $11615495.40  | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| YUM CHINA HOLDINGS, INC.                           | YUM CHINA HOLDINGS INC                        | CUSIP: 98850P109<br>LEI: 529900DO9BYZ7VA3K502 | Long             | EC               | CORP              | US        |     65796 | NS      | $3187816.20   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| FTAI Aviation Ltd.                                 | FTAI AVIATION LTD                             | CUSIP: G3730V105<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |     28602 | NS      | $7141061.34   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS FINANCIAL SQUARE GOVERNMENT FUND     | GLDMN SCHS FIN SQ GV-FST                      | CUSIP: 38141W273<br>LEI: N/A                  | Long             | STIV             | RF                | US        |    500688 | NS      | $500687.50    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| HSBC US GOVERNMENT MONEY MARKET FUND               | HSBC US GOVT MMKT-I                           | CUSIP: 40428X107<br>LEI: N/A                  | Long             | STIV             | RF                | US        |    500688 | NS      | $500687.50    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| INVESCO GOVERNMENT & AGENCY PORTFOLIO              | INVESCO GVT & AGNCY-INST                      | CUSIP: 825252885<br>LEI: N/A                  | Long             | STIV             | RF                | US        |    500688 | NS      | $500687.50    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| MSILF Government Portfolio                         | MSILF GOVERNMENT-INST                         | CUSIP: 61747C707<br>LEI: N/A                  | Long             | STIV             | RF                | US        |    500688 | NS      | $500687.50    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| ROYAL CARIBBEAN CRUISES LTD.                       | ROYAL CARIBBEAN CRUISES LTD                   | CUSIP: V7780T103<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | EC               | CORP              | LR        |     17289 | NS      | $4560146.64   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-06-01

**Name of Applicant:** Victory Portfolios III

**Signature:** Carol D. Trevino

**Name of Signer:** Carol D. Trevino

**Title:** Treasurer