# EDGAR Filing Document

**Accession Number:** 0000908695
**File Stem:** 0001004726-26-005274
**Filing Date:** 2026-6
**Character Count:** 47673
**Document Hash:** 3e7ae8db912f16f42be1fd6d842a0f1d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001004726-26-005274.hdr.sgml**: 20260625

**ACCESSION NUMBER**: 0001004726-26-005274

**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:** 261120243

**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 Aggressive Growth Fund (Formerly USAA Aggressive Growth Fund) (Series ID: S000012894)

| Class ID   | Class Name                                          | Ticker Symbol   |
|:---|:---|:---|
| C000034863 | Victory Aggressive Growth Fund Shares               | USAUX           |
| C000066835 | Victory Aggressive Growth Fund Institutional Shares | UIAGX           |

## 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 Aggressive Growth Fund

- **b. EDGAR series identifier (if any):** S000012894

- **c. LEI of Series:** 549300U9NIRZ9WDFHV64

**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:** $2659043697.03

**Total Liabilities:** $2729399.81

**Net Assets:** $2656314297.22

**Cash Not Reported:** $7874706.66

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000034863 | -2.95%               | -5.44%               | 12.50%               |
| Class ID C000066835 | -2.97%               | -5.45%               | 12.49%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $26618226.55             | $-103648678.94                             |
| Month 2  | $5832280.22              | $-142804059.94                             |
| Month 3  | $17445243.65             | $280177443.20                              |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ADOBE INC.                                                       | ADOBE INC                                     | CUSIP: 00724F101<br>LEI: FU4LY2G4933NH2E1CP29 | Long             | EC               | CORP              | US        |     54092 | NS      | $13312041.20  | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| AIRBNB, INC.                                                     | AIRBNB INC CLASS A                            | CUSIP: 009066101<br>LEI: 549300HMUDNO0RY56D37 | Long             | EC               | CORP              | US        |     39979 | NS      | $5611452.44   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| ALNYLAM PHARMACEUTICALS, INC.                                    | ALNYLAM PHARMACEUTICALS INC                   | CUSIP: 02043Q107<br>LEI: 529900S3ZI14OWRJII50 | Long             | EC               | CORP              | US        |     16684 | NS      | $5163531.16   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| ALPHABET INC.                                                    | ALPHABET INC CLASS C                          | CUSIP: 02079K107<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |    538312 | NS      | $205602885.28 | 7.74%             |  |  |  | No            |                  1 | On Loan: No      |
| AMAZON.COM, INC.                                                 | AMAZON COM INC                                | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |    377785 | NS      | $100135692.10 | 3.77%             |  |  |  | No            |                  1 | On Loan: No      |
| CENCORA, INC.                                                    | CENCORA INC                                   | CUSIP: 03073E105<br>LEI: AI8GXW8LG5WK7E9UD086 | Long             | EC               | CORP              | US        |     20170 | NS      | $6212561.70   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| AMPHENOL CORPORATION                                             | AMPHENOL CORP CLASS A                         | CUSIP: 032095101<br>LEI: 549300D3L3G0R4U4VT04 | Long             | EC               | CORP              | US        |     40450 | NS      | $5957071.50   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| APPLE INC.                                                       | APPLE INC                                     | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |    510105 | NS      | $138416991.75 | 5.21%             |  |  |  | No            |                  1 | On Loan: No      |
| APPLOVIN CORPORATION                                             | APPLOVIN CORP                                 | CUSIP: 03831W108<br>LEI: 549300LLVXMUAOL3SQ07 | Long             | EC               | CORP              | US        |     55009 | NS      | $24553267.15  | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| argenx SE                                                        | ARGENX SE ADR                                 | CUSIP: 04016X101<br>LEI: 7245009C5FZE6G9ODQ71 | Long             |  | CORP              | NL        |     11417 | NS      | $8924897.24   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| ARISTA NETWORKS, INC.                                            | ARISTA NETWORKS INC                           | CUSIP: 040413205<br>LEI: 635400H1WKBLOQERUU95 | Long             | EC               | CORP              | US        |    247733 | NS      | $42785966.43  | 1.61%             |  |  |  | No            |                  1 | On Loan: No      |
| ARMSTRONG WORLD INDUSTRIES, INC.                                 | ARMSTRONG WORLD INDUSTRIES INC                | CUSIP: 04247X102<br>LEI: KXMRXXOJ88Q45Y45MG74 | Long             | EC               | CORP              | US        |     12814 | NS      | $2183377.46   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Astera Labs, Inc                                                 | ASTERA LABS INC                               | CUSIP: 04626A103<br>LEI: 529900LJL8TUEGF7HG20 | Long             | EC               | CORP              | US        |     16810 | NS      | $3273579.40   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| ATLASSIAN CORPORATION                                            | ATLASSIAN CORP PLC                            | CUSIP: 049468101<br>LEI: 549300V7ZY5P02D2MY38 | Long             | EC               | CORP              | US        |     26375 | NS      | $1809061.25   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| AUTODESK, INC.                                                   | AUTODESK INC                                  | CUSIP: 052769106<br>LEI: FRKKVKAIQEF3FCSTPG55 | Long             | EC               | CORP              | US        |     25444 | NS      | $6030228.00   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| BWX TECHNOLOGIES, INC.                                           | BWX TECHNOLOGIES INC                          | CUSIP: 05605H100<br>LEI: 549300NP85N265KWMS58 | Long             | EC               | CORP              | US        |     41314 | NS      | $8939936.46   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| BOOKING HOLDINGS INC.                                            | BOOKING HOLDINGS INC                          | CUSIP: 09857L108<br>LEI: FXM8FAOHMYDIPD38UZ17 | Long             | EC               | CORP              | US        |     33975 | NS      | $5720031.00   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| BROADCOM INC.                                                    | BROADCOM INC                                  | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |    427611 | NS      | $178497659.73 | 6.72%             |  |  |  | No            |                  1 | On Loan: No      |
| BURLINGTON STORES, INC.                                          | BURLINGTON STORES INC                         | CUSIP: 122017106<br>LEI: 5299003Z37DVGKKC1W09 | Long             | EC               | CORP              | US        |     39825 | NS      | $12744398.25  | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| CADENCE DESIGN SYSTEMS, INC.                                     | CADENCE DESIGN SYSTEMS INC                    | CUSIP: 127387108<br>LEI: GCT7RXJOGLXPV0NXZY22 | Long             | EC               | CORP              | US        |     97763 | NS      | $32221707.17  | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| CARDINAL HEALTH, INC.                                            | CARDINAL HEALTH INC                           | CUSIP: 14149Y108<br>LEI: CCU46N3GJMF4OK4N7U60 | Long             | EC               | CORP              | US        |     20549 | NS      | $3963491.12   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| CELSIUS HOLDINGS, INC.                                           | CELSIUS HOLDINGS INC                          | CUSIP: 15118V207<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     29193 | NS      | $980009.01    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| CHEWY, INC.                                                      | CHEWY INC CLASS A                             | CUSIP: 16679L109<br>LEI: 254900NPQSTG9I422879 | Long             | EC               | CORP              | US        |     45091 | NS      | $1146213.22   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| CINTAS CORPORATION                                               | CINTAS CORP                                   | CUSIP: 172908105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     22362 | NS      | $3906865.02   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| CLEAN HARBORS, INC.                                              | CLEAN HARBORS INC                             | CUSIP: 184496107<br>LEI: 5493000SJVZVZJKHJF48 | Long             | EC               | CORP              | US        |     18544 | NS      | $5798337.92   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| THE COCA-COLA COMPANY                                            | COCA COLA CO THE                              | CUSIP: 191216100<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | EC               | CORP              | US        |    107645 | NS      | $8478120.20   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| COMFORT SYSTEMS USA, INC.                                        | COMFORT SYSTEMS USA INC                       | CUSIP: 199908104<br>LEI: 5299009DT1ZA5HTU6R38 | Long             | EC               | CORP              | US        |      9125 | NS      | $16792281.25  | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| COSTCO WHOLESALE CORPORATION                                     | COSTCO WHOLESALE CORP                         | CUSIP: 22160K105<br>LEI: 29DX7H14B9S6O3FD6V18 | Long             | EC               | CORP              | US        |     17656 | NS      | $17912541.68  | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| CROWDSTRIKE HOLDINGS, INC.                                       | CROWDSTRIKE HOLDINGS INC A                    | CUSIP: 22788C105<br>LEI: 549300YBY08K9KM4HX32 | Long             | EC               | CORP              | US        |     40044 | NS      | $17849613.00  | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| DATADOG, INC.                                                    | DATADOG INC CLASS A                           | CUSIP: 23804L103<br>LEI: 549300F6JNO0KRPO1K63 | Long             | EC               | CORP              | US        |     12265 | NS      | $1621310.35   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| DECKERS OUTDOOR CORPORATION                                      | DECKERS OUTDOOR CORP                          | CUSIP: 243537107<br>LEI: 5493008LG4W3I6K8J118 | Long             | EC               | CORP              | US        |    108207 | NS      | $11058755.40  | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| DELL TECHNOLOGIES INC.                                           | DELL TECHNOLOGIES INC                         | CUSIP: 24703L202<br>LEI: 549300TJB5YBRUPOG437 | Long             | EC               | CORP              | US        |     30782 | NS      | $6431898.90   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| DEXCOM, INC.                                                     | DEXCOM INC                                    | CUSIP: 252131107<br>LEI: 549300YSK3QDSFR5EU59 | Long             | EC               | CORP              | US        |    102335 | NS      | $6094049.25   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| DIAMONDBACK ENERGY, INC.                                         | DIAMONDBACK ENERGY INC                        | CUSIP: 25278X109<br>LEI: 549300R22LSX6OHWEN64 | Long             | EC               | CORP              | US        |     26795 | NS      | $5509855.85   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| DOORDASH, INC.                                                   | DOORDASH INC                                  | CUSIP: 25809K105<br>LEI: 549300NUQ43FGGSK5051 | Long             | EC               | CORP              | US        |     15338 | NS      | $2586753.70   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| DRAFTKINGS INC.                                                  | DRAFTKINGS INC                                | CUSIP: 26142V105<br>LEI: 2549006G33IUL6IVOD83 | Long             | EC               | CORP              | US        |     46345 | NS      | $1080765.40   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| E.L.F. BEAUTY, INC.                                              | ELF BEAUTY INC                                | CUSIP: 26856L103<br>LEI: 549300U2K9TCON25C029 | Long             | EC               | CORP              | US        |     42083 | NS      | $2692049.51   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| EXELIXIS, INC.                                                   | EXELIXIS INC                                  | CUSIP: 30161Q104<br>LEI: 254900PJQB59O2O95R37 | Long             | EC               | CORP              | US        |     88801 | NS      | $3948092.46   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| EXLSERVICE HOLDINGS, INC.                                        | EXLSERVICE HOLDINGS INC                       | CUSIP: 302081104<br>LEI: 81E3DTNF6OSH489ZOV15 | Long             | EC               | CORP              | US        |    163836 | NS      | $5223091.68   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| EXPEDIA GROUP, INC.                                              | EXPEDIA GROUP INC                             | CUSIP: 30212P303<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     27296 | NS      | $6779507.52   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| META PLATFORMS, INC.                                             | META PLATFORMS INC                            | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |    179224 | NS      | $109668957.84 | 4.13%             |  |  |  | No            |                  1 | On Loan: No      |
| FAIR ISAAC CORPORATION                                           | FAIR ISAAC CORP                               | CUSIP: 303250104<br>LEI: RI6HET5SJUEY30V1PS26 | Long             | EC               | CORP              | US        |      2383 | NS      | $2442575.00   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| FORTINET, INC.                                                   | FORTINET INC                                  | CUSIP: 34959E109<br>LEI: 549300O0QJWDBAS0QX03 | Long             | EC               | CORP              | US        |     34481 | NS      | $2907093.11   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| GE VERNOVA INC.                                                  | GE VERNOVA LLC                                | CUSIP: 36828A101<br>LEI: 254900DP080RU6OK2553 | Long             | EC               | CORP              | US        |     19106 | NS      | $20700586.76  | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| GODADDY INC.                                                     | GODADDY INC CLASS A                           | CUSIP: 380237107<br>LEI: 549300J8H1TB0I2CB447 | Long             | EC               | CORP              | US        |     51316 | NS      | $4453715.64   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| W.W. GRAINGER, INC.                                              | WW GRAINGER INC                               | CUSIP: 384802104<br>LEI: 549300TWZSP6O1IH2V34 | Long             | EC               | CORP              | US        |      3291 | NS      | $3822002.85   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| HALOZYME THERAPEUTICS, INC.                                      | HALOZYME THERAPEUTICS INC                     | CUSIP: 40637H109<br>LEI: 529900242I3SV9AGM753 | Long             | EC               | CORP              | US        |    130450 | NS      | $8304447.00   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| HEICO CORPORATION                                                | HEICO CORPORATION CL A                        | CUSIP: 422806208<br>LEI: 529900O1DTDLCJ7L0I14 | Long             | EC               | CORP              | US        |     35980 | NS      | $7520539.60   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| HILTON WORLDWIDE HOLDINGS INC.                                   | HILTON WORLDWIDE HOLDINGS INC                 | CUSIP: 43300A203<br>LEI: 549300HVGPK36ICB0B89 | Long             | EC               | CORP              | US        |     43592 | NS      | $14126859.44  | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| HOWMET AEROSPACE INC.                                            | HOWMET AEROSPACE INC                          | CUSIP: 443201108<br>LEI: 549300HO5WFZUT5N2T22 | Long             | EC               | CORP              | US        |     40731 | NS      | $9899262.24   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| HUBSPOT, INC.                                                    | HUBSPOT INC                                   | CUSIP: 443573100<br>LEI: 529900BLNVEW0MVKJB37 | Long             | EC               | CORP              | US        |      5821 | NS      | $1290864.96   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| HUNTINGTON BANCSHARES INCORPORATED                               | HUNTINGTON BANCSHARES INC OH                  | CUSIP: 446150104<br>LEI: 549300XTVCVV9I7B5T19 | Long             | EC               | CORP              | US        |    691327 | NS      | $11586640.52  | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| IDEXX LABORATORIES, INC.                                         | IDEXX LABORATORIES INC                        | CUSIP: 45168D104<br>LEI: OGMTXK0LUU1HKV2P0J84 | Long             | EC               | CORP              | US        |      7145 | NS      | $4006916.00   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| INCYTE CORPORATION                                               | INCYTE PHARMACEUTICALS INC                    | CUSIP: 45337C102<br>LEI: 549300Z4WN6JVZ3T4680 | Long             | EC               | CORP              | US        |     88417 | NS      | $8423487.59   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| INTUIT INC.                                                      | INTUIT INC                                    | CUSIP: 461202103<br>LEI: VI90HBPH7XSFMB9E4M29 | Long             | EC               | CORP              | US        |      7979 | NS      | $3099841.50   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| INTUITIVE SURGICAL, INC.                                         | INTUITIVE SURGICAL INC                        | CUSIP: 46120E602<br>LEI: 54930052SRG011710797 | Long             | EC               | CORP              | US        |     69016 | NS      | $31582411.76  | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Top 20 US Stocks ETF                                     | ISHARES TOP 20 US STOCKS ETF                  | CUSIP: 46438G570<br>LEI: N/A                  | Long             |  | RF                | US        |    689021 | NS      | $22110683.89  | 0.83%             |  |  |  | No            |                  1 | On Loan: —       |
| KLA CORPORATION                                                  | KLA CORP                                      | CUSIP: 482480100<br>LEI: 549300H0BF5JCG96TJ81 | Long             | EC               | CORP              | US        |      7101 | NS      | $12429235.35  | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| LPL FINANCIAL HOLDINGS INC.                                      | LPL FINANCIAL HOLDINGS INC                    | CUSIP: 50212V100<br>LEI: 549300XROQ4Y8G2L7682 | Long             | EC               | CORP              | US        |     18611 | NS      | $6218493.43   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| LAM RESEARCH CORPORATION                                         | LAM RESEARCH CORP                             | CUSIP: 512807306<br>LEI: 549300I4GMO6D34U1T02 | Long             | EC               | CORP              | US        |    117224 | NS      | $30227380.64  | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| LAS VEGAS SANDS CORP.                                            | LAS VEGAS SANDS CORP                          | CUSIP: 517834107<br>LEI: 549300DUOO1KXOHPM605 | Long             | EC               | CORP              | US        |     82736 | NS      | $4518212.96   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| ELI LILLY AND COMPANY                                            | ELI LILLY CO                                  | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |     56119 | NS      | $52448817.40  | 1.97%             |  |  |  | No            |                  1 | On Loan: No      |
| LULULEMON ATHLETICA INC.                                         | LULULEMON ATHLETICA INC                       | CUSIP: 550021109<br>LEI: 549300D9GZ4BMLDW5T40 | Long             | EC               | CORP              | US        |     52119 | NS      | $7176786.30   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| LYFT, INC.                                                       | LYFT INC                                      | CUSIP: 55087P104<br>LEI: 549300H7I5VN334XVZ52 | Long             | EC               | CORP              | US        |    284403 | NS      | $4024302.45   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| MSCI INC.                                                        | MSCI INC COMMON                               | CUSIP: 55354G100<br>LEI: 549300HTIN2PD78UB763 | Long             | EC               | CORP              | US        |     10872 | NS      | $6429809.52   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| MANHATTAN ASSOCIATES, INC.                                       | MANHATTAN ASSOCIATES INC                      | CUSIP: 562750109<br>LEI: 529900Q1GJP7KD52SW51 | Long             | EC               | CORP              | US        |      7995 | NS      | $1102430.55   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Maplebear Inc                                                    | MAPLEBEAR INC                                 | CUSIP: 565394103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     47176 | NS      | $1997903.60   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| MARRIOTT INTERNATIONAL, INC.                                     | MARRIOTT INTERNATIONAL INC CLASS A            | CUSIP: 571903202<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | EC               | CORP              | US        |     18848 | NS      | $6817133.12   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| MASTERCARD INCORPORATED                                          | MASTERCARD INC CLASS A                        | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |     26714 | NS      | $13435004.88  | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| MCKESSON CORPORATION                                             | MCKESSON CORP                                 | CUSIP: 58155Q103<br>LEI: 549300WZWOM80UCFSF54 | Long             | EC               | CORP              | US        |     35823 | NS      | $29202909.60  | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| MEDPACE HOLDINGS, INC.                                           | MEDPACE HOLDINGS INC                          | CUSIP: 58506Q109<br>LEI: 549300H8TYEUVTW14A54 | Long             | EC               | CORP              | US        |     17651 | NS      | $7389767.66   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| MICROSOFT CORPORATION                                            | MICROSOFT CORP                                | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |    324429 | NS      | $132295657.62 | 4.98%             |  |  |  | No            |                  1 | On Loan: No      |
| MONOLITHIC POWER SYSTEMS, INC.                                   | MONOLITHIC POWER SYSTEMS INC                  | CUSIP: 609839105<br>LEI: 529900TB7O85LSZ1XU31 | Long             | EC               | CORP              | US        |     21319 | NS      | $34417606.79  | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| MONSTER BEVERAGE CORPORATION                                     | MONSTER BEVERAGE CORP                         | CUSIP: 61174X109<br>LEI: 52990090AP0E7HCB6F33 | Long             | EC               | CORP              | US        |     88635 | NS      | $6831099.45   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| MOTOROLA SOLUTIONS, INC.                                         | MOTOROLA SOLUTIONS INC                        | CUSIP: 620076307<br>LEI: 6S552MUG6KGJVEBSEC55 | Long             | EC               | CORP              | US        |     72848 | NS      | $31982457.44  | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| MUELLER INDUSTRIES, INC.                                         | MUELLER INDUSTRIES INC                        | CUSIP: 624756102<br>LEI: 5493005IZFE4VJLLYG84 | Long             | EC               | CORP              | US        |     51276 | NS      | $6944308.68   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| NATERA, INC.                                                     | NATERA INC                                    | CUSIP: 632307104<br>LEI: 529900CQ3OZ0A0VYVU59 | Long             | EC               | CORP              | US        |     60777 | NS      | $12529786.32  | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| NETFLIX, INC.                                                    | NETFLIX INC                                   | CUSIP: 64110L106<br>LEI: 549300Y7VHGU0I7CE873 | Long             | EC               | CORP              | US        |    526492 | NS      | $49284916.12  | 1.86%             |  |  |  | No            |                  1 | On Loan: No      |
| NEUROCRINE BIOSCIENCES, INC.                                     | NEUROCRINE BIOSCIENCES INC                    | CUSIP: 64125C109<br>LEI: 549300FECER0XBN49756 | Long             | EC               | CORP              | US        |     51109 | NS      | $6729522.03   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| VIPER ENERGY, INC.                                               | VIPER ENERGY INC                              | CUSIP: 64361Q101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    178767 | NS      | $8827514.46   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| THE NEW YORK TIMES COMPANY                                       | NEW YORK TIMES CO THE                         | CUSIP: 650111107<br>LEI: 529900J1WEMMIW7BOH57 | Long             | EC               | CORP              | US        |     35828 | NS      | $2831486.84   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| NUTANIX, INC.                                                    | NUTANIX INC A                                 | CUSIP: 67059N108<br>LEI: 549300X7J6E8TKVIXW09 | Long             | EC               | CORP              | US        |     24521 | NS      | $1002663.69   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA CORPORATION                                               | NVIDIA CORP                                   | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |   1825754 | NS      | $364365725.78 | 13.72%            |  |  |  | No            |                  1 | On Loan: No      |
| O'Reilly Automotive, Inc.                                        | O REILLY AUTOMOTIVE INC                       | CUSIP: 67103H107<br>LEI: 549300K2RLMQL149Q332 | Long             | EC               | CORP              | US        |    374174 | NS      | $37192895.60  | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| ORACLE CORPORATION                                               | ORACLE CORP                                   | CUSIP: 68389X105<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | EC               | CORP              | US        |     53524 | NS      | $8638238.36   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| PALANTIR TECHNOLOGIES INC.                                       | PALANTIR TECHNOLOGIES INC                     | CUSIP: 69608A108<br>LEI: 549300UVN46B3BBDHO85 | Long             | EC               | CORP              | US        |    139929 | NS      | $19465523.19  | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| PALO ALTO NETWORKS, INC.                                         | PALO ALTO NETWORKS INC                        | CUSIP: 697435105<br>LEI: 549300QXR2YVZV231H43 | Long             | EC               | CORP              | US        |    220230 | NS      | $39491643.60  | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| PAYCHEX, INC.                                                    | PAYCHEX INC                                   | CUSIP: 704326107<br>LEI: 529900K900DW6SUBM174 | Long             | EC               | CORP              | US        |     48216 | NS      | $4466248.08   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| THE PROGRESSIVE CORPORATION                                      | PROGRESSIVE CORP                              | CUSIP: 743315103<br>LEI: 529900TACNVLY9DCR586 | Long             | EC               | CORP              | US        |     26353 | NS      | $5304331.84   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| QUANTA SERVICES, INC.                                            | QUANTA SERVICES INC                           | CUSIP: 74762E102<br>LEI: SHVRXXEACT60MMH07S24 | Long             | EC               | CORP              | US        |     28648 | NS      | $20849154.96  | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| RALPH LAUREN CORPORATION                                         | RALPH LAUREN CORP                             | CUSIP: 751212101<br>LEI: HO1QNWM0IXBZ0QSMMO20 | Long             | EC               | CORP              | US        |     13115 | NS      | $4703563.60   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| REDDIT, INC.                                                     | REDDIT INC                                    | CUSIP: 75734B100<br>LEI: 529900APN1YHPBHPI679 | Long             | EC               | CORP              | US        |    100240 | NS      | $14758335.20  | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| ROLLINS, INC.                                                    | ROLLINS INC                                   | CUSIP: 775711104<br>LEI: 549300F2A0BXT4SGWD84 | Long             | EC               | CORP              | US        |    145266 | NS      | $8095674.18   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| SERVICENOW, INC.                                                 | SERVICENOW INC                                | CUSIP: 81762P102<br>LEI: 549300HJTQM36M0E1G39 | Long             | EC               | CORP              | US        |    349546 | NS      | $30868407.26  | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| SNOWFLAKE INC.                                                   | SNOWFLAKE INC                                 | CUSIP: 833445109<br>LEI: 254900CJNSY1K7T53Z16 | Long             | EC               | CORP              | US        |     84146 | NS      | $11483404.62  | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Company Limited               | TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD ADR | CUSIP: 874039100<br>LEI: 549300KB6NK5SBD14S87 | Long             |  | CORP              | TW        |     33252 | NS      | $13169787.12  | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| TALEN ENERGY CORP                                                | TALEN ENERGY CORP                             | CUSIP: 87422Q109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4045 | NS      | $1506438.90   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| TESLA, INC.                                                      | TESLA INC                                     | CUSIP: 88160R101<br>LEI: 54930043XZGB27CTOV49 | Long             | EC               | CORP              | US        |    125082 | NS      | $47735043.66  | 1.80%             |  |  |  | No            |                  1 | On Loan: No      |
| TEXAS PACIFIC LAND CORPORATION                                   | TEXAS PACIFIC LAND CORP                       | CUSIP: 88262P102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5949 | NS      | $2639392.83   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| THE TRADE DESK, INC.                                             | THE TRADE DESK INC CLASS A                    | CUSIP: 88339J105<br>LEI: 549300GXPD31VT3E0P46 | Long             | EC               | CORP              | US        |    180093 | NS      | $4248393.87   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| TRADEWEB MARKETS INC.                                            | TRADEWEB MARKETS INC                          | CUSIP: 892672106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     67424 | NS      | $7635768.00   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| UBER TECHNOLOGIES, INC.                                          | UBER TECHNOLOGIES INC                         | CUSIP: 90353T100<br>LEI: 549300B2FTG34FILDR98 | Long             | EC               | CORP              | US        |    506994 | NS      | $37826822.34  | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| ULTA BEAUTY, INC.                                                | ULTA BEAUTY INC                               | CUSIP: 90384S303<br>LEI: 529900CIV6HN8M28YM82 | Long             | EC               | CORP              | US        |     19616 | NS      | $10543207.68  | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITEDHEALTH GROUP INCORPORATED                                  | UNITEDHEALTH GROUP INC                        | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |     27682 | NS      | $10255627.36  | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Mega Cap Growth Index Fund                              | VANGUARD MEGA CAP GROWTH ETF                  | CUSIP: 921910816<br>LEI: N/A                  | Long             |  | RF                | US        |    265885 | NS      | $22334340.00  | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard World Fund - Vanguard Information Technology Index Fund | VANGUARD INFORMATION TECHNOLOGY ETF           | CUSIP: 92204A702<br>LEI: J2NTZGJBERBYMUMBIE74 | Long             |  | RF                | US        |    226592 | NS      | $23379762.56  | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| VEEVA SYSTEMS INC.                                               | VEEVA SYSTEMS INC                             | CUSIP: 922475108<br>LEI: 549300YZEXPDB92M2F02 | Long             | EC               | CORP              | US        |     19913 | NS      | $3105830.61   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| VERTIV HOLDINGS CO                                               | VERTIV HOLDINGS CO                            | CUSIP: 92537N108<br>LEI: 549300KTTIRAOGXCRV69 | Long             | EC               | CORP              | US        |    149636 | NS      | $49153929.64  | 1.85%             |  |  |  | No            |                  1 | On Loan: No      |
| VISA INC.                                                        | VISA INC CLASS A                              | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |    226562 | NS      | $74729210.08  | 2.81%             |  |  |  | No            |                  1 | On Loan: No      |
| WOODWARD, INC.                                                   | WOODWARD INC                                  | CUSIP: 980745103<br>LEI: YPYKXXTR8TFDH54ZMB45 | Long             | EC               | CORP              | US        |     30763 | NS      | $11166661.37  | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| FTAI Aviation Ltd.                                               | FTAI AVIATION LTD                             | CUSIP: G3730V105<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |     27364 | NS      | $6831969.88   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| ROYALTY PHARMA PLC                                               | ROYALTY PHARMA PLC                            | CUSIP: G7709Q104<br>LEI: 549300FGFN7VOK8BZR03 | Long             | EC               | CORP              | GB        |    269073 | NS      | $13477866.57  | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| TRANE TECHNOLOGIES PLC                                           | TRANE TECHNOLOGIES PLC                        | CUSIP: G8994E103<br>LEI: 549300BURLR9SLYY2705 | Long             | EC               | CORP              | IE        |     70274 | NS      | $34612755.96  | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Viking Holdings Ltd                                              | VIKING HOLDINGS LTD                           | CUSIP: G93A5A101<br>LEI: 52990032GOPN7BVQMN13 | Long             | EC               | CORP              | BM        |     93499 | NS      | $7658503.09   | 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        |    324225 | NS      | $324225.00    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| On Holding AG                                                    | ON HOLDING AG                                 | CUSIP: H5919C104<br>LEI: 506700FB3467B9W95526 | Long             | EC               | CORP              | CH        |    335301 | NS      | $11940068.61  | 0.45%             |  |  |  | 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        |    324225 | NS      | $324225.00    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| INVESCO GOVERNMENT & AGENCY PORTFOLIO                            | INVESCO GVT & AGNCY-INST                      | CUSIP: 825252885<br>LEI: N/A                  | Long             | STIV             | RF                | US        |    324225 | NS      | $324225.00    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| MSILF Government Portfolio                                       | MSILF GOVERNMENT-INST                         | CUSIP: 61747C707<br>LEI: N/A                  | Long             | STIV             | RF                | US        |    324225 | NS      | $324225.00    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Elastic N.V.                                                     | ELASTIC NV                                    | CUSIP: N14506104<br>LEI: 2549003I48WHHH937I59 | Long             | EC               | CORP              | NL        |     16525 | NS      | $767255.75    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| ROYAL CARIBBEAN CRUISES LTD.                                     | ROYAL CARIBBEAN CRUISES LTD                   | CUSIP: V7780T103<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | EC               | CORP              | LR        |     16652 | NS      | $4392131.52   | 0.17%             |  |  |  | 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