# EDGAR Filing Document

**Accession Number:** 0000908695
**File Stem:** 0001004726-25-003363
**Filing Date:** 2025-12
**Character Count:** 40163
**Document Hash:** 0325ebac71439653b84f547ae5830547
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001004726-25-003363.hdr.sgml**: 20251229

**ACCESSION NUMBER**: 0001004726-25-003363

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20251229

**DATE AS OF CHANGE**: 20251229

**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:** 251604457

**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 Nasdaq-100 Index Fund (Formerly USAA Nasdaq-100 Index Fund) (Series ID: S000012907)

| Class ID   | Class Name                                         | Ticker Symbol   |
|:---|:---|:---|
| C000034876 | Victory Nasdaq-100 Index Fund Shares               | USNQX           |
| C000179381 | Victory Nasdaq-100 Index Fund Class R6             | URNQX           |
| C000220618 | Victory Nasdaq-100 Index Fund Class A              | UANQX           |
| C000220619 | Victory Nasdaq-100 Index Fund Institutional Shares | UINQX           |
| C000220620 | Victory Nasdaq-100 Index Fund Class C              | UCNQX           |

## 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 Nasdaq-100 Index Fund

- **b. EDGAR series identifier (if any):** S000012907

- **c. LEI of Series:** 549300T6Q4B91544NR06

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

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

- **b. Date as of which information is reported:** 2025-10-31

**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:** $8470160905.71

**Total Liabilities:** $14839479.87

**Net Assets:** $8455321425.84

**Cash Not Reported:** $13851172.16

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000220618 | 0.86%                | 5.42%                | 4.76%                |
| Class ID C000179381 | 0.91%                | 5.45%                | 4.79%                |
| Class ID C000220619 | 0.89%                | 5.45%                | 4.77%                |
| Class ID C000034876 | 0.89%                | 5.46%                | 4.78%                |
| Class ID C000220620 | 0.82%                | 5.35%                | 4.69%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $4999003.80              | $60994086.69                               |
| Month 2  | $14195254.31             | $402389534.15                              |
| Month 3  | $-906195.71              | $387073330.04                              |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| MICROCHIP TECHNOLOGY INCORPORATED              | MICROCHIP TECHNOLOGY INC            | CUSIP: 595017104<br>LEI: 5493007PTFULNYZJ1R12 | Long             | EC               | CORP              | US        |    228281 | NS      | $14249300.02  | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| AUTODESK, INC.                                 | AUTODESK INC                        | CUSIP: 052769106<br>LEI: FRKKVKAIQEF3FCSTPG55 | Long             | EC               | CORP              | US        |     91652 | NS      | $27618413.68  | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| DIAMONDBACK ENERGY, INC.                       | DIAMONDBACK ENERGY INC              | CUSIP: 25278X109<br>LEI: 549300R22LSX6OHWEN64 | Long             | EC               | CORP              | US        |    122966 | NS      | $17607501.54  | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| ON SEMICONDUCTOR CORPORATION                   | ON SEMICONDUCTOR CORP               | CUSIP: 682189105<br>LEI: ZV20P4CNJVT8V1ZGJ064 | Long             | EC               | CORP              | US        |    169447 | NS      | $8485905.76   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| ZSCALER, INC.                                  | ZSCALER INC                         | CUSIP: 98980G102<br>LEI: 529900MZ0RTK1BWRNF46 | Long             | EC               | CORP              | US        |     66265 | NS      | $21942992.10  | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| COGNIZANT TECHNOLOGY SOLUTIONS CORPORATION     | COGNIZANT TECHNOLOGY SOLUTIONS CORP | CUSIP: 192446102<br>LEI: 5493006IEVQEFQO40L83 | Long             | EC               | CORP              | US        |    206133 | NS      | $15022973.04  | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| ASTRAZENECA PLC                                | ASTRAZENECA PLC                     | CUSIP: 046353108<br>LEI: PY6ZZQWO2IZFZC3IOL08 | Long             |  | CORP              | GB        |    250394 | NS      | $20632465.60  | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| ADVANCED MICRO DEVICES, INC.                   | ADVANCED MICRO DEVICES INC          | CUSIP: 007903107<br>LEI: R2I72C950HOYXII45366 | Long             | EC               | CORP              | US        |    702923 | NS      | $180032638.76 | 2.13%             |  |  |  | No            |                  1 | On Loan: No      |
| INTUITIVE SURGICAL, INC.                       | INTUITIVE SURGICAL INC              | CUSIP: 46120E602<br>LEI: 54930052SRG011710797 | Long             | EC               | CORP              | US        |    154770 | NS      | $82690515.60  | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| VERTEX PHARMACEUTICALS INCORPORATED            | VERTEX PHARAMACEUTICALS INC         | CUSIP: 92532F100<br>LEI: 54930015RAQRRZ5ZGJ91 | Long             | EC               | CORP              | US        |    110360 | NS      | $46965905.20  | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| TESLA, INC.                                    | TESLA INC                           | CUSIP: 88160R101<br>LEI: 54930043XZGB27CTOV49 | Long             | EC               | CORP              | US        |    642502 | NS      | $293340713.12 | 3.47%             |  |  |  | No            |                  1 | On Loan: No      |
| FORTINET, INC.                                 | FORTINET INC                        | CUSIP: 34959E109<br>LEI: 549300O0QJWDBAS0QX03 | Long             | EC               | CORP              | US        |    328071 | NS      | $28355176.53  | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| VERISK ANALYTICS, INC.                         | VERISK ANALYTICS INC                | CUSIP: 92345Y106<br>LEI: 549300I1YSWNIRKBWP67 | Long             | EC               | CORP              | US        |     59012 | NS      | $12909465.12  | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| THE KRAFT HEINZ COMPANY                        | KRAFT HEINZ CO THE                  | CUSIP: 500754106<br>LEI: 9845007488EC87F5AF14 | Long             | EC               | CORP              | US        |    497841 | NS      | $12311607.93  | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| LAM RESEARCH CORPORATION                       | LAM RESEARCH CORP                   | CUSIP: 512807306<br>LEI: 549300I4GMO6D34U1T02 | Long             | EC               | CORP              | US        |    546876 | NS      | $86111094.96  | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| BOOKING HOLDINGS INC.                          | BOOKING HOLDINGS INC                | CUSIP: 09857L108<br>LEI: FXM8FAOHMYDIPD38UZ17 | Long             | EC               | CORP              | US        |     13998 | NS      | $71078204.52  | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| OLD DOMINION FREIGHT LINE, INC.                | OLD DOMINION FREIGHT LINE INC       | CUSIP: 679580100<br>LEI: 5299009TWK32WE417T96 | Long             | EC               | CORP              | US        |     88420 | NS      | $12415936.40  | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| INVESCO GOVERNMENT & AGENCY PORTFOLIO          | INVESCO GVT & AGNCY-INST            | CUSIP: 825252885<br>LEI: N/A                  | Long             | STIV             | RF                | US        |   2945179 | NS      | $2945179.00   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| SYNOPSYS, INC.                                 | SYNOPSYS INC                        | CUSIP: 871607107<br>LEI: QG7T915N9S0NY5UKNE63 | Long             | EC               | CORP              | US        |     79516 | NS      | $36085951.12  | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| CADENCE DESIGN SYSTEMS, INC.                   | CADENCE DESIGN SYSTEMS INC          | CUSIP: 127387108<br>LEI: GCT7RXJOGLXPV0NXZY22 | Long             | EC               | CORP              | US        |    117185 | NS      | $39689387.65  | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| T-MOBILE US, INC.                              | T MOBILE US INC                     | CUSIP: 872590104<br>LEI: 549300QHIJYOHPACPG31 | Long             | EC               | CORP              | US        |    486992 | NS      | $102292669.60 | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| PALO ALTO NETWORKS, INC.                       | PALO ALTO NETWORKS INC              | CUSIP: 697435105<br>LEI: 549300QXR2YVZV231H43 | Long             | EC               | CORP              | US        |    288597 | NS      | $63560603.28  | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| GE HEALTHCARE TECHNOLOGIES INC.                | GE HEALTHCARE TECHNOLOGIES INC      | CUSIP: 36266G107<br>LEI: 549300OI9J7XOWZMUN85 | Long             | EC               | CORP              | US        |    192891 | NS      | $14457180.45  | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| APPLIED MATERIALS, INC.                        | APPLIED MATERIALS INC               | CUSIP: 038222105<br>LEI: 41BNNE1AFPNAZELZ6K07 | Long             | EC               | CORP              | US        |    344141 | NS      | $80219267.10  | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| AIRBNB, INC.                                   | AIRBNB INC CLASS A                  | CUSIP: 009066101<br>LEI: 549300HMUDNO0RY56D37 | Long             | EC               | CORP              | US        |    182956 | NS      | $23151252.24  | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| DATADOG, INC.                                  | DATADOG INC CLASS A                 | CUSIP: 23804L103<br>LEI: 549300F6JNO0KRPO1K63 | Long             | EC               | CORP              | US        |    137801 | NS      | $22435380.81  | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| CROWDSTRIKE HOLDINGS, INC.                     | CROWDSTRIKE HOLDINGS INC A          | CUSIP: 22788C105<br>LEI: 549300YBY08K9KM4HX32 | Long             | EC               | CORP              | US        |    108164 | NS      | $58734133.64  | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| PALANTIR TECHNOLOGIES INC.                     | PALANTIR TECHNOLOGIES INC           | CUSIP: 69608A108<br>LEI: 549300UVN46B3BBDHO85 | Long             | EC               | CORP              | US        |    985543 | NS      | $197571805.21 | 2.34%             |  |  |  | No            |                  1 | On Loan: No      |
| DOORDASH, INC.                                 | DOORDASH INC                        | CUSIP: 25809K105<br>LEI: 549300NUQ43FGGSK5051 | Long             | EC               | CORP              | US        |    173292 | NS      | $44080286.04  | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| TEXAS INSTRUMENTS INCORPORATED                 | TEXAS INSTRUMENTS INC               | CUSIP: 882508104<br>LEI: WDJNR2L6D8RWOEB8T652 | Long             | EC               | CORP              | US        |    392595 | NS      | $63388388.70  | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| DEXCOM, INC.                                   | DEXCOM INC                          | CUSIP: 252131107<br>LEI: 549300YSK3QDSFR5EU59 | Long             | EC               | CORP              | US        |    164228 | NS      | $9561354.16   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| AXON ENTERPRISE, INC.                          | AXON ENTERPRISE INC                 | CUSIP: 05464C101<br>LEI: 549300QP2IEEGFE16681 | Long             | EC               | CORP              | US        |     33534 | NS      | $24554600.82  | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| WORKDAY, INC.                                  | WORKDAY INC                         | CUSIP: 98138H101<br>LEI: 549300J0DYC0N31V7G13 | Long             | EC               | CORP              | US        |     92496 | NS      | $22191640.32  | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| ALPHABET INC.                                  | ALPHABET INC CLASS A                | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |   1025245 | NS      | $288288641.55 | 3.41%             |  |  |  | No            |                  1 | On Loan: No      |
| KEURIG DR PEPPER INC.                          | KEURIG DR PEPPER INC                | CUSIP: 49271V100<br>LEI: DYTQ8KRTKO7Y2BVU5K74 | Long             | EC               | CORP              | US        |    573808 | NS      | $15584625.28  | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| NXP Semiconductors N.V.                        | NXP SEMICONDUCTOR NV                | CUSIP: N6596X109<br>LEI: 724500M9BY5293JDF951 | Long             | EC               | CORP              | NL        |    107710 | NS      | $22524315.20  | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| HONEYWELL INTERNATIONAL INCORPORATION          | HONEYWELL INTERNATIONAL INC         | CUSIP: 438516106<br>LEI: ISRPG12PN4EIEOEMW547 | Long             | EC               | CORP              | US        |    273797 | NS      | $55123550.01  | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| AMAZON.COM, INC.                               | AMAZON COM INC                      | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |   1880862 | NS      | $459344117.64 | 5.43%             |  |  |  | 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        |   2945179 | NS      | $2945179.00   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| TAKE-TWO INTERACTIVE SOFTWARE, INC.            | TAKE TWO INTERACTIVE SOFTWARE       | CUSIP: 874054109<br>LEI: BOMSTHHJK882EWYX3334 | Long             | EC               | CORP              | US        |     78559 | NS      | $20140170.83  | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA CORPORATION                             | NVIDIA CORP                         | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |   4287548 | NS      | $868185594.52 | 10.27%            |  |  |  | No            |                  1 | On Loan: No      |
| GLOBALFOUNDRIES INC.                           | GLOBALFOUNDRIES INC                 | CUSIP: G39387108<br>LEI: 549300BA76VK784VMX48 | Long             | EC               | CORP              | KY        |    229620 | NS      | $8174472.00   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| APPLOVIN CORPORATION                           | APPLOVIN CORP                       | CUSIP: 03831W108<br>LEI: 549300LLVXMUAOL3SQ07 | Long             | EC               | CORP              | US        |    132972 | NS      | $84747044.76  | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| GILEAD SCIENCES, INC.                          | GILEAD SCIENCES INC                 | CUSIP: 375558103<br>LEI: 549300WTZWR07K8MNV44 | Long             | EC               | CORP              | US        |    535323 | NS      | $64126342.17  | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| MICRON TECHNOLOGY, INC.                        | MICRON TECHNOLOGY INC               | CUSIP: 595112103<br>LEI: B3DXGBC8GAIYWI2Z0172 | Long             | EC               | CORP              | US        |    483905 | NS      | $108283421.85 | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Arm Holdings PLC                               | ARM HOLDINGS PLC                    | CUSIP: 042068205<br>LEI: 2138001E66EELTE7Y904 | Long             |  | CORP              | GB        |     56755 | NS      | $9638134.10   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| PAYPAL HOLDINGS, INC.                          | PAYPAL HOLDINGS INC                 | CUSIP: 70450Y103<br>LEI: 5493005X2GO78EFZ3E94 | Long             | EC               | CORP              | US        |    409497 | NS      | $28365857.19  | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| BROADCOM INC.                                  | BROADCOM INC                        | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |   1372042 | NS      | $507147884.46 | 6.00%             |  |  |  | No            |                  1 | On Loan: No      |
| REGENERON PHARMACEUTICALS, INC.                | REGENERON PHARMACEUTICALS INC       | CUSIP: 75886F107<br>LEI: 549300RCBFWIRX3HYQ56 | Long             | EC               | CORP              | US        |     44543 | NS      | $29033127.40  | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Mondelez International, Inc.                   | MONDELEZ INTERNATIONAL INC          | CUSIP: 609207105<br>LEI: 549300DV9GIB88LZ5P30 | Long             | EC               | CORP              | US        |    555438 | NS      | $31915467.48  | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| PACCAR INC                                     | PACCAR INC                          | CUSIP: 693718108<br>LEI: KDTEY8BWE486IKZ3CC07 | Long             | EC               | CORP              | US        |    223868 | NS      | $22028611.20  | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| ATLASSIAN CORPORATION                          | ATLASSIAN CORP PLC                  | CUSIP: 049468101<br>LEI: 549300V7ZY5P02D2MY38 | Long             | EC               | CORP              | US        |     69471 | NS      | $11769776.82  | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| INTEL CORPORATION                              | INTEL CORP                          | CUSIP: 458140100<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | EC               | CORP              | US        |   1890207 | NS      | $75589377.93  | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| COSTCO WHOLESALE CORPORATION                   | COSTCO WHOLESALE CORP               | CUSIP: 22160K105<br>LEI: 29DX7H14B9S6O3FD6V18 | Long             | EC               | CORP              | US        |    192161 | NS      | $175145143.45 | 2.07%             |  |  |  | No            |                  1 | On Loan: No      |
| STARBUCKS CORPORATION                          | STARBUCKS CORP                      | CUSIP: 855244109<br>LEI: OQSJ1DU9TAOC51A47K68 | Long             | EC               | CORP              | US        |    488717 | NS      | $39522543.79  | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| COMCAST CORPORATION                            | COMCAST CORP                        | CUSIP: 20030N101<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | EC               | CORP              | US        |   1586366 | NS      | $44156497.61  | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| SHOPIFY INC.                                   | SHOPIFY INC                         | CUSIP: 82509L107<br>LEI: 549300HGQ43STJLLP808 | Long             | EC               | CORP              | CA        |    527595 | NS      | $91727666.70  | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| COPART, INC.                                   | COPART INC                          | CUSIP: 217204106<br>LEI: 549300KVYX3JWMYEHU61 | Long             | EC               | CORP              | US        |    410784 | NS      | $17667819.84  | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| NASDAQ 100 E MINI FUTURE DEC25                 | NASDAQ 100 E MINI FUTURE DEC25      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        32 | NC      | $1055424.00   | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| AUTOMATIC DATA PROCESSING, INC.                | AUTOMATIC DATA PROCESSING INC       | CUSIP: 053015103<br>LEI: HGBOLILQXWER4SAL2I23 | Long             | EC               | CORP              | US        |    174521 | NS      | $45427816.30  | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN ELECTRIC POWER COMPANY, INC.          | AMERICAN ELECTRIC POWER CO INC      | CUSIP: 025537101<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | EC               | CORP              | US        |    228806 | NS      | $27516209.56  | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| FASTENAL COMPANY                               | FASTENAL CO                         | CUSIP: 311900104<br>LEI: 529900PP0C7H2HHPSJ32 | Long             | EC               | CORP              | US        |    489916 | NS      | $20160043.40  | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| ASML Holding N.V.                              | ASML HOLDING NV                     | CUSIP: N07059210<br>LEI: 724500Y6DUVHQD6OXN27 | Long             |  | CORP              | NL        |     36404 | NS      | $38560208.92  | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| ROPER TECHNOLOGIES, INC.                       | ROPER TECHNOLOGIES INC              | CUSIP: 776696106<br>LEI: 54930003T4SXCIWVXY35 | Long             | EC               | CORP              | US        |     45933 | NS      | $20493007.95  | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| CISCO SYSTEMS, INC.                            | CISCO SYSTEMS INC                   | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |   1713973 | NS      | $125308566.03 | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| ADOBE INC.                                     | ADOBE INC                           | CUSIP: 00724F101<br>LEI: FU4LY2G4933NH2E1CP29 | Long             | EC               | CORP              | US        |    183068 | NS      | $62299871.08  | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| SOLSTICE ADVANCED MATERIALS INC.               | SOLSTICE ADVANCED MATERIALS INC     | CUSIP: 83443Q103<br>LEI: 2138004GZ4H9TW6HK435 | Long             | EC               | CORP              | US        |     68449 | NS      | $3085007.70   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| WARNER BROS. DISCOVERY, INC.                   | WARNER BROS DISCOVERY INC           | CUSIP: 934423104<br>LEI: 5493006ZCRFWKF6B1K26 | Long             | EC               | CORP              | US        |   1053683 | NS      | $23655183.35  | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| THE TRADE DESK, INC.                           | THE TRADE DESK INC CLASS A          | CUSIP: 88339J105<br>LEI: 549300GXPD31VT3E0P46 | Long             | EC               | CORP              | US        |    186119 | NS      | $9358063.32   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| ELECTRONIC ARTS INC.                           | ELECTRONIC ARTS INC                 | CUSIP: 285512109<br>LEI: 549300O7A67PUEYKDL45 | Long             | EC               | CORP              | US        |    106643 | NS      | $21334998.58  | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| CINTAS CORPORATION                             | CINTAS CORP                         | CUSIP: 172908105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    172961 | NS      | $31698562.47  | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| CONSTELLATION ENERGY CORPORATION.              | CONSTELLATION ENERGY CORP           | CUSIP: 21037T109<br>LEI: 549300F8Y20RYGNGV346 | Long             | EC               | CORP              | US        |    134570 | NS      | $50732890.00  | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| PAYCHEX, INC.                                  | PAYCHEX INC                         | CUSIP: 704326107<br>LEI: 529900K900DW6SUBM174 | Long             | EC               | CORP              | US        |    152938 | NS      | $17898334.14  | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| ROSS STORES, INC.                              | ROSS STORES INC                     | CUSIP: 778296103<br>LEI: 549300ENZFLPGRDFZQ60 | Long             | EC               | CORP              | US        |    139355 | NS      | $22146296.60  | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| COCA-COLA EUROPACIFIC PARTNERS PLC             | COCA COLA EUROPEAN PARTNERS PLC     | CUSIP: G25839104<br>LEI: 549300LTH67W4GWMRF57 | Long             | EC               | CORP              | GB        |    194342 | NS      | $17263399.86  | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| MARRIOTT INTERNATIONAL, INC.                   | MARRIOTT INTERNATIONAL INC CLASS A  | CUSIP: 571903202<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | EC               | CORP              | US        |    116399 | NS      | $30331251.42  | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Pepsico, Inc.                                  | PEPSICO INC                         | CUSIP: 713448108<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | EC               | CORP              | US        |    591715 | NS      | $86443644.35  | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| META PLATFORMS, INC.                           | META PLATFORMS INC                  | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |    382320 | NS      | $247877172.00 | 2.93%             |  |  |  | No            |                  1 | On Loan: No      |
| CDW CORPORATION                                | CDW CORP OF DELAWARE                | CUSIP: 12514G108<br>LEI: 9845001B052ABF0B6755 | Long             | EC               | CORP              | US        |     54327 | NS      | $8658093.99   | 0.10%             |  |  |  | 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        |   2945179 | NS      | $2945179.00   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| MercadoLibre, Inc.                             | MERCADOLIBRE INC                    | CUSIP: 58733R102<br>LEI: 549300DKPDN9M5S8GB14 | Long             | EC               | CORP              | US        |     21830 | NS      | $50804085.80  | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| MICROSOFT CORPORATION                          | MICROSOFT CORP                      | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |   1311416 | NS      | $679064318.96 | 8.03%             |  |  |  | No            |                  1 | On Loan: No      |
| THOMSON REUTERS CORPORATION                    | THOMSON REUTERS CORP                | CUSIP: 884903808<br>LEI: 549300561UZND4C7B569 | Long             | EC               | CORP              | CA        |    193067 | NS      | $29550835.02  | 0.35%             |  |  |  | No            |                  1 | On Loan: —       |
| QUALCOMM INCORPORATED                          | QUALCOMM INC                        | CUSIP: 747525103<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | EC               | CORP              | US        |    466222 | NS      | $84339559.80  | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| INTUIT INC.                                    | INTUIT INC                          | CUSIP: 461202103<br>LEI: VI90HBPH7XSFMB9E4M29 | Long             | EC               | CORP              | US        |    120535 | NS      | $80463139.25  | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| EXELON CORPORATION                             | EXELON CORP                         | CUSIP: 30161N101<br>LEI: 3SOUA6IRML7435B56G12 | Long             | EC               | CORP              | US        |    429897 | NS      | $19826849.64  | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| MARVELL TECHNOLOGY, INC.                       | MARVELL TECHNOLOGY INC              | CUSIP: 573874104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    369839 | NS      | $34668707.86  | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| IDEXX LABORATORIES, INC.                       | IDEXX LABORATORIES INC              | CUSIP: 45168D104<br>LEI: OGMTXK0LUU1HKV2P0J84 | Long             | EC               | CORP              | US        |     34100 | NS      | $21466291.00  | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| CSX Corporation                                | CSX CORP                            | CUSIP: 126408103<br>LEI: 549300JVQR4N1MMP3Q88 | Long             | EC               | CORP              | US        |    798511 | NS      | $28762366.22  | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| APPLE INC.                                     | APPLE INC                           | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |   2618208 | NS      | $707884896.96 | 8.37%             |  |  |  | No            |                  1 | On Loan: No      |
| STRATEGY INC                                   | STRATEGY INC                        | CUSIP: 594972408<br>LEI: 549300WQTWEJUEHXQX21 | Long             | EC               | CORP              | US        |    113436 | NS      | $30572136.36  | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| COSTAR GROUP, INC.                             | COSTAR GROUP INC                    | CUSIP: 22160N109<br>LEI: 984500Q1D53D08E2E698 | Long             | EC               | CORP              | US        |    178964 | NS      | $12314512.84  | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| ANALOG DEVICES, INC.                           | ANALOG DEVICES INC                  | CUSIP: 032654105<br>LEI: GYVOE5EZ4GDAVTU4CQ61 | Long             | EC               | CORP              | US        |    211972 | NS      | $49629004.36  | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| BAKER HUGHES COMPANY                           | BAKER HUGHES CO                     | CUSIP: 05722G100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    419837 | NS      | $20324309.17  | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| MONSTER BEVERAGE CORPORATION                   | MONSTER BEVERAGE CORP               | CUSIP: 61174X109<br>LEI: 52990090AP0E7HCB6F33 | Long             | EC               | CORP              | US        |    418063 | NS      | $27939150.29  | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| KLA CORPORATION                                | KLA CORP                            | CUSIP: 482480100<br>LEI: 549300H0BF5JCG96TJ81 | Long             | EC               | CORP              | US        |     56948 | NS      | $68835325.52  | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| O'Reilly Automotive, Inc.                      | O REILLY AUTOMOTIVE INC             | CUSIP: 67103H107<br>LEI: 549300K2RLMQL149Q332 | Long             | EC               | CORP              | US        |    364502 | NS      | $34423568.88  | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| ALPHABET INC.                                  | ALPHABET INC CLASS C                | CUSIP: 02079K107<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |    956936 | NS      | $269683703.52 | 3.19%             |  |  |  | No            |                  1 | On Loan: No      |
| AMGEN INC.                                     | AMGEN INC                           | CUSIP: 031162100<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | EC               | CORP              | US        |    232426 | NS      | $69362891.18  | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| LULULEMON ATHLETICA INC.                       | LULULEMON ATHLETICA INC             | CUSIP: 550021109<br>LEI: 549300D9GZ4BMLDW5T40 | Long             | EC               | CORP              | US        |     47481 | NS      | $8097409.74   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| LINDE PUBLIC LIMITED COMPANY                   | NEW LINDE PLC                       | CUSIP: G54950103<br>LEI: 5299003QR1WT0EF88V51 | Long             | EC               | CORP              | IE        |    202783 | NS      | $84824128.90  | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| BIOGEN INC.                                    | BIOGEN INC                          | CUSIP: 09062X103<br>LEI: W8J5WZB5IY3K0NDQT671 | Long             | EC               | CORP              | US        |     61018 | NS      | $9413246.86   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Xcel Energy Inc.                               | XCEL ENERGY INC                     | CUSIP: 98389B100<br>LEI: LGJNMI9GH8XIDG5RCM61 | Long             | EC               | CORP              | US        |    251880 | NS      | $20445099.60  | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| MSILF Government Portfolio                     | MSILF GOVERNMENT-INST               | CUSIP: 61747C707<br>LEI: N/A                  | Long             | STIV             | RF                | US        |   2945179 | NS      | $2945179.00   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| PDD Holdings Inc.                              | PDD HOLDINGS INC                    | CUSIP: 722304102<br>LEI: 5493000573DS7005T657 | Long             |  | CORP              | KY        |    287052 | NS      | $38714703.24  | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| NETFLIX, INC.                                  | NETFLIX INC                         | CUSIP: 64110L106<br>LEI: 549300Y7VHGU0I7CE873 | Long             | EC               | CORP              | US        |    184209 | NS      | $206104081.74 | 2.44%             |  |  |  | No            |                  1 | On Loan: No      |
| CHARTER COMMUNICATIONS, INC.                   | CHARTER COMMUNICATIONS INC          | CUSIP: 16119P108<br>LEI: 0J0XRGZE3PBRFEZ7MV65 | Long             | EC               | CORP              | US        |     57872 | NS      | $13532788.48  | 0.16%             |  |  |  | No            |                  1 | On Loan: —       |

### Signature

**Date Signed:** 2025-12-01

**Name of Applicant:** Victory Portfolios III

**Signature:** Carol Trevino

**Name of Signer:** Carol Trevino

**Title:** Treasurer