# EDGAR Filing Document

**Accession Number:** 0000908695
**File Stem:** 0001752724-25-160104
**Filing Date:** 2025-6
**Character Count:** 39832
**Document Hash:** a294698dc3cc02d36eeb6c0ec0320d39
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-160104.hdr.sgml**: 20250626

**ACCESSION NUMBER**: 0001752724-25-160104

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250626

**DATE AS OF CHANGE**: 20250626

**PERIOD START**: 20250430

**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:** 251080041

**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:** 2025-04-30

- **b. Date as of which information is reported:** 2025-04-30

**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:** $6546264175.08

**Total Liabilities:** $8958764.34

**Net Assets:** $6537305410.74

**Cash Not Reported:** $26453332.85

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000220618 | -2.74%               | -7.68%               | 1.50%                |
| Class ID C000179381 | -2.71%               | -7.64%               | 1.52%                |
| Class ID C000220619 | -2.72%               | -7.66%               | 1.52%                |
| Class ID C000034876 | -2.71%               | -7.67%               | 1.52%                |
| Class ID C000220620 | -2.79%               | -7.75%               | 1.48%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-3747161.92             | $-195089557.11                             |
| Month 2  | $-3380962.00             | $-533094983.85                             |
| Month 3  | $-507.15                 | $97791108.64                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Xcel Energy Inc.                               | XCEL ENERGY INC                     | CUSIP: 98389B100<br>LEI: LGJNMI9GH8XIDG5RCM61 | Long             | EC               | CORP              | US        |    254842 | NS      | $18017329.40  | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| MONGODB, INC.                                  | MONGODB INC                         | CUSIP: 60937P106<br>LEI: 549300TPTG69WKWE1Z37 | Long             | EC               | CORP              | US        |     33031 | NS      | $5686947.27   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| PALO ALTO NETWORKS, INC.                       | PALO ALTO NETWORKS INC              | CUSIP: 697435105<br>LEI: 549300QXR2YVZV231H43 | Long             | EC               | CORP              | US        |    293673 | NS      | $54896293.89  | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| MONSTER BEVERAGE CORPORATION                   | MONSTER BEVERAGE CORP               | CUSIP: 61174X109<br>LEI: 52990090AP0E7HCB6F33 | Long             | EC               | CORP              | US        |    431643 | NS      | $25950377.16  | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| ADVANCED MICRO DEVICES, INC.                   | ADVANCED MICRO DEVICES INC          | CUSIP: 007903107<br>LEI: R2I72C950HOYXII45366 | Long             | EC               | CORP              | US        |    718760 | NS      | $69971286.00  | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| KEURIG DR PEPPER INC.                          | KEURIG DR PEPPER INC                | CUSIP: 49271V100<br>LEI: DYTQ8KRTKO7Y2BVU5K74 | Long             | EC               | CORP              | US        |    601784 | NS      | $20815708.56  | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| TESLA, INC.                                    | TESLA INC                           | CUSIP: 88160R101<br>LEI: 54930043XZGB27CTOV49 | Long             | EC               | CORP              | US        |    655274 | NS      | $184892111.84 | 2.83%             |  |  |  | No            |                  1 | On Loan: No      |
| MICROSTRATEGY INCORPORATED                     | MICROSTRATEGY INC CLASS A           | CUSIP: 594972408<br>LEI: 549300WQTWEJUEHXQX21 | Long             | EC               | CORP              | US        |    105436 | NS      | $40077277.96  | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| ELECTRONIC ARTS INC.                           | ELECTRONIC ARTS INC                 | CUSIP: 285512109<br>LEI: 549300O7A67PUEYKDL45 | Long             | EC               | CORP              | US        |    115596 | NS      | $16771823.64  | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| CADENCE DESIGN SYSTEMS, INC.                   | CADENCE DESIGN SYSTEMS INC          | CUSIP: 127387108<br>LEI: GCT7RXJOGLXPV0NXZY22 | Long             | EC               | CORP              | US        |    121580 | NS      | $36199229.20  | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Mondelez International, Inc.                   | MONDELEZ INTERNATIONAL INC          | CUSIP: 609207105<br>LEI: 549300DV9GIB88LZ5P30 | Long             | EC               | CORP              | US        |    573740 | NS      | $39088906.20  | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| CINTAS CORPORATION                             | CINTAS CORP                         | CUSIP: 172908105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    178991 | NS      | $37888814.88  | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| TAKE-TWO INTERACTIVE SOFTWARE, INC.            | TAKE TWO INTERACTIVE SOFTWARE       | CUSIP: 874054109<br>LEI: BOMSTHHJK882EWYX3334 | Long             | EC               | CORP              | US        |     78284 | NS      | $18265222.88  | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| HONEYWELL INTERNATIONAL INCORPORATION          | HONEYWELL INTERNATIONAL INC         | CUSIP: 438516106<br>LEI: ISRPG12PN4EIEOEMW547 | Long             | EC               | CORP              | US        |    288270 | NS      | $60680835.00  | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| THE KRAFT HEINZ COMPANY                        | KRAFT HEINZ CO THE                  | CUSIP: 500754106<br>LEI: 9845007488EC87F5AF14 | Long             | EC               | CORP              | US        |    530035 | NS      | $15424018.50  | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| NETFLIX, INC.                                  | NETFLIX INC                         | CUSIP: 64110L106<br>LEI: 549300Y7VHGU0I7CE873 | Long             | EC               | CORP              | US        |    189731 | NS      | $214722367.32 | 3.28%             |  |  |  | No            |                  1 | On Loan: No      |
| ASML Holding N.V.                              | ASML HOLDING NV                     | CUSIP: N07059210<br>LEI: 724500Y6DUVHQD6OXN27 | Long             |  | CORP              | NL        |     40059 | NS      | $26762616.72  | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| FASTENAL COMPANY                               | FASTENAL CO                         | CUSIP: 311900104<br>LEI: 529900PP0C7H2HHPSJ32 | Long             | EC               | CORP              | US        |    254353 | NS      | $20594962.41  | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| DOORDASH, INC.                                 | DOORDASH INC                        | CUSIP: 25809K105<br>LEI: 549300NUQ43FGGSK5051 | Long             | EC               | CORP              | US        |    174973 | NS      | $33750541.97  | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| ADOBE INC.                                     | ADOBE INC                           | CUSIP: 00724F101<br>LEI: FU4LY2G4933NH2E1CP29 | Long             | EC               | CORP              | US        |    192898 | NS      | $72332892.04  | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| AMAZON.COM, INC.                               | AMAZON COM INC                      | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |   1924311 | NS      | $354881434.62 | 5.43%             |  |  |  | No            |                  1 | On Loan: No      |
| VERTEX PHARMACEUTICALS INCORPORATED            | VERTEX PHARAMACEUTICALS INC         | CUSIP: 92532F100<br>LEI: 54930015RAQRRZ5ZGJ91 | Long             | EC               | CORP              | US        |    113899 | NS      | $58031540.50  | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| PAYCHEX, INC.                                  | PAYCHEX INC                         | CUSIP: 704326107<br>LEI: 529900K900DW6SUBM174 | Long             | EC               | CORP              | US        |    159705 | NS      | $23495799.60  | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| INVESCO GOVERNMENT & AGENCY PORTFOLIO          | INVESCO GVT & AGNCY-INST            | CUSIP: 825252885<br>LEI: N/A                  | Long             | STIV             | RF                | US        |   1637608 | NS      | $1637607.83   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| MARRIOTT INTERNATIONAL, INC.                   | MARRIOTT INTERNATIONAL INC CLASS A  | CUSIP: 571903202<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | EC               | CORP              | US        |    122284 | NS      | $29174516.72  | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| BOOKING HOLDINGS INC.                          | BOOKING HOLDINGS INC                | CUSIP: 09857L108<br>LEI: FXM8FAOHMYDIPD38UZ17 | Long             | EC               | CORP              | US        |     14555 | NS      | $74220020.40  | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| AIRBNB, INC.                                   | AIRBNB INC CLASS A                  | CUSIP: 009066101<br>LEI: 549300HMUDNO0RY56D37 | Long             | EC               | CORP              | US        |    192002 | NS      | $23408883.84  | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| COGNIZANT TECHNOLOGY SOLUTIONS CORPORATION     | COGNIZANT TECHNOLOGY SOLUTIONS CORP | CUSIP: 192446102<br>LEI: 5493006IEVQEFQO40L83 | Long             | EC               | CORP              | US        |    219386 | NS      | $16140228.02  | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| INTUITIVE SURGICAL, INC.                       | INTUITIVE SURGICAL INC              | CUSIP: 46120E602<br>LEI: 54930052SRG011710797 | Long             | EC               | CORP              | US        |    158194 | NS      | $81596465.20  | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| CONSTELLATION ENERGY CORPORATION.              | CONSTELLATION ENERGY CORP           | CUSIP: 21037T109<br>LEI: 549300F8Y20RYGNGV346 | Long             | EC               | CORP              | US        |    138763 | NS      | $31005204.72  | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| KLA CORPORATION                                | KLA CORP                            | CUSIP: 482480100<br>LEI: 549300H0BF5JCG96TJ81 | Long             | EC               | CORP              | US        |     58942 | NS      | $41417953.98  | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| PACCAR INC                                     | PACCAR INC                          | CUSIP: 693718108<br>LEI: KDTEY8BWE486IKZ3CC07 | Long             | EC               | CORP              | US        |    232775 | NS      | $20998632.75  | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| OLD DOMINION FREIGHT LINE, INC.                | OLD DOMINION FREIGHT LINE INC       | CUSIP: 679580100<br>LEI: 5299009TWK32WE417T96 | Long             | EC               | CORP              | US        |     94274 | NS      | $14450318.72  | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| AUTOMATIC DATA PROCESSING, INC.                | AUTOMATIC DATA PROCESSING INC       | CUSIP: 053015103<br>LEI: HGBOLILQXWER4SAL2I23 | Long             | EC               | CORP              | US        |    180467 | NS      | $54248380.20  | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| MICRON TECHNOLOGY, INC.                        | MICRON TECHNOLOGY INC               | CUSIP: 595112103<br>LEI: B3DXGBC8GAIYWI2Z0172 | Long             | EC               | CORP              | US        |    494189 | NS      | $38027843.55  | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Pepsico, Inc.                                  | PEPSICO INC                         | CUSIP: 713448108<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | EC               | CORP              | US        |    608326 | NS      | $82476839.08  | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| MARVELL TECHNOLOGY, INC                        | MARVELL TECHNOLOGY INC              | CUSIP: 573874104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    383802 | NS      | $22402522.74  | 0.34%             |  |  |  | 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        |   1637608 | NS      | $1637607.83   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| ANSYS, INC.                                    | ANSYS INC                           | CUSIP: 03662Q105<br>LEI: 549300VJV8H15Z5FJ571 | Long             | EC               | CORP              | US        |     38878 | NS      | $12514050.64  | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| APPLE INC.                                     | APPLE INC                           | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |   2727672 | NS      | $579630300.00 | 8.87%             |  |  |  | No            |                  1 | On Loan: No      |
| EXELON CORPORATION                             | EXELON CORP                         | CUSIP: 30161N101<br>LEI: 3SOUA6IRML7435B56G12 | Long             | EC               | CORP              | US        |    445862 | NS      | $20910927.80  | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| COSTAR GROUP, INC.                             | COSTAR GROUP INC                    | CUSIP: 22160N109<br>LEI: 984500Q1D53D08E2E698 | Long             | EC               | CORP              | US        |    181910 | NS      | $13492264.70  | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| DIAMONDBACK ENERGY, INC.                       | DIAMONDBACK ENERGY INC              | CUSIP: 25278X109<br>LEI: 549300R22LSX6OHWEN64 | Long             | EC               | CORP              | US        |    128381 | NS      | $16947575.81  | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| WARNER BROS. DISCOVERY, INC.                   | WARNER BROS DISCOVERY INC           | CUSIP: 934423104<br>LEI: 5493006ZCRFWKF6B1K26 | Long             | EC               | CORP              | US        |   1088806 | NS      | $9439948.02   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| ROSS STORES, INC.                              | ROSS STORES INC                     | CUSIP: 778296103<br>LEI: 549300ENZFLPGRDFZQ60 | Long             | EC               | CORP              | US        |    146339 | NS      | $20341121.00  | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| LINDE PUBLIC LIMITED COMPANY                   | NEW LINDE PLC                       | CUSIP: G54950103<br>LEI: 5299003QR1WT0EF88V51 | Long             | EC               | CORP              | IE        |    209759 | NS      | $95069071.57  | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| ATLASSIAN CORPORATION                          | ATLASSIAN CORP PLC                  | CUSIP: 049468101<br>LEI: 549300V7ZY5P02D2MY38 | Long             | EC               | CORP              | US        |     72738 | NS      | $16606812.78  | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| SYNOPSYS, INC.                                 | SYNOPSYS INC                        | CUSIP: 871607107<br>LEI: QG7T915N9S0NY5UKNE63 | Long             | EC               | CORP              | US        |     68581 | NS      | $31479364.81  | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| CISCO SYSTEMS, INC.                            | CISCO SYSTEMS INC                   | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |   1764563 | NS      | $101868221.99 | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| APPLIED MATERIALS, INC.                        | APPLIED MATERIALS INC               | CUSIP: 038222105<br>LEI: 41BNNE1AFPNAZELZ6K07 | Long             | EC               | CORP              | US        |    360356 | NS      | $54309252.76  | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| COCA-COLA EUROPACIFIC PARTNERS PLC             | COCA COLA EUROPEAN PARTNERS PLC     | CUSIP: G25839104<br>LEI: 549300LTH67W4GWMRF57 | Long             | EC               | CORP              | GB        |    204452 | NS      | $18551974.48  | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| NASDAQ 100 E MINI FUTURE JUN25                 | NASDAQ 100 E MINI FUTURE JUN25      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        70 | NC      | $980918.75    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| MercadoLibre, Inc.                             | MERCADOLIBRE INC                    | CUSIP: 58733R102<br>LEI: 549300DKPDN9M5S8GB14 | Long             | EC               | CORP              | US        |     22487 | NS      | $52413823.95  | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| CSX Corporation                                | CSX CORP                            | CUSIP: 126408103<br>LEI: 549300JVQR4N1MMP3Q88 | Long             | EC               | CORP              | US        |    840353 | NS      | $23588708.71  | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| CHARTER COMMUNICATIONS, INC.                   | CHARTER COMMUNICATIONS INC          | CUSIP: 16119P108<br>LEI: 0J0XRGZE3PBRFEZ7MV65 | Long             | EC               | CORP              | US        |     62961 | NS      | $24671897.46  | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| MICROCHIP TECHNOLOGY INCORPORATED              | MICROCHIP TECHNOLOGY INC            | CUSIP: 595017104<br>LEI: 5493007PTFULNYZJ1R12 | Long             | EC               | CORP              | US        |    238549 | NS      | $10992337.92  | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| ZSCALER, INC.                                  | ZSCALER INC                         | CUSIP: 98980G102<br>LEI: 529900MZ0RTK1BWRNF46 | Long             | EC               | CORP              | US        |     68057 | NS      | $15392451.69  | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| NXP Semiconductors N.V.                        | NXP SEMICONDUCTOR NV                | CUSIP: N6596X109<br>LEI: 724500M9BY5293JDF951 | Long             | EC               | CORP              | NL        |    112493 | NS      | $20733584.83  | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| REGENERON PHARMACEUTICALS, INC.                | REGENERON PHARMACEUTICALS INC       | CUSIP: 75886F107<br>LEI: 549300RCBFWIRX3HYQ56 | Long             | EC               | CORP              | US        |     47685 | NS      | $28551870.60  | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| DEXCOM, INC.                                   | DEXCOM INC                          | CUSIP: 252131107<br>LEI: 549300YSK3QDSFR5EU59 | Long             | EC               | CORP              | US        |    173326 | NS      | $12372009.88  | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| BROADCOM INC.                                  | BROADCOM INC                        | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |   1397651 | NS      | $269005887.97 | 4.11%             |  |  |  | No            |                  1 | On Loan: No      |
| VERISK ANALYTICS, INC.                         | VERISK ANALYTICS INC                | CUSIP: 92345Y106<br>LEI: 549300I1YSWNIRKBWP67 | Long             | EC               | CORP              | US        |     62219 | NS      | $18443578.17  | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| GILEAD SCIENCES, INC.                          | GILEAD SCIENCES INC                 | CUSIP: 375558103<br>LEI: 549300WTZWR07K8MNV44 | Long             | EC               | CORP              | US        |    552371 | NS      | $58849606.34  | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| ANALOG DEVICES, INC.                           | ANALOG DEVICES INC                  | CUSIP: 032654105<br>LEI: GYVOE5EZ4GDAVTU4CQ61 | Long             | EC               | CORP              | US        |    219989 | NS      | $42880255.88  | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| STARBUCKS CORPORATION                          | STARBUCKS CORP                      | CUSIP: 855244109<br>LEI: OQSJ1DU9TAOC51A47K68 | Long             | EC               | CORP              | US        |    503826 | NS      | $40331271.30  | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Arm Holdings PLC                               | ARM HOLDINGS PLC                    | CUSIP: 042068205<br>LEI: 2138001E66EELTE7Y904 | Long             |  | CORP              | GB        |     58068 | NS      | $6622655.40   | 0.10%             |  |  |  | No            |                  1 | On Loan: —       |
| CDW CORPORATION                                | CDW CORP OF DELAWARE                | CUSIP: 12514G108<br>LEI: 9845001B052ABF0B6755 | Long             | EC               | CORP              | US        |     58767 | NS      | $9435629.52   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| LULULEMON ATHLETICA INC.                       | LULULEMON ATHLETICA INC             | CUSIP: 550021109<br>LEI: 549300D9GZ4BMLDW5T40 | Long             | EC               | CORP              | US        |     51576 | NS      | $13965233.52  | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| BIOGEN INC.                                    | BIOGEN INC                          | CUSIP: 09062X103<br>LEI: W8J5WZB5IY3K0NDQT671 | Long             | EC               | CORP              | US        |     64924 | NS      | $7860997.92   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| META PLATFORMS, INC.                           | META PLATFORMS INC                  | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |    394806 | NS      | $216748494.00 | 3.32%             |  |  |  | No            |                  1 | On Loan: No      |
| DATADOG, INC.                                  | DATADOG INC CLASS A                 | CUSIP: 23804L103<br>LEI: 549300F6JNO0KRPO1K63 | Long             | EC               | CORP              | US        |    140719 | NS      | $14375853.04  | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| COSTCO WHOLESALE CORPORATION                   | COSTCO WHOLESALE CORP               | CUSIP: 22160K105<br>LEI: 29DX7H14B9S6O3FD6V18 | Long             | EC               | CORP              | US        |    196890 | NS      | $195807105.00 | 3.00%             |  |  |  | No            |                  1 | On Loan: No      |
| AMGEN INC.                                     | AMGEN INC                           | CUSIP: 031162100<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | EC               | CORP              | US        |    238276 | NS      | $69319253.92  | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA CORPORATION                             | NVIDIA CORP                         | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |   4430494 | NS      | $482569406.48 | 7.38%             |  |  |  | No            |                  1 | On Loan: No      |
| PALANTIR TECHNOLOGIES INC.                     | PALANTIR TECHNOLOGIES INC           | CUSIP: 69608A108<br>LEI: 549300UVN46B3BBDHO85 | Long             | EC               | CORP              | US        |    997518 | NS      | $118146031.92 | 1.81%             |  |  |  | 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        |   1637608 | NS      | $1637607.83   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| ROPER TECHNOLOGIES, INC.                       | ROPER TECHNOLOGIES INC              | CUSIP: 776696106<br>LEI: 54930003T4SXCIWVXY35 | Long             | EC               | CORP              | US        |     47630 | NS      | $26676610.40  | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| WORKDAY, INC.                                  | WORKDAY INC                         | CUSIP: 98138H101<br>LEI: 549300J0DYC0N31V7G13 | Long             | EC               | CORP              | US        |     94919 | NS      | $23255155.00  | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| COMCAST CORPORATION                            | COMCAST CORP                        | CUSIP: 20030N101<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | EC               | CORP              | US        |   1672876 | NS      | $57212359.20  | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| GE HEALTHCARE TECHNOLOGIES INC.                | GE HEALTHCARE TECHNOLOGIES INC      | CUSIP: 36266G107<br>LEI: 549300OI9J7XOWZMUN85 | Long             | EC               | CORP              | US        |    202834 | NS      | $14265315.22  | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| INTEL CORPORATION                              | INTEL CORP                          | CUSIP: 458140100<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | EC               | CORP              | US        |   1920563 | NS      | $38603316.30  | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| AUTODESK, INC.                                 | AUTODESK INC                        | CUSIP: 052769106<br>LEI: FRKKVKAIQEF3FCSTPG55 | Long             | EC               | CORP              | US        |     95363 | NS      | $26153302.75  | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| T-MOBILE US, INC.                              | T MOBILE US INC                     | CUSIP: 872590104<br>LEI: 549300QHIJYOHPACPG31 | Long             | EC               | CORP              | US        |    506419 | NS      | $125060172.05 | 1.91%             |  |  |  | No            |                  1 | On Loan: No      |
| FORTINET, INC.                                 | FORTINET INC                        | CUSIP: 34959E109<br>LEI: 549300O0QJWDBAS0QX03 | Long             | EC               | CORP              | US        |    341077 | NS      | $35390149.52  | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| PDD Holdings Inc.                              | PDD HOLDINGS INC                    | CUSIP: 722304102<br>LEI: 5493000573DS7005T657 | Long             |  | CORP              | KY        |    296258 | NS      | $31275957.06  | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| CROWDSTRIKE HOLDINGS, INC.                     | CROWDSTRIKE HOLDINGS INC A          | CUSIP: 22788C105<br>LEI: 549300YBY08K9KM4HX32 | Long             | EC               | CORP              | US        |    103724 | NS      | $44484111.88  | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| INTUIT INC.                                    | INTUIT INC                          | CUSIP: 461202103<br>LEI: VI90HBPH7XSFMB9E4M29 | Long             | EC               | CORP              | US        |    123999 | NS      | $77805652.53  | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| TEXAS INSTRUMENTS INCORPORATED                 | TEXAS INSTRUMENTS INC               | CUSIP: 882508104<br>LEI: WDJNR2L6D8RWOEB8T652 | Long             | EC               | CORP              | US        |    403776 | NS      | $64624348.80  | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| COPART, INC.                                   | COPART INC                          | CUSIP: 217204106<br>LEI: 549300KVYX3JWMYEHU61 | Long             | EC               | CORP              | US        |    428509 | NS      | $26151904.27  | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| O'Reilly Automotive, Inc.                      | O REILLY AUTOMOTIVE INC             | CUSIP: 67103H107<br>LEI: 549300K2RLMQL149Q332 | Long             | EC               | CORP              | US        |     25403 | NS      | $35950325.60  | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| APPLOVIN CORPORATION                           | APPLOVIN CORP                       | CUSIP: 03831W108<br>LEI: 549300LLVXMUAOL3SQ07 | Long             | EC               | CORP              | US        |    137176 | NS      | $36942868.56  | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| IDEXX LABORATORIES, INC.                       | IDEXX LABORATORIES INC              | CUSIP: 45168D104<br>LEI: OGMTXK0LUU1HKV2P0J84 | Long             | EC               | CORP              | US        |     36073 | NS      | $15606983.45  | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| ON SEMICONDUCTOR CORPORATION                   | ON SEMICONDUCTOR CORP               | CUSIP: 682189105<br>LEI: ZV20P4CNJVT8V1ZGJ064 | Long             | EC               | CORP              | US        |    186920 | NS      | $7420724.00   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| GLOBALFOUNDRIES INC.                           | GLOBALFOUNDRIES INC                 | CUSIP: G39387108<br>LEI: 549300BA76VK784VMX48 | Long             | EC               | CORP              | KY        |    245129 | NS      | $8596674.03   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| LAM RESEARCH CORPORATION                       | LAM RESEARCH CORP                   | CUSIP: 512807306<br>LEI: 549300I4GMO6D34U1T02 | Long             | EC               | CORP              | US        |    569366 | NS      | $40806461.22  | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| THE TRADE DESK, INC.                           | THE TRADE DESK INC CLASS A          | CUSIP: 88339J105<br>LEI: 549300GXPD31VT3E0P46 | Long             | EC               | CORP              | US        |    200673 | NS      | $10762092.99  | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| QUALCOMM INCORPORATED                          | QUALCOMM INC                        | CUSIP: 747525103<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | EC               | CORP              | US        |    490564 | NS      | $72829131.44  | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| PAYPAL HOLDINGS, INC.                          | PAYPAL HOLDINGS INC                 | CUSIP: 70450Y103<br>LEI: 5493005X2GO78EFZ3E94 | Long             | EC               | CORP              | US        |    438776 | NS      | $28889011.84  | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| ALPHABET INC.                                  | ALPHABET INC CLASS C                | CUSIP: 02079K107<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |    991028 | NS      | $159446494.92 | 2.44%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN ELECTRIC POWER COMPANY, INC.          | AMERICAN ELECTRIC POWER CO INC      | CUSIP: 025537101<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | EC               | CORP              | US        |    236504 | NS      | $25622843.36  | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| MICROSOFT CORPORATION                          | MICROSOFT CORP                      | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |   1349845 | NS      | $533539734.70 | 8.16%             |  |  |  | No            |                  1 | On Loan: No      |
| BAKER HUGHES COMPANY                           | BAKER HUGHES CO                     | CUSIP: 05722G100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    439162 | NS      | $15546334.80  | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| ASTRAZENECA PLC                                | ASTRAZENECA PLC                     | CUSIP: 046353108<br>LEI: PY6ZZQWO2IZFZC3IOL08 | Long             |  | CORP              | GB        |    258279 | NS      | $18541849.41  | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| AXON ENTERPRISE, INC.                          | AXON ENTERPRISE INC                 | CUSIP: 05464C101<br>LEI: 549300QP2IEEGFE16681 | Long             | EC               | CORP              | US        |     33986 | NS      | $20843613.80  | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| ALPHABET INC.                                  | ALPHABET INC CLASS A                | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |   1051603 | NS      | $166994556.40 | 2.55%             |  |  |  | No            |                  1 | On Loan: No      |
| MSILF Government Portfolio                     | MSILF GOVERNMENT-INST               | CUSIP: 61747C707<br>LEI: N/A                  | Long             | STIV             | RF                | US        |   1637608 | NS      | $1637607.81   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-05-30

**Name of Applicant:** Victory Portfolios III

**Signature:** Carol Trevino

**Name of Signer:** Carol Trevino

**Title:** Treasurer