# EDGAR Filing Document

**Accession Number:** 0000908695
**File Stem:** 0001004726-25-001028
**Filing Date:** 2025-9
**Character Count:** 30445
**Document Hash:** e33b812f608675ef821c9e51d46de977
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001004726-25-001028.hdr.sgml**: 20250926

**ACCESSION NUMBER**: 0001004726-25-001028

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20250926

**DATE AS OF CHANGE**: 20250926

**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:** 251348214

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

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

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

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

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

## Series and Classes Contracts Data

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

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

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** San Antonio

  - **State:** TX

  - **Foreign country:** US

  - **Zip / Postal Code:** 78256

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

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

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

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

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

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

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

- **b. Date as of which information is reported:** 2025-07-31

**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:** $2633025361.64

**Total Liabilities:** $5770900.01

**Net Assets:** $2627254461.63

**Cash Not Reported:** $9912691.48

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000034864 | 9.72%                | 6.72%                | 2.52%                |
| Class ID C000066836 | 9.70%                | 6.71%                | 2.53%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $5610161.50              | $210894006.86                              |
| Month 2  | $19209922.72             | $144390167.02                              |
| Month 3  | $21172566.93             | $45008119.69                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| LAM RESEARCH CORPORATION                       | LAM RESEARCH CORP                             | CUSIP: 512807306<br>LEI: 549300I4GMO6D34U1T02 | Long             | EC               | CORP              | US        |    150401 | NS      | $14264030.84  | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| AUTODESK, INC.                                 | AUTODESK INC                                  | CUSIP: 052769106<br>LEI: FRKKVKAIQEF3FCSTPG55 | Long             | EC               | CORP              | US        |    149744 | NS      | $45388903.84  | 1.73%             |  |  |  | No            |                  1 | On Loan: No      |
| LPL FINANCIAL HOLDINGS INC.                    | LPL FINANCIAL HOLDINGS INC                    | CUSIP: 50212V100<br>LEI: 549300XROQ4Y8G2L7682 | Long             | EC               | CORP              | US        |     31548 | NS      | $12484490.04  | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Novartis AG                                    | NOVARTIS AG                                   | CUSIP: 66987V109<br>LEI: 5493007HIVTX6SY6XD66 | Long             |  | CORP              | CH        |    112060 | NS      | $12745704.40  | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| UBER TECHNOLOGIES, INC.                        | UBER TECHNOLOGIES INC                         | CUSIP: 90353T100<br>LEI: 549300B2FTG34FILDR98 | Long             | EC               | CORP              | US        |    154641 | NS      | $13569747.75  | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| INVESCO GOVERNMENT & AGENCY PORTFOLIO          | INVESCO GVT & AGNCY-INST                      | CUSIP: 825252885<br>LEI: N/A                  | Long             | STIV             | RF                | US        |    929575 | NS      | $929575.00    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| TESLA, INC.                                    | TESLA INC                                     | CUSIP: 88160R101<br>LEI: 54930043XZGB27CTOV49 | Long             | EC               | CORP              | US        |    350679 | NS      | $108103815.33 | 4.11%             |  |  |  | No            |                  1 | On Loan: No      |
| MONOLITHIC POWER SYSTEMS, INC.                 | MONOLITHIC POWER SYSTEMS INC                  | CUSIP: 609839105<br>LEI: 529900TB7O85LSZ1XU31 | Long             | EC               | CORP              | US        |     21627 | NS      | $15381987.48  | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| CHIPOTLE MEXICAN GRILL, INC.                   | CHIPOTLE MEXICAN GRILL INC                    | CUSIP: 169656105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    113835 | NS      | $4881244.80   | 0.19%             |  |  |  | No            |                  1 | On Loan: —       |
| PALO ALTO NETWORKS, INC.                       | PALO ALTO NETWORKS INC                        | CUSIP: 697435105<br>LEI: 549300QXR2YVZV231H43 | Long             | EC               | CORP              | US        |     66993 | NS      | $11629984.80  | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| KEURIG DR PEPPER INC.                          | KEURIG DR PEPPER INC                          | CUSIP: 49271V100<br>LEI: DYTQ8KRTKO7Y2BVU5K74 | Long             | EC               | CORP              | US        |    405997 | NS      | $13255802.05  | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| NATERA, INC.                                   | NATERA INC                                    | CUSIP: 632307104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     75566 | NS      | $10100151.56  | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| CLEAN HARBORS, INC.                            | CLEAN HARBORS INC                             | CUSIP: 184496107<br>LEI: 5493000SJVZVZJKHJF48 | Long             | EC               | CORP              | US        |     57308 | NS      | $13513799.48  | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| MONSTER BEVERAGE CORPORATION                   | MONSTER BEVERAGE CORP                         | CUSIP: 61174X109<br>LEI: 52990090AP0E7HCB6F33 | Long             | EC               | CORP              | US        |    506462 | NS      | $29754642.50  | 1.13%             |  |  |  | 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        |    929575 | NS      | $929575.00    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| SHOPIFY INC.                                   | SHOPIFY INC                                   | CUSIP: 82509L107<br>LEI: 549300HGQ43STJLLP808 | Long             | EC               | CORP              | CA        |    272842 | NS      | $33344020.82  | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA CORPORATION                             | NVIDIA CORP                                   | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |   1915938 | NS      | $340787892.06 | 12.97%            |  |  |  | No            |                  1 | On Loan: No      |
| HUNTINGTON BANCSHARES INCORPORATED             | HUNTINGTON BANCSHARES INC OH                  | CUSIP: 446150104<br>LEI: 549300XTVCVV9I7B5T19 | Long             | EC               | CORP              | US        |    551539 | NS      | $9061785.77   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| AMAZON.COM, INC.                               | AMAZON COM INC                                | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |    635282 | NS      | $148725869.02 | 5.66%             |  |  |  | No            |                  1 | On Loan: No      |
| ILLUMINA, INC.                                 | ILLUMINA INC                                  | CUSIP: 452327109<br>LEI: SQ95QG8SR5Q56LSNF682 | Long             | EC               | CORP              | US        |     83261 | NS      | $8551737.31   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| WORKDAY, INC.                                  | WORKDAY INC                                   | CUSIP: 98138H101<br>LEI: 549300J0DYC0N31V7G13 | Long             | EC               | CORP              | US        |     39373 | NS      | $9031378.74   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| VERTEX PHARMACEUTICALS INCORPORATED            | VERTEX PHARAMACEUTICALS INC                   | CUSIP: 92532F100<br>LEI: 54930015RAQRRZ5ZGJ91 | Long             | EC               | CORP              | US        |     98773 | NS      | $45126420.51  | 1.72%             |  |  |  | No            |                  1 | On Loan: No      |
| NOVO NORDISK A/S                               | NOVO NORDISK A S                              | CUSIP: 670100205<br>LEI: 549300DAQ1CVT6CXN342 | Long             |  | CORP              | DK        |    328716 | NS      | $15472662.12  | 0.59%             |  |  |  | No            |                  1 | On Loan: —       |
| HOWMET AEROSPACE INC.                          | HOWMET AEROSPACE INC                          | CUSIP: 443201108<br>LEI: 549300HO5WFZUT5N2T22 | Long             | EC               | CORP              | US        |     49485 | NS      | $8895918.45   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| BURLINGTON STORES, INC.                        | BURLINGTON STORES INC                         | CUSIP: 122017106<br>LEI: 5299003Z37DVGKKC1W09 | Long             | EC               | CORP              | US        |     94321 | NS      | $25745860.16  | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| SNOWFLAKE INC.                                 | SNOWFLAKE INC                                 | CUSIP: 833445109<br>LEI: 254900CJNSY1K7T53Z16 | Long             | EC               | CORP              | US        |     86702 | NS      | $19377897.00  | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| DEERE & COMPANY                                | DEERE CO                                      | CUSIP: 244199105<br>LEI: PWFTNG3EI0Y73OXWDH08 | Long             | EC               | CORP              | US        |     26979 | NS      | $14146978.23  | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| BWX TECHNOLOGIES, INC.                         | BWX TECHNOLOGIES INC                          | CUSIP: 05605H100<br>LEI: 549300NP85N265KWMS58 | Long             | EC               | CORP              | US        |     62100 | NS      | $9434853.00   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Roche Holding AG                               | ROCHE HOLDING AG                              | CUSIP: 771195104<br>LEI: 549300U41AUUVOAAOB37 | Long             |  | CORP              | CH        |    254904 | NS      | $9918314.64   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| HEICO CORPORATION                              | HEICO CORPORATION CL A                        | CUSIP: 422806208<br>LEI: 529900O1DTDLCJ7L0I14 | Long             | EC               | CORP              | US        |     54632 | NS      | $14099972.88  | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| INTUIT INC.                                    | INTUIT INC                                    | CUSIP: 461202103<br>LEI: VI90HBPH7XSFMB9E4M29 | Long             | EC               | CORP              | US        |     21563 | NS      | $16929758.19  | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| DEXCOM, INC.                                   | DEXCOM INC                                    | CUSIP: 252131107<br>LEI: 549300YSK3QDSFR5EU59 | Long             | EC               | CORP              | US        |     79080 | NS      | $6387291.60   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| FAIR ISAAC CORPORATION                         | FAIR ISAAC CORP                               | CUSIP: 303250104<br>LEI: RI6HET5SJUEY30V1PS26 | Long             | EC               | CORP              | US        |      3673 | NS      | $5277072.56   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| ARISTA NETWORKS, INC.                          | ARISTA NETWORKS INC                           | CUSIP: 040413205<br>LEI: 635400H1WKBLOQERUU95 | Long             | EC               | CORP              | US        |    137559 | NS      | $16950019.98  | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| APPLE INC.                                     | APPLE INC                                     | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |    564811 | NS      | $117237819.27 | 4.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Alibaba Group Holding Limited                  | ALIBABA GROUP HOLDING LTD ADR                 | CUSIP: 01609W102<br>LEI: 5493001NTNQJDH60PM02 | Long             |  | CORP              | KY        |     23893 | NS      | $2882212.59   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| FACTSET RESEARCH SYSTEMS INC.                  | FACTSET RESEARCH SYSTEMS INC                  | CUSIP: 303075105<br>LEI: 549300ZSJE7NBK6K9P30 | Long             | EC               | CORP              | US        |     29529 | NS      | $11897234.10  | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| SALESFORCE, INC.                               | SALESFORCE INC                                | CUSIP: 79466L302<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | EC               | CORP              | US        |    113457 | NS      | $29309346.81  | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| THE BOEING COMPANY                             | BOEING CO                                     | CUSIP: 097023105<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | EC               | CORP              | US        |    289832 | NS      | $64296330.88  | 2.45%             |  |  |  | No            |                  1 | On Loan: No      |
| DIAMONDBACK ENERGY, INC.                       | DIAMONDBACK ENERGY INC                        | CUSIP: 25278X109<br>LEI: 549300R22LSX6OHWEN64 | Long             | EC               | CORP              | US        |     33372 | NS      | $4961081.52   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| ALPHABET INC.                                  | ALPHABET INC CLASS A                          | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |    320380 | NS      | $61480922.00  | 2.34%             |  |  |  | No            |                  1 | On Loan: No      |
| YUM CHINA HOLDINGS, INC.                       | YUM CHINA HOLDINGS INC                        | CUSIP: 98850P109<br>LEI: 529900DO9BYZ7VA3K502 | Long             | EC               | CORP              | US        |     70126 | NS      | $3273481.68   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| STARBUCKS CORPORATION                          | STARBUCKS CORP                                | CUSIP: 855244109<br>LEI: OQSJ1DU9TAOC51A47K68 | Long             | EC               | CORP              | US        |    187628 | NS      | $16728912.48  | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| QUALCOMM INCORPORATED                          | QUALCOMM INC                                  | CUSIP: 747525103<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | EC               | CORP              | US        |     91277 | NS      | $13395812.52  | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| REGENERON PHARMACEUTICALS, INC.                | REGENERON PHARMACEUTICALS INC                 | CUSIP: 75886F107<br>LEI: 549300RCBFWIRX3HYQ56 | Long             | EC               | CORP              | US        |     38798 | NS      | $21162757.08  | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| BLOCK, INC.                                    | Block Inc                                     | CUSIP: 852234103<br>LEI: 549300OHIIUWSTIZME52 | Long             | EC               | CORP              | US        |    142450 | NS      | $11005687.00  | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| EXPEDITORS INTERNATIONAL OF WASHINGTON, INC    | EXPEDITORS INTERNATIONAL OF WASHINGTON INC    | CUSIP: 302130109<br>LEI: 984500B055A804AB6E40 | Long             | EC               | CORP              | US        |    112050 | NS      | $13024692.00  | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| MICROSOFT CORPORATION                          | MICROSOFT CORP                                | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |    446948 | NS      | $238446758.00 | 9.08%             |  |  |  | No            |                  1 | On Loan: No      |
| MSILF Government Portfolio                     | MSILF GOVERNMENT-INST                         | CUSIP: 61747C707<br>LEI: N/A                  | Long             | STIV             | RF                | US        |    929575 | NS      | $929575.00    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| ALPHABET INC.                                  | ALPHABET INC CLASS C                          | CUSIP: 02079K107<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |    339168 | NS      | $65411940.48  | 2.49%             |  |  |  | No            |                  1 | On Loan: No      |
| ORACLE CORPORATION                             | ORACLE CORP                                   | CUSIP: 68389X105<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | EC               | CORP              | US        |    456451 | NS      | $115833570.27 | 4.41%             |  |  |  | No            |                  1 | On Loan: No      |
| INTUITIVE SURGICAL, INC.                       | INTUITIVE SURGICAL INC                        | CUSIP: 46120E602<br>LEI: 54930052SRG011710797 | Long             | EC               | CORP              | US        |     60257 | NS      | $28989040.13  | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| SYNOPSYS, INC.                                 | SYNOPSYS INC                                  | CUSIP: 871607107<br>LEI: QG7T915N9S0NY5UKNE63 | Long             | EC               | CORP              | US        |     25724 | NS      | $16295382.28  | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| THE WALT DISNEY COMPANY                        | WALT DISNEY CO THE                            | CUSIP: 254687106<br>LEI: 549300GZKULIZ0WOW665 | Long             | EC               | CORP              | US        |    284783 | NS      | $33920503.13  | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| VISA INC.                                      | VISA INC CLASS A                              | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |    306857 | NS      | $106009887.79 | 4.04%             |  |  |  | No            |                  1 | On Loan: No      |
| SERVICENOW, INC.                               | SERVICENOW INC                                | CUSIP: 81762P102<br>LEI: 549300HJTQM36M0E1G39 | Long             | EC               | CORP              | US        |     20107 | NS      | $18963313.84  | 0.72%             |  |  |  | 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        |    929575 | NS      | $929575.00    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| META PLATFORMS, INC.                           | META PLATFORMS INC                            | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |    237212 | NS      | $183469249.28 | 6.98%             |  |  |  | No            |                  1 | On Loan: No      |
| ELI LILLY AND COMPANY                          | ELI LILLY CO                                  | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |     53740 | NS      | $39771361.80  | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| ULTA BEAUTY, INC.                              | ULTA BEAUTY INC                               | CUSIP: 90384S303<br>LEI: 529900CIV6HN8M28YM82 | Long             | EC               | CORP              | US        |     33723 | NS      | $17367682.23  | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| GE VERNOVA INC.                                | GE VERNOVA LLC                                | CUSIP: 36828A101<br>LEI: 254900DP080RU6OK2553 | Long             | EC               | CORP              | US        |     10161 | NS      | $6709206.69   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| APPLOVIN CORPORATION                           | APPLOVIN CORP                                 | CUSIP: 03831W108<br>LEI: 549300LLVXMUAOL3SQ07 | Long             | EC               | CORP              | US        |     29219 | NS      | $11415863.30  | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| PAYPAL HOLDINGS, INC.                          | PAYPAL HOLDINGS INC                           | CUSIP: 70450Y103<br>LEI: 5493005X2GO78EFZ3E94 | Long             | EC               | CORP              | US        |    129194 | NS      | $8883379.44   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| THE PROGRESSIVE CORPORATION                    | PROGRESSIVE CORP                              | CUSIP: 743315103<br>LEI: 529900TACNVLY9DCR586 | Long             | EC               | CORP              | US        |     25663 | NS      | $6211472.52   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co., Ltd.   | TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD ADR | CUSIP: 874039100<br>LEI: 549300KB6NK5SBD14S87 | Long             |  | CORP              | TW        |     40987 | NS      | $9903278.94   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| QUANTA SERVICES, INC.                          | QUANTA SERVICES INC                           | CUSIP: 74762E102<br>LEI: SHVRXXEACT60MMH07S24 | Long             | EC               | CORP              | US        |     26262 | NS      | $10665786.06  | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| INSMED INCORPORATED                            | INSMED INC                                    | CUSIP: 457669307<br>LEI: 529900Q55QAG41CCAC11 | Long             | EC               | CORP              | US        |     69123 | NS      | $7415515.44   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| BJ'S WHOLESALE CLUB HOLDINGS, INC.             | BJ S WHOLESALE CLUB HOLDINGS INC              | CUSIP: 05550J101<br>LEI: 549300UCIWH1C93V0J03 | Long             | EC               | CORP              | US        |    114865 | NS      | $12164203.50  | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| BROADCOM INC.                                  | BROADCOM INC                                  | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |    152585 | NS      | $44814214.50  | 1.71%             |  |  |  | No            |                  1 | On Loan: No      |
| BUILDERS FIRSTSOURCE, INC.                     | BUILDERS FIRSTSOURCE INC                      | CUSIP: 12008R107<br>LEI: 549300W0SKP6L3H7DP63 | Long             | EC               | CORP              | US        |     45873 | NS      | $5831834.49   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| YUM! Brands, Inc.                              | YUM BRANDS INC                                | CUSIP: 988498101<br>LEI: 549300JE8XHZZ7OHN517 | Long             | EC               | CORP              | US        |     77545 | NS      | $11178111.75  | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| THE TRADE DESK, INC.                           | THE TRADE DESK INC CLASS A                    | CUSIP: 88339J105<br>LEI: 549300GXPD31VT3E0P46 | Long             | EC               | CORP              | US        |     94573 | NS      | $8224068.08   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| NETFLIX, INC.                                  | NETFLIX INC                                   | CUSIP: 64110L106<br>LEI: 549300Y7VHGU0I7CE873 | Long             | EC               | CORP              | US        |    107478 | NS      | $124609993.20 | 4.74%             |  |  |  | No            |                  1 | On Loan: No      |
| NIKE, INC.                                     | NIKE INC CLASS B                              | CUSIP: 654106103<br>LEI: 787RXPR0UX0O0XUXPZ81 | Long             | EC               | CORP              | US        |    135588 | NS      | $10127067.72  | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| SEI INVESTMENTS COMPANY                        | SEI INVESTMENTS CO                            | CUSIP: 784117103<br>LEI: 5LJTIFADGZ6XH1RVOC11 | Long             | EC               | CORP              | US        |    168185 | NS      | $14820462.20  | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| THERMO FISHER SCIENTIFIC INCORPORATED          | THERMO FISHER SCIENTIFIC INC                  | CUSIP: 883556102<br>LEI: HCHV7422L5HDJZCRFL38 | Long             | EC               | CORP              | US        |     29215 | NS      | $13663271.20  | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| TRADEWEB MARKETS INC.                          | TRADEWEB MARKETS INC                          | CUSIP: 892672106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    109279 | NS      | $15140605.45  | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-09-02

**Name of Applicant:** Victory Portfolios III

**Signature:** Carol Trevino

**Name of Signer:** Carol Trevino

**Title:** Treasurer