# EDGAR Filing Document

**Accession Number:** 0000908695
**File Stem:** 0001752724-25-160109
**Filing Date:** 2025-6
**Character Count:** 26988
**Document Hash:** 21bf776dca46a563d5b09a55aba7a1df
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-160109.hdr.sgml**: 20250626

**ACCESSION NUMBER**: 0001752724-25-160109

**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:** 251080046

**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:** 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:** $2231570018.32

**Total Liabilities:** $1673671.48

**Net Assets:** $2229896346.84

**Cash Not Reported:** $16238244.80

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000034864 | -4.29%               | -8.59%               | 1.73%                |
| Class ID C000066836 | -4.30%               | -8.59%               | 1.74%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $68175662.15             | $-178031560.18                             |
| Month 2  | $15357657.84             | $-224034538.42                             |
| Month 3  | $12904114.64             | $25144612.85                               |

### 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        |    151427 | NS      | $10852773.09  | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| AUTODESK, INC.                              | AUTODESK INC                               | CUSIP: 052769106<br>LEI: FRKKVKAIQEF3FCSTPG55 | Long             | EC               | CORP              | US        |    158244 | NS      | $43398417.00  | 1.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Novartis AG                                 | NOVARTIS AG                                | CUSIP: 66987V109<br>LEI: 5493007HIVTX6SY6XD66 | Long             |  | CORP              | CH        |    113384 | NS      | $12867950.16  | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| TESLA, INC.                                 | TESLA INC                                  | CUSIP: 88160R101<br>LEI: 54930043XZGB27CTOV49 | Long             | EC               | CORP              | US        |    320346 | NS      | $90388827.36  | 4.05%             |  |  |  | No            |                  1 | On Loan: No      |
| MONOLITHIC POWER SYSTEMS, INC.              | MONOLITHIC POWER SYSTEMS INC               | CUSIP: 609839105<br>LEI: 529900TB7O85LSZ1XU31 | Long             | EC               | CORP              | US        |     21774 | NS      | $12914159.40  | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| PALO ALTO NETWORKS, INC.                    | PALO ALTO NETWORKS INC                     | CUSIP: 697435105<br>LEI: 549300QXR2YVZV231H43 | Long             | EC               | CORP              | US        |     67450 | NS      | $12608428.50  | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| KEURIG DR PEPPER INC.                       | KEURIG DR PEPPER INC                       | CUSIP: 49271V100<br>LEI: DYTQ8KRTKO7Y2BVU5K74 | Long             | EC               | CORP              | US        |    368830 | NS      | $12757829.70  | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| NATERA, INC.                                | NATERA INC                                 | CUSIP: 632307104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    111747 | NS      | $16865974.71  | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| CLEAN HARBORS, INC.                         | CLEAN HARBORS INC                          | CUSIP: 184496107<br>LEI: 5493000SJVZVZJKHJF48 | Long             | EC               | CORP              | US        |     70592 | NS      | $15102452.48  | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| MONSTER BEVERAGE CORPORATION                | MONSTER BEVERAGE CORP                      | CUSIP: 61174X109<br>LEI: 52990090AP0E7HCB6F33 | Long             | EC               | CORP              | US        |    512449 | NS      | $30808433.88  | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| SHOPIFY INC.                                | SHOPIFY INC                                | CUSIP: 82509L107<br>LEI: 549300HGQ43STJLLP808 | Long             | EC               | CORP              | CA        |    276069 | NS      | $26226555.00  | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA CORPORATION                          | NVIDIA CORP                                | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |   1935336 | NS      | $210796797.12 | 9.45%             |  |  |  | No            |                  1 | On Loan: No      |
| AMAZON.COM, INC.                            | AMAZON COM INC                             | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |    642279 | NS      | $118449093.18 | 5.31%             |  |  |  | No            |                  1 | On Loan: No      |
| ILLUMINA, INC.                              | ILLUMINA INC                               | CUSIP: 452327109<br>LEI: SQ95QG8SR5Q56LSNF682 | Long             | EC               | CORP              | US        |     84246 | NS      | $6537489.60   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| WORKDAY, INC.                               | WORKDAY INC                                | CUSIP: 98138H101<br>LEI: 549300J0DYC0N31V7G13 | Long             | EC               | CORP              | US        |     39839 | NS      | $9760555.00   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| VERTEX PHARMACEUTICALS INCORPORATED         | VERTEX PHARAMACEUTICALS INC                | CUSIP: 92532F100<br>LEI: 54930015RAQRRZ5ZGJ91 | Long             | EC               | CORP              | US        |    104097 | NS      | $53037421.50  | 2.38%             |  |  |  | No            |                  1 | On Loan: No      |
| CROWDSTRIKE HOLDINGS, INC.                  | CROWDSTRIKE HOLDINGS INC A                 | CUSIP: 22788C105<br>LEI: 549300YBY08K9KM4HX32 | Long             | EC               | CORP              | US        |     11515 | NS      | $4938438.05   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| NOVO NORDISK A/S                            | NOVO NORDISK A S                           | CUSIP: 670100205<br>LEI: 549300DAQ1CVT6CXN342 | Long             |  | CORP              | DK        |    259690 | NS      | $17256400.50  | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| BURLINGTON STORES, INC.                     | BURLINGTON STORES INC                      | CUSIP: 122017106<br>LEI: 5299003Z37DVGKKC1W09 | Long             | EC               | CORP              | US        |     92097 | NS      | $20725508.88  | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| SNOWFLAKE INC.                              | SNOWFLAKE INC CLASS A                      | CUSIP: 833445109<br>LEI: 254900CJNSY1K7T53Z16 | Long             | EC               | CORP              | US        |    121596 | NS      | $19393346.04  | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| DEERE & COMPANY                             | DEERE CO                                   | CUSIP: 244199105<br>LEI: PWFTNG3EI0Y73OXWDH08 | Long             | EC               | CORP              | US        |     27298 | NS      | $12654260.88  | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| BWX TECHNOLOGIES, INC.                      | BWX TECHNOLOGIES INC                       | CUSIP: 05605H100<br>LEI: 549300NP85N265KWMS58 | Long             | EC               | CORP              | US        |     55004 | NS      | $6002036.48   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Roche Holding AG                            | ROCHE HOLDING AG                           | CUSIP: 771195104<br>LEI: 549300U41AUUVOAAOB37 | Long             |  | CORP              | CH        |    257915 | NS      | $10515194.55  | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| HEICO CORPORATION                           | HEICO CORPORATION CL A                     | CUSIP: 422806208<br>LEI: 529900O1DTDLCJ7L0I14 | Long             | EC               | CORP              | US        |     55005 | NS      | $11052154.65  | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| INTUIT INC.                                 | INTUIT INC                                 | CUSIP: 461202103<br>LEI: VI90HBPH7XSFMB9E4M29 | Long             | EC               | CORP              | US        |     20249 | NS      | $12705640.03  | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| DEXCOM, INC.                                | DEXCOM INC                                 | CUSIP: 252131107<br>LEI: 549300YSK3QDSFR5EU59 | Long             | EC               | CORP              | US        |    136887 | NS      | $9770994.06   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| FAIR ISAAC CORPORATION                      | FAIR ISAAC CORP                            | CUSIP: 303250104<br>LEI: RI6HET5SJUEY30V1PS26 | Long             | EC               | CORP              | US        |      4543 | NS      | $9039116.24   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| ARISTA NETWORKS, INC.                       | ARISTA NETWORKS INC                        | CUSIP: 040413205<br>LEI: 635400H1WKBLOQERUU95 | Long             | EC               | CORP              | US        |    122210 | NS      | $10054216.70  | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| APPLE INC.                                  | APPLE INC                                  | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |    568663 | NS      | $120840887.50 | 5.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Alibaba Group Holding Limited               | ALIBABA GROUP HOLDING LTD ADR              | CUSIP: 01609W102<br>LEI: 5493001NTNQJDH60PM02 | Long             |  | CORP              | KY        |     68362 | NS      | $8164473.66   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| FACTSET RESEARCH SYSTEMS INC.               | FACTSET RESEARCH SYSTEMS INC               | CUSIP: 303075105<br>LEI: 549300ZSJE7NBK6K9P30 | Long             | EC               | CORP              | US        |     29878 | NS      | $12913869.16  | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| SALESFORCE, INC.                            | SALESFORCE INC                             | CUSIP: 79466L302<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | EC               | CORP              | US        |    114798 | NS      | $30847370.58  | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| THE BOEING COMPANY                          | BOEING CO                                  | CUSIP: 097023105<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | EC               | CORP              | US        |    293259 | NS      | $53736779.16  | 2.41%             |  |  |  | No            |                  1 | On Loan: No      |
| DIAMONDBACK ENERGY, INC.                    | DIAMONDBACK ENERGY INC                     | CUSIP: 25278X109<br>LEI: 549300R22LSX6OHWEN64 | Long             | EC               | CORP              | US        |     33600 | NS      | $4435536.00   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| ALPHABET INC.                               | ALPHABET INC CLASS A                       | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |    320380 | NS      | $50876344.00  | 2.28%             |  |  |  | No            |                  1 | On Loan: No      |
| YUM CHINA HOLDINGS, INC.                    | YUM CHINA HOLDINGS INC                     | CUSIP: 98850P109<br>LEI: 529900DO9BYZ7VA3K502 | Long             | EC               | CORP              | US        |     91806 | NS      | $3976117.86   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| STARBUCKS CORPORATION                       | STARBUCKS CORP                             | CUSIP: 855244109<br>LEI: OQSJ1DU9TAOC51A47K68 | Long             | EC               | CORP              | US        |    188765 | NS      | $15110638.25  | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| QUALCOMM INCORPORATED                       | QUALCOMM INC                               | CUSIP: 747525103<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | EC               | CORP              | US        |     92356 | NS      | $13711171.76  | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| REGENERON PHARMACEUTICALS, INC.             | REGENERON PHARMACEUTICALS INC              | CUSIP: 75886F107<br>LEI: 549300RCBFWIRX3HYQ56 | Long             | EC               | CORP              | US        |     33273 | NS      | $19922541.48  | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| BLOCK, INC.                                 | Block Inc                                  | CUSIP: 852234103<br>LEI: 549300OHIIUWSTIZME52 | Long             | EC               | CORP              | US        |    144134 | NS      | $8427514.98   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| EXPEDITORS INTERNATIONAL OF WASHINGTON, INC | EXPEDITORS INTERNATIONAL OF WASHINGTON INC | CUSIP: 302130109<br>LEI: 984500B055A804AB6E40 | Long             | EC               | CORP              | US        |    113374 | NS      | $12460936.34  | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| MICROSOFT CORPORATION                       | MICROSOFT CORP                             | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |    450595 | NS      | $178102179.70 | 7.99%             |  |  |  | No            |                  1 | On Loan: No      |
| ALPHABET INC.                               | ALPHABET INC CLASS C                       | CUSIP: 02079K107<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |    449924 | NS      | $72388272.36  | 3.25%             |  |  |  | No            |                  1 | On Loan: No      |
| ORACLE CORPORATION                          | ORACLE CORP                                | CUSIP: 68389X105<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | EC               | CORP              | US        |    464753 | NS      | $65400042.16  | 2.93%             |  |  |  | No            |                  1 | On Loan: No      |
| INTUITIVE SURGICAL, INC.                    | INTUITIVE SURGICAL INC                     | CUSIP: 46120E602<br>LEI: 54930052SRG011710797 | Long             | EC               | CORP              | US        |     60839 | NS      | $31380756.20  | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| SYNOPSYS, INC.                              | SYNOPSYS INC                               | CUSIP: 871607107<br>LEI: QG7T915N9S0NY5UKNE63 | Long             | EC               | CORP              | US        |     31571 | NS      | $14491404.71  | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| THE WALT DISNEY COMPANY                     | WALT DISNEY CO THE                         | CUSIP: 254687106<br>LEI: 549300GZKULIZ0WOW665 | Long             | EC               | CORP              | US        |    288149 | NS      | $26207151.55  | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| VISA INC.                                   | VISA INC CLASS A                           | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |    318119 | NS      | $109910114.50 | 4.93%             |  |  |  | No            |                  1 | On Loan: No      |
| SERVICENOW, INC.                            | SERVICENOW INC                             | CUSIP: 81762P102<br>LEI: 549300HJTQM36M0E1G39 | Long             | EC               | CORP              | US        |     17639 | NS      | $16845421.39  | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| FISERV, INC.                                | FISERV INC                                 | CUSIP: 337738108<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | EC               | CORP              | US        |     76367 | NS      | $14095057.19  | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| META PLATFORMS, INC.                        | META PLATFORMS INC                         | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |    242407 | NS      | $133081443.00 | 5.97%             |  |  |  | No            |                  1 | On Loan: No      |
| ELI LILLY AND COMPANY                       | ELI LILLY CO                               | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |     54106 | NS      | $48638588.70  | 2.18%             |  |  |  | No            |                  1 | On Loan: No      |
| ULTA BEAUTY, INC.                           | ULTA BEAUTY INC                            | CUSIP: 90384S303<br>LEI: 529900CIV6HN8M28YM82 | Long             | EC               | CORP              | US        |     67520 | NS      | $26713612.80  | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| GE VERNOVA INC.                             | GE VERNOVA LLC                             | CUSIP: 36828A101<br>LEI: 254900DP080RU6OK2553 | Long             | EC               | CORP              | US        |     16121 | NS      | $5977989.22   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| APPLOVIN CORPORATION                        | APPLOVIN CORP                              | CUSIP: 03831W108<br>LEI: 549300LLVXMUAOL3SQ07 | Long             | EC               | CORP              | US        |     42958 | NS      | $11569018.98  | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| PAYPAL HOLDINGS, INC.                       | PAYPAL HOLDINGS INC                        | CUSIP: 70450Y103<br>LEI: 5493005X2GO78EFZ3E94 | Long             | EC               | CORP              | US        |    130721 | NS      | $8606670.64   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| THE PROGRESSIVE CORPORATION                 | PROGRESSIVE CORP                           | CUSIP: 743315103<br>LEI: 529900TACNVLY9DCR586 | Long             | EC               | CORP              | US        |     50849 | NS      | $14326197.26  | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| QUANTA SERVICES, INC.                       | QUANTA SERVICES INC                        | CUSIP: 74762E102<br>LEI: SHVRXXEACT60MMH07S24 | Long             | EC               | CORP              | US        |     29083 | NS      | $8512303.27   | 0.38%             |  |  |  | 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        |    118954 | NS      | $13984232.24  | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| BROADCOM INC.                               | BROADCOM INC                               | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |    153626 | NS      | $29568396.22  | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| BUILDERS FIRSTSOURCE, INC.                  | BUILDERS FIRSTSOURCE INC                   | CUSIP: 12008R107<br>LEI: 549300W0SKP6L3H7DP63 | Long             | EC               | CORP              | US        |     46186 | NS      | $5525231.18   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| YUM! Brands, Inc.                           | YUM BRANDS INC                             | CUSIP: 988498101<br>LEI: 549300JE8XHZZ7OHN517 | Long             | EC               | CORP              | US        |     78462 | NS      | $11803823.28  | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| THE TRADE DESK, INC.                        | THE TRADE DESK INC CLASS A                 | CUSIP: 88339J105<br>LEI: 549300GXPD31VT3E0P46 | Long             | EC               | CORP              | US        |    124283 | NS      | $6665297.29   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| NETFLIX, INC.                               | NETFLIX INC                                | CUSIP: 64110L106<br>LEI: 549300Y7VHGU0I7CE873 | Long             | EC               | CORP              | US        |    119786 | NS      | $135564211.92 | 6.08%             |  |  |  | No            |                  1 | On Loan: No      |
| NIKE, INC.                                  | NIKE INC CLASS B                           | CUSIP: 654106103<br>LEI: 787RXPR0UX0O0XUXPZ81 | Long             | EC               | CORP              | US        |    136410 | NS      | $7693524.00   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| SEI INVESTMENTS COMPANY                     | SEI INVESTMENTS CO                         | CUSIP: 784117103<br>LEI: 5LJTIFADGZ6XH1RVOC11 | Long             | EC               | CORP              | US        |    170174 | NS      | $13322922.46  | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| THERMO FISHER SCIENTIFIC INCORPORATED       | THERMO FISHER SCIENTIFIC INC               | CUSIP: 883556102<br>LEI: HCHV7422L5HDJZCRFL38 | Long             | EC               | CORP              | US        |     29560 | NS      | $12681240.00  | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| TRADEWEB MARKETS INC.                       | TRADEWEB MARKETS INC                       | CUSIP: 892672106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     65042 | NS      | $8995308.60   | 0.40%             |  |  |  | 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