# EDGAR Filing Document

**Accession Number:** 0000908695
**File Stem:** 0001004726-25-003373
**Filing Date:** 2025-12
**Character Count:** 29260
**Document Hash:** ba24fd881aad8c086909d24a541e53f4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001004726-25-003373.hdr.sgml**: 20251229

**ACCESSION NUMBER**: 0001004726-25-003373

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20251229

**DATE AS OF CHANGE**: 20251229

**PERIOD START**: 20260430

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** VICTORY PORTFOLIOS III
- **CENTRAL INDEX KEY:** 0000908695

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07852
- **FILM NUMBER:** 251604468

**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:** 2025-10-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $2762815206.25

**Total Liabilities:** $2103347.41

**Net Assets:** $2760711858.84

**Cash Not Reported:** $11962855.01

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000034864 | 0.68%                | 4.55%                | 3.07%                |
| Class ID C000066836 | 0.66%                | 4.54%                | 3.08%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $25393034.97             | $-9980059.12                               |
| Month 2  | $5740943.42              | $113831992.58                              |
| Month 3  | $24476689.34             | $60032957.60                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| FACTSET RESEARCH SYSTEMS INC.                | FACTSET RESEARCH SYSTEMS INC                  | CUSIP: 303075105<br>LEI: 549300ZSJE7NBK6K9P30 | Long             | EC               | CORP              | US        |     28554 | NS      | $7618207.20   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| CLEAN HARBORS, INC.                          | CLEAN HARBORS INC                             | CUSIP: 184496107<br>LEI: 5493000SJVZVZJKHJF48 | Long             | EC               | CORP              | US        |     45356 | NS      | $9547891.56   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| THE TRADE DESK, INC.                         | THE TRADE DESK INC CLASS A                    | CUSIP: 88339J105<br>LEI: 549300GXPD31VT3E0P46 | Long             | EC               | CORP              | US        |     21680 | NS      | $1090070.40   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| ALPHABET INC.                                | ALPHABET INC CLASS A                          | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |    320380 | NS      | $90087652.20  | 3.26%             |  |  |  | No            |                  1 | On Loan: No      |
| EXPEDITORS INTERNATIONAL OF WASHINGTON, INC  | EXPEDITORS INTERNATIONAL OF WASHINGTON INC    | CUSIP: 302130109<br>LEI: 984500B055A804AB6E40 | Long             | EC               | CORP              | US        |    108344 | NS      | $13207133.60  | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| APPLE INC.                                   | APPLE INC                                     | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |    554696 | NS      | $149973157.52 | 5.43%             |  |  |  | No            |                  1 | On Loan: No      |
| PALANTIR TECHNOLOGIES INC.                   | PALANTIR TECHNOLOGIES INC                     | CUSIP: 69608A108<br>LEI: 549300UVN46B3BBDHO85 | Long             | EC               | CORP              | US        |     37282 | NS      | $7473922.54   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| BURLINGTON STORES, INC.                      | BURLINGTON STORES INC                         | CUSIP: 122017106<br>LEI: 5299003Z37DVGKKC1W09 | Long             | EC               | CORP              | US        |     87916 | NS      | $24052938.44  | 0.87%             |  |  |  | No            |                  1 | On Loan: —       |
| Roche Holding AG                             | ROCHE HOLDING AG                              | CUSIP: 771195104<br>LEI: 549300U41AUUVOAAOB37 | Long             |  | CORP              | CH        |    246475 | NS      | $9957590.00   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| CHIPOTLE MEXICAN GRILL, INC.                 | CHIPOTLE MEXICAN GRILL INC                    | CUSIP: 169656105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    110827 | NS      | $3512107.63   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| MICROSOFT CORPORATION                        | MICROSOFT CORP                                | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |    437266 | NS      | $226420707.46 | 8.20%             |  |  |  | No            |                  1 | On Loan: No      |
| PAYPAL HOLDINGS, INC.                        | PAYPAL HOLDINGS INC                           | CUSIP: 70450Y103<br>LEI: 5493005X2GO78EFZ3E94 | Long             | EC               | CORP              | US        |    124922 | NS      | $8653346.94   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| HOWMET AEROSPACE INC.                        | HOWMET AEROSPACE INC                          | CUSIP: 443201108<br>LEI: 549300HO5WFZUT5N2T22 | Long             | EC               | CORP              | US        |     58672 | NS      | $12083498.40  | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| STARBUCKS CORPORATION                        | STARBUCKS CORP                                | CUSIP: 855244109<br>LEI: OQSJ1DU9TAOC51A47K68 | Long             | EC               | CORP              | US        |    181422 | NS      | $14671597.14  | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| ULTA BEAUTY, INC.                            | ULTA BEAUTY INC                               | CUSIP: 90384S303<br>LEI: 529900CIV6HN8M28YM82 | Long             | EC               | CORP              | US        |     32831 | NS      | $17068180.28  | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| AMAZON.COM, INC.                             | AMAZON COM INC                                | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |    578257 | NS      | $141221924.54 | 5.12%             |  |  |  | No            |                  1 | On Loan: No      |
| THE WALT DISNEY COMPANY                      | WALT DISNEY CO THE                            | CUSIP: 254687106<br>LEI: 549300GZKULIZ0WOW665 | Long             | EC               | CORP              | US        |    275363 | NS      | $31011381.06  | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| APPLOVIN CORPORATION                         | APPLOVIN CORP                                 | CUSIP: 03831W108<br>LEI: 549300LLVXMUAOL3SQ07 | Long             | EC               | CORP              | US        |     28445 | NS      | $18128851.85  | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| LPL FINANCIAL HOLDINGS INC.                  | LPL FINANCIAL HOLDINGS INC                    | CUSIP: 50212V100<br>LEI: 549300XROQ4Y8G2L7682 | Long             | EC               | CORP              | US        |     30088 | NS      | $11352503.28  | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| INSMED INCORPORATED                          | INSMED INC                                    | CUSIP: 457669307<br>LEI: 529900Q55QAG41CCAC11 | Long             | EC               | CORP              | US        |     93038 | NS      | $17640004.80  | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| MONSTER BEVERAGE CORPORATION                 | MONSTER BEVERAGE CORP                         | CUSIP: 61174X109<br>LEI: 52990090AP0E7HCB6F33 | Long             | EC               | CORP              | US        |    489722 | NS      | $32728121.26  | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| ARISTA NETWORKS, INC.                        | ARISTA NETWORKS INC                           | CUSIP: 040413205<br>LEI: 635400H1WKBLOQERUU95 | Long             | EC               | CORP              | US        |    133924 | NS      | $21118475.56  | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| SEI INVESTMENTS COMPANY                      | SEI INVESTMENTS CO                            | CUSIP: 784117103<br>LEI: 5LJTIFADGZ6XH1RVOC11 | Long             | EC               | CORP              | US        |    162625 | NS      | $13109201.25  | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| ELI LILLY AND COMPANY                        | ELI LILLY CO                                  | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |     52323 | NS      | $45147423.78  | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| WORKDAY, INC.                                | WORKDAY INC                                   | CUSIP: 98138H101<br>LEI: 549300J0DYC0N31V7G13 | Long             | EC               | CORP              | US        |     38072 | NS      | $9134234.24   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| argenx SE                                    | ARGENX SE ADR                                 | CUSIP: 04016X101<br>LEI: 7245009C5FZE6G9ODQ71 | Long             |  | CORP              | NL        |     13771 | NS      | $11271563.50  | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Alibaba Group Holding Limited                | ALIBABA GROUP HOLDING LTD ADR                 | CUSIP: 01609W102<br>LEI: 5493001NTNQJDH60PM02 | Long             |  | CORP              | KY        |      7166 | NS      | $1221301.38   | 0.04%             |  |  |  | No            |                  1 | On Loan: —       |
| REGENERON PHARMACEUTICALS, INC.              | REGENERON PHARMACEUTICALS INC                 | CUSIP: 75886F107<br>LEI: 549300RCBFWIRX3HYQ56 | Long             | EC               | CORP              | US        |     37516 | NS      | $24452928.80  | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co., Ltd. | TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD ADR | CUSIP: 874039100<br>LEI: 549300KB6NK5SBD14S87 | Long             |  | CORP              | TW        |     39903 | NS      | $11988058.29  | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| ORACLE CORPORATION                           | ORACLE CORP                                   | CUSIP: 68389X105<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | EC               | CORP              | US        |    428992 | NS      | $112657589.12 | 4.08%             |  |  |  | No            |                  1 | On Loan: No      |
| NATERA, INC.                                 | NATERA INC                                    | CUSIP: 632307104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     73569 | NS      | $14635081.17  | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| META PLATFORMS, INC.                         | META PLATFORMS INC                            | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |    231058 | NS      | $149806454.30 | 5.43%             |  |  |  | No            |                  1 | On Loan: No      |
| BUILDERS FIRSTSOURCE, INC.                   | BUILDERS FIRSTSOURCE INC                      | CUSIP: 12008R107<br>LEI: 549300W0SKP6L3H7DP63 | Long             | EC               | CORP              | US        |     44659 | NS      | $5188036.03   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| THE BOEING COMPANY                           | BOEING CO                                     | CUSIP: 097023105<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | EC               | CORP              | US        |    280251 | NS      | $56336056.02  | 2.04%             |  |  |  | No            |                  1 | On Loan: No      |
| DEXCOM, INC.                                 | DEXCOM INC                                    | CUSIP: 252131107<br>LEI: 549300YSK3QDSFR5EU59 | Long             | EC               | CORP              | US        |     76992 | NS      | $4482474.24   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| NETFLIX, INC.                                | NETFLIX INC                                   | CUSIP: 64110L106<br>LEI: 549300Y7VHGU0I7CE873 | Long             | EC               | CORP              | US        |    104322 | NS      | $116721712.92 | 4.23%             |  |  |  | No            |                  1 | On Loan: No      |
| SYNOPSYS, INC.                               | SYNOPSYS INC                                  | CUSIP: 871607107<br>LEI: QG7T915N9S0NY5UKNE63 | Long             | EC               | CORP              | US        |     25046 | NS      | $11366375.72  | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| DEERE & COMPANY                              | DEERE CO                                      | CUSIP: 244199105<br>LEI: PWFTNG3EI0Y73OXWDH08 | Long             | EC               | CORP              | US        |     26087 | NS      | $12042541.81  | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| TRADEWEB MARKETS INC.                        | TRADEWEB MARKETS INC                          | CUSIP: 892672106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     95883 | NS      | $10105109.37  | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| DIAMONDBACK ENERGY, INC.                     | DIAMONDBACK ENERGY INC                        | CUSIP: 25278X109<br>LEI: 549300R22LSX6OHWEN64 | Long             | EC               | CORP              | US        |     32489 | NS      | $4652099.91   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| NOVO NORDISK A/S                             | NOVO NORDISK A S                              | CUSIP: 670100205<br>LEI: 549300DAQ1CVT6CXN342 | Long             |  | CORP              | DK        |    317853 | NS      | $15721009.38  | 0.57%             |  |  |  | No            |                  1 | On Loan: —       |
| YUM CHINA HOLDINGS, INC.                     | YUM CHINA HOLDINGS INC                        | CUSIP: 98850P109<br>LEI: 529900DO9BYZ7VA3K502 | Long             | EC               | CORP              | US        |     67807 | NS      | $2933330.82   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| BROADCOM INC.                                | BROADCOM INC                                  | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |    147156 | NS      | $54393272.28  | 1.97%             |  |  |  | No            |                  1 | On Loan: No      |
| BLOCK, INC.                                  | Block Inc                                     | CUSIP: 852234103<br>LEI: 549300OHIIUWSTIZME52 | Long             | EC               | CORP              | US        |    137740 | NS      | $10459975.60  | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| ILLUMINA, INC.                               | ILLUMINA INC                                  | CUSIP: 452327109<br>LEI: SQ95QG8SR5Q56LSNF682 | Long             | EC               | CORP              | US        |     80509 | NS      | $9946081.86   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| MONOLITHIC POWER SYSTEMS, INC.               | MONOLITHIC POWER SYSTEMS INC                  | CUSIP: 609839105<br>LEI: 529900TB7O85LSZ1XU31 | Long             | EC               | CORP              | US        |     20669 | NS      | $20772345.00  | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| GE VERNOVA INC.                              | GE VERNOVA LLC                                | CUSIP: 36828A101<br>LEI: 254900DP080RU6OK2553 | Long             | EC               | CORP              | US        |     10044 | NS      | $5877146.16   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| HEICO CORPORATION                            | HEICO CORPORATION CL A                        | CUSIP: 422806208<br>LEI: 529900O1DTDLCJ7L0I14 | Long             | EC               | CORP              | US        |     52871 | NS      | $13097732.83  | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| INTUITIVE SURGICAL, INC.                     | INTUITIVE SURGICAL INC                        | CUSIP: 46120E602<br>LEI: 54930052SRG011710797 | Long             | EC               | CORP              | US        |     57915 | NS      | $30942826.20  | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| SNOWFLAKE INC.                               | SNOWFLAKE INC                                 | CUSIP: 833445109<br>LEI: 254900CJNSY1K7T53Z16 | Long             | EC               | CORP              | US        |     84411 | NS      | $23202895.68  | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| SALESFORCE, INC.                             | SALESFORCE INC                                | CUSIP: 79466L302<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | EC               | CORP              | US        |    109705 | NS      | $28568279.05  | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| THERMO FISHER SCIENTIFIC INCORPORATED        | THERMO FISHER SCIENTIFIC INC                  | CUSIP: 883556102<br>LEI: HCHV7422L5HDJZCRFL38 | Long             | EC               | CORP              | US        |     28248 | NS      | $16027632.72  | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Novartis AG                                  | NOVARTIS AG                                   | CUSIP: 66987V109<br>LEI: 5493007HIVTX6SY6XD66 | Long             |  | CORP              | CH        |    108354 | NS      | $13413141.66  | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| SERVICENOW, INC.                             | SERVICENOW INC                                | CUSIP: 81762P102<br>LEI: 549300HJTQM36M0E1G39 | Long             | EC               | CORP              | US        |     22203 | NS      | $20410773.84  | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| YUM! Brands, Inc.                            | YUM BRANDS INC                                | CUSIP: 988498101<br>LEI: 549300JE8XHZZ7OHN517 | Long             | EC               | CORP              | US        |     74982 | NS      | $10363262.22  | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| QUALCOMM INCORPORATED                        | QUALCOMM INC                                  | CUSIP: 747525103<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | EC               | CORP              | US        |     88260 | NS      | $15966234.00  | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| PALO ALTO NETWORKS, INC.                     | PALO ALTO NETWORKS INC                        | CUSIP: 697435105<br>LEI: 549300QXR2YVZV231H43 | Long             | EC               | CORP              | US        |     64888 | NS      | $14290933.12  | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| INTUIT INC.                                  | INTUIT INC                                    | CUSIP: 461202103<br>LEI: VI90HBPH7XSFMB9E4M29 | Long             | EC               | CORP              | US        |     14441 | NS      | $9640089.55   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| VISA INC.                                    | VISA INC CLASS A                              | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |    305373 | NS      | $104052796.02 | 3.77%             |  |  |  | No            |                  1 | On Loan: No      |
| NIKE, INC.                                   | NIKE INC CLASS B                              | CUSIP: 654106103<br>LEI: 787RXPR0UX0O0XUXPZ81 | Long             | EC               | CORP              | US        |    131105 | NS      | $8468071.95   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| LAM RESEARCH CORPORATION                     | LAM RESEARCH CORP                             | CUSIP: 512807306<br>LEI: 549300I4GMO6D34U1T02 | Long             | EC               | CORP              | US        |    141631 | NS      | $22301217.26  | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| QUANTA SERVICES, INC.                        | QUANTA SERVICES INC                           | CUSIP: 74762E102<br>LEI: SHVRXXEACT60MMH07S24 | Long             | EC               | CORP              | US        |     25566 | NS      | $11482457.58  | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| TESLA, INC.                                  | TESLA INC                                     | CUSIP: 88160R101<br>LEI: 54930043XZGB27CTOV49 | Long             | EC               | CORP              | US        |    349675 | NS      | $159647618.00 | 5.78%             |  |  |  | No            |                  1 | On Loan: No      |
| HUNTINGTON BANCSHARES INCORPORATED           | HUNTINGTON BANCSHARES INC OH                  | CUSIP: 446150104<br>LEI: 549300XTVCVV9I7B5T19 | Long             | EC               | CORP              | US        |    785031 | NS      | $12120878.64  | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| KEURIG DR PEPPER INC.                        | KEURIG DR PEPPER INC                          | CUSIP: 49271V100<br>LEI: DYTQ8KRTKO7Y2BVU5K74 | Long             | EC               | CORP              | US        |    218188 | NS      | $5925986.08   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| THE PROGRESSIVE CORPORATION                  | PROGRESSIVE CORP                              | CUSIP: 743315103<br>LEI: 529900TACNVLY9DCR586 | Long             | EC               | CORP              | US        |     24983 | NS      | $5146498.00   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| BWX TECHNOLOGIES, INC.                       | BWX TECHNOLOGIES INC                          | CUSIP: 05605H100<br>LEI: 549300NP85N265KWMS58 | Long             | EC               | CORP              | US        |     43568 | NS      | $9306560.48   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA CORPORATION                           | NVIDIA CORP                                   | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |   1857147 | NS      | $376053696.03 | 13.62%            |  |  |  | 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        |    111830 | NS      | $9870115.80   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| ALPHABET INC.                                | ALPHABET INC CLASS C                          | CUSIP: 02079K107<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |    323270 | NS      | $91103951.40  | 3.30%             |  |  |  | No            |                  1 | On Loan: No      |
| VERTEX PHARMACEUTICALS INCORPORATED          | VERTEX PHARAMACEUTICALS INC                   | CUSIP: 92532F100<br>LEI: 54930015RAQRRZ5ZGJ91 | Long             | EC               | CORP              | US        |     79766 | NS      | $33946016.62  | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| UBER TECHNOLOGIES, INC.                      | UBER TECHNOLOGIES INC                         | CUSIP: 90353T100<br>LEI: 549300B2FTG34FILDR98 | Long             | EC               | CORP              | US        |    150556 | NS      | $14528654.00  | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| SHOPIFY INC.                                 | SHOPIFY INC                                   | CUSIP: 82509L107<br>LEI: 549300HGQ43STJLLP808 | Long             | EC               | CORP              | CA        |    263816 | NS      | $45867049.76  | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| AUTODESK, INC.                               | AUTODESK INC                                  | CUSIP: 052769106<br>LEI: FRKKVKAIQEF3FCSTPG55 | Long             | EC               | CORP              | US        |    139124 | NS      | $41923626.16  | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

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

**Name of Applicant:** Victory Portfolios III

**Signature:** Carol Trevino

**Name of Signer:** Carol Trevino

**Title:** Treasurer