# EDGAR Filing Document

**Accession Number:** 0000908695
**File Stem:** 0001004726-26-002352
**Filing Date:** 2026-3
**Character Count:** 40276
**Document Hash:** 76c83258d51b87d9a1a569d84beff4ef
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001004726-26-002352.hdr.sgml**: 20260327

**ACCESSION NUMBER**: 0001004726-26-002352

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260131

**FILED AS OF DATE**: 20260327

**DATE AS OF CHANGE**: 20260327

**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:** 26803682

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

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

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

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

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

## Series and Classes Contracts Data

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

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

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** San Antonio

  - **State:** TX

  - **Foreign country:** US

  - **Zip / Postal Code:** 78256

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

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

- **a. Name of Series:** Victory Nasdaq-100 Index Fund

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

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

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

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

- **b. Date as of which information is reported:** 2026-01-31

**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:** $8275177605.34

**Total Liabilities:** $14531178.69

**Net Assets:** $8260646426.65

**Cash Not Reported:** $39671648.75

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000220618 | -1.63%               | -0.73%               | 1.16%                |
| Class ID C000179381 | -1.58%               | -0.72%               | 1.21%                |
| Class ID C000220619 | -1.60%               | -0.72%               | 1.19%                |
| Class ID C000034876 | -1.60%               | -0.72%               | 1.19%                |
| Class ID C000220620 | -1.68%               | -0.81%               | 1.10%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $11144844.17             | $-149877352.26                             |
| Month 2  | $345919421.75            | $-407136671.87                             |
| Month 3  | $91835070.77             | $6200945.28                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Ferrovial SE                                       | FERROVIAL SE                        | CUSIP: N3168P101<br>LEI: 72450022R2ZFL41Y6I04 | Long             | EC               | CORP              | NL        |    316479 | NS      | $21517407.21  | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| MICROCHIP TECHNOLOGY INCORPORATED                  | MICROCHIP TECHNOLOGY INC            | CUSIP: 595017104<br>LEI: 5493007PTFULNYZJ1R12 | Long             | EC               | CORP              | US        |    232787 | NS      | $17673189.04  | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| AUTODESK, INC.                                     | AUTODESK INC                        | CUSIP: 052769106<br>LEI: FRKKVKAIQEF3FCSTPG55 | Long             | EC               | CORP              | US        |     91423 | NS      | $23118134.01  | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| DIAMONDBACK ENERGY, INC.                           | DIAMONDBACK ENERGY INC              | CUSIP: 25278X109<br>LEI: 549300R22LSX6OHWEN64 | Long             | EC               | CORP              | US        |    123637 | NS      | $20270286.15  | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| ZSCALER, INC.                                      | ZSCALER INC                         | CUSIP: 98980G102<br>LEI: 529900MZ0RTK1BWRNF46 | Long             | EC               | CORP              | US        |     68010 | NS      | $13602680.10  | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| COGNIZANT TECHNOLOGY SOLUTIONS CORPORATION         | COGNIZANT TECHNOLOGY SOLUTIONS CORP | CUSIP: 192446102<br>LEI: 5493006IEVQEFQO40L83 | Long             | EC               | CORP              | US        |    207749 | NS      | $17047882.94  | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| ADVANCED MICRO DEVICES, INC.                       | ADVANCED MICRO DEVICES INC          | CUSIP: 007903107<br>LEI: R2I72C950HOYXII45366 | Long             | EC               | CORP              | US        |    710918 | NS      | $168295618.14 | 2.04%             |  |  |  | No            |                  1 | On Loan: No      |
| INTUITIVE SURGICAL, INC.                           | INTUITIVE SURGICAL INC              | CUSIP: 46120E602<br>LEI: 54930052SRG011710797 | Long             | EC               | CORP              | US        |    154497 | NS      | $77900477.34  | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| VERTEX PHARMACEUTICALS INCORPORATED                | VERTEX PHARAMACEUTICALS INC         | CUSIP: 92532F100<br>LEI: 54930015RAQRRZ5ZGJ91 | Long             | EC               | CORP              | US        |    109688 | NS      | $51542391.20  | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| TESLA, INC.                                        | TESLA INC                           | CUSIP: 88160R101<br>LEI: 54930043XZGB27CTOV49 | Long             | EC               | CORP              | US        |    700166 | NS      | $301358448.06 | 3.65%             |  |  |  | No            |                  1 | On Loan: No      |
| FORTINET, INC.                                     | FORTINET INC                        | CUSIP: 34959E109<br>LEI: 549300O0QJWDBAS0QX03 | Long             | EC               | CORP              | US        |    321782 | NS      | $26148005.32  | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| ALNYLAM PHARMACEUTICALS, INC.                      | ALNYLAM PHARMACEUTICALS INC         | CUSIP: 02043Q107<br>LEI: 529900S3ZI14OWRJII50 | Long             | EC               | CORP              | US        |     56986 | NS      | $19264687.16  | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| VERISK ANALYTICS, INC.                             | VERISK ANALYTICS INC                | CUSIP: 92345Y106<br>LEI: 549300I1YSWNIRKBWP67 | Long             | EC               | CORP              | US        |     59680 | NS      | $12978012.80  | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| THE KRAFT HEINZ COMPANY                            | KRAFT HEINZ CO THE                  | CUSIP: 500754106<br>LEI: 9845007488EC87F5AF14 | Long             | EC               | CORP              | US        |    505785 | NS      | $12007335.90  | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| LAM RESEARCH CORPORATION                           | LAM RESEARCH CORP                   | CUSIP: 512807306<br>LEI: 549300I4GMO6D34U1T02 | Long             | EC               | CORP              | US        |    548189 | NS      | $127980203.94 | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| BOOKING HOLDINGS INC.                              | BOOKING HOLDINGS INC                | CUSIP: 09857L108<br>LEI: FXM8FAOHMYDIPD38UZ17 | Long             | EC               | CORP              | US        |     13948 | NS      | $69765664.32  | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| OLD DOMINION FREIGHT LINE, INC.                    | OLD DOMINION FREIGHT LINE INC       | CUSIP: 679580100<br>LEI: 5299009TWK32WE417T96 | Long             | EC               | CORP              | US        |     89859 | NS      | $15563578.80  | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| INVESCO GOVERNMENT & AGENCY PORTFOLIO              | INVESCO GVT & AGNCY-INST            | CUSIP: 825252885<br>LEI: N/A                  | Long             | STIV             | RF                | US        |   2666728 | NS      | $2666728.20   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| SYNOPSYS, INC.                                     | SYNOPSYS INC                        | CUSIP: 871607107<br>LEI: QG7T915N9S0NY5UKNE63 | Long             | EC               | CORP              | US        |     80429 | NS      | $37408734.34  | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| CADENCE DESIGN SYSTEMS, INC.                       | CADENCE DESIGN SYSTEMS INC          | CUSIP: 127387108<br>LEI: GCT7RXJOGLXPV0NXZY22 | Long             | EC               | CORP              | US        |    118117 | NS      | $35005154.12  | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| T-MOBILE US, INC.                                  | T MOBILE US INC                     | CUSIP: 872590104<br>LEI: 549300QHIJYOHPACPG31 | Long             | EC               | CORP              | US        |    487728 | NS      | $96184838.88  | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| PALO ALTO NETWORKS, INC.                           | PALO ALTO NETWORKS INC              | CUSIP: 697435105<br>LEI: 549300QXR2YVZV231H43 | Long             | EC               | CORP              | US        |    298990 | NS      | $52912260.30  | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| GE HEALTHCARE TECHNOLOGIES INC.                    | GE HEALTHCARE TECHNOLOGIES INC      | CUSIP: 36266G107<br>LEI: 549300OI9J7XOWZMUN85 | Long             | EC               | CORP              | US        |    195683 | NS      | $15453086.51  | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| APPLIED MATERIALS, INC.                            | APPLIED MATERIALS INC               | CUSIP: 038222105<br>LEI: 41BNNE1AFPNAZELZ6K07 | Long             | EC               | CORP              | US        |    347594 | NS      | $112036498.08 | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| AIRBNB, INC.                                       | AIRBNB INC CLASS A                  | CUSIP: 009066101<br>LEI: 549300HMUDNO0RY56D37 | Long             | EC               | CORP              | US        |    183875 | NS      | $23787908.75  | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| DATADOG, INC.                                      | DATADOG INC CLASS A                 | CUSIP: 23804L103<br>LEI: 549300F6JNO0KRPO1K63 | Long             | EC               | CORP              | US        |    140205 | NS      | $18131310.60  | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| CROWDSTRIKE HOLDINGS, INC.                         | CROWDSTRIKE HOLDINGS INC A          | CUSIP: 22788C105<br>LEI: 549300YBY08K9KM4HX32 | Long             | EC               | CORP              | US        |    106972 | NS      | $47217975.66  | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| PALANTIR TECHNOLOGIES INC.                         | PALANTIR TECHNOLOGIES INC           | CUSIP: 69608A108<br>LEI: 549300UVN46B3BBDHO85 | Long             | EC               | CORP              | US        |    997216 | NS      | $146181893.44 | 1.77%             |  |  |  | No            |                  1 | On Loan: No      |
| DOORDASH, INC.                                     | DOORDASH INC                        | CUSIP: 25809K105<br>LEI: 549300NUQ43FGGSK5051 | Long             | EC               | CORP              | US        |    176375 | NS      | $36089852.50  | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| TEXAS INSTRUMENTS INCORPORATED                     | TEXAS INSTRUMENTS INC               | CUSIP: 882508104<br>LEI: WDJNR2L6D8RWOEB8T652 | Long             | EC               | CORP              | US        |    392269 | NS      | $84553582.95  | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| DEXCOM, INC.                                       | DEXCOM INC                          | CUSIP: 252131107<br>LEI: 549300YSK3QDSFR5EU59 | Long             | EC               | CORP              | US        |    166754 | NS      | $12179712.16  | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| AXON ENTERPRISE, INC.                              | AXON ENTERPRISE INC                 | CUSIP: 05464C101<br>LEI: 549300QP2IEEGFE16681 | Long             | EC               | CORP              | US        |     33974 | NS      | $16429146.92  | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| WORKDAY, INC.                                      | WORKDAY INC                         | CUSIP: 98138H101<br>LEI: 549300J0DYC0N31V7G13 | Long             | EC               | CORP              | US        |     91539 | NS      | $16076994.57  | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| ALPHABET INC.                                      | ALPHABET INC CLASS A                | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |    920880 | NS      | $311257440.00 | 3.77%             |  |  |  | No            |                  1 | On Loan: No      |
| KEURIG DR PEPPER INC.                              | KEURIG DR PEPPER INC                | CUSIP: 49271V100<br>LEI: DYTQ8KRTKO7Y2BVU5K74 | Long             | EC               | CORP              | US        |    583907 | NS      | $16022408.08  | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| NXP Semiconductors N.V.                            | NXP SEMICONDUCTOR NV                | CUSIP: N6596X109<br>LEI: 724500M9BY5293JDF951 | Long             | EC               | CORP              | NL        |    108865 | NS      | $24618731.10  | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| HONEYWELL INTERNATIONAL INCORPORATION              | HONEYWELL INTERNATIONAL INC         | CUSIP: 438516106<br>LEI: ISRPG12PN4EIEOEMW547 | Long             | EC               | CORP              | US        |    274505 | NS      | $62455377.60  | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| AMAZON.COM, INC.                                   | AMAZON COM INC                      | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |   1692451 | NS      | $405003524.30 | 4.90%             |  |  |  | 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        |   2666728 | NS      | $2666728.20   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| WALMART INC.                                       | WALMART INC                         | CUSIP: 931142103<br>LEI: Y87794H0US1R65VBXU25 | Long             | EC               | CORP              | US        |   2132244 | NS      | $254035550.16 | 3.08%             |  |  |  | No            |                  1 | On Loan: No      |
| TAKE-TWO INTERACTIVE SOFTWARE, INC.                | TAKE TWO INTERACTIVE SOFTWARE       | CUSIP: 874054109<br>LEI: BOMSTHHJK882EWYX3334 | Long             | EC               | CORP              | US        |     79653 | NS      | $17547555.90  | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA CORPORATION                                 | NVIDIA CORP                         | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |   3848297 | NS      | $735525005.61 | 8.90%             |  |  |  | No            |                  1 | On Loan: No      |
| APPLOVIN CORPORATION                               | APPLOVIN CORP                       | CUSIP: 03831W108<br>LEI: 549300LLVXMUAOL3SQ07 | Long             | EC               | CORP              | US        |    134029 | NS      | $63410460.19  | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| GILEAD SCIENCES, INC.                              | GILEAD SCIENCES INC                 | CUSIP: 375558103<br>LEI: 549300WTZWR07K8MNV44 | Long             | EC               | CORP              | US        |    531650 | NS      | $75467717.50  | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| MICRON TECHNOLOGY, INC.                            | MICRON TECHNOLOGY INC               | CUSIP: 595112103<br>LEI: B3DXGBC8GAIYWI2Z0172 | Long             | EC               | CORP              | US        |    491541 | NS      | $203930530.08 | 2.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Arm Holdings PLC                                   | ARM HOLDINGS PLC                    | CUSIP: 042068205<br>LEI: 2138001E66EELTE7Y904 | Long             |  | CORP              | GB        |     57888 | NS      | $6099079.68   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| PAYPAL HOLDINGS, INC.                              | PAYPAL HOLDINGS INC                 | CUSIP: 70450Y103<br>LEI: 5493005X2GO78EFZ3E94 | Long             | EC               | CORP              | US        |    403981 | NS      | $21285758.89  | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| BROADCOM INC.                                      | BROADCOM INC                        | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |    747295 | NS      | $247578833.50 | 3.00%             |  |  |  | No            |                  1 | On Loan: No      |
| MONOLITHIC POWER SYSTEMS, INC.                     | MONOLITHIC POWER SYSTEMS INC        | CUSIP: 609839105<br>LEI: 529900TB7O85LSZ1XU31 | Long             | EC               | CORP              | US        |     20711 | NS      | $23282270.65  | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| REGENERON PHARMACEUTICALS, INC.                    | REGENERON PHARMACEUTICALS INC       | CUSIP: 75886F107<br>LEI: 549300RCBFWIRX3HYQ56 | Long             | EC               | CORP              | US        |     44802 | NS      | $33218442.90  | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Mondelez International, Inc.                       | MONDELEZ INTERNATIONAL INC          | CUSIP: 609207105<br>LEI: 549300DV9GIB88LZ5P30 | Long             | EC               | CORP              | US        |    554881 | NS      | $32443892.07  | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| PACCAR INC                                         | PACCAR INC                          | CUSIP: 693718108<br>LEI: KDTEY8BWE486IKZ3CC07 | Long             | EC               | CORP              | US        |    227448 | NS      | $27955633.68  | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| ATLASSIAN CORPORATION                              | ATLASSIAN CORP PLC                  | CUSIP: 049468101<br>LEI: 549300V7ZY5P02D2MY38 | Long             | EC               | CORP              | US        |     71180 | NS      | $8412052.40   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| INTEL CORPORATION                                  | INTEL CORP                          | CUSIP: 458140100<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | EC               | CORP              | US        |   2080443 | NS      | $96678186.21  | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| COSTCO WHOLESALE CORPORATION                       | COSTCO WHOLESALE CORP               | CUSIP: 22160K105<br>LEI: 29DX7H14B9S6O3FD6V18 | Long             | EC               | CORP              | US        |    192365 | NS      | $180871191.25 | 2.19%             |  |  |  | No            |                  1 | On Loan: No      |
| STARBUCKS CORPORATION                              | STARBUCKS CORP                      | CUSIP: 855244109<br>LEI: OQSJ1DU9TAOC51A47K68 | Long             | EC               | CORP              | US        |    492386 | NS      | $45274892.70  | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| COMCAST CORPORATION                                | COMCAST CORP                        | CUSIP: 20030N101<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | EC               | CORP              | US        |   1580358 | NS      | $47015650.50  | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| SHOPIFY INC.                                       | SHOPIFY INC                         | CUSIP: 82509L107<br>LEI: 549300HGQ43STJLLP808 | Long             | EC               | CORP              | CA        |    526169 | NS      | $69049157.87  | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| COPART, INC.                                       | COPART INC                          | CUSIP: 217204106<br>LEI: 549300KVYX3JWMYEHU61 | Long             | EC               | CORP              | US        |    416472 | NS      | $16900433.76  | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| AUTOMATIC DATA PROCESSING, INC.                    | AUTOMATIC DATA PROCESSING INC       | CUSIP: 053015103<br>LEI: HGBOLILQXWER4SAL2I23 | Long             | EC               | CORP              | US        |    174884 | NS      | $43164868.88  | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN ELECTRIC POWER COMPANY, INC.              | AMERICAN ELECTRIC POWER CO INC      | CUSIP: 025537101<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | EC               | CORP              | US        |    231285 | NS      | $27702160.88  | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| FASTENAL COMPANY                                   | FASTENAL CO                         | CUSIP: 311900104<br>LEI: 529900PP0C7H2HHPSJ32 | Long             | EC               | CORP              | US        |    495786 | NS      | $21497280.96  | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| ASML Holding N.V.                                  | ASML HOLDING NV                     | CUSIP: N07059210<br>LEI: 724500Y6DUVHQD6OXN27 | Long             |  | CORP              | NL        |     38176 | NS      | $54324448.00  | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| ROPER TECHNOLOGIES, INC.                           | ROPER TECHNOLOGIES INC              | CUSIP: 776696106<br>LEI: 54930003T4SXCIWVXY35 | Long             | EC               | CORP              | US        |     46105 | NS      | $17115559.15  | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| CISCO SYSTEMS, INC.                                | CISCO SYSTEMS INC                   | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |   1717643 | NS      | $134525799.76 | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| ADOBE INC.                                         | ADOBE INC                           | CUSIP: 00724F101<br>LEI: FU4LY2G4933NH2E1CP29 | Long             | EC               | CORP              | US        |    181671 | NS      | $53275020.75  | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| WESTERN DIGITAL CORPORATION                        | WESTERN DIGITAL CORP                | CUSIP: 958102105<br>LEI: 549300QQXOOYEF89IC56 | Long             | EC               | CORP              | US        |    148518 | NS      | $37163659.14  | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| WARNER BROS. DISCOVERY, INC.                       | WARNER BROS DISCOVERY INC           | CUSIP: 934423104<br>LEI: 5493006ZCRFWKF6B1K26 | Long             | EC               | CORP              | US        |   1073833 | NS      | $29573360.82  | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| ELECTRONIC ARTS INC.                               | ELECTRONIC ARTS INC                 | CUSIP: 285512109<br>LEI: 549300O7A67PUEYKDL45 | Long             | EC               | CORP              | US        |    108026 | NS      | $22028661.92  | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| CINTAS CORPORATION                                 | CINTAS CORP                         | CUSIP: 172908105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    174302 | NS      | $33359659.78  | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| CONSTELLATION ENERGY CORPORATION.                  | CONSTELLATION ENERGY CORP           | CUSIP: 21037T109<br>LEI: 549300F8Y20RYGNGV346 | Long             | EC               | CORP              | US        |    158483 | NS      | $44483008.44  | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| PAYCHEX, INC.                                      | PAYCHEX INC                         | CUSIP: 704326107<br>LEI: 529900K900DW6SUBM174 | Long             | EC               | CORP              | US        |    154707 | NS      | $15954932.91  | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| ROSS STORES, INC.                                  | ROSS STORES INC                     | CUSIP: 778296103<br>LEI: 549300ENZFLPGRDFZQ60 | Long             | EC               | CORP              | US        |    140751 | NS      | $26552676.15  | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| COCA-COLA EUROPACIFIC PARTNERS PLC                 | COCA COLA EUROPEAN PARTNERS PLC     | CUSIP: G25839104<br>LEI: 549300LTH67W4GWMRF57 | Long             | EC               | CORP              | GB        |    197359 | NS      | $18097820.30  | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| MARRIOTT INTERNATIONAL, INC.                       | MARRIOTT INTERNATIONAL INC CLASS A  | CUSIP: 571903202<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | EC               | CORP              | US        |    116488 | NS      | $36728666.40  | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Pepsico, Inc.                                      | PEPSICO INC                         | CUSIP: 713448108<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | EC               | CORP              | US        |    596181 | NS      | $91591287.03  | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| META PLATFORMS, INC.                               | META PLATFORMS INC                  | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |    462751 | NS      | $331561091.50 | 4.01%             |  |  |  | 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        |   2666728 | NS      | $2666728.20   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| MercadoLibre, Inc.                                 | MERCADOLIBRE INC                    | CUSIP: 58733R102<br>LEI: 549300DKPDN9M5S8GB14 | Long             | EC               | CORP              | US        |     22050 | NS      | $47358769.50  | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| MICROSOFT CORPORATION                              | MICROSOFT CORP                      | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |   1176837 | NS      | $506381192.73 | 6.13%             |  |  |  | No            |                  1 | On Loan: No      |
| THOMSON REUTERS CORPORATION                        | THOMSON REUTERS CORP                | CUSIP: 884903808<br>LEI: 549300561UZND4C7B569 | Long             | EC               | CORP              | CA        |    192151 | NS      | $21257665.13  | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| QUALCOMM INCORPORATED                              | QUALCOMM INC                        | CUSIP: 747525103<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | EC               | CORP              | US        |    466580 | NS      | $70728862.20  | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| INTUIT INC.                                        | INTUIT INC                          | CUSIP: 461202103<br>LEI: VI90HBPH7XSFMB9E4M29 | Long             | EC               | CORP              | US        |    119165 | NS      | $59453801.80  | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| EXELON CORPORATION                                 | EXELON CORP                         | CUSIP: 30161N101<br>LEI: 3SOUA6IRML7435B56G12 | Long             | EC               | CORP              | US        |    435697 | NS      | $19510511.66  | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| MARVELL TECHNOLOGY, INC.                           | MARVELL TECHNOLOGY INC              | CUSIP: 573874104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    373571 | NS      | $29482223.32  | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| IDEXX LABORATORIES, INC.                           | IDEXX LABORATORIES INC              | CUSIP: 45168D104<br>LEI: OGMTXK0LUU1HKV2P0J84 | Long             | EC               | CORP              | US        |     34517 | NS      | $23142267.82  | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| CSX Corporation                                    | CSX CORP                            | CUSIP: 126408103<br>LEI: 549300JVQR4N1MMP3Q88 | Long             | EC               | CORP              | US        |    807054 | NS      | $30474359.04  | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| APPLE INC.                                         | APPLE INC                           | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |   2339887 | NS      | $607153878.76 | 7.35%             |  |  |  | No            |                  1 | On Loan: No      |
| STRATEGY INC                                       | STRATEGY INC                        | CUSIP: 594972408<br>LEI: 549300WQTWEJUEHXQX21 | Long             | EC               | CORP              | US        |    115043 | NS      | $17223087.53  | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| COSTAR GROUP, INC.                                 | COSTAR GROUP INC                    | CUSIP: 22160N109<br>LEI: 984500Q1D53D08E2E698 | Long             | EC               | CORP              | US        |    180635 | NS      | $11109052.50  | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| INSMED INCORPORATED                                | INSMED INC                          | CUSIP: 457669307<br>LEI: 529900Q55QAG41CCAC11 | Long             | EC               | CORP              | US        |     91520 | NS      | $14356742.40  | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| ANALOG DEVICES, INC.                               | ANALOG DEVICES INC                  | CUSIP: 032654105<br>LEI: GYVOE5EZ4GDAVTU4CQ61 | Long             | EC               | CORP              | US        |    213271 | NS      | $66301688.48  | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| BAKER HUGHES COMPANY                               | BAKER HUGHES CO                     | CUSIP: 05722G100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    426713 | NS      | $23912996.52  | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| MONSTER BEVERAGE CORPORATION                       | MONSTER BEVERAGE CORP               | CUSIP: 61174X109<br>LEI: 52990090AP0E7HCB6F33 | Long             | EC               | CORP              | US        |    423881 | NS      | $34232629.56  | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| KLA CORPORATION                                    | KLA CORP                            | CUSIP: 482480100<br>LEI: 549300H0BF5JCG96TJ81 | Long             | EC               | CORP              | US        |     57296 | NS      | $81815250.24  | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| SEAGATE TECHNOLOGY HOLDINGS PUBLIC LIMITED COMPANY | SEAGATE TECHNOLOGY HOLD             | CUSIP: G7997R103<br>LEI: 635400RUXIFEZSRU8X70 | Long             | EC               | CORP              | IE        |     92769 | NS      | $37820993.61  | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| O'Reilly Automotive, Inc.                          | O REILLY AUTOMOTIVE INC             | CUSIP: 67103H107<br>LEI: 549300K2RLMQL149Q332 | Long             | EC               | CORP              | US        |    364361 | NS      | $35856766.01  | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| ALPHABET INC.                                      | ALPHABET INC CLASS C                | CUSIP: 02079K107<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |    855767 | NS      | $289702802.51 | 3.51%             |  |  |  | No            |                  1 | On Loan: No      |
| AMGEN INC.                                         | AMGEN INC                           | CUSIP: 031162100<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | EC               | CORP              | US        |    232001 | NS      | $79316501.88  | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| NASDAQ 100 E MINI FUTURE MAR26                     | NASDAQ 100 E MINI FUTURE MAR26      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        80 | NC      | $26488.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| LINDE PUBLIC LIMITED COMPANY                       | NEW LINDE PLC                       | CUSIP: G54950103<br>LEI: 5299003QR1WT0EF88V51 | Long             | EC               | CORP              | IE        |    202400 | NS      | $92490728.00  | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Xcel Energy Inc.                                   | XCEL ENERGY INC                     | CUSIP: 98389B100<br>LEI: LGJNMI9GH8XIDG5RCM61 | Long             | EC               | CORP              | US        |    255104 | NS      | $19403210.24  | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| MSILF Government Portfolio                         | MSILF GOVERNMENT-INST               | CUSIP: 61747C707<br>LEI: N/A                  | Long             | STIV             | RF                | US        |   2666728 | NS      | $2666728.20   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| PDD Holdings Inc.                                  | PDD HOLDINGS INC                    | CUSIP: 722304102<br>LEI: 5493000573DS7005T657 | Long             |  | CORP              | KY        |    289403 | NS      | $29244173.15  | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| NETFLIX, INC.                                      | NETFLIX INC                         | CUSIP: 64110L106<br>LEI: 549300Y7VHGU0I7CE873 | Long             | EC               | CORP              | US        |   1847427 | NS      | $154241680.23 | 1.87%             |  |  |  | No            |                  1 | On Loan: No      |
| CHARTER COMMUNICATIONS, INC.                       | CHARTER COMMUNICATIONS INC          | CUSIP: 16119P108<br>LEI: 0J0XRGZE3PBRFEZ7MV65 | Long             | EC               | CORP              | US        |     55123 | NS      | $11361952.76  | 0.14%             |  |  |  | No            |                  1 | On Loan: —       |

### Signature

**Date Signed:** 2026-03-02

**Name of Applicant:** Victory Portfolios III

**Signature:** Carol Trevino

**Name of Signer:** Carol Trevino

**Title:** Treasurer