# EDGAR Filing Document

**Accession Number:** 0000908695
**File Stem:** 0001004726-25-003365
**Filing Date:** 2025-12
**Character Count:** 41557
**Document Hash:** 479f20c5b22bf785d202e0860d77d37b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001004726-25-003365.hdr.sgml**: 20251229

**ACCESSION NUMBER**: 0001004726-25-003365

**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:** 251604460

**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 Aggressive Growth Fund (Formerly USAA Aggressive Growth Fund) (Series ID: S000012894)

| Class ID   | Class Name                                          | Ticker Symbol   |
|:---|:---|:---|
| C000034863 | Victory Aggressive Growth Fund Shares               | USAUX           |
| C000066835 | Victory Aggressive Growth Fund Institutional Shares | UIAGX           |

## 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 Aggressive Growth Fund

- **b. EDGAR series identifier (if any):** S000012894

- **c. LEI of Series:** 549300U9NIRZ9WDFHV64

**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:** $2805722117.09

**Total Liabilities:** $2454615.87

**Net Assets:** $2803267501.22

**Cash Not Reported:** $8424407.63

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000066835 | 0.50%                | 4.46%                | 3.36%                |
| Class ID C000034863 | 0.49%                | 4.46%                | 3.34%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $11193664.24             | $-2393217.25                               |
| Month 2  | $13296153.37             | $104614267.39                              |
| Month 3  | $108904106.89            | $-15135111.34                              |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Viking Holdings Ltd                          | VIKING HOLDINGS LTD                           | CUSIP: G93A5A101<br>LEI: N/A                  | Long             | EC               | CORP              | BM        |     82648 | NS      | $5029130.80   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| GODADDY INC.                                 | GODADDY INC CLASS A                           | CUSIP: 380237107<br>LEI: 549300J8H1TB0I2CB447 | Long             | EC               | CORP              | US        |     11989 | NS      | $1596095.57   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| DOORDASH, INC.                               | DOORDASH INC                                  | CUSIP: 25809K105<br>LEI: 549300NUQ43FGGSK5051 | Long             | EC               | CORP              | US        |     26691 | NS      | $6789389.67   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| AMAZON.COM, INC.                             | AMAZON COM INC                                | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |    423410 | NS      | $103405190.20 | 3.69%             |  |  |  | No            |                  1 | On Loan: No      |
| NUTANIX, INC.                                | NUTANIX INC A                                 | CUSIP: 67059N108<br>LEI: 549300X7J6E8TKVIXW09 | Long             | EC               | CORP              | US        |     24521 | NS      | $1746876.04   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| DECKERS OUTDOOR CORPORATION                  | DECKERS OUTDOOR CORP                          | CUSIP: 243537107<br>LEI: 5493008LG4W3I6K8J118 | Long             | EC               | CORP              | US        |     15881 | NS      | $1294301.50   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| CORPAY, INC.                                 | CORPAY INC                                    | CUSIP: 219948106<br>LEI: 549300DG6RR0NQSFLN74 | Long             | EC               | CORP              | US        |     10725 | NS      | $2792253.75   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| MANHATTAN ASSOCIATES, INC.                   | MANHATTAN ASSOCIATES INC                      | CUSIP: 562750109<br>LEI: 529900Q1GJP7KD52SW51 | Long             | EC               | CORP              | US        |     14380 | NS      | $2618166.60   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| ALNYLAM PHARMACEUTICALS, INC.                | ALNYLAM PHARMACEUTICALS INC                   | CUSIP: 02043Q107<br>LEI: 529900S3ZI14OWRJII50 | Long             | EC               | CORP              | US        |     19999 | NS      | $9120343.96   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| TRADEWEB MARKETS INC.                        | TRADEWEB MARKETS INC                          | CUSIP: 892672106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     95668 | NS      | $10082450.52  | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| CLEAN HARBORS, INC.                          | CLEAN HARBORS INC                             | CUSIP: 184496107<br>LEI: 5493000SJVZVZJKHJF48 | Long             | EC               | CORP              | US        |     42240 | NS      | $8891942.40   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| ROYAL GOLD, INC.                             | ROYAL GOLD INC                                | CUSIP: 780287108<br>LEI: 5493001NGRU6SFL04184 | Long             | EC               | CORP              | US        |     21179 | NS      | $3701877.41   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| DOCUSIGN, INC.                               | DOCUSIGN INC                                  | CUSIP: 256163106<br>LEI: 549300Q7PVDWRZ39JG09 | Long             | EC               | CORP              | US        |     31612 | NS      | $2312101.68   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| TOAST, INC.                                  | TOAST INC                                     | CUSIP: 888787108<br>LEI: 549300TN1PZNLCD4I551 | Long             | EC               | CORP              | US        |    105877 | NS      | $3826394.78   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| KLA CORPORATION                              | KLA CORP                                      | CUSIP: 482480100<br>LEI: 549300H0BF5JCG96TJ81 | Long             | EC               | CORP              | US        |      2386 | NS      | $2884053.64   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| NATERA, INC.                                 | NATERA INC                                    | CUSIP: 632307104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     68840 | NS      | $13694341.20  | 0.49%             |  |  |  | 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        |    104746 | NS      | $9244881.96   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| CHEWY, INC.                                  | CHEWY INC CLASS A                             | CUSIP: 16679L109<br>LEI: 254900NPQSTG9I422879 | Long             | EC               | CORP              | US        |     69995 | NS      | $2360231.40   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Doximity Inc                                 | DOXIMITY INC                                  | CUSIP: 26622P107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    107095 | NS      | $7068270.00   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| VERTIV HOLDINGS CO                           | VERTIV HOLDINGS CO                            | CUSIP: 92537N108<br>LEI: 549300KTTIRAOGXCRV69 | Long             | EC               | CORP              | US        |    158286 | NS      | $30527037.96  | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| SHARKNINJA, INC.                             | SHARKNINJA INC                                | CUSIP: G8068L108<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |     38780 | NS      | $3315690.00   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| APPLE INC.                                   | APPLE INC                                     | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |    544487 | NS      | $147212950.19 | 5.25%             |  |  |  | No            |                  1 | On Loan: No      |
| THE TRADE DESK, INC.                         | THE TRADE DESK INC CLASS A                    | CUSIP: 88339J105<br>LEI: 549300GXPD31VT3E0P46 | Long             | EC               | CORP              | US        |    207338 | NS      | $10424954.64  | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| REDDIT INC.                                  | REDDIT INC                                    | CUSIP: 75734B100<br>LEI: 529900APN1YHPBHPI679 | Long             | EC               | CORP              | US        |     56761 | NS      | $11860210.95  | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| ORACLE CORPORATION                           | ORACLE CORP                                   | CUSIP: 68389X105<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | EC               | CORP              | US        |    101741 | NS      | $26718204.01  | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| BWX TECHNOLOGIES, INC.                       | BWX TECHNOLOGIES INC                          | CUSIP: 05605H100<br>LEI: 549300NP85N265KWMS58 | Long             | EC               | CORP              | US        |     40852 | NS      | $8726395.72   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| GARTNER, INC.                                | GARTNER INC                                   | CUSIP: 366651107<br>LEI: PP55B5R38BFB8O8HH686 | Long             | EC               | CORP              | US        |     11951 | NS      | $2967911.34   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| LULULEMON ATHLETICA INC.                     | LULULEMON ATHLETICA INC                       | CUSIP: 550021109<br>LEI: 549300D9GZ4BMLDW5T40 | Long             | EC               | CORP              | US        |     11324 | NS      | $1931194.96   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| INTUIT INC.                                  | INTUIT INC                                    | CUSIP: 461202103<br>LEI: VI90HBPH7XSFMB9E4M29 | Long             | EC               | CORP              | US        |     17775 | NS      | $11865701.25  | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| AUTODESK, INC.                               | AUTODESK INC                                  | CUSIP: 052769106<br>LEI: FRKKVKAIQEF3FCSTPG55 | Long             | EC               | CORP              | US        |     27818 | NS      | $8382676.12   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| BROADCOM INC.                                | BROADCOM INC                                  | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |    443123 | NS      | $163791554.49 | 5.84%             |  |  |  | No            |                  1 | On Loan: No      |
| LPL FINANCIAL HOLDINGS INC.                  | LPL FINANCIAL HOLDINGS INC                    | CUSIP: 50212V100<br>LEI: 549300XROQ4Y8G2L7682 | Long             | EC               | CORP              | US        |     28212 | NS      | $10644669.72  | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| MOTOROLA SOLUTIONS, INC.                     | MOTOROLA SOLUTIONS INC                        | CUSIP: 620076307<br>LEI: 6S552MUG6KGJVEBSEC55 | Long             | EC               | CORP              | US        |     72848 | NS      | $29628010.08  | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| MEDPACE HOLDINGS, INC.                       | MEDPACE HOLDINGS INC                          | CUSIP: 58506Q109<br>LEI: 549300H8TYEUVTW14A54 | Long             | EC               | CORP              | US        |     11296 | NS      | $6607143.36   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| MICROSOFT CORPORATION                        | MICROSOFT CORP                                | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |    367463 | NS      | $190276016.03 | 6.79%             |  |  |  | No            |                  1 | On Loan: No      |
| QUANTA SERVICES, INC.                        | QUANTA SERVICES INC                           | CUSIP: 74762E102<br>LEI: SHVRXXEACT60MMH07S24 | Long             | EC               | CORP              | US        |    139944 | NS      | $62853048.72  | 2.24%             |  |  |  | No            |                  1 | On Loan: No      |
| VISA INC.                                    | VISA INC CLASS A                              | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |    274375 | NS      | $93490537.50  | 3.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Pacific Land Corp                      | TEXAS PACIFIC LAND CORP                       | CUSIP: 88262P102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4818 | NS      | $4545204.84   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| DIAMONDBACK ENERGY, INC.                     | DIAMONDBACK ENERGY INC                        | CUSIP: 25278X109<br>LEI: 549300R22LSX6OHWEN64 | Long             | EC               | CORP              | US        |     30184 | NS      | $4322046.96   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Astera Labs Inc                              | ASTERA LABS INC                               | CUSIP: 04626A103<br>LEI: 529900LJL8TUEGF7HG20 | Long             | EC               | CORP              | US        |     38502 | NS      | $7187553.36   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| INSMED INCORPORATED                          | INSMED INC                                    | CUSIP: 457669307<br>LEI: 529900Q55QAG41CCAC11 | Long             | EC               | CORP              | US        |     87240 | NS      | $16540704.00  | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| W.W. GRAINGER, INC.                          | WW GRAINGER INC                               | CUSIP: 384802104<br>LEI: 549300TWZSP6O1IH2V34 | Long             | EC               | CORP              | US        |      3980 | NS      | $3896420.00   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| AIRBNB, INC.                                 | AIRBNB INC CLASS A                            | CUSIP: 009066101<br>LEI: 549300HMUDNO0RY56D37 | Long             | EC               | CORP              | US        |      6072 | NS      | $768350.88    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| BURLINGTON STORES, INC.                      | BURLINGTON STORES INC                         | CUSIP: 122017106<br>LEI: 5299003Z37DVGKKC1W09 | Long             | EC               | CORP              | US        |     82326 | NS      | $22523570.34  | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Elastic N.V.                                 | ELASTIC NV                                    | CUSIP: N14506104<br>LEI: 2549003I48WHHH937I59 | Long             | EC               | CORP              | NL        |     27381 | NS      | $2442932.82   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| KEURIG DR PEPPER INC.                        | KEURIG DR PEPPER INC                          | CUSIP: 49271V100<br>LEI: DYTQ8KRTKO7Y2BVU5K74 | Long             | EC               | CORP              | US        |    203845 | NS      | $5536430.20   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| DRAFTKINGS INC.                              | DRAFTKINGS INC                                | CUSIP: 26142V105<br>LEI: 2549006G33IUL6IVOD83 | Long             | EC               | CORP              | US        |    106714 | NS      | $3264381.26   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| ADOBE INC.                                   | ADOBE INC                                     | CUSIP: 00724F101<br>LEI: FU4LY2G4933NH2E1CP29 | Long             | EC               | CORP              | US        |     55071 | NS      | $18741212.01  | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| CADENCE DESIGN SYSTEMS, INC.                 | CADENCE DESIGN SYSTEMS INC                    | CUSIP: 127387108<br>LEI: GCT7RXJOGLXPV0NXZY22 | Long             | EC               | CORP              | US        |     97763 | NS      | $33111350.47  | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| INTUITIVE SURGICAL, INC.                     | INTUITIVE SURGICAL INC                        | CUSIP: 46120E602<br>LEI: 54930052SRG011710797 | Long             | EC               | CORP              | US        |     76360 | NS      | $40797620.80  | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| CYBERARK SOFTWARE LTD.                       | CYBERARK SOFTWARE LTD                         | CUSIP: M2682V108<br>LEI: 529900YEXNDM894PWS93 | Long             | EC               | CORP              | IL        |     18332 | NS      | $9546938.96   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| HALOZYME THERAPEUTICS, INC.                  | HALOZYME THERAPEUTICS INC                     | CUSIP: 40637H109<br>LEI: 529900242I3SV9AGM753 | Long             | EC               | CORP              | US        |     81037 | NS      | $5282802.03   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| TRANE TECHNOLOGIES PLC                       | TRANE TECHNOLOGIES PLC                        | CUSIP: G8994E103<br>LEI: 549300BURLR9SLYY2705 | Long             | EC               | CORP              | IE        |     70274 | NS      | $31528430.10  | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| ARISTA NETWORKS, INC.                        | ARISTA NETWORKS INC                           | CUSIP: 040413205<br>LEI: 635400H1WKBLOQERUU95 | Long             | EC               | CORP              | US        |    262381 | NS      | $41374859.89  | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| PAYLOCITY HOLDING CORPORATION                | PAYLOCITY HOLDING CORP                        | CUSIP: 70438V106<br>LEI: 549300VH75FTB4DIEE07 | Long             | EC               | CORP              | US        |     18950 | NS      | $2677066.50   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| HUNTINGTON BANCSHARES INCORPORATED           | HUNTINGTON BANCSHARES INC OH                  | CUSIP: 446150104<br>LEI: 549300XTVCVV9I7B5T19 | Long             | EC               | CORP              | US        |    735808 | NS      | $11360875.52  | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| HUBSPOT, INC.                                | HUBSPOT INC                                   | CUSIP: 443573100<br>LEI: 529900BLNVEW0MVKJB37 | Long             | EC               | CORP              | US        |       647 | NS      | $318272.24    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| O'Reilly Automotive, Inc.                    | O REILLY AUTOMOTIVE INC                       | CUSIP: 67103H107<br>LEI: 549300K2RLMQL149Q332 | Long             | EC               | CORP              | US        |    414637 | NS      | $39158318.28  | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| PINTEREST, INC.                              | PINTEREST INC                                 | CUSIP: 72352L106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     40389 | NS      | $1336875.90   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| DEXCOM, INC.                                 | DEXCOM INC                                    | CUSIP: 252131107<br>LEI: 549300YSK3QDSFR5EU59 | Long             | EC               | CORP              | US        |    113483 | NS      | $6606980.26   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| ELI LILLY AND COMPANY                        | ELI LILLY CO                                  | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |     48811 | NS      | $42117059.46  | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| FAIR ISAAC CORPORATION                       | FAIR ISAAC CORP                               | CUSIP: 303250104<br>LEI: RI6HET5SJUEY30V1PS26 | Long             | EC               | CORP              | US        |      2215 | NS      | $3675858.95   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| CROWDSTRIKE HOLDINGS, INC.                   | CROWDSTRIKE HOLDINGS INC A                    | CUSIP: 22788C105<br>LEI: 549300YBY08K9KM4HX32 | Long             | EC               | CORP              | US        |     12508 | NS      | $6791969.08   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| SPOTIFY TECHNOLOGY S.A.                      | SPOTIFY TECHNOLOGY SA                         | CUSIP: L8681T102<br>LEI: 549300B4X0JHWV0DTD60 | Long             | EC               | CORP              | LU        |     10970 | NS      | $7188860.40   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| LAM RESEARCH CORPORATION                     | LAM RESEARCH CORP                             | CUSIP: 512807306<br>LEI: 549300I4GMO6D34U1T02 | Long             | EC               | CORP              | US        |    132762 | NS      | $20904704.52  | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| NEUROCRINE BIOSCIENCES, INC.                 | NEUROCRINE BIOSCIENCES INC                    | CUSIP: 64125C109<br>LEI: 549300FECER0XBN49756 | Long             | EC               | CORP              | US        |     41248 | NS      | $5907126.08   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| LATTICE SEMICONDUCTOR CORPORATION            | LATTICE SEMICONDUCTOR                         | CUSIP: 518415104<br>LEI: 549300LRBBPZDQ2II567 | Long             | EC               | CORP              | US        |     77270 | NS      | $5637619.20   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| BELLRING BRANDS, INC.                        | BELLRING BRANDS INC                           | CUSIP: 07831C103<br>LEI: 549300S3BOK5CMTS8054 | Long             | EC               | CORP              | US        |    127750 | NS      | $3849107.50   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| VEEVA SYSTEMS INC.                           | VEEVA SYSTEMS INC                             | CUSIP: 922475108<br>LEI: 549300YZEXPDB92M2F02 | Long             | EC               | CORP              | US        |     10467 | NS      | $3047990.40   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| SERVICENOW, INC.                             | SERVICENOW INC                                | CUSIP: 81762P102<br>LEI: 549300HJTQM36M0E1G39 | Long             | EC               | CORP              | US        |     71302 | NS      | $65546502.56  | 2.34%             |  |  |  | No            |                  1 | On Loan: No      |
| SNOWFLAKE INC.                               | SNOWFLAKE INC                                 | CUSIP: 833445109<br>LEI: 254900CJNSY1K7T53Z16 | Long             | EC               | CORP              | US        |    115029 | NS      | $31619171.52  | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| PAYCOM SOFTWARE, INC.                        | PAYCOM SOFTWARE INC                           | CUSIP: 70432V102<br>LEI: 254900LSB0HNJUDC6Q18 | Long             | EC               | CORP              | US        |     15649 | NS      | $2927771.41   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| ZSCALER, INC.                                | ZSCALER INC                                   | CUSIP: 98980G102<br>LEI: 529900MZ0RTK1BWRNF46 | Long             | EC               | CORP              | US        |      8860 | NS      | $2933900.40   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| SYNOPSYS, INC.                               | SYNOPSYS INC                                  | CUSIP: 871607107<br>LEI: QG7T915N9S0NY5UKNE63 | Long             | EC               | CORP              | US        |     23744 | NS      | $10775502.08  | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| ULTA BEAUTY, INC.                            | ULTA BEAUTY INC                               | CUSIP: 90384S303<br>LEI: 529900CIV6HN8M28YM82 | Long             | EC               | CORP              | US        |     31045 | NS      | $16139674.60  | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co., Ltd. | TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD ADR | CUSIP: 874039100<br>LEI: 549300KB6NK5SBD14S87 | Long             |  | CORP              | TW        |     37668 | NS      | $11316597.24  | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| CHIPOTLE MEXICAN GRILL, INC.                 | CHIPOTLE MEXICAN GRILL INC                    | CUSIP: 169656105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    196687 | NS      | $6233011.03   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| INCYTE CORPORATION                           | INCYTE PHARMACEUTICALS INC                    | CUSIP: 45337C102<br>LEI: 549300Z4WN6JVZ3T4680 | Long             | EC               | CORP              | US        |     88417 | NS      | $8265221.16   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| On Holding AG                                | ON HOLDING AG                                 | CUSIP: H5919C104<br>LEI: 506700FB3467B9W95526 | Long             | EC               | CORP              | CH        |    550348 | NS      | $20445428.20  | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| ATLASSIAN CORPORATION                        | ATLASSIAN CORP PLC                            | CUSIP: 049468101<br>LEI: 549300V7ZY5P02D2MY38 | Long             | EC               | CORP              | US        |      9669 | NS      | $1638121.98   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| DATADOG, INC.                                | DATADOG INC CLASS A                           | CUSIP: 23804L103<br>LEI: 549300F6JNO0KRPO1K63 | Long             | EC               | CORP              | US        |     14648 | NS      | $2384840.88   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| APPLOVIN CORPORATION                         | APPLOVIN CORP                                 | CUSIP: 03831W108<br>LEI: 549300LLVXMUAOL3SQ07 | Long             | EC               | CORP              | US        |     53381 | NS      | $34021312.73  | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| LAS VEGAS SANDS CORP.                        | LAS VEGAS SANDS CORP                          | CUSIP: 517834107<br>LEI: 549300DUOO1KXOHPM605 | Long             | EC               | CORP              | US        |     82736 | NS      | $4910381.60   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| HEICO CORPORATION                            | HEICO CORPORATION CL A                        | CUSIP: 422806208<br>LEI: 529900O1DTDLCJ7L0I14 | Long             | EC               | CORP              | US        |     49382 | NS      | $12233402.86  | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| THE PROGRESSIVE CORPORATION                  | PROGRESSIVE CORP                              | CUSIP: 743315103<br>LEI: 529900TACNVLY9DCR586 | Long             | EC               | CORP              | US        |     23602 | NS      | $4862012.00   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| UBER TECHNOLOGIES, INC.                      | UBER TECHNOLOGIES INC                         | CUSIP: 90353T100<br>LEI: 549300B2FTG34FILDR98 | Long             | EC               | CORP              | US        |    547660 | NS      | $52849190.00  | 1.89%             |  |  |  | No            |                  1 | On Loan: No      |
| PALO ALTO NETWORKS, INC.                     | PALO ALTO NETWORKS INC                        | CUSIP: 697435105<br>LEI: 549300QXR2YVZV231H43 | Long             | EC               | CORP              | US        |    238517 | NS      | $52530984.08  | 1.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Maplebear Inc                                | MAPLEBEAR INC                                 | CUSIP: 565394103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     85559 | NS      | $3153704.74   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA CORPORATION                           | NVIDIA CORP                                   | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |   1994951 | NS      | $403957627.99 | 14.41%            |  |  |  | No            |                  1 | On Loan: No      |
| HOWMET AEROSPACE INC.                        | HOWMET AEROSPACE INC                          | CUSIP: 443201108<br>LEI: 549300HO5WFZUT5N2T22 | Long             | EC               | CORP              | US        |     54915 | NS      | $11309744.25  | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| BUILDERS FIRSTSOURCE, INC.                   | BUILDERS FIRSTSOURCE INC                      | CUSIP: 12008R107<br>LEI: 549300W0SKP6L3H7DP63 | Long             | EC               | CORP              | US        |     41415 | NS      | $4811180.55   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| GE VERNOVA INC.                              | GE VERNOVA LLC                                | CUSIP: 36828A101<br>LEI: 254900DP080RU6OK2553 | Long             | EC               | CORP              | US        |     13905 | NS      | $8136371.70   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| BOOKING HOLDINGS INC.                        | BOOKING HOLDINGS INC                          | CUSIP: 09857L108<br>LEI: FXM8FAOHMYDIPD38UZ17 | Long             | EC               | CORP              | US        |       686 | NS      | $3483329.64   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| ROLLINS, INC.                                | ROLLINS INC                                   | CUSIP: 775711104<br>LEI: 549300F2A0BXT4SGWD84 | Long             | EC               | CORP              | US        |     48329 | NS      | $2784233.69   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| argenx SE                                    | ARGENX SE ADR                                 | CUSIP: 04016X101<br>LEI: 7245009C5FZE6G9ODQ71 | Long             |  | CORP              | NL        |     12914 | NS      | $10570109.00  | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| PURE STORAGE, INC.                           | PURE STORAGE INC                              | CUSIP: 74624M102<br>LEI: 549300NPDB0BZTK3WO90 | Long             | EC               | CORP              | US        |     28205 | NS      | $2783833.50   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| NETFLIX, INC.                                | NETFLIX INC                                   | CUSIP: 64110L106<br>LEI: 549300Y7VHGU0I7CE873 | Long             | EC               | CORP              | US        |     80453 | NS      | $90015643.58  | 3.21%             |  |  |  | No            |                  1 | On Loan: No      |
| MCKESSON CORPORATION                         | MCKESSON CORP                                 | CUSIP: 58155Q103<br>LEI: 549300WZWOM80UCFSF54 | Long             | EC               | CORP              | US        |     35823 | NS      | $29064632.82  | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| MONOLITHIC POWER SYSTEMS, INC.               | MONOLITHIC POWER SYSTEMS INC                  | CUSIP: 609839105<br>LEI: 529900TB7O85LSZ1XU31 | Long             | EC               | CORP              | US        |     20733 | NS      | $20836665.00  | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| META PLATFORMS, INC.                         | META PLATFORMS INC                            | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |    225362 | NS      | $146113452.70 | 5.21%             |  |  |  | No            |                  1 | On Loan: No      |
| ALPHABET INC.                                | ALPHABET INC CLASS C                          | CUSIP: 02079K107<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |    567280 | NS      | $159870849.60 | 5.70%             |  |  |  | No            |                  1 | On Loan: No      |
| CORCEPT THERAPEUTICS INCORPORATED            | CORCEPT THERAPEUTICS INC                      | CUSIP: 218352102<br>LEI: 529900EO9LUTFMZ7FF90 | Long             | EC               | CORP              | US        |     77890 | NS      | $5722578.30   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Duolingo Inc                                 | DUOLINGO INC                                  | CUSIP: 26603R106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     14807 | NS      | $4007366.48   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| TESLA, INC.                                  | TESLA INC                                     | CUSIP: 88160R101<br>LEI: 54930043XZGB27CTOV49 | Long             | EC               | CORP              | US        |    127175 | NS      | $58063018.00  | 2.07%             |  |  |  | No            |                  1 | On Loan: No      |
| WINGSTOP INC.                                | WINGSTOP INC                                  | CUSIP: 974155103<br>LEI: 549300SSH3F8HPIM3Q47 | Long             | EC               | CORP              | US        |     25352 | NS      | $5492003.76   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| PALANTIR TECHNOLOGIES INC.                   | PALANTIR TECHNOLOGIES INC                     | CUSIP: 69608A108<br>LEI: 549300UVN46B3BBDHO85 | Long             | EC               | CORP              | US        |    165100 | NS      | $33097597.00  | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| EXELIXIS, INC.                               | EXELIXIS INC                                  | CUSIP: 30161Q104<br>LEI: 254900PJQB59O2O95R37 | Long             | EC               | CORP              | US        |    174049 | NS      | $6730474.83   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| EXPEDIA GROUP, INC.                          | EXPEDIA GROUP INC                             | CUSIP: 30212P303<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     25752 | NS      | $5665440.00   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| ARMSTRONG WORLD INDUSTRIES, INC.             | ARMSTRONG WORLD INDUSTRIES INC                | CUSIP: 04247X102<br>LEI: KXMRXXOJ88Q45Y45MG74 | Long             | EC               | CORP              | US        |     12814 | NS      | $2440170.02   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| LYFT, INC.                                   | LYFT INC                                      | CUSIP: 55087P104<br>LEI: 549300H7I5VN334XVZ52 | Long             | EC               | CORP              | US        |    284403 | NS      | $5818885.38   | 0.21%             |  |  |  | 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