# EDGAR Filing Document

**Accession Number:** 0000908695
**File Stem:** 0001004726-26-000428
**Filing Date:** 2026-1
**Character Count:** 47648
**Document Hash:** b5cb2fd2bff19ddbd46468a7db25779d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001004726-26-000428.hdr.sgml**: 20260127

**ACCESSION NUMBER**: 0001004726-26-000428

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251130

**FILED AS OF DATE**: 20260127

**DATE AS OF CHANGE**: 20260127

**PERIOD START**: 20260228

**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:** 26563047

**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 Global Equity Income Fund (Formerly USAA Global Equity Income Fund) (Series ID: S000050252)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000158652 | Victory Global Equity Income Fund Shares | UGIEX           |

## 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 Global Equity Income Fund

- **b. EDGAR series identifier (if any):** S000050252

- **c. LEI of Series:** 549300G0456X1I3EOT54

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

- **a. Date of fiscal year-end:** 2026-02-28

- **b. Date as of which information is reported:** 2025-11-30

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $71737281.45

**Total Liabilities:** $366464.30

**Net Assets:** $71370817.15

**Cash Not Reported:** $144344.46

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000158652 | 2.61%                | 0.87%                | 2.67%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $2084.75                 | $1622327.62                                |
| Month 2  | $15329.71                | $487790.33                                 |
| Month 3  | $343065.16               | $1493839.46                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Banco Bilbao Vizcaya Argentaria, S.A.          | BANCO BILBAO VIZCAYA ARGENTARIA SA         | CUSIP: N/A<br>LEI: K8MS7FD7N5Z2WQ51AZ71       | Long             | EC               | CORP              | ES        |     64010 | NS      | $1383310.33   | 1.94%             |  |  |  | No            | 2                  | On Loan: No      |
| Coca-Cola HBC AG                               | COCA COLA HBC AG                           | CUSIP: N/A<br>LEI: 549300EFP3TNG7JGVE49       | Long             | EC               | CORP              | CH        |     16258 | NS      | $815529.07    | 1.14%             |  |  |  | No            | 2                  | On Loan: No      |
| MASCO CORPORATION                              | MASCO CORP                                 | CUSIP: 574599106<br>LEI: 5GCSNMQXHEYA1JO8QN11 | Long             | EC               | CORP              | US        |      7025 | NS      | $455711.75    | 0.64%             |  |  |  | No            | 1                  | On Loan: No      |
| NETAPP, INC.                                   | NETAPP INC                                 | CUSIP: 64110D104<br>LEI: QTX3D84DZDD5JYOCYH15 | Long             | EC               | CORP              | US        |      6779 | NS      | $756265.24    | 1.06%             |  |  |  | No            | 1                  | On Loan: No      |
| Holcim AG                                      | HOLCIM LTD                                 | CUSIP: N/A<br>LEI: 529900EHPFPYHV6IQO98       | Long             | EC               | CORP              | CH        |      5357 | NS      | $502665.60    | 0.70%             |  |  |  | No            | 2                  | On Loan: No      |
| Deutsche Telekom AG                            | DEUTSCHE TELEKOM AG REG                    | CUSIP: N/A<br>LEI: 549300V9QSIG4WX4GJ96       | Long             | EC               | CORP              | DE        |     17129 | NS      | $552301.04    | 0.77%             |  |  |  | No            | 2                  | 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        |     69664 | NS      | $69664.13     | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| WILLIAMS-SONOMA, INC.                          | WILLIAMS SONOMA INC                        | CUSIP: 969904101<br>LEI: 549300IARG6YWVTZ1I92 | Long             | EC               | CORP              | US        |      1656 | NS      | $298096.56    | 0.42%             |  |  |  | No            | 1                  | On Loan: No      |
| Cenovus Energy Inc.                            | CENOVUS ENERGY INC                         | CUSIP: 15135U109<br>LEI: 549300F4XPHJ7NOSP309 | Long             | EC               | CORP              | CA        |      6566 | NS      | $117147.63    | 0.16%             |  |  |  | No            | 1                  | On Loan: No      |
| Iberdrola, S.A.                                | IBERDROLA SA                               | CUSIP: N/A<br>LEI: 5QK37QC7NWOJ8D7WVQ45       | Long             | EC               | CORP              | ES        |     44513 | NS      | $939453.31    | 1.32%             |  |  |  | No            | 2                  | On Loan: No      |
| ABBVIE INC.                                    | ABBVIE INC                                 | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |      5018 | NS      | $1142598.60   | 1.60%             |  |  |  | No            | 1                  | On Loan: No      |
| ISUZU MOTORS LIMITED                           | ISUZU MOTORS LTD                           | CUSIP: N/A<br>LEI: 529900C0QSXVCC7AR494       | Long             | EC               | CORP              | JP        |     30700 | NS      | $470500.61    | 0.66%             |  |  |  | No            | 2                  | On Loan: No      |
| QUALCOMM INCORPORATED                          | QUALCOMM INC                               | CUSIP: 747525103<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | EC               | CORP              | US        |      6027 | NS      | $1013078.43   | 1.42%             |  |  |  | No            | 1                  | On Loan: No      |
| TESCO PLC                                      | TESCO PLC                                  | CUSIP: N/A<br>LEI: 2138002P5RNKC5W2JZ46       | Long             | EC               | CORP              | GB        |    167625 | NS      | $999507.75    | 1.40%             |  |  |  | No            | 2                  | On Loan: No      |
| ACCENTURE PUBLIC LIMITED COMPANY               | ACCENTURE PLC                              | CUSIP: G1151C101<br>LEI: 5493000EWHDSR3MZWH98 | Long             | EC               | CORP              | IE        |      1455 | NS      | $363750.00    | 0.51%             |  |  |  | No            | 1                  | On Loan: No      |
| ENEL - SPA                                     | ENEL SPA                                   | CUSIP: N/A<br>LEI: WOCMU6HCI0OJWNPRZS33       | Long             | EC               | CORP              | IT        |     71857 | NS      | $742476.76    | 1.04%             |  |  |  | No            | 2                  | On Loan: No      |
| KLA CORPORATION                                | KLA CORP                                   | CUSIP: 482480100<br>LEI: 549300H0BF5JCG96TJ81 | Long             | EC               | CORP              | US        |       795 | NS      | $934498.65    | 1.31%             |  |  |  | No            | 1                  | On Loan: No      |
| CAPITAL ONE FINANCIAL CORPORATION              | CAPITAL ONE FINANCIAL CORP                 | CUSIP: 14040H105<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | EC               | CORP              | US        |      1998 | NS      | $437701.86    | 0.61%             |  |  |  | No            | 1                  | On Loan: No      |
| Koninklijke Ahold Delhaize N.V.                | KONINKLIJKE AHOLD DELHAIZE NV              | CUSIP: N/A<br>LEI: 724500C9GNBV20UYRX36       | Long             | EC               | CORP              | NL        |     13863 | NS      | $573832.24    | 0.80%             |  |  |  | No            | 2                  | On Loan: No      |
| Philip Morris International Inc.               | PHILIP MORRIS INTERNATIONAL INC            | CUSIP: 718172109<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | EC               | CORP              | US        |      4706 | NS      | $741100.88    | 1.04%             |  |  |  | No            | 1                  | On Loan: No      |
| EIFFAGE SA                                     | EIFFAGE SA                                 | CUSIP: N/A<br>LEI: 969500OQXKE5WDM9M994       | Long             | EC               | CORP              | FR        |      2996 | NS      | $413927.21    | 0.58%             |  |  |  | No            | 2                  | On Loan: No      |
| KOMATSU LTD.                                   | KOMATSU LIMITED                            | CUSIP: N/A<br>LEI: 5493004LQ0B4T7QPQV17       | Long             | EC               | CORP              | JP        |     14400 | NS      | $473076.28    | 0.66%             |  |  |  | No            | 2                  | On Loan: No      |
| CF INDUSTRIES HOLDINGS, INC.                   | CF INDUSTRIES HOLDINGS INC                 | CUSIP: 125269100<br>LEI: 529900CG8YAQFZ2JMV97 | Long             | EC               | CORP              | US        |      7121 | NS      | $560422.70    | 0.79%             |  |  |  | No            | 1                  | On Loan: No      |
| Koninklijke KPN N.V.                           | KONINKLIJKE KPN NV                         | CUSIP: N/A<br>LEI: 549300YO0JZHAL7FVP81       | Long             | EC               | CORP              | NL        |    191587 | NS      | $877638.09    | 1.23%             |  |  |  | No            | 2                  | On Loan: No      |
| OVINTIV INC.                                   | OVINTIV INC                                | CUSIP: 69047Q102<br>LEI: 2549003MEX7YMKLGI239 | Long             | EC               | CORP              | US        |      7769 | NS      | $318218.24    | 0.45%             |  |  |  | No            | 1                  | On Loan: No      |
| PACKAGING CORPORATION OF AMERICA               | PACKAGING CORP OF AMERICA                  | CUSIP: 695156109<br>LEI: 549300XZP8MFZFY8TJ84 | Long             | EC               | CORP              | US        |      3019 | NS      | $616087.33    | 0.86%             |  |  |  | No            | 1                  | On Loan: No      |
| AMERICAN EXPRESS COMPANY                       | AMERICAN EXPRESS CO                        | CUSIP: 025816109<br>LEI: R4PP93JZOLY261QX3811 | Long             | EC               | CORP              | US        |      1243 | NS      | $454030.61    | 0.64%             |  |  |  | No            | 1                  | On Loan: No      |
| COGNIZANT TECHNOLOGY SOLUTIONS CORPORATION     | COGNIZANT TECHNOLOGY SOLUTIONS CORP        | CUSIP: 192446102<br>LEI: 5493006IEVQEFQO40L83 | Long             | EC               | CORP              | US        |      7076 | NS      | $549875.96    | 0.77%             |  |  |  | No            | 1                  | On Loan: No      |
| NUCOR CORPORATION                              | NUCOR CORP                                 | CUSIP: 670346105<br>LEI: 549300GGJCRSI2TIEJ46 | Long             | EC               | CORP              | US        |      3060 | NS      | $488039.40    | 0.68%             |  |  |  | No            | 1                  | On Loan: No      |
| EXPEDITORS INTERNATIONAL OF WASHINGTON, INC    | EXPEDITORS INTERNATIONAL OF WASHINGTON INC | CUSIP: 302130109<br>LEI: 984500B055A804AB6E40 | Long             | EC               | CORP              | US        |      2680 | NS      | $393692.00    | 0.55%             |  |  |  | No            | 1                  | On Loan: No      |
| SANOFI SA                                      | SANOFI                                     | CUSIP: N/A<br>LEI: 549300E9PC51EN656011       | Long             | EC               | CORP              | FR        |      1923 | NS      | $191770.33    | 0.27%             |  |  |  | No            | 2                  | On Loan: No      |
| QBE INSURANCE GROUP LIMITED                    | QBE INSURANCE GROUP LTD                    | CUSIP: N/A<br>LEI: 549300D2FBW76FPUSG65       | Long             | EC               | CORP              | AU        |     16950 | NS      | $213709.21    | 0.30%             |  |  |  | No            | 2                  | On Loan: No      |
| RECKITT BENCKISER GROUP PLC                    | RECKITT BENCKISER GROUP PLC                | CUSIP: N/A<br>LEI: 5493003JFSMOJG48V108       | Long             | EC               | CORP              | GB        |      2746 | NS      | $212781.89    | 0.30%             |  |  |  | No            | 2                  | On Loan: No      |
| SYSCO CORPORATION                              | SYSCO CORP                                 | CUSIP: 871829107<br>LEI: 5RGWIFLMGH3YS7KWI652 | Long             | EC               | CORP              | US        |      4313 | NS      | $328650.60    | 0.46%             |  |  |  | No            | 1                  | On Loan: No      |
| MARATHON PETROLEUM CORPORATION                 | MARATHON PETROLEUM CORP                    | CUSIP: 56585A102<br>LEI: 3BNYRYQHD39K4LCKQF12 | Long             | EC               | CORP              | US        |      2630 | NS      | $509509.90    | 0.71%             |  |  |  | No            | 1                  | On Loan: No      |
| Tokio Marine Holdings, Inc.                    | TOKIO MARINE HOLDINGS INC                  | CUSIP: N/A<br>LEI: 5299009QN2NZ191KLS29       | Long             | EC               | CORP              | JP        |     16600 | NS      | $588541.50    | 0.82%             |  |  |  | No            | 2                  | On Loan: No      |
| STEEL DYNAMICS, INC.                           | STEEL DYNAMICS INC                         | CUSIP: 858119100<br>LEI: 549300HGGKEL4FYTTQ83 | Long             | EC               | CORP              | US        |      3775 | NS      | $633558.25    | 0.89%             |  |  |  | No            | 1                  | On Loan: No      |
| AMERIPRISE FINANCIAL, INC.                     | AMERIPRISE FINANCIAL INC                   | CUSIP: 03076C106<br>LEI: 6ZLKQF7QB6JAEKQS5388 | Long             | EC               | CORP              | US        |      1081 | NS      | $492654.94    | 0.69%             |  |  |  | No            | 1                  | On Loan: No      |
| LOWE'S COMPANIES, INC.                         | LOWE S COS INC                             | CUSIP: 548661107<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | EC               | CORP              | US        |      1607 | NS      | $389665.36    | 0.55%             |  |  |  | No            | 1                  | On Loan: No      |
| APPLE INC.                                     | APPLE INC                                  | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |      5813 | NS      | $1620955.05   | 2.27%             |  |  |  | No            | 1                  | On Loan: No      |
| THE CLOROX COMPANY                             | CLOROX COMPANY                             | CUSIP: 189054109<br>LEI: 54930044KVSC06Z79I06 | Long             | EC               | CORP              | US        |      2483 | NS      | $268015.02    | 0.38%             |  |  |  | No            | 1                  | On Loan: No      |
| JPMORGAN CHASE & CO.                           | JPMORGAN CHASE CO                          | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |      2333 | NS      | $730415.64    | 1.02%             |  |  |  | No            | 1                  | On Loan: No      |
| INTERACTIVE BROKERS GROUP, INC.                | INTERACTIVE BROKERS GROUP INC              | CUSIP: 45841N107<br>LEI: 5493004DT6DCDUZNDM53 | Long             | EC               | CORP              | US        |      5720 | NS      | $371914.40    | 0.52%             |  |  |  | No            | 1                  | On Loan: No      |
| KINROSS GOLD CORPORATION                       | KINROSS GOLD CORP                          | CUSIP: 496902404<br>LEI: 254900O9KHF2A1ZXPT47 | Long             | EC               | CORP              | CA        |     34384 | NS      | $969041.67    | 1.36%             |  |  |  | No            | 1                  | On Loan: No      |
| THE PNC FINANCIAL SERVICES GROUP, INC.         | PNC FINANCIAL SERVICES GROUP INC           | CUSIP: 693475105<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | EC               | CORP              | US        |      1978 | NS      | $377244.16    | 0.53%             |  |  |  | No            | 1                  | On Loan: No      |
| Logitech international S.A.                    | LOGITECH INTERNATIONAL SA                  | CUSIP: N/A<br>LEI: 549300SN6PRK6IJJC215       | Long             | EC               | CORP              | CH        |      5368 | NS      | $605864.09    | 0.85%             |  |  |  | No            | 2                  | On Loan: No      |
| COMPAGNIE DE SAINT-GOBAIN SA                   | COMPAGNIE DE SAINT GOBAIN                  | CUSIP: N/A<br>LEI: NFONVGN05Z0FMN5PEC35       | Long             | EC               | CORP              | FR        |      9551 | NS      | $953133.21    | 1.34%             |  |  |  | No            | 2                  | On Loan: No      |
| NITTO DENKO CORPORATION                        | NITTO DENKO CORP                           | CUSIP: N/A<br>LEI: 3538009GX5P09USH2J25       | Long             | EC               | CORP              | JP        |     31900 | NS      | $789452.49    | 1.11%             |  |  |  | No            | 2                  | On Loan: No      |
| JAPANESE YEN                                   | JAPANESE YEN                               | CUSIP: N/A<br>LEI: N/A                        | N/A              |  |  | JP        |   2996280 | NS      | $19183.56     | 0.03%             |  |  |  | No            | N/A                | On Loan: No      |
| AMERICAN FINANCIAL GROUP, INC.                 | AMERICAN FINANCIAL GROUP INC               | CUSIP: 025932104<br>LEI: 549300AFOM7IVKIU1G39 | Long             | EC               | CORP              | US        |      4623 | NS      | $636679.56    | 0.89%             |  |  |  | No            | 1                  | On Loan: No      |
| Deutsche Post AG                               | DHL GROUP                                  | CUSIP: N/A<br>LEI: 8ER8GIG7CSMVD8VUFE78       | Long             | EC               | CORP              | DE        |      8611 | NS      | $448096.10    | 0.63%             |  |  |  | No            | 2                  | On Loan: No      |
| W. R. BERKLEY CORPORATION                      | WR BERKLEY CORP                            | CUSIP: 084423102<br>LEI: SQOAGCLKBDWNVYV1OV80 | Long             | EC               | CORP              | US        |      7257 | NS      | $563796.33    | 0.79%             |  |  |  | No            | 1                  | On Loan: No      |
| Fujikura Ltd.                                  | FUJIKURA LTD                               | CUSIP: N/A<br>LEI: 353800PSDZ8VRCKVPL51       | Long             | EC               | CORP              | JP        |     11100 | NS      | $1284706.09   | 1.80%             |  |  |  | No            | 2                  | On Loan: No      |
| Shionogi & Co., Ltd.                           | SHIONOGI CO LTD                            | CUSIP: N/A<br>LEI: 35380049VXDTHZI3DY35       | Long             | EC               | CORP              | JP        |     12900 | NS      | $221271.09    | 0.31%             |  |  |  | No            | 2                  | On Loan: No      |
| Shin-Etsu Chemical Co., Ltd.                   | SHIN ETSU CHEMICAL                         | CUSIP: N/A<br>LEI: 353800PX8Q64N86H5W41       | Long             | EC               | CORP              | JP        |      8300 | NS      | $248556.39    | 0.35%             |  |  |  | No            | 2                  | On Loan: No      |
| CISCO SYSTEMS, INC.                            | CISCO SYSTEMS INC                          | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |     18436 | NS      | $1418465.84   | 1.99%             |  |  |  | No            | 1                  | On Loan: No      |
| Novartis AG                                    | NOVARTIS AG                                | CUSIP: N/A<br>LEI: 5493007HIVTX6SY6XD66       | Long             | EC               | CORP              | CH        |      7744 | NS      | $1010534.03   | 1.42%             |  |  |  | No            | 2                  | On Loan: No      |
| SBI Holdings, Inc.                             | SBI HOLDINGS INC JAPAN                     | CUSIP: N/A<br>LEI: 353800L6LMHYIPSMRQ17       | Long             | EC               | CORP              | JP        |     27400 | NS      | $577835.35    | 0.81%             |  |  |  | No            | 2                  | On Loan: No      |
| Telefonaktiebolaget LM Ericsson                | TELEFONAKTIEBOLAGET LM ERICSSON            | CUSIP: N/A<br>LEI: 549300W9JLPW15XIFM52       | Long             | EC               | CORP              | SE        |     25381 | NS      | $245041.39    | 0.34%             |  |  |  | No            | 2                  | On Loan: No      |
| THE CIGNA GROUP                                | CIGNA GROUP THE                            | CUSIP: 125523100<br>LEI: 549300VIWYMSIGT1U456 | Long             | EC               | CORP              | US        |      1318 | NS      | $365455.04    | 0.51%             |  |  |  | No            | 1                  | On Loan: No      |
| LES VETEMENTS DE SPORT GILDAN INC.             | GILDAN ACTIVEWEAR INC                      | CUSIP: 375916103<br>LEI: 549300SB3IBI34M00Z45 | Long             | EC               | CORP              | CA        |      8192 | NS      | $470132.74    | 0.66%             |  |  |  | No            | 1                  | On Loan: No      |
| HSBC HOLDINGS PLC                              | HSBC HOLDINGS PLC                          | CUSIP: N/A<br>LEI: MLU0ZO3ML4LN2LL2TL39       | Long             | EC               | CORP              | GB        |     72113 | NS      | $1021760.87   | 1.43%             |  |  |  | No            | 2                  | On Loan: No      |
| OGE ENERGY CORP.                               | OGE ENERGY CORP                            | CUSIP: 670837103<br>LEI: CE5OG6JPOZMDSA0LAQ19 | Long             | EC               | CORP              | US        |      6612 | NS      | $302697.36    | 0.42%             |  |  |  | No            | 1                  | On Loan: No      |
| COLGATE-PALMOLIVE COMPANY                      | COLGATE PALMOLIVE CO                       | CUSIP: 194162103<br>LEI: YMEGZFW4SBUSS5BQXF88 | Long             | EC               | CORP              | US        |      4250 | NS      | $341657.50    | 0.48%             |  |  |  | No            | 1                  | On Loan: No      |
| GLENCORE PLC                                   | GLENCORE PLC                               | CUSIP: N/A<br>LEI: 2138002658CPO9NBH955       | Long             | EC               | CORP              | JE        |     48514 | NS      | $231870.14    | 0.32%             |  |  |  | No            | 2                  | On Loan: No      |
| THE GOLDMAN SACHS GROUP, INC.                  | GOLDMAN SACHS GROUP INC THE                | CUSIP: 38141G104<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EC               | CORP              | US        |       826 | NS      | $682309.04    | 0.96%             |  |  |  | No            | 1                  | On Loan: No      |
| IMPERIAL BRANDS PLC                            | IMPERIAL BRANDS PLC                        | CUSIP: N/A<br>LEI: 549300DFVPOB67JL3A42       | Long             | EC               | CORP              | GB        |     10966 | NS      | $465774.28    | 0.65%             |  |  |  | No            | 2                  | On Loan: No      |
| Galp Energia, SGPS, S.A.                       | GALP ENERGIA SGPS SA                       | CUSIP: N/A<br>LEI: 2138003319Y7NM75FG53       | Long             | EC               | CORP              | PT        |     28116 | NS      | $565150.85    | 0.79%             |  |  |  | No            | 2                  | On Loan: No      |
| MSILF Government Portfolio                     | MSILF GOVERNMENT-INST                      | CUSIP: 61747C707<br>LEI: N/A                  | Long             | STIV             | RF                | US        |     69664 | NS      | $69664.11     | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| TOKYO GAS CO.,LTD.                             | TOKYO GAS CO LTD                           | CUSIP: N/A<br>LEI: 353800678EIJLOQSWZ83       | Long             | EC               | CORP              | JP        |     19200 | NS      | $778262.97    | 1.09%             |  |  |  | No            | 2                  | On Loan: No      |
| VERIZON COMMUNICATIONS INC.                    | VERIZON COMMUNICATIONS INC                 | CUSIP: 92343V104<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | EC               | CORP              | US        |      6817 | NS      | $280246.87    | 0.39%             |  |  |  | No            | 1                  | On Loan: No      |
| COLES GROUP LIMITED                            | COLES GROUP LTD                            | CUSIP: N/A<br>LEI: 549300OHQRG2HN8LZ793       | Long             | EC               | CORP              | AU        |     17307 | NS      | $252937.26    | 0.35%             |  |  |  | No            | 2                  | On Loan: No      |
| Altria Group, Inc.                             | ALTRIA GROUP INC                           | CUSIP: 02209S103<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | EC               | CORP              | US        |     10062 | NS      | $593758.62    | 0.83%             |  |  |  | No            | 1                  | On Loan: No      |
| Nutrien Ltd.                                   | NUTRIEN LTD                                | CUSIP: 67077M108<br>LEI: 5493002QQ7GD21OWF963 | Long             | EC               | CORP              | CA        |      4811 | NS      | $279921.49    | 0.39%             |  |  |  | No            | 1                  | On Loan: No      |
| THE TJX COMPANIES, INC.                        | TJX COS INC                                | CUSIP: 872540109<br>LEI: V167QI9I69W364E2DY52 | Long             | EC               | CORP              | US        |      1859 | NS      | $282419.28    | 0.40%             |  |  |  | No            | 1                  | On Loan: No      |
| Allianz SE                                     | ALLIANZ SE                                 | CUSIP: N/A<br>LEI: 529900K9B0N5BT694847       | Long             | EC               | CORP              | DE        |      2308 | NS      | $996133.05    | 1.40%             |  |  |  | No            | 2                  | On Loan: No      |
| DEVON ENERGY CORPORATION                       | DEVON ENERGY CORP                          | CUSIP: 25179M103<br>LEI: 54930042348RKR3ZPN35 | Long             | EC               | CORP              | US        |     12350 | NS      | $457691.00    | 0.64%             |  |  |  | No            | 1                  | On Loan: No      |
| ORIGIN ENERGY LIMITED                          | ORIGIN ENERGY LTD                          | CUSIP: N/A<br>LEI: ZSN2LWNPYW6ISMRUC664       | Long             | EC               | CORP              | AU        |     52667 | NS      | $403055.13    | 0.56%             |  |  |  | No            | 2                  | On Loan: No      |
| YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.       | YANGZIJIANG SHIPBUILDING HOLDINGS LTD      | CUSIP: N/A<br>LEI: 254900Z3JEM14YIGLM66       | Long             | EC               | CORP              | SG        |    327800 | NS      | $849411.82    | 1.19%             |  |  |  | No            | 2                  | On Loan: No      |
| BEST BUY CO., INC.                             | BEST BUY CO INC                            | CUSIP: 086516101<br>LEI: HL5XPTVRV0O8TUN5LL90 | Long             | EC               | CORP              | US        |      6114 | NS      | $484717.92    | 0.68%             |  |  |  | No            | 1                  | On Loan: No      |
| CARDINAL HEALTH, INC.                          | CARDINAL HEALTH INC                        | CUSIP: 14149Y108<br>LEI: CCU46N3GJMF4OK4N7U60 | Long             | EC               | CORP              | US        |      2041 | NS      | $433222.66    | 0.61%             |  |  |  | No            | 1                  | On Loan: No      |
| TE CONNECTIVITY PUBLIC LIMITED COMPANY         | TE CONNECTIVITY PLC                        | CUSIP: G87052109<br>LEI: 6367003TB6K484NFHE54 | Long             | EC               | CORP              | IE        |      4079 | NS      | $922465.85    | 1.29%             |  |  |  | No            | 1                  | On Loan: No      |
| SHELL PLC                                      | SHELL PLC                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |     16748 | NS      | $5995.78      | 0.01%             |  |  |  | No            | 2                  | On Loan: No      |
| MERCK & CO., INC.                              | MERCK CO INC                               | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |      4545 | NS      | $476452.35    | 0.67%             |  |  |  | No            | 1                  | On Loan: No      |
| SYNCHRONY FINANCIAL                            | SYNCHRONY FINANCIAL                        | CUSIP: 87165B103<br>LEI: 549300RS7EWPM9MA6C78 | Long             | EC               | CORP              | US        |     10709 | NS      | $828448.24    | 1.16%             |  |  |  | No            | 1                  | On Loan: No      |
| UNITEDHEALTH GROUP INCORPORATED                | UNITEDHEALTH GROUP INC                     | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |      1075 | NS      | $354502.75    | 0.50%             |  |  |  | No            | 1                  | On Loan: No      |
| RELIANCE, INC.                                 | RELIANCE INC                               | CUSIP: 759509102<br>LEI: 549300E287ZOFT3C5Z56 | Long             | EC               | CORP              | US        |      1400 | NS      | $391048.00    | 0.55%             |  |  |  | No            | 1                  | On Loan: No      |
| EMCOR GROUP, INC.                              | EMCOR GROUP INC                            | CUSIP: 29084Q100<br>LEI: 529900X0SQJB2J7YDU43 | Long             | EC               | CORP              | US        |       923 | NS      | $567709.61    | 0.80%             |  |  |  | No            | 1                  | On Loan: No      |
| OWENS CORNING                                  | OWENS CORNING INC                          | CUSIP: 690742101<br>LEI: JO5M6676RDJIZ2U8X907 | Long             | EC               | CORP              | US        |      2830 | NS      | $320469.20    | 0.45%             |  |  |  | No            | 1                  | On Loan: No      |
| ENGIE SA                                       | ENGIE                                      | CUSIP: N/A<br>LEI: LAXUQCHT4FH58LRZDY46       | Long             | EC               | CORP              | FR        |     39867 | NS      | $1014335.95   | 1.42%             |  |  |  | No            | 2                  | On Loan: No      |
| VALERO ENERGY CORPORATION                      | VALERO ENERGY CORP                         | CUSIP: 91913Y100<br>LEI: 549300XTO5VR8SKV1V74 | Long             | EC               | CORP              | US        |      3017 | NS      | $533284.92    | 0.75%             |  |  |  | No            | 1                  | On Loan: No      |
| MCKESSON CORPORATION                           | MCKESSON CORP                              | CUSIP: 58155Q103<br>LEI: 549300WZWOM80UCFSF54 | Long             | EC               | CORP              | US        |       479 | NS      | $422056.48    | 0.59%             |  |  |  | No            | 1                  | On Loan: No      |
| THE WESTERN UNION COMPANY                      | WESTERN UNION CO                           | CUSIP: 959802109<br>LEI: 28ID94QU1140NC23S047 | Long             | EC               | CORP              | US        |     18329 | NS      | $161111.91    | 0.23%             |  |  |  | No            | 1                  | On Loan: No      |
| INVESCO GOVERNMENT & AGENCY PORTFOLIO          | INVESCO GVT & AGNCY-INST                   | CUSIP: 825252885<br>LEI: N/A                  | Long             | STIV             | RF                | US        |     69664 | NS      | $69664.13     | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| SUN LIFE FINANCIAL INC                         | SUN LIFE FINANCIAL INC                     | CUSIP: 866796105<br>LEI: 549300V040JZX5S66Z78 | Long             | EC               | CORP              | CA        |      4577 | NS      | $271318.19    | 0.38%             |  |  |  | No            | 1                  | On Loan: —       |
| LAM RESEARCH CORPORATION                       | LAM RESEARCH CORP                          | CUSIP: 512807306<br>LEI: 549300I4GMO6D34U1T02 | Long             | EC               | CORP              | US        |      4926 | NS      | $768456.00    | 1.08%             |  |  |  | No            | 1                  | On Loan: No      |
| COMPUTERSHARE LIMITED                          | COMPUTERSHARE LTD                          | CUSIP: N/A<br>LEI: 21380085HOKTMGLV9G93       | Long             | EC               | CORP              | AU        |     12619 | NS      | $296600.22    | 0.42%             |  |  |  | No            | 2                  | On Loan: No      |
| INTERTEK GROUP PLC                             | INTERTEK GROUP PLC                         | CUSIP: N/A<br>LEI: 2138003GAT25WW1RN369       | Long             | EC               | CORP              | GB        |      6655 | NS      | $407147.97    | 0.57%             |  |  |  | No            | 2                  | On Loan: No      |
| LOCKHEED MARTIN CORPORATION                    | LOCKHEED MARTIN CORP                       | CUSIP: 539830109<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | EC               | CORP              | US        |      1084 | NS      | $496320.24    | 0.70%             |  |  |  | No            | 1                  | On Loan: No      |
| TECHTRONIC INDUSTRIES COMPANY LIMITED          | TECHTRONIC INDUSTRIES CO                   | CUSIP: N/A<br>LEI: 549300HZW2SBE758OK89       | Long             | EC               | CORP              | HK        |     35000 | NS      | $411663.07    | 0.58%             |  |  |  | No            | 2                  | On Loan: No      |
| Suncor Energy Inc.                             | SUNCOR ENERGY INC                          | CUSIP: 867224107<br>LEI: 549300W70ZOQDVLCHY06 | Long             | EC               | CORP              | CA        |     18982 | NS      | $853666.99    | 1.20%             |  |  |  | No            | 1                  | On Loan: No      |
| LyondellBasell Industries N.V.                 | LYONDELLBASELL INDUSTRIES NV               | CUSIP: N53745100<br>LEI: BN6WCCZ8OVP3ITUUVN49 | Long             | EC               | CORP              | NL        |      5336 | NS      | $261410.64    | 0.37%             |  |  |  | No            | 1                  | On Loan: No      |
| UNITED PARCEL SERVICE, INC.                    | UNITED PARCEL SERVICE INC                  | CUSIP: 911312106<br>LEI: D01LMJZU09ULLNCY6Z23 | Long             | EC               | CORP              | US        |      2372 | NS      | $227213.88    | 0.32%             |  |  |  | No            | 1                  | On Loan: No      |
| Banco Santander, S.A.                          | BANCO SANTANDER SA                         | CUSIP: N/A<br>LEI: 5493006QMFDDMYWIAM13       | Long             | EC               | CORP              | ES        |     84517 | NS      | $906488.20    | 1.27%             |  |  |  | No            | 2                  | On Loan: No      |
| C.H. ROBINSON WORLDWIDE, INC.                  | CH ROBINSON WORLDWIDE INC                  | CUSIP: 12541W209<br>LEI: 529900WNWN5L0OVDHA79 | Long             | EC               | CORP              | US        |      3709 | NS      | $589248.83    | 0.83%             |  |  |  | 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        |     69664 | NS      | $69664.13     | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Roche Holding AG                               | ROCHE HOLDING AG                           | CUSIP: N/A<br>LEI: 549300U41AUUVOAAOB37       | Long             | EC               | CORP              | CH        |      2354 | NS      | $902049.65    | 1.26%             |  |  |  | No            | 2                  | On Loan: No      |
| BP P.L.C.                                      | BP PLC                                     | CUSIP: N/A<br>LEI: 213800LH1BZH3DI6G760       | Long             | EC               | CORP              | GB        |     40298 | NS      | $241979.63    | 0.34%             |  |  |  | No            | 2                  | On Loan: No      |
| APPLIED MATERIALS, INC.                        | APPLIED MATERIALS INC                      | CUSIP: 038222105<br>LEI: 41BNNE1AFPNAZELZ6K07 | Long             | EC               | CORP              | US        |      3422 | NS      | $863199.50    | 1.21%             |  |  |  | No            | 1                  | On Loan: No      |
| BANK OF IRELAND GROUP PUBLIC LIMITED COMPANY   | BANK OF IRELAND GROUP PLC                  | CUSIP: N/A<br>LEI: 635400C8EK6DRI12LJ39       | Long             | EC               | CORP              | IE        |     23666 | NS      | $436925.40    | 0.61%             |  |  |  | No            | 2                  | On Loan: No      |
| WH GROUP LIMITED                               | WH GROUP LTD                               | CUSIP: N/A<br>LEI: 254900A4AYEDRWYSE928       | Long             | EC               | CORP              | KY        |    621000 | NS      | $650368.69    | 0.91%             |  |  |  | Yes           | 2                  | On Loan: No      |
| FIDELITY NATIONAL FINANCIAL, INC               | FIDELITY NATIONAL FINANCIAL                | CUSIP: 31620R303<br>LEI: 549300CAZYIH39SYQ287 | Long             | EC               | CORP              | US        |     12078 | NS      | $717795.54    | 1.01%             |  |  |  | No            | 1                  | On Loan: No      |
| Sompo Holdings, Inc.                           | SOMPO HOLDINGS INC                         | CUSIP: N/A<br>LEI: 353800CWW4SRGEYEB512       | Long             | EC               | CORP              | JP        |     16900 | NS      | $535303.28    | 0.75%             |  |  |  | No            | 2                  | On Loan: No      |
| BOOZ ALLEN HAMILTON HOLDING CORPORATION        | BOOZ ALLEN HAMILTON HOLDINGS               | CUSIP: 099502106<br>LEI: 529900JPV47PIUWMA015 | Long             | EC               | CORP              | US        |      1341 | NS      | $111919.86    | 0.16%             |  |  |  | No            | 1                  | On Loan: No      |
| GEA Group Aktiengesellschaft                   | MG TECHNOLOGIES AG                         | CUSIP: N/A<br>LEI: 549300PHUU0ZZWO8EO07       | Long             | EC               | CORP              | DE        |      5776 | NS      | $391318.61    | 0.55%             |  |  |  | No            | 2                  | On Loan: No      |
| HP INC.                                        | HP INC                                     | CUSIP: 40434L105<br>LEI: WHKXQACZ14C5XRO8LW03 | Long             | EC               | CORP              | US        |     22233 | NS      | $542929.86    | 0.76%             |  |  |  | No            | 1                  | On Loan: No      |
| Everest Group, Ltd.                            | EVEREST GROUP LTD                          | CUSIP: G3223R108<br>LEI: 549300N24XF2VV0B3570 | Long             | EC               | CORP              | BM        |       622 | NS      | $195488.38    | 0.27%             |  |  |  | No            | 1                  | On Loan: No      |
| SHELL PLC                                      | SHELL PLC                                  | CUSIP: N/A<br>LEI: 21380068P1DRHMJ8KU70       | Long             | EC               | CORP              | GB        |     16748 | NS      | $615413.03    | 0.86%             |  |  |  | No            | 2                  | On Loan: No      |
| OVERSEA-CHINESE BANKING CORPORATION LIMITED    | OVERSEA CHINESE BANKING CORP LTD           | CUSIP: N/A<br>LEI: 5493007O3QFXCPOGWK22       | Long             | EC               | CORP              | SG        |     24100 | NS      | $344391.33    | 0.48%             |  |  |  | No            | 2                  | On Loan: No      |
| CANADIAN NATURAL RESOURCES LIMITED             | CANADIAN NATURAL RESOURCES LTD             | CUSIP: 136385101<br>LEI: 549300T15RIMIKZC5Q38 | Long             | EC               | CORP              | CA        |     13263 | NS      | $448870.87    | 0.63%             |  |  |  | No            | 1                  | On Loan: No      |
| CINCINNATI FINANCIAL CORPORATION               | CINCINNATI FINANCIAL CORP                  | CUSIP: 172062101<br>LEI: 254900Q4WEDMZBOZ0002 | Long             | EC               | CORP              | US        |      2647 | NS      | $443610.73    | 0.62%             |  |  |  | No            | 1                  | On Loan: No      |
| JOHNSON & JOHNSON                              | JOHNSON JOHNSON                            | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |      4552 | NS      | $941899.84    | 1.32%             |  |  |  | No            | 1                  | On Loan: No      |
| KIMBERLY-CLARK CORPORATION                     | KIMBERLY CLARK CORP                        | CUSIP: 494368103<br>LEI: MP3J6QPYPGN75NVW2S34 | Long             | EC               | CORP              | US        |      5331 | NS      | $581718.72    | 0.82%             |  |  |  | No            | 1                  | On Loan: No      |
| GILEAD SCIENCES, INC.                          | GILEAD SCIENCES INC                        | CUSIP: 375558103<br>LEI: 549300WTZWR07K8MNV44 | Long             | EC               | CORP              | US        |      6802 | NS      | $855963.68    | 1.20%             |  |  |  | No            | 1                  | On Loan: No      |
| BANQUE CANADIENNE IMPERIALE DE COMMERCE        | CANADIAN IMPERIAL BANK OF COMM             | CUSIP: 136069101<br>LEI: 2IGI19DL77OX0HC3ZE78 | Long             | EC               | CORP              | CA        |     12344 | NS      | $1067433.99   | 1.50%             |  |  |  | No            | 1                  | On Loan: No      |
| BRISTOL-MYERS SQUIBB COMPANY                   | BRISTOL MYERS SQUIBB CO                    | CUSIP: 110122108<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | EC               | CORP              | US        |     12738 | NS      | $626709.60    | 0.88%             |  |  |  | No            | 1                  | On Loan: No      |
| Heidelberg Materials AG                        | HEIDELBERG MATERIALS AG                    | CUSIP: N/A<br>LEI: LZ2C6E0W5W7LQMX5ZI37       | Long             | EC               | CORP              | DE        |      4978 | NS      | $1278085.16   | 1.79%             |  |  |  | No            | 2                  | On Loan: No      |
| EOG RESOURCES, INC.                            | EOG RESOURCES INC                          | CUSIP: 26875P101<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | EC               | CORP              | US        |      6910 | NS      | $745243.50    | 1.04%             |  |  |  | No            | 1                  | On Loan: No      |
| TARGET CORPORATION                             | TARGET CORP                                | CUSIP: 87612E106<br>LEI: 8WDDFXB5T1Z6J0XC1L66 | Long             | EC               | CORP              | US        |      1848 | NS      | $167465.76    | 0.23%             |  |  |  | No            | 1                  | On Loan: No      |

### Signature

**Date Signed:** 2025-12-30

**Name of Applicant:** Victory Portfolios III

**Signature:** Carol Trevino

**Name of Signer:** Carol Trevino

**Title:** Treasurer