# EDGAR Filing Document

**Accession Number:** 0000908695
**File Stem:** 0001004726-25-001615
**Filing Date:** 2025-10
**Character Count:** 45746
**Document Hash:** 9ec6b055242c76fdc587b8db3fb05591
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001004726-25-001615.hdr.sgml**: 20251028

**ACCESSION NUMBER**: 0001004726-25-001615

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250831

**FILED AS OF DATE**: 20251028

**DATE AS OF CHANGE**: 20251028

**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:** 251422628

**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:** 2025-08-31

**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:** $67975189.84

**Total Liabilities:** $82491.14

**Net Assets:** $67892698.70

**Cash Not Reported:** $144638.11

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000158652 | 4.02%                | 0.34%                | 5.55%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $12104.36                | $2437330.37                                |
| Month 2  | $104023.60               | $53511.00                                  |
| Month 3  | $466746.01               | $3060777.34                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| GLENCORE PLC                                 | GLENCORE PLC                               | CUSIP: N/A<br>LEI: 2138002658CPO9NBH955       | Long             | EC               | CORP              | JE        |     48514 | NS      | $191629.40    | 0.28%             |  |  |  | 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      | $314324.71    | 0.46%             |  |  |  | No            |                  2 | On Loan: No      |
| KINROSS GOLD CORPORATION                     | KINROSS GOLD CORP                          | CUSIP: 496902404<br>LEI: 254900O9KHF2A1ZXPT47 | Long             | EC               | CORP              | CA        |     34384 | NS      | $718879.00    | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Suncor Energy Inc.                           | SUNCOR ENERGY INC                          | CUSIP: 867224107<br>LEI: 549300W70ZOQDVLCHY06 | Long             | EC               | CORP              | CA        |     18982 | NS      | $784742.31    | 1.16%             |  |  |  | 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      | $354057.34    | 0.52%             |  |  |  | No            |                  2 | On Loan: No      |
| HP INC.                                      | HP INC                                     | CUSIP: 40434L105<br>LEI: WHKXQACZ14C5XRO8LW03 | Long             | EC               | CORP              | US        |     22233 | NS      | $634529.82    | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| OWENS CORNING                                | OWENS CORNING INC                          | CUSIP: 690742101<br>LEI: JO5M6676RDJIZ2U8X907 | Long             | EC               | CORP              | US        |      2830 | NS      | $424981.10    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| ORIGIN ENERGY LIMITED                        | ORIGIN ENERGY LTD                          | CUSIP: N/A<br>LEI: ZSN2LWNPYW6ISMRUC664       | Long             | EC               | CORP              | AU        |     52667 | NS      | $444220.61    | 0.65%             |  |  |  | No            |                  2 | On Loan: No      |
| RELIANCE, INC.                               | RELIANCE INC                               | CUSIP: 759509102<br>LEI: 549300E287ZOFT3C5Z56 | Long             | EC               | CORP              | US        |      1400 | NS      | $413924.00    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| APPLIED MATERIALS, INC.                      | APPLIED MATERIALS INC                      | CUSIP: 038222105<br>LEI: 41BNNE1AFPNAZELZ6K07 | Long             | EC               | CORP              | US        |      3422 | NS      | $550120.72    | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| EIFFAGE SA                                   | EIFFAGE SA                                 | CUSIP: N/A<br>LEI: 969500OQXKE5WDM9M994       | Long             | EC               | CORP              | FR        |      2996 | NS      | $376999.54    | 0.56%             |  |  |  | No            |                  2 | On Loan: No      |
| Deutsche Post AG                             | DHL GROUP                                  | CUSIP: N/A<br>LEI: 8ER8GIG7CSMVD8VUFE78       | Long             | EC               | CORP              | DE        |      8611 | NS      | $392434.51    | 0.58%             |  |  |  | No            |                  2 | On Loan: No      |
| Logitech international S.A.                  | LOGITECH INTERNATIONAL SA                  | CUSIP: N/A<br>LEI: 549300SN6PRK6IJJC215       | Long             | EC               | CORP              | CH        |      5368 | NS      | $554391.29    | 0.82%             |  |  |  | No            |                  2 | On Loan: No      |
| LyondellBasell Industries N.V.               | LYONDELLBASELL INDUSTRIES NV               | CUSIP: N53745100<br>LEI: BN6WCCZ8OVP3ITUUVN49 | Long             | EC               | CORP              | NL        |      5336 | NS      | $300683.60    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Allianz SE                                   | ALLIANZ SE                                 | CUSIP: N/A<br>LEI: 529900K9B0N5BT694847       | Long             | EC               | CORP              | DE        |      2308 | NS      | $975695.26    | 1.44%             |  |  |  | No            |                  2 | On Loan: No      |
| THE TJX COMPANIES, INC.                      | TJX COS INC                                | CUSIP: 872540109<br>LEI: V167QI9I69W364E2DY52 | Long             | EC               | CORP              | US        |      1859 | NS      | $253957.99    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| NETAPP, INC.                                 | NETAPP INC                                 | CUSIP: 64110D104<br>LEI: QTX3D84DZDD5JYOCYH15 | Long             | EC               | CORP              | US        |      6779 | NS      | $764603.41    | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| TECHTRONIC INDUSTRIES COMPANY LIMITED        | TECHTRONIC INDUSTRIES CO                   | CUSIP: N/A<br>LEI: 549300HZW2SBE758OK89       | Long             | EC               | CORP              | HK        |     35000 | NS      | $452651.09    | 0.67%             |  |  |  | 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      | $1031026.18   | 1.52%             |  |  |  | No            |                  2 | On Loan: No      |
| Altria Group, Inc.                           | ALTRIA GROUP INC                           | CUSIP: 02209S103<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | EC               | CORP              | US        |     10062 | NS      | $676267.02    | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| DEVON ENERGY CORPORATION                     | DEVON ENERGY CORP                          | CUSIP: 25179M103<br>LEI: 54930042348RKR3ZPN35 | Long             | EC               | CORP              | US        |     12350 | NS      | $445835.00    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Telefonaktiebolaget LM Ericsson              | TELEFONAKTIEBOLAGET LM ERICSSON            | CUSIP: N/A<br>LEI: 549300W9JLPW15XIFM52       | Long             | EC               | CORP              | SE        |     25381 | NS      | $200987.45    | 0.30%             |  |  |  | No            |                  2 | On Loan: No      |
| Tokio Marine Holdings, Inc.                  | TOKIO MARINE HOLDINGS INC                  | CUSIP: N/A<br>LEI: 5299009QN2NZ191KLS29       | Long             | EC               | CORP              | JP        |     16600 | NS      | $712012.50    | 1.05%             |  |  |  | No            |                  2 | On Loan: No      |
| INTERACTIVE BROKERS GROUP, INC.              | INTERACTIVE BROKERS GROUP INC              | CUSIP: 45841N107<br>LEI: 5493004DT6DCDUZNDM53 | Long             | EC               | CORP              | US        |      5720 | NS      | $356012.80    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| STEEL DYNAMICS, INC.                         | STEEL DYNAMICS INC                         | CUSIP: 858119100<br>LEI: 549300HGGKEL4FYTTQ83 | Long             | EC               | CORP              | US        |      3775 | NS      | $494223.00    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| LAM RESEARCH CORPORATION                     | LAM RESEARCH CORP                          | CUSIP: 512807306<br>LEI: 549300I4GMO6D34U1T02 | Long             | EC               | CORP              | US        |      4926 | NS      | $493338.90    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| INTERTEK GROUP PLC                           | INTERTEK GROUP PLC                         | CUSIP: N/A<br>LEI: 2138003GAT25WW1RN369       | Long             | EC               | CORP              | GB        |      6655 | NS      | $422046.96    | 0.62%             |  |  |  | No            |                  2 | On Loan: No      |
| Heidelberg Materials AG                      | HEIDELBERG MATERIALS AG                    | CUSIP: N/A<br>LEI: LZ2C6E0W5W7LQMX5ZI37       | Long             | EC               | CORP              | DE        |      4978 | NS      | $1177432.73   | 1.73%             |  |  |  | No            |                  2 | On Loan: No      |
| Banco Bilbao Vizcaya Argentaria, S.A.        | BANCO BILBAO VIZCAYA ARGENTARIA SA         | CUSIP: N/A<br>LEI: K8MS7FD7N5Z2WQ51AZ71       | Long             | EC               | CORP              | ES        |     64010 | NS      | $1164814.56   | 1.72%             |  |  |  | No            |                  2 | On Loan: No      |
| Iberdrola, S.A.                              | IBERDROLA SA                               | CUSIP: N/A<br>LEI: 5QK37QC7NWOJ8D7WVQ45       | Long             | EC               | CORP              | ES        |     44513 | NS      | $839035.48    | 1.24%             |  |  |  | No            |                  2 | On Loan: No      |
| ENEL - SPA                                   | ENEL SPA                                   | CUSIP: N/A<br>LEI: WOCMU6HCI0OJWNPRZS33       | Long             | EC               | CORP              | IT        |     71857 | NS      | $663048.11    | 0.98%             |  |  |  | No            |                  2 | 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      | $410316.32    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| SANOFI SA                                    | SANOFI                                     | CUSIP: N/A<br>LEI: 549300E9PC51EN656011       | Long             | EC               | CORP              | FR        |      1923 | NS      | $190767.62    | 0.28%             |  |  |  | No            |                  2 | On Loan: No      |
| LES VETEMENTS DE SPORT GILDAN INC.           | GILDAN ACTIVEWEAR INC                      | CUSIP: 375916103<br>LEI: 549300SB3IBI34M00Z45 | Long             | EC               | CORP              | CA        |      8192 | NS      | $447302.77    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| JOHNSON & JOHNSON                            | JOHNSON JOHNSON                            | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |      4552 | NS      | $806477.84    | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Philip Morris International Inc.             | PHILIP MORRIS INTERNATIONAL INC            | CUSIP: 718172109<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | EC               | CORP              | US        |      4706 | NS      | $786513.78    | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| KLA CORPORATION                              | KLA CORP                                   | CUSIP: 482480100<br>LEI: 549300H0BF5JCG96TJ81 | Long             | EC               | CORP              | US        |       795 | NS      | $693240.00    | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| GEA Group Aktiengesellschaft                 | MG TECHNOLOGIES AG                         | CUSIP: N/A<br>LEI: 549300PHUU0ZZWO8EO07       | Long             | EC               | CORP              | DE        |      5776 | NS      | $420379.40    | 0.62%             |  |  |  | No            |                  2 | On Loan: No      |
| Nutrien Ltd.                                 | NUTRIEN LTD                                | CUSIP: 67077M108<br>LEI: 5493002QQ7GD21OWF963 | Long             | EC               | CORP              | CA        |      4811 | NS      | $277301.67    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| COGNIZANT TECHNOLOGY SOLUTIONS CORPORATION   | COGNIZANT TECHNOLOGY SOLUTIONS CORP        | CUSIP: 192446102<br>LEI: 5493006IEVQEFQO40L83 | Long             | EC               | CORP              | US        |      7076 | NS      | $511241.00    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| DBS GROUP HOLDINGS LTD                       | DBS GROUP HOLDINGS LTD                     | CUSIP: N/A<br>LEI: 5493007FKT78NKPM5V55       | Long             | EC               | CORP              | SG        |      5500 | NS      | $216546.47    | 0.32%             |  |  |  | No            |                  2 | On Loan: No      |
| BEST BUY CO., INC.                           | BEST BUY CO INC                            | CUSIP: 086516101<br>LEI: HL5XPTVRV0O8TUN5LL90 | Long             | EC               | CORP              | US        |      6114 | NS      | $450234.96    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Deutsche Telekom AG                          | DEUTSCHE TELEKOM AG REG                    | CUSIP: N/A<br>LEI: 549300V9QSIG4WX4GJ96       | Long             | EC               | CORP              | DE        |     17129 | NS      | $626779.77    | 0.92%             |  |  |  | No            |                  2 | On Loan: No      |
| TOKYO GAS CO.,LTD.                           | TOKYO GAS CO LTD                           | CUSIP: N/A<br>LEI: 353800678EIJLOQSWZ83       | Long             | EC               | CORP              | JP        |     19200 | NS      | $733609.56    | 1.08%             |  |  |  | No            |                  2 | On Loan: No      |
| UNITEDHEALTH GROUP INCORPORATED              | UNITEDHEALTH GROUP INC                     | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |      1075 | NS      | $333110.25    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| LOCKHEED MARTIN CORPORATION                  | LOCKHEED MARTIN CORP                       | CUSIP: 539830109<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | EC               | CORP              | US        |      1084 | NS      | $493902.92    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| W. R. BERKLEY CORPORATION                    | WR BERKLEY CORP                            | CUSIP: 084423102<br>LEI: SQOAGCLKBDWNVYV1OV80 | Long             | EC               | CORP              | US        |      7257 | NS      | $520254.33    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Cenovus Energy Inc.                          | CENOVUS ENERGY INC                         | CUSIP: 15135U109<br>LEI: 549300F4XPHJ7NOSP309 | Long             | EC               | CORP              | CA        |      6566 | NS      | $109210.20    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| TE CONNECTIVITY PUBLIC LIMITED COMPANY       | TE CONNECTIVITY PLC                        | CUSIP: G87052109<br>LEI: 6367003TB6K484NFHE54 | Long             | EC               | CORP              | IE        |      4079 | NS      | $842313.50    | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| WH GROUP LIMITED                             | WH GROUP LTD                               | CUSIP: N/A<br>LEI: 254900A4AYEDRWYSE928       | Long             | EC               | CORP              | KY        |    683000 | NS      | $733980.22    | 1.08%             |  |  |  | No            |                  2 | On Loan: No      |
| CISCO SYSTEMS, INC.                          | CISCO SYSTEMS INC                          | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |     18436 | NS      | $1273743.24   | 1.88%             |  |  |  | No            |                  1 | On Loan: No      |
| MERCK & CO., INC.                            | MERCK CO INC                               | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |      4545 | NS      | $382325.40    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| CINCINNATI FINANCIAL CORPORATION             | CINCINNATI FINANCIAL CORP                  | CUSIP: 172062101<br>LEI: 254900Q4WEDMZBOZ0002 | Long             | EC               | CORP              | US        |      2647 | NS      | $406579.20    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| SYNCHRONY FINANCIAL                          | SYNCHRONY FINANCIAL                        | CUSIP: 87165B103<br>LEI: 549300RS7EWPM9MA6C78 | Long             | EC               | CORP              | US        |     10709 | NS      | $817525.06    | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| MARATHON PETROLEUM CORPORATION               | MARATHON PETROLEUM CORP                    | CUSIP: 56585A102<br>LEI: 3BNYRYQHD39K4LCKQF12 | Long             | EC               | CORP              | US        |      2630 | NS      | $472637.30    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| QUALCOMM INCORPORATED                        | QUALCOMM INC                               | CUSIP: 747525103<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | EC               | CORP              | US        |      6027 | NS      | $968719.71    | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| CARDINAL HEALTH, INC.                        | CARDINAL HEALTH INC                        | CUSIP: 14149Y108<br>LEI: CCU46N3GJMF4OK4N7U60 | Long             | EC               | CORP              | US        |      2041 | NS      | $303659.98    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| THE CLOROX COMPANY                           | CLOROX COMPANY                             | CUSIP: 189054109<br>LEI: 54930044KVSC06Z79I06 | Long             | EC               | CORP              | US        |      2483 | NS      | $293490.60    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Roche Holding AG                             | ROCHE HOLDING AG                           | CUSIP: N/A<br>LEI: 549300U41AUUVOAAOB37       | Long             | EC               | CORP              | CH        |      2354 | NS      | $767731.93    | 1.13%             |  |  |  | No            |                  2 | On Loan: No      |
| SHELL PLC                                    | SHELL PLC                                  | CUSIP: N/A<br>LEI: 21380068P1DRHMJ8KU70       | Long             | EC               | CORP              | GB        |     16748 | NS      | $616562.05    | 0.91%             |  |  |  | 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      | $615576.50    | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| TARGET CORPORATION                           | TARGET CORP                                | CUSIP: 87612E106<br>LEI: 8WDDFXB5T1Z6J0XC1L66 | Long             | EC               | CORP              | US        |      1848 | NS      | $177371.04    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| ENGIE SA                                     | ENGIE                                      | CUSIP: N/A<br>LEI: LAXUQCHT4FH58LRZDY46       | Long             | EC               | CORP              | FR        |     39867 | NS      | $824907.84    | 1.22%             |  |  |  | No            |                  2 | On Loan: No      |
| Shionogi & Co., Ltd.                         | SHIONOGI CO LTD                            | CUSIP: N/A<br>LEI: 35380049VXDTHZI3DY35       | Long             | EC               | CORP              | JP        |     12900 | NS      | $223163.27    | 0.33%             |  |  |  | No            |                  2 | On Loan: No      |
| NITTO DENKO CORPORATION                      | NITTO DENKO CORP                           | CUSIP: N/A<br>LEI: 3538009GX5P09USH2J25       | Long             | EC               | CORP              | JP        |     31900 | NS      | $718098.38    | 1.06%             |  |  |  | No            |                  2 | On Loan: No      |
| COMPUTERSHARE LIMITED                        | COMPUTERSHARE LTD                          | CUSIP: N/A<br>LEI: 21380085HOKTMGLV9G93       | Long             | EC               | CORP              | AU        |     12619 | NS      | $313963.14    | 0.46%             |  |  |  | No            |                  2 | On Loan: No      |
| CANADIAN NATURAL RESOURCES LIMITED           | CANADIAN NATURAL RESOURCES LTD             | CUSIP: 136385101<br>LEI: 549300T15RIMIKZC5Q38 | Long             | EC               | CORP              | CA        |     13263 | NS      | $420046.51    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN EXPRESS COMPANY                     | AMERICAN EXPRESS CO                        | CUSIP: 025816109<br>LEI: R4PP93JZOLY261QX3811 | Long             | EC               | CORP              | US        |      1243 | NS      | $411781.04    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| NUCOR CORPORATION                            | NUCOR CORP                                 | CUSIP: 670346105<br>LEI: 549300GGJCRSI2TIEJ46 | Long             | EC               | CORP              | US        |      3060 | NS      | $455113.80    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Coca-Cola HBC AG                             | COCA COLA HBC AG                           | CUSIP: N/A<br>LEI: 549300EFP3TNG7JGVE49       | Long             | EC               | CORP              | CH        |     16258 | NS      | $822281.51    | 1.21%             |  |  |  | No            |                  2 | On Loan: No      |
| CAPITAL ONE FINANCIAL CORPORATION            | CAPITAL ONE FINANCIAL CORP                 | CUSIP: 14040H105<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | EC               | CORP              | US        |      1998 | NS      | $453985.56    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| KOMATSU LTD.                                 | KOMATSU LIMITED                            | CUSIP: N/A<br>LEI: 5493004LQ0B4T7QPQV17       | Long             | EC               | CORP              | JP        |     14400 | NS      | $487552.34    | 0.72%             |  |  |  | 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      | $205281.82    | 0.30%             |  |  |  | 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      | $477348.30    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| IMPERIAL BRANDS PLC                          | IMPERIAL BRANDS PLC                        | CUSIP: N/A<br>LEI: 549300DFVPOB67JL3A42       | Long             | EC               | CORP              | GB        |     10966 | NS      | $463057.29    | 0.68%             |  |  |  | No            |                  2 | On Loan: No      |
| TESCO PLC                                    | TESCO PLC                                  | CUSIP: N/A<br>LEI: 2138002P5RNKC5W2JZ46       | Long             | EC               | CORP              | GB        |    167625 | NS      | $958014.95    | 1.41%             |  |  |  | No            |                  2 | On Loan: No      |
| MCKESSON CORPORATION                         | MCKESSON CORP                              | CUSIP: 58155Q103<br>LEI: 549300WZWOM80UCFSF54 | Long             | EC               | CORP              | US        |       479 | NS      | $328900.56    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERIPRISE FINANCIAL, INC.                   | AMERIPRISE FINANCIAL INC                   | CUSIP: 03076C106<br>LEI: 6ZLKQF7QB6JAEKQS5388 | Long             | EC               | CORP              | US        |      1081 | NS      | $556509.61    | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| THE CIGNA GROUP                              | CIGNA GROUP THE                            | CUSIP: 125523100<br>LEI: 549300VIWYMSIGT1U456 | Long             | EC               | CORP              | US        |      1318 | NS      | $396546.66    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITED PARCEL SERVICE, INC.                  | UNITED PARCEL SERVICE INC                  | CUSIP: 911312106<br>LEI: D01LMJZU09ULLNCY6Z23 | Long             | EC               | CORP              | US        |      2372 | NS      | $207407.68    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| HSBC HOLDINGS PLC                            | HSBC HOLDINGS PLC                          | CUSIP: N/A<br>LEI: MLU0ZO3ML4LN2LL2TL39       | Long             | EC               | CORP              | GB        |     72113 | NS      | $923013.57    | 1.36%             |  |  |  | No            |                  2 | On Loan: No      |
| KIMBERLY-CLARK CORPORATION                   | KIMBERLY CLARK CORP                        | CUSIP: 494368103<br>LEI: MP3J6QPYPGN75NVW2S34 | Long             | EC               | CORP              | US        |      5331 | NS      | $688445.34    | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| BRISTOL-MYERS SQUIBB CO                      | BRISTOL MYERS SQUIBB CO                    | CUSIP: 110122108<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | EC               | CORP              | US        |     12738 | NS      | $600978.84    | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| QBE INSURANCE GROUP LIMITED                  | QBE INSURANCE GROUP LTD                    | CUSIP: N/A<br>LEI: 549300D2FBW76FPUSG65       | Long             | EC               | CORP              | AU        |     16950 | NS      | $239427.47    | 0.35%             |  |  |  | No            |                  2 | On Loan: No      |
| PACKAGING CORPORATION OF AMERICA             | PACKAGING CORP OF AMERICA                  | CUSIP: 695156109<br>LEI: 549300XZP8MFZFY8TJ84 | Long             | EC               | CORP              | US        |      3507 | NS      | $764385.72    | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| BANQUE DE MONTREAL                           | BANK OF MONTREAL                           | CUSIP: 063671101<br>LEI: NQQ6HPCNCCU6TUTQYE16 | Long             | EC               | RF                | CA        |      3256 | NS      | $394053.77    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Galp Energia, SGPS, S.A.                     | GALP ENERGIA SGPS SA                       | CUSIP: N/A<br>LEI: 2138003319Y7NM75FG53       | Long             | EC               | CORP              | PT        |     28116 | NS      | $546462.88    | 0.80%             |  |  |  | No            |                  2 | On Loan: No      |
| EMCOR GROUP, INC.                            | EMCOR GROUP INC                            | CUSIP: 29084Q100<br>LEI: 529900X0SQJB2J7YDU43 | Long             | EC               | CORP              | US        |       923 | NS      | $572260.00    | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| OVINTIV INC.                                 | OVINTIV INC                                | CUSIP: 69047Q102<br>LEI: 2549003MEX7YMKLGI239 | Long             | EC               | CORP              | US        |      7769 | NS      | $327230.28    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Fujikura Ltd.                                | FUJIKURA LTD                               | CUSIP: N/A<br>LEI: 353800PSDZ8VRCKVPL51       | Long             | EC               | CORP              | JP        |     12200 | NS      | $1035139.49   | 1.52%             |  |  |  | No            |                  2 | On Loan: No      |
| OGE ENERGY CORP.                             | OGE ENERGY CORP                            | CUSIP: 670837103<br>LEI: CE5OG6JPOZMDSA0LAQ19 | Long             | EC               | CORP              | US        |      6612 | NS      | $295291.92    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| THE WESTERN UNION COMPANY                    | WESTERN UNION CO                           | CUSIP: 959802109<br>LEI: 28ID94QU1140NC23S047 | Long             | EC               | CORP              | US        |     18329 | NS      | $158912.43    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| COLGATE-PALMOLIVE COMPANY                    | COLGATE PALMOLIVE CO                       | CUSIP: 194162103<br>LEI: YMEGZFW4SBUSS5BQXF88 | Long             | EC               | CORP              | US        |      4250 | NS      | $357297.50    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| EOG RESOURCES, INC.                          | EOG RESOURCES INC                          | CUSIP: 26875P101<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | EC               | CORP              | US        |      6910 | NS      | $862506.20    | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Koninklijke KPN N.V.                         | KONINKLIJKE KPN NV                         | CUSIP: N/A<br>LEI: 549300YO0JZHAL7FVP81       | Long             | EC               | CORP              | NL        |    191587 | NS      | $914201.59    | 1.35%             |  |  |  | No            |                  2 | On Loan: No      |
| WILLIAMS-SONOMA, INC.                        | WILLIAMS SONOMA INC                        | CUSIP: 969904101<br>LEI: 549300IARG6YWVTZ1I92 | Long             | EC               | CORP              | US        |      1656 | NS      | $311642.64    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN FINANCIAL GROUP, INC.               | AMERICAN FINANCIAL GROUP INC               | CUSIP: 025932104<br>LEI: 549300AFOM7IVKIU1G39 | Long             | EC               | CORP              | US        |      4623 | NS      | $628080.78    | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| VERIZON COMMUNICATIONS INC.                  | VERIZON COMMUNICATIONS INC                 | CUSIP: 92343V104<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | EC               | CORP              | US        |      6817 | NS      | $301515.91    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| ABBVIE INC.                                  | ABBVIE INC                                 | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |      5018 | NS      | $1055787.20   | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| COLES GROUP LIMITED                          | COLES GROUP LTD                            | CUSIP: N/A<br>LEI: 549300OHQRG2HN8LZ793       | Long             | EC               | CORP              | AU        |     17307 | NS      | $270118.03    | 0.40%             |  |  |  | No            |                  2 | On Loan: No      |
| MASCO CORPORATION                            | MASCO CORP                                 | CUSIP: 574599106<br>LEI: 5GCSNMQXHEYA1JO8QN11 | Long             | EC               | CORP              | US        |      7025 | NS      | $515564.75    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| GILEAD SCIENCES, INC.                        | GILEAD SCIENCES INC                        | CUSIP: 375558103<br>LEI: 549300WTZWR07K8MNV44 | Long             | EC               | CORP              | US        |      6802 | NS      | $768421.94    | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Sompo Holdings, Inc.                         | SOMPO HOLDINGS INC                         | CUSIP: N/A<br>LEI: 353800CWW4SRGEYEB512       | Long             | EC               | CORP              | JP        |     16900 | NS      | $540169.77    | 0.80%             |  |  |  | No            |                  2 | On Loan: No      |
| Novartis AG                                  | NOVARTIS AG                                | CUSIP: N/A<br>LEI: 5493007HIVTX6SY6XD66       | Long             | EC               | CORP              | CH        |      7744 | NS      | $980357.85    | 1.44%             |  |  |  | No            |                  2 | On Loan: No      |
| Banco Santander, S.A.                        | BANCO SANTANDER SA                         | CUSIP: N/A<br>LEI: 5493006QMFDDMYWIAM13       | Long             | EC               | CORP              | ES        |     84517 | NS      | $807068.91    | 1.19%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO.                         | JPMORGAN CHASE CO                          | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |      2333 | NS      | $703212.86    | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| FIDELITY NATIONAL FINANCIAL, INC             | FIDELITY NATIONAL FINANCIAL                | CUSIP: 31620R303<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     12078 | NS      | $723109.86    | 1.07%             |  |  |  | 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      | $323047.20    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Everest Group, Ltd.                          | EVEREST GROUP LTD                          | CUSIP: G3223R108<br>LEI: 549300N24XF2VV0B3570 | Long             | EC               | CORP              | BM        |       622 | NS      | $212649.36    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| SUN LIFE FINANCIAL INC                       | SUN LIFE FINANCIAL INC                     | CUSIP: 866796105<br>LEI: 549300V040JZX5S66Z78 | Long             | EC               | CORP              | CA        |      4577 | NS      | $267380.53    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| ISUZU MOTORS LIMITED                         | ISUZU MOTORS LTD                           | CUSIP: N/A<br>LEI: 529900C0QSXVCC7AR494       | Long             | EC               | CORP              | JP        |     30700 | NS      | $402168.64    | 0.59%             |  |  |  | No            |                  2 | On Loan: No      |
| Koninklijke Ahold Delhaize N.V.              | KONINKLIJKE AHOLD DELHAIZE NV              | CUSIP: N/A<br>LEI: 724500C9GNBV20UYRX36       | Long             | EC               | CORP              | NL        |     13863 | NS      | $555479.80    | 0.82%             |  |  |  | No            |                  2 | On Loan: No      |
| BANQUE CANADIENNE IMPERIALE DE COMMERCE      | CANADIAN IMPERIAL BANK OF COMM             | CUSIP: 136069101<br>LEI: 2IGI19DL77OX0HC3ZE78 | Long             | EC               | CORP              | CA        |     12344 | NS      | $953666.59    | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| BOOZ ALLEN HAMILTON HOLDING CORPORATION      | BOOZ ALLEN HAMILTON HOLDINGS               | CUSIP: 099502106<br>LEI: 529900JPV47PIUWMA015 | Long             | EC               | CORP              | US        |      1341 | NS      | $145793.52    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Shin-Etsu Chemical Co., Ltd.                 | SHIN ETSU CHEMICAL                         | CUSIP: N/A<br>LEI: 353800PX8Q64N86H5W41       | Long             | EC               | CORP              | JP        |      8300 | NS      | $252822.22    | 0.37%             |  |  |  | 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      | $742907.19    | 1.09%             |  |  |  | No            |                  2 | On Loan: No      |
| CF INDUSTRIES HOLDINGS, INC.                 | CF INDUSTRIES HOLDINGS INC                 | CUSIP: 125269100<br>LEI: 529900CG8YAQFZ2JMV97 | Long             | EC               | CORP              | US        |      7121 | NS      | $616892.23    | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| SYSCO CORPORATION                            | SYSCO CORP                                 | CUSIP: 871829107<br>LEI: 5RGWIFLMGH3YS7KWI652 | Long             | EC               | CORP              | US        |      4313 | NS      | $347067.11    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| SBI Holdings, Inc.                           | SBI HOLDINGS INC JAPAN                     | CUSIP: N/A<br>LEI: 353800L6LMHYIPSMRQ17       | Long             | EC               | CORP              | JP        |     13700 | NS      | $643770.73    | 0.95%             |  |  |  | No            |                  2 | On Loan: No      |
| Holcim AG                                    | HOLCIM LTD                                 | CUSIP: N/A<br>LEI: 529900EHPFPYHV6IQO98       | Long             | EC               | CORP              | CH        |      5357 | NS      | $449100.54    | 0.66%             |  |  |  | No            |                  2 | On Loan: No      |
| VALERO ENERGY CORPORATION                    | VALERO ENERGY CORP                         | CUSIP: 91913Y100<br>LEI: 549300XTO5VR8SKV1V74 | Long             | EC               | CORP              | US        |      3017 | NS      | $458614.17    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| APPLE INC.                                   | APPLE INC                                  | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |      6337 | NS      | $1471071.18   | 2.17%             |  |  |  | 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      |
| LOWE'S COMPANIES, INC.                       | LOWE S COS INC                             | CUSIP: 548661107<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | EC               | CORP              | US        |      1607 | NS      | $414702.42    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-09-30

**Name of Applicant:** Victory Portfolios III

**Signature:** Carol Trevino

**Name of Signer:** Carol Trevino

**Title:** Treasurer