# EDGAR Filing Document

**Accession Number:** 0000908695
**File Stem:** 0001004726-26-002365
**Filing Date:** 2026-3
**Character Count:** 65638
**Document Hash:** 83c16ca8df62938d2849a98a30ff6da7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001004726-26-002365.hdr.sgml**: 20260327

**ACCESSION NUMBER**: 0001004726-26-002365

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260131

**FILED AS OF DATE**: 20260327

**DATE AS OF CHANGE**: 20260327

**PERIOD START**: 20260430

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07852
- **FILM NUMBER:** 26803701

**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 Value Fund (Formerly USAA Value Fund) (Series ID: S000012920)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000034890 | Victory Value Fund Shares               | UVALX           |
| C000066845 | Victory Value Fund Institutional Shares | UIVAX           |

## 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 Value Fund

- **b. EDGAR series identifier (if any):** S000012920

- **c. LEI of Series:** 549300F9D3M2P19RXS81

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $1416028265.65

**Total Liabilities:** $4278806.00

**Net Assets:** $1411749459.65

**Cash Not Reported:** $17309330.53

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000034890 | 4.04%                | 0.86%                | 3.40%                |
| Class ID C000066845 | 4.08%                | 0.84%                | 3.39%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $22378928.85             | $30554823.33                               |
| Month 2  | $12246230.42             | $-2202371.59                               |
| Month 3  | $16374576.17             | $28212971.52                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| THE GOLDMAN SACHS GROUP, INC.                  | GOLDMAN SACHS GROUP INC THE                | CUSIP: 38141G104<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EC               | CORP              | US        |      7244 | NS      | $6776110.04   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| EXXON MOBIL CORPORATION                        | EXXON MOBIL CORP                           | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |    140200 | NS      | $19824280.00  | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| EQUITY LIFESTYLE PROPERTIES, INC.              | EQUITY LIFESTYLE PROPERTIES INC            | CUSIP: 29472R108<br>LEI: 529900PEQG66LENB6798 | Long             | EC               | CORP              | US        |    174400 | NS      | $11016848.00  | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| PFIZER INC.                                    | PFIZER INC                                 | CUSIP: 717081103<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | EC               | CORP              | US        |    207776 | NS      | $5493597.44   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| QUALCOMM INCORPORATED                          | QUALCOMM INC                               | CUSIP: 747525103<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | EC               | CORP              | US        |     40888 | NS      | $6198211.92   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITED AIRLINES HOLDINGS, INC.                 | UNITED AIRLINES HOLDINGS INC               | CUSIP: 910047109<br>LEI: 98450079DA0B78DD6764 | Long             | EC               | CORP              | US        |     33615 | NS      | $3439486.80   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| COMFORT SYSTEMS USA, INC.                      | COMFORT SYSTEMS USA INC                    | CUSIP: 199908104<br>LEI: 5299009DT1ZA5HTU6R38 | Long             | EC               | CORP              | US        |      2666 | NS      | $3044838.60   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| SYNCHRONY FINANCIAL                            | SYNCHRONY FINANCIAL                        | CUSIP: 87165B103<br>LEI: 549300RS7EWPM9MA6C78 | Long             | EC               | CORP              | US        |     98033 | NS      | $7120136.79   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| INGREDION INCORPORATED                         | INGREDION INC                              | CUSIP: 457187102<br>LEI: PKSTQ48QDN0XSVS7YK88 | Long             | EC               | CORP              | US        |     54058 | NS      | $6384249.80   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| LOWE'S COMPANIES, INC.                         | LOWE S COS INC                             | CUSIP: 548661107<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | EC               | CORP              | US        |     23851 | NS      | $6369648.06   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| RELIANCE, INC.                                 | RELIANCE INC                               | CUSIP: 759509102<br>LEI: 549300E287ZOFT3C5Z56 | Long             | EC               | CORP              | US        |     11241 | NS      | $3703909.50   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| NRG ENERGY, INC.                               | NRG ENERGY INC                             | CUSIP: 629377508<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | EC               | CORP              | US        |     18250 | NS      | $2785497.50   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| FAIR ISAAC CORPORATION                         | FAIR ISAAC CORP                            | CUSIP: 303250104<br>LEI: RI6HET5SJUEY30V1PS26 | Long             | EC               | CORP              | US        |      1987 | NS      | $2907318.79   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS FINANCIAL SQUARE GOVERNMENT FUND | GLDMN SCHS FIN SQ GV-FST                   | CUSIP: 38141W273<br>LEI: N/A                  | Long             | STIV             | RF                | US        |    789058 | NS      | $789057.69    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| UNION PACIFIC CORPORATION                      | UNION PACIFIC CORP                         | CUSIP: 907818108<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | EC               | CORP              | US        |     52100 | NS      | $12248710.00  | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| US FOODS HOLDING CORP.                         | US FOODS HOLDING CORP                      | CUSIP: 912008109<br>LEI: 549300UGOZSO64CFPR97 | Long             | EC               | CORP              | US        |    173000 | NS      | $14466260.00  | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| NETAPP, INC.                                   | NETAPP INC                                 | CUSIP: 64110D104<br>LEI: QTX3D84DZDD5JYOCYH15 | Long             | EC               | CORP              | US        |     64250 | NS      | $6190487.50   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| ALPHABET INC.                                  | ALPHABET INC CLASS A                       | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |    147805 | NS      | $49958090.00  | 3.54%             |  |  |  | No            |                  1 | On Loan: No      |
| KEURIG DR PEPPER INC.                          | KEURIG DR PEPPER INC                       | CUSIP: 49271V100<br>LEI: DYTQ8KRTKO7Y2BVU5K74 | Long             | EC               | CORP              | US        |    202592 | NS      | $5559124.48   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| W. R. BERKLEY CORPORATION                      | WR BERKLEY CORP                            | CUSIP: 084423102<br>LEI: SQOAGCLKBDWNVYV1OV80 | Long             | EC               | CORP              | US        |     33472 | NS      | $2295509.76   | 0.16%             |  |  |  | No            |                  1 | On Loan: —       |
| MARATHON PETROLEUM CORPORATION                 | MARATHON PETROLEUM CORP                    | CUSIP: 56585A102<br>LEI: 3BNYRYQHD39K4LCKQF12 | Long             | EC               | CORP              | US        |     31243 | NS      | $5504704.17   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| MERCK & CO., INC.                              | MERCK CO INC                               | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |     93606 | NS      | $10321933.62  | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| OWENS CORNING                                  | OWENS CORNING INC                          | CUSIP: 690742101<br>LEI: JO5M6676RDJIZ2U8X907 | Long             | EC               | CORP              | US        |     42656 | NS      | $5111895.04   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| COCA-COLA CONSOLIDATED, INC.                   | COCA COLA CONSOLIDATED INC                 | CUSIP: 191098102<br>LEI: 57VG5X0E00X0QJU7CQ58 | Long             | EC               | CORP              | US        |     37747 | NS      | $5739808.82   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| EXELON CORPORATION                             | EXELON CORP                                | CUSIP: 30161N101<br>LEI: 3SOUA6IRML7435B56G12 | Long             | EC               | CORP              | US        |    339200 | NS      | $15189376.00  | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| COMCAST CORPORATION                            | COMCAST CORP                               | CUSIP: 20030N101<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | EC               | CORP              | US        |    165263 | NS      | $4916574.25   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| META PLATFORMS, INC.                           | META PLATFORMS INC                         | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |      4550 | NS      | $3260075.00   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| CVS HEALTH CORPORATION                         | CVS HEALTH CORP                            | CUSIP: 126650100<br>LEI: 549300EJG376EN5NQE29 | Long             | EC               | CORP              | US        |    193688 | NS      | $14433629.76  | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| VALERO ENERGY CORPORATION                      | VALERO ENERGY CORP                         | CUSIP: 91913Y100<br>LEI: 549300XTO5VR8SKV1V74 | Long             | EC               | CORP              | US        |    111355 | NS      | $20203137.65  | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| DECKERS OUTDOOR CORPORATION                    | DECKERS OUTDOOR CORP                       | CUSIP: 243537107<br>LEI: 5493008LG4W3I6K8J118 | Long             | EC               | CORP              | US        |     58302 | NS      | $6957760.68   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| CACI INTERNATIONAL INC.                        | CACI INTERNATIONAL INC CLASS A             | CUSIP: 127190304<br>LEI: SYRPI2D1O9WRTS2WX210 | Long             | EC               | CORP              | US        |     18900 | NS      | $11728962.00  | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| ULTA BEAUTY, INC.                              | ULTA BEAUTY INC                            | CUSIP: 90384S303<br>LEI: 529900CIV6HN8M28YM82 | Long             | EC               | CORP              | US        |      8962 | NS      | $5801640.32   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| CF INDUSTRIES HOLDINGS, INC.                   | CF INDUSTRIES HOLDINGS INC                 | CUSIP: 125269100<br>LEI: 529900CG8YAQFZ2JMV97 | Long             | EC               | CORP              | US        |     68647 | NS      | $6399959.81   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| FEDEX CORPORATION                              | FEDEX CORP                                 | CUSIP: 31428X106<br>LEI: 549300E707U7WNPZN687 | Long             | EC               | CORP              | US        |     61820 | NS      | $19921495.00  | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| GE HEALTHCARE TECHNOLOGIES INC.                | GE HEALTHCARE TECHNOLOGIES INC             | CUSIP: 36266G107<br>LEI: 549300OI9J7XOWZMUN85 | Long             | EC               | CORP              | US        |     82900 | NS      | $6546613.00   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| CARLISLE COMPANIES INCORPORATED                | CARLISLE COMPANIES INC                     | CUSIP: 142339100<br>LEI: XR64VGX1ZPX6G7ZN7Z11 | Long             | EC               | CORP              | US        |      9635 | NS      | $3284475.15   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| AUTOMATIC DATA PROCESSING, INC.                | AUTOMATIC DATA PROCESSING INC              | CUSIP: 053015103<br>LEI: HGBOLILQXWER4SAL2I23 | Long             | EC               | CORP              | US        |     20448 | NS      | $5046975.36   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| LEAR CORPORATION                               | LEAR CORP                                  | CUSIP: 521865204<br>LEI: 549300UPNBTXA1SYTQ33 | Long             | EC               | CORP              | US        |     23182 | NS      | $2714380.38   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| AT&T INC.                                      | AT T INC                                   | CUSIP: 00206R102<br>LEI: 549300Z40J86GGSTL398 | Long             | EC               | CORP              | US        |    178416 | NS      | $4676283.36   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| ALLISON TRANSMISSION HOLDINGS, INC.            | ALLISON TRANSMISSION HOLDING INC           | CUSIP: 01973R101<br>LEI: 529900RP7DJ882LI9T83 | Long             | EC               | CORP              | US        |     23624 | NS      | $2567928.80   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN ELECTRIC POWER COMPANY, INC.          | AMERICAN ELECTRIC POWER CO INC             | CUSIP: 025537101<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | EC               | CORP              | US        |     98300 | NS      | $11773882.50  | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| THE PROGRESSIVE CORPORATION                    | PROGRESSIVE CORP                           | CUSIP: 743315103<br>LEI: 529900TACNVLY9DCR586 | Long             | EC               | CORP              | US        |     41746 | NS      | $8683168.00   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| GODADDY INC.                                   | GODADDY INC CLASS A                        | CUSIP: 380237107<br>LEI: 549300J8H1TB0I2CB447 | Long             | EC               | CORP              | US        |     19395 | NS      | $1949585.40   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| AVERY DENNISON CORPORATION                     | AVERY DENNISON CORP                        | CUSIP: 053611109<br>LEI: 549300PW7VPFCYKLIV37 | Long             | EC               | CORP              | US        |     30225 | NS      | $5607039.75   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| DEVON ENERGY CORPORATION                       | DEVON ENERGY CORP                          | CUSIP: 25179M103<br>LEI: 54930042348RKR3ZPN35 | Long             | EC               | CORP              | US        |    184247 | NS      | $7408571.87   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| BORGWARNER INC.                                | BORGWARNER INC                             | CUSIP: 099724106<br>LEI: 549300DSFX2IE88NSX47 | Long             | EC               | CORP              | US        |    132787 | NS      | $6295431.67   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| EVERCORE INC.                                  | EVERCORE INC                               | CUSIP: 29977A105<br>LEI: 529900P6KLPT95DW3W58 | Long             | EC               | CORP              | US        |     18333 | NS      | $6476498.91   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| EOG RESOURCES, INC.                            | EOG RESOURCES INC                          | CUSIP: 26875P101<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | EC               | CORP              | US        |     70794 | NS      | $7938131.22   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| EXELIXIS, INC.                                 | EXELIXIS INC                               | CUSIP: 30161Q104<br>LEI: 254900PJQB59O2O95R37 | Long             | EC               | CORP              | US        |     99122 | NS      | $4099685.92   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| U.S. BANCORP                                   | US BANCORP                                 | CUSIP: 902973304<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | EC               | CORP              | US        |    450119 | NS      | $25256177.09  | 1.79%             |  |  |  | No            |                  1 | On Loan: No      |
| ENTERPRISE PRODUCTS PARTNERS L.P.              | ENTERPRISE PRODUCTS PARTNERS LP            | CUSIP: 293792107<br>LEI: K4CDIF4M54DJZ6TB4Q48 | Long             |  | CORP              | US        |    439124 | NS      | $14574525.56  | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| DELTA AIR LINES, INC.                          | DELTA AIR LINES INC                        | CUSIP: 247361702<br>LEI: Q2CCMS6R0AS67HJMBN42 | Long             | EC               | CORP              | US        |     55697 | NS      | $3669875.33   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| PACCAR INC                                     | PACCAR INC                                 | CUSIP: 693718108<br>LEI: KDTEY8BWE486IKZ3CC07 | Long             | EC               | CORP              | US        |     50647 | NS      | $6225022.77   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| RTX CORPORATION                                | RTX CORP                                   | CUSIP: 75513E101<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | EC               | CORP              | US        |     61767 | NS      | $12410843.31  | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| METTLER-TOLEDO INTERNATIONAL INC.              | METTLER TOLEDO INTERNATIONAL               | CUSIP: 592688105<br>LEI: 5493000BD5GJNUDIUG10 | Long             | EC               | CORP              | US        |      1819 | NS      | $2497923.56   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| PUBLIC STORAGE.                                | PUBLIC STORAGE                             | CUSIP: 74460D109<br>LEI: 254900GLQZAD4N7N5Q19 | Long             | EC               | CORP              | US        |      7756 | NS      | $2142129.64   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| EXPEDITORS INTERNATIONAL OF WASHINGTON, INC    | EXPEDITORS INTERNATIONAL OF WASHINGTON INC | CUSIP: 302130109<br>LEI: 984500B055A804AB6E40 | Long             | EC               | CORP              | US        |     32855 | NS      | $5274541.70   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| MEDPACE HOLDINGS, INC.                         | MEDPACE HOLDINGS INC                       | CUSIP: 58506Q109<br>LEI: 549300H8TYEUVTW14A54 | Long             | EC               | CORP              | US        |      6814 | NS      | $3969018.72   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| REGIONS FINANCIAL CORPORATION                  | REGIONS FINANCIAL CORP                     | CUSIP: 7591EP100<br>LEI: CW05CS5KW59QTC0DG824 | Long             | EC               | CORP              | US        |    150569 | NS      | $4291216.50   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| DARDEN RESTAURANTS, INC.                       | DARDEN RESTAURANTS INC                     | CUSIP: 237194105<br>LEI: CY1NFSCCB5GUXC7WZC70 | Long             | EC               | CORP              | US        |     27000 | NS      | $5382450.00   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| EATON CORPORATION PUBLIC LIMITED COMPANY       | EATON CORP PLC                             | CUSIP: G29183103<br>LEI: 549300VDIGTMXUNT7H71 | Long             | EC               | CORP              | IE        |     36200 | NS      | $12721404.00  | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| TOLL BROTHERS, INC.                            | TOLL BROTHERS INC                          | CUSIP: 889478103<br>LEI: 529900JB6IS9MSZGVR44 | Long             | EC               | CORP              | US        |     90256 | NS      | $13041089.44  | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| ANALOG DEVICES, INC.                           | ANALOG DEVICES INC                         | CUSIP: 032654105<br>LEI: GYVOE5EZ4GDAVTU4CQ61 | Long             | EC               | CORP              | US        |     39800 | NS      | $12373024.00  | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| HUMANA INC.                                    | HUMANA INC                                 | CUSIP: 444859102<br>LEI: 529900YLDW34GJAO4J06 | Long             | EC               | CORP              | US        |     12123 | NS      | $2366409.60   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| TEXTRON INC.                                   | TEXTRON INC                                | CUSIP: 883203101<br>LEI: 3PPKBHUG1HD6BO7RNR87 | Long             | EC               | CORP              | US        |     30830 | NS      | $2714889.80   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| CARDINAL HEALTH, INC.                          | CARDINAL HEALTH INC                        | CUSIP: 14149Y108<br>LEI: CCU46N3GJMF4OK4N7U60 | Long             | EC               | CORP              | US        |     10882 | NS      | $2338324.16   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Amdocs Limited                                 | AMDOCS LTD                                 | CUSIP: G02602103<br>LEI: 549300HQV672RJ7RQV66 | Long             | EC               | CORP              | GG        |     59796 | NS      | $4899684.24   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Mondelez International, Inc.                   | MONDELEZ INTERNATIONAL INC                 | CUSIP: 609207105<br>LEI: 549300DV9GIB88LZ5P30 | Long             | EC               | CORP              | US        |    158900 | NS      | $9290883.00   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| PRINCIPAL FINANCIAL GROUP, INC.                | PRINCIPAL FINANCIAL GROUP INC              | CUSIP: 74251V102<br>LEI: CUMYEZJOAF02RYZ1JJ85 | Long             | EC               | CORP              | US        |     55815 | NS      | $5286796.80   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| PAYPAL HOLDINGS, INC.                          | PAYPAL HOLDINGS INC                        | CUSIP: 70450Y103<br>LEI: 5493005X2GO78EFZ3E94 | Long             | EC               | CORP              | US        |     73703 | NS      | $3883411.07   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| KEYCORP                                        | KEYCORP                                    | CUSIP: 493267108<br>LEI: RKPI3RZGV1V1FJTH5T61 | Long             | EC               | CORP              | US        |   1270900 | NS      | $27349768.00  | 1.94%             |  |  |  | No            |                  1 | On Loan: No      |
| GLOBAL PAYMENTS INC.                           | GLOBAL PAYMENTS INC                        | CUSIP: 37940X102<br>LEI: 549300NOMHGVQBX6S778 | Long             | EC               | CORP              | US        |     46215 | NS      | $3315464.10   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Pepsico, Inc.                                  | PEPSICO INC                                | CUSIP: 713448108<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | EC               | CORP              | US        |     24264 | NS      | $3727678.32   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| PULTEGROUP, INC.                               | PULTEGROUP INC                             | CUSIP: 745867101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     49776 | NS      | $6226479.84   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| OMNICOM GROUP INC.                             | OMNICOM GROUP INC                          | CUSIP: 681919106<br>LEI: HKUPACFHSSASQK8HLS17 | Long             | EC               | CORP              | US        |     63345 | NS      | $4880098.80   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN EXPRESS COMPANY                       | AMERICAN EXPRESS CO                        | CUSIP: 025816109<br>LEI: R4PP93JZOLY261QX3811 | Long             | EC               | CORP              | US        |     15119 | NS      | $5324458.23   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| TALEN ENERGY CORP                              | TALEN ENERGY CORP                          | CUSIP: 87422Q109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6465 | NS      | $2252147.40   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| GILEAD SCIENCES, INC.                          | GILEAD SCIENCES INC                        | CUSIP: 375558103<br>LEI: 549300WTZWR07K8MNV44 | Long             | EC               | CORP              | US        |     79999 | NS      | $11355858.05  | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| HONEYWELL INTERNATIONAL INCORPORATION          | HONEYWELL INTERNATIONAL INC                | CUSIP: 438516106<br>LEI: ISRPG12PN4EIEOEMW547 | Long             | EC               | CORP              | US        |     69300 | NS      | $15767136.00  | 1.12%             |  |  |  | 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        |    789058 | NS      | $789057.69    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| JABIL INC.                                     | JABIL INC                                  | CUSIP: 466313103<br>LEI: 5493000CGCQY2OQU7669 | Long             | EC               | CORP              | US        |     21092 | NS      | $5002811.48   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| TAKE-TWO INTERACTIVE SOFTWARE, INC.            | TAKE TWO INTERACTIVE SOFTWARE              | CUSIP: 874054109<br>LEI: BOMSTHHJK882EWYX3334 | Long             | EC               | CORP              | US        |     29300 | NS      | $6454790.00   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| LENNOX INTERNATIONAL INC.                      | LENNOX INTERNATIONAL INC                   | CUSIP: 526107107<br>LEI: S7DWAC87RDMPBF77GJ92 | Long             | EC               | CORP              | US        |      6682 | NS      | $3308124.56   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| CISCO SYSTEMS, INC.                            | CISCO SYSTEMS INC                          | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |     75702 | NS      | $5928980.64   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| SALESFORCE, INC.                               | SALESFORCE INC                             | CUSIP: 79466L302<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | EC               | CORP              | US        |     73070 | NS      | $15512030.30  | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| ACCENTURE PUBLIC LIMITED COMPANY               | ACCENTURE PLC                              | CUSIP: G1151C101<br>LEI: 5493000EWHDSR3MZWH98 | Long             | EC               | CORP              | IE        |     36689 | NS      | $9672687.96   | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| FISERV, INC.                                   | FISERV INC                                 | CUSIP: 337738108<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | EC               | CORP              | US        |     63801 | NS      | $4066037.73   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| APTIV PLC                                      | APTIV HOLDINGS LTD                         | CUSIP: G3265R107<br>LEI: N/A                  | Long             | EC               | CORP              | JE        |     51968 | NS      | $3936576.00   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| VOYA FINANCIAL, INC.                           | VOYA FINANCIAL INC                         | CUSIP: 929089100<br>LEI: 549300T065Z4KJ686G75 | Long             | EC               | CORP              | US        |     42785 | NS      | $3279898.10   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| AMETEK, INC.                                   | AMETEK INC                                 | CUSIP: 031100100<br>LEI: 549300WZDEF9KKE40E98 | Long             | EC               | CORP              | US        |     65400 | NS      | $14648292.00  | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| ELEVANCE HEALTH, INC.                          | ELEVANCE HEALTH INC                        | CUSIP: 036752103<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | EC               | CORP              | US        |     14780 | NS      | $5110037.20   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| PROLOGIS, INC.                                 | PROLOGIS INC                               | CUSIP: 74340W103<br>LEI: 529900DFH19P073LZ636 | Long             | EC               | CORP              | US        |     26245 | NS      | $3426547.20   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| GENERAL MOTORS COMPANY                         | GENERAL MOTORS CO                          | CUSIP: 37045V100<br>LEI: 54930070NSV60J38I987 | Long             | EC               | CORP              | US        |     48013 | NS      | $4033092.00   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| FIDELITY NATIONAL FINANCIAL, INC               | FIDELITY NATIONAL FINANCIAL                | CUSIP: 31620R303<br>LEI: 549300CAZYIH39SYQ287 | Long             | EC               | CORP              | US        |    130607 | NS      | $7103714.73   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| ZEBRA TECHNOLOGIES CORPORATION                 | ZEBRA TECHNOLOGIES CORP                    | CUSIP: 989207105<br>LEI: PO0I32GKZ3HZMMDPZZ08 | Long             | EC               | CORP              | US        |     54000 | NS      | $12688920.00  | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| LEIDOS HOLDINGS, INC.                          | LEIDOS HOLDINGS INC                        | CUSIP: 525327102<br>LEI: 549300IUTGTP6EJP8124 | Long             | EC               | CORP              | US        |     76221 | NS      | $14350889.88  | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| AIRBNB, INC.                                   | AIRBNB INC CLASS A                         | CUSIP: 009066101<br>LEI: 549300HMUDNO0RY56D37 | Long             | EC               | CORP              | US        |     21564 | NS      | $2789734.68   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| LAM RESEARCH CORPORATION                       | LAM RESEARCH CORP                          | CUSIP: 512807306<br>LEI: 549300I4GMO6D34U1T02 | Long             | EC               | CORP              | US        |     20169 | NS      | $4708654.74   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| OTIS WORLDWIDE CORPORATION                     | OTIS WORLDWIDE CORP                        | CUSIP: 68902V107<br>LEI: 549300ZLBKR8VSU25153 | Long             | EC               | CORP              | US        |     64936 | NS      | $5546833.12   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| CBOE GLOBAL MARKETS, INC.                      | CBOE GLOBAL MARKETS INC                    | CUSIP: 12503M108<br>LEI: 529900RLNSGA90UPEH54 | Long             | EC               | CORP              | US        |     52500 | NS      | $13915650.00  | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| EMCOR GROUP, INC.                              | EMCOR GROUP INC                            | CUSIP: 29084Q100<br>LEI: 529900X0SQJB2J7YDU43 | Long             | EC               | CORP              | US        |      6623 | NS      | $4773394.79   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Versant Media Group, Inc.                      | VERSANT MEDIA GROUP INC                    | CUSIP: 925283103<br>LEI: 254900D2Q5F5F229PU30 | Long             | EC               | CORP              | US        |      6610 | NS      | $215353.80    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| DOVER CORPORATION                              | DOVER CORP                                 | CUSIP: 260003108<br>LEI: 549300FMC2ALGA7N9E80 | Long             | EC               | CORP              | US        |     49200 | NS      | $9913308.00   | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| TECHNIPFMC PLC                                 | TECHNIPFMC PLC                             | CUSIP: G87110105<br>LEI: 549300D5I93QWCJTCK36 | Long             | EC               | CORP              | GB        |     75841 | NS      | $4225860.52   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| T-MOBILE US, INC.                              | T MOBILE US INC                            | CUSIP: 872590104<br>LEI: 549300QHIJYOHPACPG31 | Long             | EC               | CORP              | US        |     19782 | NS      | $3901208.22   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| H & R BLOCK, INC.                              | H R BLOCK INC                              | CUSIP: 093671105<br>LEI: 549300CE3KUCWLZBG404 | Long             | EC               | CORP              | US        |     73074 | NS      | $2882769.30   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| ROCKET COMPANIES, INC.                         | ROCKET COS INC                             | CUSIP: 77311W101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    318500 | NS      | $5710705.00   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| MATTEL, INC.                                   | MATTEL INC                                 | CUSIP: 577081102<br>LEI: 549300VELLG24KHTJ564 | Long             | EC               | CORP              | US        |    587500 | NS      | $12272875.00  | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITEDHEALTH GROUP INCORPORATED                | UNITEDHEALTH GROUP INC                     | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |     23581 | NS      | $6766096.33   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| COLGATE-PALMOLIVE COMPANY                      | COLGATE PALMOLIVE CO                       | CUSIP: 194162103<br>LEI: YMEGZFW4SBUSS5BQXF88 | Long             | EC               | CORP              | US        |     87953 | NS      | $7941276.37   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| INVITATION HOMES INC.                          | INVITATION HOMES INC                       | CUSIP: 46187W107<br>LEI: 984500FE452E665C9F85 | Long             | EC               | CORP              | US        |     75059 | NS      | $2006327.07   | 0.14%             |  |  |  | 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        |     15640 | NS      | $3492412.00   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| THE PROCTER & GAMBLE COMPANY                   | PROCTER GAMBLE CO                          | CUSIP: 742718109<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | EC               | CORP              | US        |     96643 | NS      | $14667508.11  | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| SS&C TECHNOLOGIES HOLDINGS, INC.               | SSNC TECHNOLOGIES HLDGS INC                | CUSIP: 78467J100<br>LEI: 529900POY8H7NPPNKK71 | Long             | EC               | CORP              | US        |    207000 | NS      | $16951230.00  | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| CHECK POINT SOFTWARE TECHNOLOGIES LTD.         | CHECK POINT SOFTWARE TECHNOLOGIES          | CUSIP: M22465104<br>LEI: 2549003ZVBH73EPNS513 | Long             | EC               | CORP              | IL        |     74700 | NS      | $13409397.00  | 0.95%             |  |  |  | No            |                  1 | On Loan: —       |
| JPMORGAN CHASE & CO.                           | JPMORGAN CHASE CO                          | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |    110629 | NS      | $33840304.81  | 2.40%             |  |  |  | No            |                  1 | On Loan: No      |
| A. O. SMITH CORPORATION                        | AO SMITH CORP                              | CUSIP: 831865209<br>LEI: 549300XG4US7UJNECY36 | Long             | EC               | CORP              | US        |     81970 | NS      | $6023975.30   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| EDISON INTERNATIONAL                           | EDISON INTERNATIONAL                       | CUSIP: 281020107<br>LEI: 549300I7ROF15MAEVP56 | Long             | EC               | CORP              | US        |    125154 | NS      | $7794591.12   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| THE MOSAIC COMPANY                             | THE MOSAIC CO                              | CUSIP: 61945C103<br>LEI: 2YD5STGSJNMUB7H76907 | Long             | EC               | CORP              | US        |    140968 | NS      | $3876620.00   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| AMAZON.COM, INC.                               | AMAZON COM INC                             | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |     57100 | NS      | $13664030.00  | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| MEDTRONIC PUBLIC LIMITED COMPANY               | MEDTRONIC PLC                              | CUSIP: G5960L103<br>LEI: 549300GX3ZBSQWUXY261 | Long             | EC               | CORP              | IE        |    145200 | NS      | $14949792.00  | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| GEN DIGITAL INC.                               | GEN DIGITAL INC                            | CUSIP: 668771108<br>LEI: YF6ZV0M6AU4FY94MK914 | Long             | EC               | CORP              | US        |    134240 | NS      | $3220417.60   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| ROYALTY PHARMA PLC                             | ROYALTY PHARMA PLC                         | CUSIP: G7709Q104<br>LEI: 549300FGFN7VOK8BZR03 | Long             | EC               | CORP              | GB        |     83927 | NS      | $3498077.36   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| ZOOM COMMUNICATIONS, INC.                      | ZOOM COMMUNICATIONS INC                    | CUSIP: 98980L101<br>LEI: 549300T9GCHU0ODOM055 | Long             | EC               | CORP              | US        |     34870 | NS      | $3211527.00   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| CITIGROUP INC.                                 | CITIGROUP INC                              | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |    242200 | NS      | $28024962.00  | 1.99%             |  |  |  | No            |                  1 | On Loan: No      |
| CATERPILLAR INC.                               | CATERPILLAR INC                            | CUSIP: 149123101<br>LEI: WRJR7GS4GTRECRRTVX92 | Long             | EC               | CORP              | US        |     13061 | NS      | $8585778.96   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| EAST WEST BANCORP, INC.                        | EAST WEST BANCORP INC                      | CUSIP: 27579R104<br>LEI: 254900O4X656YXFOYB11 | Long             | EC               | CORP              | US        |     71315 | NS      | $8161288.60   | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| LENNAR CORPORATION                             | LENNAR CORP CLASS A                        | CUSIP: 526057104<br>LEI: 529900G61XVRLX5TJX09 | Long             | EC               | CORP              | US        |     37335 | NS      | $4082582.25   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| RLI CORP.                                      | RLI CORP                                   | CUSIP: 749607107<br>LEI: 529900AMTJE5ECN9PS55 | Long             | EC               | CORP              | US        |     28189 | NS      | $1647083.27   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| JOHNSON & JOHNSON                              | JOHNSON JOHNSON                            | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |    120278 | NS      | $27333175.50  | 1.94%             |  |  |  | No            |                  1 | On Loan: No      |
| EQUITY RESIDENTIAL                             | EQUITY RESIDENTIAL REIT                    | CUSIP: 29476L107<br>LEI: 5493008RACSH5EP3PI59 | Long             | EC               | CORP              | US        |     37111 | NS      | $2312757.52   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| ARCHER-DANIELS-MIDLAND COMPANY.                | ARCHER DANIELS MIDLAND CO                  | CUSIP: 039483102<br>LEI: 549300LO13MQ9HYSTR83 | Long             | EC               | CORP              | US        |     63470 | NS      | $4272165.70   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| EQUINIX, INC.                                  | EQUINIX INC                                | CUSIP: 29444U700<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | EC               | CORP              | US        |      4439 | NS      | $3644108.27   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERIPRISE FINANCIAL, INC.                     | AMERIPRISE FINANCIAL INC                   | CUSIP: 03076C106<br>LEI: 6ZLKQF7QB6JAEKQS5388 | Long             | EC               | CORP              | US        |     15117 | NS      | $7969531.23   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| GENPACT LIMITED                                | GENPACT LTD                                | CUSIP: G3922B107<br>LEI: 529900OSEC6Q0L4L5B35 | Long             | EC               | CORP              | BM        |     72605 | NS      | $3201880.50   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| LINCOLN ELECTRIC HOLDINGS, INC.                | LINCOLN ELECTRIC HOLDINGS INC              | CUSIP: 533900106<br>LEI: BIMGBY40SIN95O01BN93 | Long             | EC               | CORP              | US        |     16942 | NS      | $4495559.70   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| APPLIED MATERIALS, INC.                        | APPLIED MATERIALS INC                      | CUSIP: 038222105<br>LEI: 41BNNE1AFPNAZELZ6K07 | Long             | EC               | CORP              | US        |     43917 | NS      | $14155327.44  | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| UNUM GROUP                                     | UNUM GROUP                                 | CUSIP: 91529Y106<br>LEI: 549300E32YFDO6TZ8R31 | Long             | EC               | CORP              | US        |    125900 | NS      | $9564623.00   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Altria Group, Inc.                             | ALTRIA GROUP INC                           | CUSIP: 02209S103<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | EC               | CORP              | US        |    167425 | NS      | $10378675.75  | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| COGNIZANT TECHNOLOGY SOLUTIONS CORPORATION     | COGNIZANT TECHNOLOGY SOLUTIONS CORP        | CUSIP: 192446102<br>LEI: 5493006IEVQEFQO40L83 | Long             | EC               | CORP              | US        |     37504 | NS      | $3077578.24   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| PPG INDUSTRIES, INC.                           | PPG INDUSTRIES INC                         | CUSIP: 693506107<br>LEI: 549300BKPEP01R3V6C59 | Long             | EC               | CORP              | US        |     96400 | NS      | $11146732.00  | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| MATCH GROUP, INC.                              | MATCH GROUP INC                            | CUSIP: 57667L107<br>LEI: 15OMOPB0A8K0EFUVD031 | Long             | EC               | CORP              | US        |     78380 | NS      | $2441537.00   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| CHEMED CORPORATION                             | CHEMED CORP                                | CUSIP: 16359R103<br>LEI: 54930020031IDJT2IM79 | Long             | EC               | CORP              | US        |      9369 | NS      | $4001874.66   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| ETSY, INC.                                     | ETSY INC                                   | CUSIP: 29786A106<br>LEI: 54930089Q7XT501AEA40 | Long             | EC               | CORP              | US        |     70004 | NS      | $3707411.84   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| MASCO CORPORATION                              | MASCO CORP                                 | CUSIP: 574599106<br>LEI: 5GCSNMQXHEYA1JO8QN11 | Long             | EC               | CORP              | US        |     78595 | NS      | $5194343.55   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| WELLTOWER INC.                                 | WELLTOWER INC                              | CUSIP: 95040Q104<br>LEI: 254900F33BIAR82QTA19 | Long             | EC               | CORP              | US        |     24191 | NS      | $4556616.76   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| ABBVIE INC.                                    | ABBVIE INC                                 | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |     61463 | NS      | $13706863.63  | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| INVESCO GOVERNMENT & AGENCY PORTFOLIO          | INVESCO GVT & AGNCY-INST                   | CUSIP: 825252885<br>LEI: N/A                  | Long             | STIV             | RF                | US        |    789058 | NS      | $789057.69    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| ON SEMICONDUCTOR CORPORATION                   | ON SEMICONDUCTOR CORP                      | CUSIP: 682189105<br>LEI: ZV20P4CNJVT8V1ZGJ064 | Long             | EC               | CORP              | US        |     77238 | NS      | $4625783.82   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| MSILF Government Portfolio                     | MSILF GOVERNMENT-INST                      | CUSIP: 61747C707<br>LEI: N/A                  | Long             | STIV             | RF                | US        |    789058 | NS      | $789057.68    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Everest Group, Ltd.                            | EVEREST GROUP LTD                          | CUSIP: G3223R108<br>LEI: 549300N24XF2VV0B3570 | Long             | EC               | CORP              | BM        |     21913 | NS      | $7259338.64   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| APPLE INC.                                     | APPLE INC                                  | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |     14387 | NS      | $3733138.76   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| SIMON PROPERTY GROUP, INC.                     | SIMON PROPERTY GROUP INC                   | CUSIP: 828806109<br>LEI: 529900GQL5X8H7AO3T64 | Long             | EC               | CORP              | US        |     14198 | NS      | $2716219.38   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| TEVA PHARMACEUTICAL INDUSTRIES LIMITED         | TEVA PHARMACEUTICAL INDUSTRIES LTD         | CUSIP: 881624209<br>LEI: 549300BAFGM4RC74ZJ94 | Long             |  | CORP              | IL        |    687900 | NS      | $23443632.00  | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| REGENERON PHARMACEUTICALS, INC.                | REGENERON PHARMACEUTICALS INC              | CUSIP: 75886F107<br>LEI: 549300RCBFWIRX3HYQ56 | Long             | EC               | CORP              | US        |     19131 | NS      | $14184679.95  | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| BRISTOL-MYERS SQUIBB COMPANY                   | BRISTOL MYERS SQUIBB CO                    | CUSIP: 110122108<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | EC               | CORP              | US        |    160557 | NS      | $8838662.85   | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| TENET HEALTHCARE CORPORATION                   | TENET HEALTHCARE CORP                      | CUSIP: 88033G407<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | EC               | CORP              | US        |     20657 | NS      | $3909956.96   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| AMPHENOL CORPORATION                           | AMPHENOL CORP CLASS A                      | CUSIP: 032095101<br>LEI: 549300D3L3G0R4U4VT04 | Long             | EC               | CORP              | US        |     43200 | NS      | $6224256.00   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| THE ALLSTATE CORPORATION                       | ALLSTATE CORP THE                          | CUSIP: 020002101<br>LEI: OBT0W1ED8G0NWVOLOJ77 | Long             | EC               | CORP              | US        |     30335 | NS      | $6036361.65   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| DOMINO'S PIZZA, INC.                           | DOMINO S PIZZA INC                         | CUSIP: 25754A201<br>LEI: 25490005ZWM1IF9UXU57 | Long             | EC               | CORP              | US        |      8848 | NS      | $3630599.84   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| DROPBOX, INC.                                  | DROPBOX INC                                | CUSIP: 26210C104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    153880 | NS      | $3920862.40   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| SYSCO CORPORATION                              | SYSCO CORP                                 | CUSIP: 871829107<br>LEI: 5RGWIFLMGH3YS7KWI652 | Long             | EC               | CORP              | US        |     81562 | NS      | $6838973.70   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| MCKESSON CORPORATION                           | MCKESSON CORP                              | CUSIP: 58155Q103<br>LEI: 549300WZWOM80UCFSF54 | Long             | EC               | CORP              | US        |      4736 | NS      | $3936610.56   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| THE CIGNA GROUP                                | CIGNA GROUP THE                            | CUSIP: 125523100<br>LEI: 549300VIWYMSIGT1U456 | Long             | EC               | CORP              | US        |     79387 | NS      | $21760770.57  | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| ZIONS BANCORPORATION, NATIONAL ASSOCIATION     | ZIONS BANCORPORATION                       | CUSIP: 989701107<br>LEI: 8WH0EE09O9V05QJZ3V89 | Long             | EC               | CORP              | US        |     84742 | NS      | $5076893.22   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| VENTAS, INC.                                   | VENTAS INC                                 | CUSIP: 92276F100<br>LEI: ORQTRC074CWLT3DKHT41 | Long             | EC               | CORP              | US        |     30328 | NS      | $2355575.76   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| FAIRFAX FINANCIAL HOLDINGS LIMITED             | FAIRFAX FINANCIAL HOLDINGS LTD             | CUSIP: 303901102<br>LEI: GLS7OQD0WOEDI8YAP031 | Long             | EC               | CORP              | CA        |      7200 | NS      | $11883463.83  | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| EXPEDIA GROUP, INC.                            | EXPEDIA GROUP INC                          | CUSIP: 30212P303<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     22123 | NS      | $5859055.32   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| MGIC INVESTMENT CORPORATION                    | MGIC INVESTMENT CORP                       | CUSIP: 552848103<br>LEI: 254900S8483WM4M98R28 | Long             | EC               | CORP              | US        |    117403 | NS      | $3160488.76   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| NVR, Inc.                                      | NVR INC                                    | CUSIP: 62944T105<br>LEI: 529900RWXR4JI3JYTV70 | Long             | EC               | CORP              | US        |       713 | NS      | $5444275.49   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| CORPAY, INC.                                   | CORPAY INC                                 | CUSIP: 219948106<br>LEI: 549300DG6RR0NQSFLN74 | Long             | EC               | CORP              | US        |     51600 | NS      | $16234908.00  | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| NATIONAL FUEL GAS COMPANY                      | NATIONAL FUEL GAS CO                       | CUSIP: 636180101<br>LEI: 8JB38FFW1Y3C1HM8E841 | Long             | EC               | CORP              | US        |     92285 | NS      | $7728868.75   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| VERIZON COMMUNICATIONS INC.                    | VERIZON COMMUNICATIONS INC                 | CUSIP: 92343V104<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | EC               | CORP              | US        |    147982 | NS      | $6588158.64   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| PG&E CORPORATION                               | PG E CORP                                  | CUSIP: 69331C108<br>LEI: 8YQ2GSDWYZXO2EDN3511 | Long             | EC               | CORP              | US        |    114815 | NS      | $1770447.30   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| STEEL DYNAMICS, INC.                           | STEEL DYNAMICS INC                         | CUSIP: 858119100<br>LEI: 549300HGGKEL4FYTTQ83 | Long             | EC               | CORP              | US        |     37931 | NS      | $6811269.67   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| ADOBE INC.                                     | ADOBE INC                                  | CUSIP: 00724F101<br>LEI: FU4LY2G4933NH2E1CP29 | Long             | EC               | CORP              | US        |     24700 | NS      | $7243275.00   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| VERISK ANALYTICS, INC.                         | VERISK ANALYTICS INC                       | CUSIP: 92345Y106<br>LEI: 549300I1YSWNIRKBWP67 | Long             | EC               | CORP              | US        |     13986 | NS      | $3041395.56   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| LOCKHEED MARTIN CORPORATION                    | LOCKHEED MARTIN CORP                       | CUSIP: 539830109<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | EC               | CORP              | US        |     19244 | NS      | $12204929.68  | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITED PARCEL SERVICE, INC.                    | UNITED PARCEL SERVICE INC                  | CUSIP: 911312106<br>LEI: D01LMJZU09ULLNCY6Z23 | Long             | EC               | CORP              | US        |     29251 | NS      | $3107041.22   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| SEI INVESTMENTS COMPANY                        | SEI INVESTMENTS CO                         | CUSIP: 784117103<br>LEI: 5LJTIFADGZ6XH1RVOC11 | Long             | EC               | CORP              | US        |     69444 | NS      | $6100655.40   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| MANHATTAN ASSOCIATES, INC.                     | MANHATTAN ASSOCIATES INC                   | CUSIP: 562750109<br>LEI: 529900Q1GJP7KD52SW51 | Long             | EC               | CORP              | US        |     15291 | NS      | $2309093.91   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| FERGUSON ENTERPRISES INC.                      | FERGUSON ENTERPRISES INC                   | CUSIP: 31488V107<br>LEI: 2138003JYQMRP3SLX189 | Long             | EC               | CORP              | US        |     17398 | NS      | $4392299.08   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

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

**Name of Applicant:** Victory Portfolios III

**Signature:** Carol Trevino

**Name of Signer:** Carol Trevino

**Title:** Treasurer