# EDGAR Filing Document

**Accession Number:** 0000908695
**File Stem:** 0001752724-25-177899
**Filing Date:** 2025-7
**Character Count:** 79585
**Document Hash:** 092701b4464f3be1dd12eee889b2a210
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-177899.hdr.sgml**: 20250725

**ACCESSION NUMBER**: 0001752724-25-177899

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250725

**DATE AS OF CHANGE**: 20250725

**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:** 251149542

**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 Cornerstone Moderate Fund (Formerly USAA Cornerstone Moderate Fund) (Series ID: S000012905)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000034874 | Victory Cornerstone Moderate Fund | USBSX           |

## 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 Cornerstone Moderate Fund

- **b. EDGAR series identifier (if any):** S000012905

- **c. LEI of Series:** 5493006AZSKLPR635S35

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

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

- **b. Date as of which information is reported:** 2025-05-31

**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:** $1183835071.46

**Total Liabilities:** $58059978.81

**Net Assets:** $1125775092.65

**Cash Not Reported:** $21058834.23

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000034874 | -1.52%               | 0.66%                | 2.31%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $1874052.98              | $-21257657.80                              |
| Month 2  | $2469494.64              | $1808065.46                                |
| Month 3  | $-1793214.50             | $25680586.76                               |

**Designated Index Information**

- **Index Name:** Securities Portfolio

- **Index Identifier:** N/A

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| iShares Trust - iShares 20+ Year Treasury Bond ETF                               | ISHARES 20 YEAR TREASURY BO                       | CUSIP: 464287432<br>LEI: 549300WWURKS1JGBZU59 | Long             |  | RF                | US        |    188374 | NS      | $16252908.72  | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| THE HOME DEPOT, INC.                                                             | HOME DEPOT INC THE                                | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |      3147 | NS      | $1159008.63   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| LyondellBasell Industries N.V.                                                   | LYONDELLBASELL INDUSTRIES NV                      | CUSIP: N53745100<br>LEI: BN6WCCZ8OVP3ITUUVN49 | Long             | EC               | CORP              | NL        |     13665 | NS      | $771935.85    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| BOOKING HOLDINGS INC.                                                            | BOOKING HOLDINGS INC                              | CUSIP: 09857L108<br>LEI: FXM8FAOHMYDIPD38UZ17 | Long             | EC               | CORP              | US        |       312 | NS      | $1721906.16   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| EQUITY LIFESTYLE PROPERTIES, INC.                                                | EQUITY LIFESTYLE PROPERTIES INC                   | CUSIP: 29472R108<br>LEI: 529900PEQG66LENB6798 | Long             | EC               | CORP              | US        |      7322 | NS      | $465459.54    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Mortgage-Backed Secs Idx Fund                                           | VANGUARD MORTGAGE BACKED SECURITIES ETF           | CUSIP: 92206C771<br>LEI: N/A                  | Long             |  | RF                | US        |    280927 | NS      | $12849600.98  | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| TOKYO PRICE INDEX FUTURE JUN25                                                   | TOKYO PRICE INDEX FUTURE JUN25                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |        75 | NC      | $956703.47    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| KIMBERLY-CLARK CORPORATION                                                       | KIMBERLY CLARK CORP                               | CUSIP: 494368103<br>LEI: MP3J6QPYPGN75NVW2S34 | Long             | EC               | CORP              | US        |     14652 | NS      | $2106371.52   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| SYNCHRONY FINANCIAL                                                              | SYNCHRONY FINANCIAL                               | CUSIP: 87165B103<br>LEI: 549300RS7EWPM9MA6C78 | Long             | EC               | CORP              | US        |     30075 | NS      | $1733823.75   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| REGENERON PHARMACEUTICALS, INC.                                                  | REGENERON PHARMACEUTICALS INC                     | CUSIP: 75886F107<br>LEI: 549300RCBFWIRX3HYQ56 | Long             | EC               | CORP              | US        |       957 | NS      | $469197.96    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Trust - iShares Core S&P 500 ETF                                         | ISHARES CORE S P 500 ETF                          | CUSIP: 464287200<br>LEI: 5493007M4YMN8XL48C14 | Long             |  | RF                | US        |     54645 | NS      | $32358036.75  | 2.87%             |  |  |  | No            |                  1 | On Loan: No      |
| ROYALTY PHARMA PLC                                                               | ROYALTY PHARMA PLC                                | CUSIP: G7709Q104<br>LEI: 549300FGFN7VOK8BZR03 | Long             | EC               | CORP              | GB        |     28161 | NS      | $925933.68    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| QUALCOMM INCORPORATED                                                            | QUALCOMM INC                                      | CUSIP: 747525103<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | EC               | CORP              | US        |     10708 | NS      | $1554801.60   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| JABIL INC.                                                                       | JABIL INC                                         | CUSIP: 466313103<br>LEI: 5493000CGCQY2OQU7669 | Long             | EC               | CORP              | US        |       478 | NS      | $80308.78     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares 7-10 Year Treasury Bond ETF                                              | ISHARES 7 10 YEAR TREASURY BOND ETF               | CUSIP: 464287440<br>LEI: N/A                  | Long             |  | RF                | US        |    202123 | NS      | $19114772.11  | 1.70%             |  |  |  | No            |                  1 | On Loan: No      |
| THE ALLSTATE CORPORATION                                                         | ALLSTATE CORP THE                                 | CUSIP: 020002101<br>LEI: OBT0W1ED8G0NWVOLOJ77 | Long             | EC               | CORP              | US        |      5719 | NS      | $1200246.53   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| VictoryShares Core Intermediate Bond ETF                                         | VICTORYSHARES CORE INTERMEDIATE BOND ETF          | CUSIP: 92647N527<br>LEI: N/A                  | Long             |  | RF                | US        |   4534400 | NS      | $210805616.32 | 18.73%            |  |  |  | No            |                  1 | On Loan: No      |
| MSILF Government Portfolio                                                       | MSILF GOVERNMENT-INST                             | CUSIP: 61747C707<br>LEI: N/A                  | Long             | STIV             | RF                | US        |  13139542 | NS      | $13139541.80  | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| ALLISON TRANSMISSION HOLDINGS, INC.                                              | ALLISON TRANSMISSION HOLDING INC                  | CUSIP: 01973R101<br>LEI: 529900RP7DJ882LI9T83 | Long             | EC               | CORP              | US        |      9567 | NS      | $990375.84    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| AXIS CAPITAL HOLDINGS LIMITED                                                    | AXIS CAPITAL HOLDINGS LTD                         | CUSIP: G0692U109<br>LEI: 635400VD2NQBYAHMEM55 | Long             | EC               | CORP              | BM        |      4351 | NS      | $451633.80    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares 0-5 Year TIPS Bond ETF                                                   | ISHARES 0 5 YEAR TIPS BOND ETF                    | CUSIP: 46429B747<br>LEI: 549300GIWSEGOQLZR212 | Long             |  | RF                | US        |    119830 | NS      | $12307739.30  | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan BetaBuilders Canada ETF                                                 | JPMORGAN BETABUILDERS CANADA ETF                  | CUSIP: 46641Q225<br>LEI: N/A                  | Long             |  | RF                | US        |    162112 | NS      | $12766320.00  | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| INTERNATIONAL BUSINESS MACHINES CORPORATION                                      | INTERNATIONAL BUSINESS MACHINES CORP              | CUSIP: 459200101<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | EC               | CORP              | US        |      2368 | NS      | $613454.08    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN TOWER CORPORATION                                                       | AMERICAN TOWER CORP REIT                          | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               | CORP              | US        |      4052 | NS      | $869761.80    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERIPRISE FINANCIAL, INC.                                                       | AMERIPRISE FINANCIAL INC                          | CUSIP: 03076C106<br>LEI: 6ZLKQF7QB6JAEKQS5388 | Long             | EC               | CORP              | US        |      4718 | NS      | $2402594.32   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| VictoryShares Core Plus Int Bd ETF                                               | VICTORYSHARES CORE PLUS INTERMEDIATE BOND ETF     | CUSIP: 92647X863<br>LEI: N/A                  | Long             |  | RF                | US        |   4831796 | NS      | $104366793.60 | 9.27%             |  |  |  | No            |                  1 | On Loan: —       |
| ALPHABET INC.                                                                    | ALPHABET INC CLASS C                              | CUSIP: 02079K107<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |     57244 | NS      | $9894625.40   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| STEEL DYNAMICS, INC.                                                             | STEEL DYNAMICS INC                                | CUSIP: 858119100<br>LEI: 549300HGGKEL4FYTTQ83 | Long             | EC               | CORP              | US        |       677 | NS      | $83318.39     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| MCKESSON CORPORATION                                                             | MCKESSON CORP                                     | CUSIP: 58155Q103<br>LEI: 549300WZWOM80UCFSF54 | Long             | EC               | CORP              | US        |      4029 | NS      | $2898905.79   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA CORPORATION                                                               | NVIDIA CORP                                       | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |    115687 | NS      | $15632784.31  | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Everest Group, Ltd.                                                              | EVEREST GROUP LTD                                 | CUSIP: G3223R108<br>LEI: 549300N24XF2VV0B3570 | Long             | EC               | CORP              | BM        |      2959 | NS      | $1027335.21   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| COREBRIDGE FINANCIAL, INC.                                                       | COREBRIDGE FINANCIAL INC                          | CUSIP: 21871X109<br>LEI: 549300XY1661QCIA7J65 | Long             | EC               | CORP              | US        |     30483 | NS      | $994050.63    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| EAST WEST BANCORP, INC.                                                          | EAST WEST BANCORP INC                             | CUSIP: 27579R104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     11035 | NS      | $1006392.00   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares MSCI Intl Momentum Factor ETF                                            | ISHARES MSCI INTERNAL MOM                         | CUSIP: 46434V449<br>LEI: N/A                  | Long             |  | RF                | US        |    383740 | NS      | $17149340.60  | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| PFIZER INC.                                                                      | PFIZER INC                                        | CUSIP: 717081103<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | EC               | CORP              | US        |     74529 | NS      | $1750686.21   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| BEST BUY CO., INC.                                                               | BEST BUY CO INC                                   | CUSIP: 086516101<br>LEI: HL5XPTVRV0O8TUN5LL90 | Long             | EC               | CORP              | US        |     12030 | NS      | $797348.40    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| VictoryShares WestEnd Economic Cycle Bond ETF                                    | VICTORYSHARES WESTEND ECONOMIC CYCLE BOND ETF     | CUSIP: 92647X780<br>LEI: N/A                  | Long             |  | RF                | US        |   1325000 | NS      | $32995812.50  | 2.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Short-Term Corporate Bond Idx Fd                                        | VANGUARD SHORT TERM CORPORATE BOND ETF            | CUSIP: 92206C409<br>LEI: N/A                  | Long             |  | RF                | US        |     91596 | NS      | $7244327.64   | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| MERCK & CO., INC.                                                                | MERCK CO INC                                      | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |     37522 | NS      | $2883190.48   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Total Bond Market Index Fund                                            | VANGUARD TOTAL BOND MARKET ETF                    | CUSIP: 921937835<br>LEI: N/A                  | Long             |  | RF                | US        |    104751 | NS      | $7622730.27   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| TOLL BROTHERS, INC.                                                              | TOLL BROTHERS INC                                 | CUSIP: 889478103<br>LEI: 529900JB6IS9MSZGVR44 | Long             | EC               | CORP              | US        |      9539 | NS      | $994440.75    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| HEWLETT PACKARD ENTERPRISE COMPANY                                               | HEWLETT PACKARD ENTERPRISES CO                    | CUSIP: 42824C109<br>LEI: 549300BX44RGX6ANDV88 | Long             | EC               | CORP              | US        |     75383 | NS      | $1302618.24   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| COCA-COLA CONSOLIDATED, INC.                                                     | COCA COLA CONSOLIDATED INC                        | CUSIP: 191098102<br>LEI: 57VG5X0E00X0QJU7CQ58 | Long             | EC               | CORP              | US        |      4830 | NS      | $553759.50    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| THE GOLDMAN SACHS GROUP, INC.                                                    | GOLDMAN SACHS GROUP INC THE                       | CUSIP: 38141G104<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EC               | CORP              | US        |      1809 | NS      | $1086214.05   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| CAPITAL ONE FINANCIAL CORPORATION                                                | CAPITAL ONE FINANCIAL CORP                        | CUSIP: 14040H105<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | EC               | CORP              | US        |      1667 | NS      | $315313.05    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| RELIANCE, INC.                                                                   | RELIANCE INC                                      | CUSIP: 759509102<br>LEI: 549300E287ZOFT3C5Z56 | Long             | EC               | CORP              | US        |      1469 | NS      | $430152.58    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| VERIZON COMMUNICATIONS INC.                                                      | VERIZON COMMUNICATIONS INC                        | CUSIP: 92343V104<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | EC               | CORP              | US        |     72978 | NS      | $3208112.88   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares JPMorgan USD Emerging Markets Bond ETF                                   | ISHARES JP MORGAN ETF                             | CUSIP: 464288281<br>LEI: 54930070R8WH6MNUJG74 | Long             |  | RF                | US        |    120824 | NS      | $10946654.40  | 0.97%             |  |  |  | No            |                  1 | On Loan: —       |
| VISA INC.                                                                        | VISA INC CLASS A                                  | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |      1975 | NS      | $721250.25    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| TD SYNNEX CORPORATION                                                            | TD SYNNEX CORP                                    | CUSIP: 87162W100<br>LEI: 5493004HI6PFLF46NS53 | Long             | EC               | CORP              | US        |      4187 | NS      | $508050.58    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| GEN DIGITAL INC.                                                                 | GEN DIGITAL INC                                   | CUSIP: 668771108<br>LEI: YF6ZV0M6AU4FY94MK914 | Long             | EC               | CORP              | US        |     38623 | NS      | $1099983.04   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| EOG RESOURCES, INC.                                                              | EOG RESOURCES INC                                 | CUSIP: 26875P101<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | EC               | CORP              | US        |     19923 | NS      | $2163040.11   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| THE HARTFORD INSURANCE GROUP, INC.                                               | HARTFORD INSURANCE GROUP INC                      | CUSIP: 416515104<br>LEI: IU7C3FTM7Y3BQM112U94 | Long             | EC               | CORP              | US        |      9215 | NS      | $1196475.60   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| UNIVERSAL HEALTH SERVICES, INC.                                                  | UNIVERSAL HEALTH SERVICES                         | CUSIP: 913903100<br>LEI: 549300YGMGQDO0NMJD09 | Long             | EC               | CORP              | US        |      2386 | NS      | $454175.10    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| INGREDION INCORPORATED                                                           | INGREDION INC                                     | CUSIP: 457187102<br>LEI: PKSTQ48QDN0XSVS7YK88 | Long             | EC               | CORP              | US        |      2900 | NS      | $403448.00    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| EURO STOXX 50 FUTURE JUN25                                                       | EURO STOXX 50 FUTURE JUN25                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | N/A       |       143 | NC      | $633140.05    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| COSTCO WHOLESALE CORPORATION                                                     | COSTCO WHOLESALE CORP                             | CUSIP: 22160K105<br>LEI: 29DX7H14B9S6O3FD6V18 | Long             | EC               | CORP              | US        |      2254 | NS      | $2344565.72   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Evergy, Inc.                                                                     | EVERGY INC                                        | CUSIP: 30034W106<br>LEI: 549300PGTHDQY6PSUI61 | Long             | EC               | CORP              | US        |     10908 | NS      | $724400.28    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| INCYTE CORPORATION                                                               | INCYTE PHARMACEUTICALS INC                        | CUSIP: 45337C102<br>LEI: 549300Z4WN6JVZ3T4680 | Long             | EC               | CORP              | US        |     10362 | NS      | $674151.72    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| ARISTA NETWORKS, INC.                                                            | ARISTA NETWORKS INC                               | CUSIP: 040413205<br>LEI: 635400H1WKBLOQERUU95 | Long             | EC               | CORP              | US        |     10984 | NS      | $951653.76    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| VICI PROPERTIES INC.                                                             | VICI PROPERTIES INC                               | CUSIP: 925652109<br>LEI: 254900RKH6RY9KCJQH63 | Long             | EC               | CORP              | US        |      4431 | NS      | $140507.01    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares MSCI Intl Quality Factor ETF                                             | ISHARES MSCI INTERNA                              | CUSIP: 46434V456<br>LEI: N/A                  | Long             |  | RF                | US        |    420269 | NS      | $17995918.58  | 1.60%             |  |  |  | No            |                  1 | On Loan: —       |
| COMFORT SYSTEMS USA, INC.                                                        | COMFORT SYSTEMS USA INC                           | CUSIP: 199908104<br>LEI: 5299009DT1ZA5HTU6R38 | Long             | EC               | CORP              | US        |      2768 | NS      | $1323740.64   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard FTSE All World ex US Index Fund Investor Shares                         | VANGUARD FTSE ALL WORLD EX US ETF                 | CUSIP: 922042775<br>LEI: N/A                  | Long             |  | RF                | US        |    140376 | NS      | $9156726.48   | 0.81%             |  |  |  | No            |                  1 | On Loan: —       |
| CUMMINS INC.                                                                     | CUMMINS INC                                       | CUSIP: 231021106<br>LEI: ZUNI8PYC725B6H8JU438 | Long             | EC               | CORP              | US        |      6599 | NS      | $2121446.52   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| INVESCO GOVERNMENT & AGENCY PORTFOLIO                                            | INVESCO GVT & AGNCY-INST                          | CUSIP: 825252885<br>LEI: N/A                  | Long             | STIV             | RF                | US        |  13139542 | NS      | $13139541.80  | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Invesco RAFI Emerging Markets ETF                                                | INVESCO RAFI EMERGING MARKETS ETF                 | CUSIP: 46138E727<br>LEI: N/A                  | Long             |  | RF                | US        |    528518 | NS      | $11727814.42  | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| COMCAST CORPORATION                                                              | COMCAST CORP                                      | CUSIP: 20030N101<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | EC               | CORP              | US        |     25476 | NS      | $880705.32    | 0.08%             |  |  |  | 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        |      2307 | NS      | $400979.67    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| MICROSOFT CORPORATION                                                            | MICROSOFT CORP                                    | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |     14075 | NS      | $6479567.00   | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| PAYPAL HOLDINGS, INC.                                                            | PAYPAL HOLDINGS INC                               | CUSIP: 70450Y103<br>LEI: 5493005X2GO78EFZ3E94 | Long             | EC               | CORP              | US        |     18393 | NS      | $1292660.04   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| PRUDENTIAL FINANCIAL, INC.                                                       | PRUDENTIAL FINANCIAL INC                          | CUSIP: 744320102<br>LEI: 5PRBRS5FEH7NREC8OR45 | Long             | EC               | CORP              | US        |      6737 | NS      | $699906.93    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| AUTOZONE, INC.                                                                   | AUTOZONE INC                                      | CUSIP: 053332102<br>LEI: GA3JGKJ41LJKXDN23E90 | Long             | EC               | CORP              | US        |        71 | NS      | $265045.84    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| WALMART INC.                                                                     | WALMART INC                                       | CUSIP: 931142103<br>LEI: Y87794H0US1R65VBXU25 | Long             | EC               | CORP              | US        |     26003 | NS      | $2567016.16   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| EXELIXIS, INC.                                                                   | EXELIXIS INC                                      | CUSIP: 30161Q104<br>LEI: 254900PJQB59O2O95R37 | Long             | EC               | CORP              | US        |     16462 | NS      | $708524.48    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Spdr S&P Emerging Markets Small Cap Etf                                          | SPDR S P EMERGING MARKETS SMALLCAP ETF            | CUSIP: 78463X756<br>LEI: N/A                  | Long             |  | RF                | US        |     34497 | NS      | $2051881.56   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| DTE ENERGY COMPANY                                                               | DTE ENERGY CO                                     | CUSIP: 233331107<br>LEI: 549300IX8SD6XXD71I78 | Long             | EC               | CORP              | US        |      8202 | NS      | $1120803.30   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| CUBESMART                                                                        | CUBESMART                                         | CUSIP: 229663109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      9655 | NS      | $412847.80    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Inc - iShares MSCI Canada ETF                                            | ISHARES MSCI CANADA ETF                           | CUSIP: 464286509<br>LEI: 549300DXCD53F4JK3H45 | Long             |  | RF                | US        |    341801 | NS      | $15367372.96  | 1.37%             |  |  |  | No            |                  1 | On Loan: —       |
| ABBVIE INC.                                                                      | ABBVIE INC                                        | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |     14852 | NS      | $2764105.72   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| AUTONATION, INC.                                                                 | AUTONATION INC                                    | CUSIP: 05329W102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       113 | NS      | $20775.05     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Core MSCI EAFE ETF                                                       | ISHARES CORE MSCI EAFE ETF                        | CUSIP: 46432F842<br>LEI: N/A                  | Long             |  | RF                | US        |    123049 | NS      | $10158925.44  | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| LOUISIANA-PACIFIC CORPORATION                                                    | LOUISIANA PACIFIC CORP                            | CUSIP: 546347105<br>LEI: 549300C7E2UAO5BVRR75 | Long             | EC               | CORP              | US        |      3891 | NS      | $350462.37    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Core MSCI Emerging Markets ETF                                           | ISHARES CORE MSCI EMERGING                        | CUSIP: 46434G103<br>LEI: 5493007C24Z3ZDJ0VD06 | Long             |  | RF                | US        |     98418 | NS      | $5579316.42   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Invesco RAFI Developed Mkts ex-US ETF                                            | INVESCO RAFI DEVELOPED MARKETS EX US ETF          | CUSIP: 46138E743<br>LEI: N/A                  | Long             |  | RF                | US        |    322043 | NS      | $18145512.84  | 1.61%             |  |  |  | No            |                  1 | On Loan: No      |
| SWISS MKT IX FUTR JUN25                                                          | SWISS MKT IX FUTR JUN25                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |        79 | NC      | $-254769.42   | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| LAMAR ADVERTISING COMPANY                                                        | LAMAR ADVERTISING CO A                            | CUSIP: 512816109<br>LEI: 529900Y8WW4MKVPTB543 | Long             | EC               | CORP              | US        |      5430 | NS      | $654532.20    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| CISCO SYSTEMS, INC.                                                              | CISCO SYSTEMS INC                                 | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |     41970 | NS      | $2645788.80   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| FAIR ISAAC CORPORATION                                                           | FAIR ISAAC CORP                                   | CUSIP: 303250104<br>LEI: RI6HET5SJUEY30V1PS26 | Long             | EC               | CORP              | US        |       419 | NS      | $723311.32    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| W. R. BERKLEY CORPORATION                                                        | WR BERKLEY CORP                                   | CUSIP: 084423102<br>LEI: SQOAGCLKBDWNVYV1OV80 | Long             | EC               | CORP              | US        |     20109 | NS      | $1501941.21   | 0.13%             |  |  |  | No            |                  1 | On Loan: —       |
| CATERPILLAR INC.                                                                 | CATERPILLAR INC                                   | CUSIP: 149123101<br>LEI: WRJR7GS4GTRECRRTVX92 | Long             | EC               | CORP              | US        |      2119 | NS      | $737475.57    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| CENTENE CORPORATION                                                              | CENTENE CORP                                      | CUSIP: 15135B101<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | EC               | CORP              | US        |     17707 | NS      | $999383.08    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| EMCOR GROUP, INC.                                                                | EMCOR GROUP INC                                   | CUSIP: 29084Q100<br>LEI: 529900X0SQJB2J7YDU43 | Long             | EC               | CORP              | US        |      3505 | NS      | $1653869.30   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Xtrackers USD High Yld Corporate Bd ETF                                          | XTRACKERS USD HIGH YIELD CORPORATE BOND ETF       | CUSIP: 233051432<br>LEI: N/A                  | Long             |  | RF                | US        |    127113 | NS      | $4634539.98   | 0.41%             |  |  |  | No            |                  1 | On Loan: —       |
| NRG ENERGY, INC.                                                                 | NRG ENERGY INC                                    | CUSIP: 629377508<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | EC               | CORP              | US        |      6309 | NS      | $983573.10    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| NISOURCE INC.                                                                    | NISOURCE INC                                      | CUSIP: 65473P105<br>LEI: 549300D8GOWWH0SJB189 | Long             | EC               | CORP              | US        |     21499 | NS      | $850070.46    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| VERTIV HOLDINGS CO                                                               | VERTIV HOLDINGS CO                                | CUSIP: 92537N108<br>LEI: 549300KTTIRAOGXCRV69 | Long             | EC               | CORP              | US        |      8623 | NS      | $930680.39    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Core US Aggregate Bond ETF                                               | ISHARES CORE U S AGGREGATE BOND ETF               | CUSIP: 464287226<br>LEI: N/A                  | Long             |  | RF                | US        |    236460 | NS      | $23196726.00  | 2.06%             |  |  |  | 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        |  13139542 | NS      | $13139541.80  | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Schwab Fundamental EM Equity ETF                                                 | SCHWAB FUNDAMENTAL EMERGING MARKETS EQUITY ETF    | CUSIP: 808524730<br>LEI: N/A                  | Long             |  | RF                | US        |    607668 | NS      | $19086851.88  | 1.70%             |  |  |  | No            |                  1 | On Loan: No      |
| THE CIGNA GROUP                                                                  | CIGNA GROUP THE                                   | CUSIP: 125523100<br>LEI: 549300VIWYMSIGT1U456 | Long             | EC               | CORP              | US        |      1771 | NS      | $560769.44    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| DOCUSIGN, INC.                                                                   | DOCUSIGN INC                                      | CUSIP: 256163106<br>LEI: 549300Q7PVDWRZ39JG09 | Long             | EC               | CORP              | US        |     12636 | NS      | $1119675.96   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| SPDR Gold Shares                                                                 | SPDR GOLD SHARES ETF                              | CUSIP: 78463V107<br>LEI: N/A                  | Long             |  | RF                | US        |     54580 | NS      | $16570488.00  | 1.47%             |  |  |  | No            |                  1 | On Loan: —       |
| Vanguard International Equity Index Funds - Vanguard Emerging Markets Stock Inde | VANGUARD FTSE EMERGING MARKETS ETF                | CUSIP: 922042858<br>LEI: YNHDFX2L9SSID3XIIE57 | Long             |  | RF                | US        |    114700 | NS      | $5390900.00   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| GENERAL MOTORS COMPANY                                                           | GENERAL MOTORS CO                                 | CUSIP: 37045V100<br>LEI: 54930070NSV60J38I987 | Long             | EC               | CORP              | US        |     54297 | NS      | $2693674.17   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| HCA HEALTHCARE, INC.                                                             | HCA HEALTHCARE INC                                | CUSIP: 40412C101<br>LEI: 529900PH4ZGUH2MNEU89 | Long             | EC               | CORP              | US        |       760 | NS      | $289856.40    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| JOHNSON & JOHNSON                                                                | JOHNSON JOHNSON                                   | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |     12672 | NS      | $1966821.12   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Philip Morris International Inc.                                                 | PHILIP MORRIS INTERNATIONAL INC                   | CUSIP: 718172109<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | EC               | CORP              | US        |     12357 | NS      | $2231550.63   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| CINTAS CORPORATION                                                               | CINTAS CORP                                       | CUSIP: 172908105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3203 | NS      | $725479.50    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| The Bank of New York Mellon Corporation                                          | BANK OF NEW YORK MELLON CORP                      | CUSIP: 064058100<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | EC               | CORP              | US        |      8715 | NS      | $772236.15    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| EDISON INTERNATIONAL                                                             | EDISON INTERNATIONAL                              | CUSIP: 281020107<br>LEI: 549300I7ROF15MAEVP56 | Long             | EC               | CORP              | US        |     13973 | NS      | $777597.45    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| OWENS CORNING                                                                    | OWENS CORNING INC                                 | CUSIP: 690742101<br>LEI: JO5M6676RDJIZ2U8X907 | Long             | EC               | CORP              | US        |      6293 | NS      | $842947.35    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| PACKAGING CORPORATION OF AMERICA                                                 | PACKAGING CORP OF AMERICA                         | CUSIP: 695156109<br>LEI: 549300XZP8MFZFY8TJ84 | Long             | EC               | CORP              | US        |      3402 | NS      | $657164.34    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| FIFTH THIRD BANCORP                                                              | FIFTH THIRD BANCORP                               | CUSIP: 316773100<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | EC               | CORP              | US        |      2948 | NS      | $112584.12    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| COLGATE-PALMOLIVE COMPANY                                                        | COLGATE PALMOLIVE CO                              | CUSIP: 194162103<br>LEI: YMEGZFW4SBUSS5BQXF88 | Long             | EC               | CORP              | US        |     12536 | NS      | $1165095.84   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| W.W. GRAINGER, INC.                                                              | WW GRAINGER INC                                   | CUSIP: 384802104<br>LEI: 549300TWZSP6O1IH2V34 | Long             | EC               | CORP              | US        |      1073 | NS      | $1166951.88   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITED THERAPEUTICS CORPORATION                                                  | UNITED THERAPEUTICS CORP                          | CUSIP: 91307C102<br>LEI: 5299005C4HZL4UWROC14 | Long             | EC               | CORP              | US        |      3281 | NS      | $1046146.85   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITEDHEALTH GROUP INCORPORATED                                                  | UNITEDHEALTH GROUP INC                            | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |      3612 | NS      | $1090498.92   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| LOCKHEED MARTIN CORPORATION                                                      | LOCKHEED MARTIN CORP                              | CUSIP: 539830109<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | EC               | CORP              | US        |      2941 | NS      | $1418679.58   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| F5, INC.                                                                         | F5 Inc                                            | CUSIP: 315616102<br>LEI: 54930015FPK9KT966303 | Long             | EC               | CORP              | US        |      4179 | NS      | $1192603.02   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| OGE ENERGY CORP.                                                                 | OGE ENERGY CORP                                   | CUSIP: 670837103<br>LEI: CE5OG6JPOZMDSA0LAQ19 | Long             | EC               | CORP              | US        |      7225 | NS      | $321295.75    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Schwab Fundamental Intl Equity ETF                                               | SCHWAB FUNDAMENTAL INTERNATIONAL EQUITY ETF       | CUSIP: 808524755<br>LEI: N/A                  | Long             |  | RF                | US        |   1146101 | NS      | $44720861.02  | 3.97%             |  |  |  | No            |                  1 | On Loan: —       |
| CENCORA, INC.                                                                    | CENCORA INC                                       | CUSIP: 03073E105<br>LEI: AI8GXW8LG5WK7E9UD086 | Long             | EC               | CORP              | US        |       678 | NS      | $197460.72    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| LEIDOS HOLDINGS, INC.                                                            | LEIDOS HOLDINGS INC                               | CUSIP: 525327102<br>LEI: 549300IUTGTP6EJP8124 | Long             | EC               | CORP              | US        |      8334 | NS      | $1237765.68   | 0.11%             |  |  |  | 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        |  13139542 | NS      | $13139541.80  | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| NATIONAL STORAGE AFFILIATES TRUST                                                | NATIONAL STORAGE AFFILIATES TRUST                 | CUSIP: 637870106<br>LEI: 529900FS06O8GOYNR108 | Long             | EC               | CORP              | US        |      3069 | NS      | $105573.60    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| AMPHENOL CORPORATION                                                             | AMPHENOL CORP CLASS A                             | CUSIP: 032095101<br>LEI: 549300D3L3G0R4U4VT04 | Long             | EC               | CORP              | US        |      9537 | NS      | $857662.41    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| VictoryShares Free Cash Flow Growth ETF                                          | VICTORYSHARES FREE CASH FLOW GROWTH ETF           | CUSIP: 92647X764<br>LEI: N/A                  | Long             |  | RF                | US        |   1098986 | NS      | $27529599.30  | 2.45%             |  |  |  | No            |                  1 | On Loan: No      |
| SEI INVESTMENTS COMPANY                                                          | SEI INVESTMENTS CO                                | CUSIP: 784117103<br>LEI: 5LJTIFADGZ6XH1RVOC11 | Long             | EC               | CORP              | US        |      3372 | NS      | $287496.72    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Schwab Fundamental Intl Small Equity ETF                                         | SCHWAB FUNDAMENTAL INTERNATIONAL SMALL EQUITY ETF | CUSIP: 808524748<br>LEI: N/A                  | Long             |  | RF                | US        |    266700 | NS      | $10729341.00  | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITED RENTALS, INC.                                                             | UNITED RENTALS INC                                | CUSIP: 911363109<br>LEI: 5323X5O7RN0NKFCDRY08 | Long             | EC               | CORP              | US        |       271 | NS      | $191970.98    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| THE KROGER CO.                                                                   | KROGER CO THE                                     | CUSIP: 501044101<br>LEI: 6CPEOKI6OYJ13Q6O7870 | Long             | EC               | CORP              | US        |      2801 | NS      | $191112.23    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| ESSEX PROPERTY TRUST, INC.                                                       | ESSEX PROPERTY TRUST INC                          | CUSIP: 297178105<br>LEI: 549300TR2H2VEFX0NC60 | Long             | EC               | CORP              | US        |       522 | NS      | $148195.80    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| MASCO CORPORATION                                                                | MASCO CORP                                        | CUSIP: 574599106<br>LEI: 5GCSNMQXHEYA1JO8QN11 | Long             | EC               | CORP              | US        |      9907 | NS      | $618394.94    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard 500 Index Fund                                                          | VANGUARD S P 500 ETF                              | CUSIP: 922908363<br>LEI: N/A                  | Long             |  | RF                | US        |         1 | NS      | $541.76       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| DAVITA INC.                                                                      | DAVITA INC                                        | CUSIP: 23918K108<br>LEI: M2XHYMU3TZNEZURC6H66 | Long             | EC               | CORP              | US        |       205 | NS      | $27933.30     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| APPLE INC.                                                                       | APPLE INC                                         | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |     73999 | NS      | $14862699.15  | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| DECKERS OUTDOOR CORPORATION                                                      | DECKERS OUTDOOR CORP                              | CUSIP: 243537107<br>LEI: 5493008LG4W3I6K8J118 | Long             | EC               | CORP              | US        |      6329 | NS      | $667836.08    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| FORTINET, INC.                                                                   | FORTINET INC                                      | CUSIP: 34959E109<br>LEI: 549300O0QJWDBAS0QX03 | Long             | EC               | CORP              | US        |      6986 | NS      | $711035.08    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| EXPEDIA GROUP, INC.                                                              | EXPEDIA GROUP INC                                 | CUSIP: 30212P303<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7155 | NS      | $1193096.25   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| T. ROWE PRICE GROUP, INC.                                                        | T ROWE PRICE GROUP INC                            | CUSIP: 74144T108<br>LEI: 549300SIV6FPS9Y7IH33 | Long             | EC               | CORP              | US        |       968 | NS      | $90595.12     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| W.P. CAREY INC.                                                                  | WP CAREY INC                                      | CUSIP: 92936U109<br>LEI: 54930042CRNE713E3Q67 | Long             | EC               | CORP              | US        |      3682 | NS      | $231082.32    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| PACCAR INC                                                                       | PACCAR INC                                        | CUSIP: 693718108<br>LEI: KDTEY8BWE486IKZ3CC07 | Long             | EC               | CORP              | US        |      2287 | NS      | $214634.95    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| RALPH LAUREN CORPORATION                                                         | RALPH LAUREN CORP                                 | CUSIP: 751212101<br>LEI: HO1QNWM0IXBZ0QSMMO20 | Long             | EC               | CORP              | US        |      3826 | NS      | $1059075.06   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| PULTEGROUP, INC.                                                                 | PULTEGROUP INC                                    | CUSIP: 745867101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10451 | NS      | $1024511.53   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| OVINTIV INC.                                                                     | OVINTIV INC                                       | CUSIP: 69047Q102<br>LEI: 2549003MEX7YMKLGI239 | Long             | EC               | CORP              | US        |     13999 | NS      | $501444.18    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| DROPBOX, INC.                                                                    | DROPBOX INC                                       | CUSIP: 26210C104<br>LEI: 549300JCDF7UAR6TJR51 | Long             | EC               | CORP              | US        |     33093 | NS      | $955063.98    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| FTSE 100 INDEX FUTURE JUN25                                                      | FTSE 100 INDEX FUTURE JUN25                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |      -205 | NC      | $-519434.92   | -0.05%            |  |  |  | No            |                  1 | On Loan: No      |
| iShares, Inc - iShares MSCI Japan ETF                                            | ISHARES MSCI JAPAN ETF                            | CUSIP: 46434G822<br>LEI: 5493008I6YRUC6I0S051 | Long             |  | RF                | US        |    337113 | NS      | $24986815.56  | 2.22%             |  |  |  | No            |                  1 | On Loan: —       |
| CRH PUBLIC LIMITED COMPANY                                                       | CRH PLC                                           | CUSIP: G25508105<br>LEI: 549300MIDJNNTH068E74 | Long             | EC               | CORP              | IE        |     12102 | NS      | $1103218.32   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| GILEAD SCIENCES, INC.                                                            | GILEAD SCIENCES INC                               | CUSIP: 375558103<br>LEI: 549300WTZWR07K8MNV44 | Long             | EC               | CORP              | US        |     19466 | NS      | $2142817.28   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| ACUITY INC.                                                                      | ACUITY INC                                        | CUSIP: 00508Y102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3356 | NS      | $872190.84    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| REGIONS FINANCIAL CORPORATION                                                    | REGIONS FINANCIAL CORP                            | CUSIP: 7591EP100<br>LEI: CW05CS5KW59QTC0DG824 | Long             | EC               | CORP              | US        |      8641 | NS      | $185263.04    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN EXPRESS COMPANY                                                         | AMERICAN EXPRESS CO                               | CUSIP: 025816109<br>LEI: R4PP93JZOLY261QX3811 | Long             | EC               | CORP              | US        |      4635 | NS      | $1362921.75   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| US FOODS HOLDING CORP.                                                           | US FOODS HOLDING CORP                             | CUSIP: 912008109<br>LEI: 549300UGOZSO64CFPR97 | Long             | EC               | CORP              | US        |     10785 | NS      | $853309.20    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| FIDELITY NATIONAL FINANCIAL, INC.                                                | FIDELITY NATIONAL FINANCIAL                       | CUSIP: 31620R303<br>LEI: 549300CAZYIH39SYQ287 | Long             | EC               | CORP              | US        |     18762 | NS      | $1027594.74   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| CORE & MAIN, INC.                                                                | CORE MAIN INC                                     | CUSIP: 21874C102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5245 | NS      | $287478.45    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| VictoryShares Short-Term Bond ETF                                                | VICTORYSHARES SHORT TERM BOND ETF                 | CUSIP: 92647N535<br>LEI: N/A                  | Long             |  | RF                | US        |    402475 | NS      | $20433655.75  | 1.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Real Estate Index Fund                                                  | VANGUARD REAL ESTATE ETF                          | CUSIP: 922908553<br>LEI: N/A                  | Long             |  | RF                | US        |     29000 | NS      | $2590280.00   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| MOLINA HEALTHCARE, INC.                                                          | MOLINA HEALTHCARE INC                             | CUSIP: 60855R100<br>LEI: 549300NQQCEQ46YHZ591 | Long             | EC               | CORP              | US        |      1697 | NS      | $517652.88    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| ENTERGY CORPORATION                                                              | ENTERGY CORP                                      | CUSIP: 29364G103<br>LEI: 4XM3TW50JULSLG8BNC79 | Long             | EC               | CORP              | US        |      1863 | NS      | $155150.64    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| CROWN CASTLE INC.                                                                | CROWN CASTLE INC                                  | CUSIP: 22822V101<br>LEI: 54930012H97VSM0I2R19 | Long             | EC               | CORP              | US        |     10744 | NS      | $1078160.40   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| LENNAR CORPORATION                                                               | LENNAR CORP CLASS A                               | CUSIP: 526057104<br>LEI: 529900G61XVRLX5TJX09 | Long             | EC               | CORP              | US        |      9061 | NS      | $961190.88    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| TENET HEALTHCARE CORPORATION                                                     | TENET HEALTHCARE CORP                             | CUSIP: 88033G407<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | EC               | CORP              | US        |      7864 | NS      | $1327207.28   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard European Stock Index Fund                                               | VANGUARD FTSE EUROPE ETF                          | CUSIP: 922042874<br>LEI: N/A                  | Long             |  | RF                | US        |    278815 | NS      | $21401839.40  | 1.90%             |  |  |  | No            |                  1 | On Loan: No      |
| VALERO ENERGY CORPORATION                                                        | VALERO ENERGY CORP                                | CUSIP: 91913Y100<br>LEI: 549300XTO5VR8SKV1V74 | Long             | EC               | CORP              | US        |      3887 | NS      | $501306.39    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Core S&P Small-Cap ETF                                                   | ISHARES CORE S P SMALL CAP ETF                    | CUSIP: 464287804<br>LEI: 549300BZQ17QYN750B25 | Long             |  | RF                | US        |    150215 | NS      | $15828154.55  | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| VictoryShares Emerging Markets Value Momentum ETF                                | VICTORYSHARES EMERGING MARKETS                    | CUSIP: 92647N543<br>LEI: N/A                  | Long             |  | RF                | US        |    131500 | NS      | $6517140.00   | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| MOTOROLA SOLUTIONS, INC.                                                         | MOTOROLA SOLUTIONS INC                            | CUSIP: 620076307<br>LEI: 6S552MUG6KGJVEBSEC55 | Long             | EC               | CORP              | US        |      5509 | NS      | $2288328.42   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| NVR, Inc.                                                                        | NVR INC                                           | CUSIP: 62944T105<br>LEI: 529900RWXR4JI3JYTV70 | Long             | EC               | CORP              | US        |       199 | NS      | $1416070.07   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| CINCINNATI FINANCIAL CORPORATION                                                 | CINCINNATI FINANCIAL CORP                         | CUSIP: 172062101<br>LEI: 254900Q4WEDMZBOZ0002 | Long             | EC               | CORP              | US        |      3308 | NS      | $498912.56    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| CF INDUSTRIES HOLDINGS, INC.                                                     | CF INDUSTRIES HOLDINGS INC                        | CUSIP: 125269100<br>LEI: 529900CG8YAQFZ2JMV97 | Long             | EC               | CORP              | US        |     13389 | NS      | $1214516.19   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| TARGET CORPORATION                                                               | TARGET CORP                                       | CUSIP: 87612E106<br>LEI: 8WDDFXB5T1Z6J0XC1L66 | Long             | EC               | CORP              | US        |      2019 | NS      | $189806.19    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| MURPHY USA INC.                                                                  | MURPHY USA INC                                    | CUSIP: 626755102<br>LEI: 549300Y081F8XIKQIO72 | Long             | EC               | CORP              | US        |      1281 | NS      | $546717.99    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Coterra Energy Inc.                                                              | COTERRA ENERCOTERRA ENERGY INC                    | CUSIP: 127097103<br>LEI: FCNMH6O7VWU7LHXMK351 | Long             | EC               | CORP              | US        |     23121 | NS      | $562071.51    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| CARDINAL HEALTH, INC.                                                            | CARDINAL HEALTH INC                               | CUSIP: 14149Y108<br>LEI: CCU46N3GJMF4OK4N7U60 | Long             | EC               | CORP              | US        |     18387 | NS      | $2839688.28   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| KLA CORPORATION                                                                  | KLA CORP                                          | CUSIP: 482480100<br>LEI: 549300H0BF5JCG96TJ81 | Long             | EC               | CORP              | US        |      1323 | NS      | $1001352.24   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Altria Group, Inc.                                                               | ALTRIA GROUP INC                                  | CUSIP: 02209S103<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | EC               | CORP              | US        |     51342 | NS      | $3111838.62   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| THE PROCTER & GAMBLE COMPANY                                                     | PROCTER GAMBLE CO                                 | CUSIP: 742718109<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | EC               | CORP              | US        |      7104 | NS      | $1206898.56   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| DEVON ENERGY CORPORATION                                                         | DEVON ENERGY CORP                                 | CUSIP: 25179M103<br>LEI: 54930042348RKR3ZPN35 | Long             | EC               | CORP              | US        |      9134 | NS      | $276394.84    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| GODADDY INC.                                                                     | GODADDY INC CLASS A                               | CUSIP: 380237107<br>LEI: 549300J8H1TB0I2CB447 | Long             | EC               | CORP              | US        |     11315 | NS      | $2061027.25   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| LOWE'S COMPANIES, INC.                                                           | LOWE S COS INC                                    | CUSIP: 548661107<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | EC               | CORP              | US        |      6152 | NS      | $1388690.96   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| DELTA AIR LINES, INC.                                                            | DELTA AIR LINES INC                               | CUSIP: 247361702<br>LEI: Q2CCMS6R0AS67HJMBN42 | Long             | EC               | CORP              | US        |     30375 | NS      | $1469846.25   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Total Stock Market Index Fund                                           | VANGUARD TOTAL STOCK MARKET ETF                   | CUSIP: 922908769<br>LEI: N/A                  | Long             |  | RF                | US        |     47424 | NS      | $13747269.12  | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMORGAN CHASE & CO.                                                             | JPMORGAN CHASE CO                                 | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |     19132 | NS      | $5050848.00   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| TRANE TECHNOLOGIES PLC                                                           | TRANE TECHNOLOGIES PLC                            | CUSIP: G8994E103<br>LEI: 549300BURLR9SLYY2705 | Long             | EC               | CORP              | IE        |      1503 | NS      | $646695.81    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Tax Managed Fund FTSE Developed Markets ETF                             | VANGUARD FTSE DEVELOPED MARKET                    | CUSIP: 921943858<br>LEI: N/A                  | Long             |  | RF                | US        |    639905 | NS      | $35565919.90  | 3.16%             |  |  |  | No            |                  1 | On Loan: No      |
| D.R. HORTON, INC.                                                                | DR HORTON INC                                     | CUSIP: 23331A109<br>LEI: 529900ZIUEYVSB8QDD25 | Long             | EC               | CORP              | US        |      6672 | NS      | $787696.32    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| THE PROGRESSIVE CORPORATION                                                      | PROGRESSIVE CORP                                  | CUSIP: 743315103<br>LEI: 529900TACNVLY9DCR586 | Long             | EC               | CORP              | US        |      4396 | NS      | $1252552.28   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| ALPHABET INC.                                                                    | ALPHABET INC CLASS A                              | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |      7156 | NS      | $1228971.44   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| SYSCO CORPORATION                                                                | SYSCO CORP                                        | CUSIP: 871829107<br>LEI: 5RGWIFLMGH3YS7KWI652 | Long             | EC               | CORP              | US        |     11521 | NS      | $841033.00    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| BUILDERS FIRSTSOURCE, INC.                                                       | BUILDERS FIRSTSOURCE INC                          | CUSIP: 12008R107<br>LEI: 549300W0SKP6L3H7DP63 | Long             | EC               | CORP              | US        |       496 | NS      | $53409.28     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CARLISLE COMPANIES INCORPORATED                                                  | CARLISLE COMPANIES INC                            | CUSIP: 142339100<br>LEI: XR64VGX1ZPX6G7ZN7Z11 | Long             | EC               | CORP              | US        |      3125 | NS      | $1188062.50   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| META PLATFORMS, INC.                                                             | META PLATFORMS INC                                | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |     14139 | NS      | $9154861.11   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| VanEck Gold Miners ETF                                                           | VANECK GOLD MINERS ETF USA                        | CUSIP: 92189F106<br>LEI: N/A                  | Long             |  | RF                | US        |     33293 | NS      | $1686290.45   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| RUSSELL 2000 MINI INDEX FUTURE JUN25                                             | RUSSELL 2000 MINI INDEX FUTURE JUN25              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        41 | NC      | $603544.05    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| NETAPP, INC.                                                                     | NETAPP INC                                        | CUSIP: 64110D104<br>LEI: QTX3D84DZDD5JYOCYH15 | Long             | EC               | CORP              | US        |      9774 | NS      | $969189.84    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Invesco DB Commodity Index Tracking Fund                                         | INVESCO DB COMMODITY INDEX TRACKING FUND          | CUSIP: 46138B103<br>LEI: N/A                  | Long             |  | RF                | US        |    114500 | NS      | $2390760.00   | 0.21%             |  |  |  | No            |                  1 | On Loan: —       |
| UNITED AIRLINES HOLDINGS, INC.                                                   | UNITED AIRLINES HOLDINGS INC                      | CUSIP: 910047109<br>LEI: 98450079DA0B78DD6764 | Long             | EC               | CORP              | US        |     18494 | NS      | $1469255.83   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| ZOOM COMMUNICATIONS, INC.                                                        | ZOOM COMMUNICATIONS INC                           | CUSIP: 98980L101<br>LEI: 549300T9GCHU0ODOM055 | Long             | EC               | CORP              | US        |     12555 | NS      | $1020093.75   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares 1-3 Year Treasury Bond ETF                                               | ISHARES 1 3 YEAR TREASURY BOND ETF                | CUSIP: 464287457<br>LEI: 549300W0WX9TL4G6HM56 | Long             |  | RF                | US        |    156318 | NS      | $12919682.70  | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-06-30

**Name of Applicant:** Victory Portfolios III

**Signature:** Carol Trevino

**Name of Signer:** Carol Trevino

**Title:** Treasurer