# EDGAR Filing Document

**Accession Number:** 0000908695
**File Stem:** 0001004726-25-001020
**Filing Date:** 2025-9
**Character Count:** 56479
**Document Hash:** 3a700404f643915549720122a64542a1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001004726-25-001020.hdr.sgml**: 20250926

**ACCESSION NUMBER**: 0001004726-25-001020

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20250926

**DATE AS OF CHANGE**: 20250926

**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:** 251348191

**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 Income Stock Fund (Formerly USAA Income Stock Fund) (Series ID: S000012900)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000034869 | Victory Income Stock Fund Shares               | USISX           |
| C000066839 | Victory Income Stock Fund Institutional Shares | UIISX           |

## 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 Income Stock Fund

- **b. EDGAR series identifier (if any):** S000012900

- **c. LEI of Series:** 549300Z0UHMDLT5QWV75

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

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

- **b. Date as of which information is reported:** 2025-07-31

**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:** $2494767820.61

**Total Liabilities:** $1612956.51

**Net Assets:** $2493154864.10

**Cash Not Reported:** $6388494.81

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000066839 | 3.13%                | 3.02%                | -0.11%               |
| Class ID C000034869 | 3.18%                | 2.96%                | -0.05%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $42585.51                | $72557722.82                               |
| Month 2  | $25515605.94             | $41154599.80                               |
| Month 3  | $3127395.93              | $-10283702.33                              |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| INGREDION INCORPORATED                      | INGREDION INC                              | CUSIP: 457187102<br>LEI: PKSTQ48QDN0XSVS7YK88 | Long             | EC               | CORP              | US        |     23200 | NS      | $3051728.00   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| THE MOSAIC COMPANY                          | THE MOSAIC CO                              | CUSIP: 61945C103<br>LEI: 2YD5STGSJNMUB7H76907 | Long             | EC               | CORP              | US        |    280600 | NS      | $10104406.00  | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| VERIZON COMMUNICATIONS INC.                 | VERIZON COMMUNICATIONS INC                 | CUSIP: 92343V104<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | EC               | CORP              | US        |   1094096 | NS      | $46783544.96  | 1.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Altria Group, Inc.                          | ALTRIA GROUP INC                           | CUSIP: 02209S103<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | EC               | CORP              | US        |    969978 | NS      | $60080437.32  | 2.41%             |  |  |  | No            |                  1 | On Loan: No      |
| DEVON ENERGY CORPORATION                    | DEVON ENERGY CORP                          | CUSIP: 25179M103<br>LEI: 54930042348RKR3ZPN35 | Long             | EC               | CORP              | US        |    399703 | NS      | $13278133.66  | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| AUTOMATIC DATA PROCESSING, INC.             | AUTOMATIC DATA PROCESSING INC              | CUSIP: 053015103<br>LEI: HGBOLILQXWER4SAL2I23 | Long             | EC               | CORP              | US        |    155925 | NS      | $48258787.50  | 1.94%             |  |  |  | No            |                  1 | On Loan: No      |
| APPLIED MATERIALS, INC.                     | APPLIED MATERIALS INC                      | CUSIP: 038222105<br>LEI: 41BNNE1AFPNAZELZ6K07 | Long             | EC               | CORP              | US        |     69660 | NS      | $12542979.60  | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| STATE STREET CORPORATION                    | STATE STREET CORP                          | CUSIP: 857477103<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | EC               | CORP              | US        |    112035 | NS      | $12519911.25  | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| CINCINNATI FINANCIAL CORPORATION            | CINCINNATI FINANCIAL CORP                  | CUSIP: 172062101<br>LEI: 254900Q4WEDMZBOZ0002 | Long             | EC               | CORP              | US        |     49665 | NS      | $7326084.15   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITED PARCEL SERVICE, INC.                 | UNITED PARCEL SERVICE INC                  | CUSIP: 911312106<br>LEI: D01LMJZU09ULLNCY6Z23 | Long             | EC               | CORP              | US        |    112741 | NS      | $9713764.56   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| KIMCO REALTY CORPORATION.                   | KIMCO REALTY CORP                          | CUSIP: 49446R109<br>LEI: 254900ARY41P4V1JL861 | Long             | EC               | CORP              | US        |    266129 | NS      | $5649918.67   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| SKYWORKS SOLUTIONS, INC.                    | SKYWORKS SOLUTIONS INC                     | CUSIP: 83088M102<br>LEI: 549300WZ3ORQ2BVKBD96 | Long             | EC               | CORP              | US        |     99864 | NS      | $6844678.56   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| CARLISLE COMPANIES INCORPORATED             | CARLISLE COMPANIES INC                     | CUSIP: 142339100<br>LEI: XR64VGX1ZPX6G7ZN7Z11 | Long             | EC               | CORP              | US        |     40334 | NS      | $14306873.14  | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| YUM! Brands, Inc.                           | YUM BRANDS INC                             | CUSIP: 988498101<br>LEI: 549300JE8XHZZ7OHN517 | Long             | EC               | CORP              | US        |     83900 | NS      | $12094185.00  | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| DARDEN RESTAURANTS, INC.                    | DARDEN RESTAURANTS INC                     | CUSIP: 237194105<br>LEI: CY1NFSCCB5GUXC7WZC70 | Long             | EC               | CORP              | US        |     49100 | NS      | $9901997.00   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| RELIANCE, INC.                              | RELIANCE INC                               | CUSIP: 759509102<br>LEI: 549300E287ZOFT3C5Z56 | Long             | EC               | CORP              | US        |     63782 | NS      | $18505071.66  | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| QUALCOMM INCORPORATED                       | QUALCOMM INC                               | CUSIP: 747525103<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | EC               | CORP              | US        |    126738 | NS      | $18600068.88  | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| SIMON PROPERTY GROUP, INC.                  | SIMON PROPERTY GROUP INC                   | CUSIP: 828806109<br>LEI: 529900GQL5X8H7AO3T64 | Long             | EC               | CORP              | US        |     51169 | NS      | $8380970.51   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| MERCK & CO., INC.                           | MERCK CO INC                               | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |    371557 | NS      | $29026032.84  | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| COLGATE-PALMOLIVE COMPANY                   | COLGATE PALMOLIVE CO                       | CUSIP: 194162103<br>LEI: YMEGZFW4SBUSS5BQXF88 | Long             | EC               | CORP              | US        |    240240 | NS      | $20144124.00  | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| THE CIGNA GROUP                             | CIGNA GROUP THE                            | CUSIP: 125523100<br>LEI: 549300VIWYMSIGT1U456 | Long             | EC               | CORP              | US        |     55200 | NS      | $14759376.00  | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| WYNDHAM HOTELS & RESORTS, INC.              | WYNDHAM HOTELS RESORTS INC                 | CUSIP: 98311A105<br>LEI: 549300FE3MQ4RVXXC673 | Long             | EC               | CORP              | US        |       600 | NS      | $51600.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CRH PUBLIC LIMITED COMPANY                  | CRH PLC                                    | CUSIP: G25508105<br>LEI: 549300MIDJNNTH068E74 | Long             | EC               | CORP              | IE        |     85879 | NS      | $8197150.55   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| BRIXMOR PROPERTY GROUP INC.                 | BRIXMOR PROPERTY GROUP INC                 | CUSIP: 11120U105<br>LEI: 5299007UXW6Y0W2EGZ95 | Long             | EC               | CORP              | US        |    185100 | NS      | $4836663.00   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| CF INDUSTRIES HOLDINGS, INC.                | CF INDUSTRIES HOLDINGS INC                 | CUSIP: 125269100<br>LEI: 529900CG8YAQFZ2JMV97 | Long             | EC               | CORP              | US        |    292215 | NS      | $27126318.45  | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| HP INC.                                     | HP INC                                     | CUSIP: 40434L105<br>LEI: WHKXQACZ14C5XRO8LW03 | Long             | EC               | CORP              | US        |    457780 | NS      | $11352944.00  | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| OVINTIV INC.                                | OVINTIV INC                                | CUSIP: 69047Q102<br>LEI: 2549003MEX7YMKLGI239 | Long             | EC               | CORP              | US        |    161867 | NS      | $6665683.06   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| EVERCORE INC.                               | EVERCORE INC                               | CUSIP: 29977A105<br>LEI: 529900P6KLPT95DW3W58 | Long             | EC               | CORP              | US        |     45642 | NS      | $13744631.88  | 0.55%             |  |  |  | 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        |    345227 | NS      | $35023279.15  | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| EOG RESOURCES, INC.                         | EOG RESOURCES INC                          | CUSIP: 26875P101<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | EC               | CORP              | US        |    397518 | NS      | $47710110.36  | 1.91%             |  |  |  | No            |                  1 | On Loan: No      |
| CHEVRON CORPORATION                         | CHEVRON CORP                               | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     79202 | NS      | $12010191.28  | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERIPRISE FINANCIAL, INC.                  | AMERIPRISE FINANCIAL INC                   | CUSIP: 03076C106<br>LEI: 6ZLKQF7QB6JAEKQS5388 | Long             | EC               | CORP              | US        |     41940 | NS      | $21732888.60  | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| THE NEW YORK TIMES COMPANY                  | NEW YORK TIMES CO THE                      | CUSIP: 650111107<br>LEI: 529900J1WEMMIW7BOH57 | Long             | EC               | CORP              | US        |     80400 | NS      | $4171956.00   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| NRG ENERGY, INC.                            | NRG ENERGY INC                             | CUSIP: 629377508<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | EC               | CORP              | US        |    120795 | NS      | $20196924.00  | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| EQUINIX, INC.                               | EQUINIX INC                                | CUSIP: 29444U700<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | EC               | CORP              | US        |     14054 | NS      | $11034779.18  | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| CISCO SYSTEMS, INC.                         | CISCO SYSTEMS INC                          | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |    700671 | NS      | $47701681.68  | 1.91%             |  |  |  | No            |                  1 | On Loan: No      |
| CARETRUST REIT, INC.                        | CARETRUST REIT INC                         | CUSIP: 14174T107<br>LEI: 5493001NVXE2B9GPLU96 | Long             | EC               | CORP              | US        |    123500 | NS      | $3927300.00   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| MCDONALD'S CORPORATION                      | MCDONALD S CORP                            | CUSIP: 580135101<br>LEI: UE2136O97NLB5BYP9H04 | Long             | EC               | CORP              | US        |     63600 | NS      | $19084452.00  | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| STEEL DYNAMICS, INC.                        | STEEL DYNAMICS INC                         | CUSIP: 858119100<br>LEI: 549300HGGKEL4FYTTQ83 | Long             | EC               | CORP              | US        |     80459 | NS      | $10263350.04  | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| JANUS HENDERSON GROUP PLC                   | JANUS HENDERSON GROUP PLC                  | CUSIP: G4474Y214<br>LEI: 2138009WPYMWJN3RVF44 | Long             | EC               | CORP              | JE        |    161661 | NS      | $6999921.30   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| OTIS WORLDWIDE CORPORATION                  | OTIS WORLDWIDE CORP                        | CUSIP: 68902V107<br>LEI: 549300ZLBKR8VSU25153 | Long             | EC               | CORP              | US        |    363078 | NS      | $31112153.82  | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| CVS HEALTH CORPORATION                      | CVS HEALTH CORP                            | CUSIP: 126650100<br>LEI: 549300EJG376EN5NQE29 | Long             | EC               | CORP              | US        |    198955 | NS      | $12355105.50  | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY                              | MORGAN STANLEY                             | CUSIP: 617446448<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | EC               | CORP              | US        |       381 | NS      | $54277.26     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CAMDEN PROPERTY TRUST                       | CAMDEN PROPERTY TRUST                      | CUSIP: 133131102<br>LEI: 5493002MYX22OHYJBD89 | Long             | EC               | CORP              | US        |     44200 | NS      | $4826640.00   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN HEALTHCARE REIT, INC.              | AMERICAN HEALTHCARE REIT INC               | CUSIP: 398182303<br>LEI: 2549004GGE2APGNT6O92 | Long             | EC               | CORP              | US        |    117700 | NS      | $4547928.00   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| DOMINO'S PIZZA, INC.                        | DOMINO S PIZZA INC                         | CUSIP: 25754A201<br>LEI: 25490005ZWM1IF9UXU57 | Long             | EC               | CORP              | US        |     16600 | NS      | $7689286.00   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| ACCENTURE PUBLIC LIMITED COMPANY            | ACCENTURE PLC                              | CUSIP: G1151C101<br>LEI: 5493000EWHDSR3MZWH98 | Long             | EC               | CORP              | IE        |    148012 | NS      | $39534005.20  | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK OZK                                    | BANK OZK                                   | CUSIP: 06417N103<br>LEI: 549300VYK2WBD7SST478 | Long             | EC               | CORP              | US        |    170321 | NS      | $8396825.30   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| PULTEGROUP, INC.                            | PULTEGROUP INC                             | CUSIP: 745867101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     58971 | NS      | $6659005.32   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Pepsico, Inc.                               | PEPSICO INC                                | CUSIP: 713448108<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | EC               | CORP              | US        |    122382 | NS      | $16878925.44  | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRST HORIZON CORPORATION                   | FIRST HORIZON CORP                         | CUSIP: 320517105<br>LEI: TF3RXI1ZB1TQ30H9JV10 | Long             | EC               | CORP              | US        |    567625 | NS      | $12379901.25  | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| C.H. ROBINSON WORLDWIDE, INC.               | CH ROBINSON WORLDWIDE INC                  | CUSIP: 12541W209<br>LEI: 529900WNWN5L0OVDHA79 | Long             | EC               | CORP              | US        |     54300 | NS      | $6261876.00   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| AMCOR PLC                                   | AMCOR PLC                                  | CUSIP: G0250X107<br>LEI: 549300GSODGFCDQ3DI89 | Long             | EC               | CORP              | JE        |   1234500 | NS      | $11542575.00  | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| PFIZER INC.                                 | PFIZER INC                                 | CUSIP: 717081103<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | EC               | CORP              | US        |    925179 | NS      | $21547418.91  | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| COMFORT SYSTEMS USA, INC.                   | COMFORT SYSTEMS USA INC                    | CUSIP: 199908104<br>LEI: 5299009DT1ZA5HTU6R38 | Long             | EC               | CORP              | US        |     11800 | NS      | $8298940.00   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| CAPITAL ONE FINANCIAL CORPORATION           | CAPITAL ONE FINANCIAL CORP                 | CUSIP: 14040H105<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | EC               | CORP              | US        |     87600 | NS      | $18834000.00  | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| PACKAGING CORPORATION OF AMERICA            | PACKAGING CORP OF AMERICA                  | CUSIP: 695156109<br>LEI: 549300XZP8MFZFY8TJ84 | Long             | EC               | CORP              | US        |     80781 | NS      | $15651318.75  | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| EQUITABLE HOLDINGS, INC.                    | EQUITABLE HOLDINGS INC                     | CUSIP: 29452E101<br>LEI: 549300FIBAKMNHPZ4009 | Long             | EC               | CORP              | US        |    136991 | NS      | $7034487.85   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRST INDUSTRIAL REALTY TRUST, INC.         | FIRST INDUSTRIAL REALTY TRUST              | CUSIP: 32054K103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     92500 | NS      | $4506600.00   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| D.R. HORTON, INC.                           | DR HORTON INC                              | CUSIP: 23331A109<br>LEI: 529900ZIUEYVSB8QDD25 | Long             | EC               | CORP              | US        |     43264 | NS      | $6179829.76   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| PACCAR INC                                  | PACCAR INC                                 | CUSIP: 693718108<br>LEI: KDTEY8BWE486IKZ3CC07 | Long             | EC               | CORP              | US        |     60442 | NS      | $5969251.92   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| THE PROCTER & GAMBLE COMPANY                | PROCTER GAMBLE CO                          | CUSIP: 742718109<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | EC               | CORP              | US        |    249358 | NS      | $37520898.26  | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| LOCKHEED MARTIN CORPORATION                 | LOCKHEED MARTIN CORP                       | CUSIP: 539830109<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | EC               | CORP              | US        |     63971 | NS      | $26930511.58  | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| EAST WEST BANCORP, INC.                     | EAST WEST BANCORP INC                      | CUSIP: 27579R104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    129806 | NS      | $13013051.50  | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| PUBLIC STORAGE.                             | PUBLIC STORAGE                             | CUSIP: 74460D109<br>LEI: 254900GLQZAD4N7N5Q19 | Long             | EC               | CORP              | US        |     26900 | NS      | $7315186.00   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| INVITATION HOMES INC.                       | INVITATION HOMES INC                       | CUSIP: 46187W107<br>LEI: 984500FE452E665C9F85 | Long             | EC               | CORP              | US        |    181800 | NS      | $5572170.00   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| THE TJX COMPANIES, INC.                     | TJX COS INC                                | CUSIP: 872540109<br>LEI: V167QI9I69W364E2DY52 | Long             | EC               | CORP              | US        |    184783 | NS      | $23011026.99  | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| W. R. BERKLEY CORPORATION                   | WR BERKLEY CORP                            | CUSIP: 084423102<br>LEI: SQOAGCLKBDWNVYV1OV80 | Long             | EC               | CORP              | US        |    208514 | NS      | $14347848.34  | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| NORTHERN TRUST CORPORATION                  | NORTHERN TRUST CORP                        | CUSIP: 665859104<br>LEI: 549300GLF98S992BC502 | Long             | EC               | CORP              | US        |     60538 | NS      | $7869940.00   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| OGE ENERGY CORP.                            | OGE ENERGY CORP                            | CUSIP: 670837103<br>LEI: CE5OG6JPOZMDSA0LAQ19 | Long             | EC               | CORP              | US        |    212311 | NS      | $9643165.62   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| MASCO CORPORATION                           | MASCO CORP                                 | CUSIP: 574599106<br>LEI: 5GCSNMQXHEYA1JO8QN11 | Long             | EC               | CORP              | US        |    207802 | NS      | $14157550.26  | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| FIDELITY NATIONAL FINANCIAL, INC            | FIDELITY NATIONAL FINANCIAL                | CUSIP: 31620R303<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    214660 | NS      | $12113263.80  | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Garmin Ltd.                                 | GARMIN LTD                                 | CUSIP: H2906T109<br>LEI: 2549001E0HIPIJQ0W046 | Long             | EC               | CORP              | CH        |     38358 | NS      | $8391196.08   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| RITHM CAPITAL CORP.                         | RITHM CAPITAL CORP                         | CUSIP: 64828T201<br>LEI: 549300WNTHGEO5LP2G31 | Long             | EC               | CORP              | US        |    333500 | NS      | $4012005.00   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| AXIS CAPITAL HOLDINGS LIMITED               | AXIS CAPITAL HOLDINGS LTD                  | CUSIP: G0692U109<br>LEI: 635400VD2NQBYAHMEM55 | Long             | EC               | CORP              | BM        |     33022 | NS      | $3098784.48   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| DIGITAL REALTY TRUST, INC.                  | DIGITAL REALTY TRUST INC                   | CUSIP: 253868103<br>LEI: 549300HKCZ31D08NEI41 | Long             | EC               | CORP              | US        |     12300 | NS      | $2170212.00   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| LOWE'S COMPANIES, INC.                      | LOWE S COS INC                             | CUSIP: 548661107<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | EC               | CORP              | US        |    141703 | NS      | $31680539.71  | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| JOHNSON & JOHNSON                           | JOHNSON JOHNSON                            | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |    437508 | NS      | $72075067.92  | 2.89%             |  |  |  | No            |                  1 | On Loan: No      |
| ENTERGY CORPORATION                         | ENTERGY CORP                               | CUSIP: 29364G103<br>LEI: 4XM3TW50JULSLG8BNC79 | Long             | EC               | CORP              | US        |      1070 | NS      | $96760.10     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| THE CLOROX COMPANY                          | CLOROX COMPANY                             | CUSIP: 189054109<br>LEI: 54930044KVSC06Z79I06 | Long             | EC               | CORP              | US        |     13137 | NS      | $1649481.72   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| SS&C TECHNOLOGIES HOLDINGS, INC.            | SSNC TECHNOLOGIES HLDGS INC                | CUSIP: 78467J100<br>LEI: 529900POY8H7NPPNKK71 | Long             | EC               | CORP              | US        |    151588 | NS      | $12957742.24  | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITEDHEALTH GROUP INCORPORATED             | UNITEDHEALTH GROUP INC                     | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |     60000 | NS      | $14973600.00  | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| QUEST DIAGNOSTICS INCORPORATED              | QUEST DIAGNOSTICS INC                      | CUSIP: 74834L100<br>LEI: 8MCWUBXQ0WE04KMXBX50 | Long             | EC               | CORP              | US        |     54235 | NS      | $9079481.35   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| FEDEX CORPORATION                           | FEDEX CORP                                 | CUSIP: 31428X106<br>LEI: 549300E707U7WNPZN687 | Long             | EC               | CORP              | US        |     63290 | NS      | $14144682.10  | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| CARDINAL HEALTH, INC.                       | CARDINAL HEALTH INC                        | CUSIP: 14149Y108<br>LEI: CCU46N3GJMF4OK4N7U60 | Long             | EC               | CORP              | US        |    100111 | NS      | $15539229.42  | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| LENNAR CORPORATION                          | LENNAR CORP CLASS A                        | CUSIP: 526057104<br>LEI: 529900G61XVRLX5TJX09 | Long             | EC               | CORP              | US        |     94827 | NS      | $10637692.86  | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| THE GOLDMAN SACHS GROUP, INC.               | GOLDMAN SACHS GROUP INC THE                | CUSIP: 38141G104<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EC               | CORP              | US        |     72806 | NS      | $52681693.54  | 2.11%             |  |  |  | No            |                  1 | On Loan: No      |
| BROADRIDGE FINANCIAL SOLUTIONS, INC.        | BROADRIDGE FINANCIAL SOLUTIONS             | CUSIP: 11133T103<br>LEI: 549300KZDJZQ2YIHRC28 | Long             | EC               | CORP              | US        |     43300 | NS      | $10717183.00  | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN EXPRESS COMPANY                    | AMERICAN EXPRESS CO                        | CUSIP: 025816109<br>LEI: R4PP93JZOLY261QX3811 | Long             | EC               | CORP              | US        |     83229 | NS      | $24911271.99  | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| VENTAS, INC.                                | VENTAS INC                                 | CUSIP: 92276F100<br>LEI: ORQTRC074CWLT3DKHT41 | Long             | EC               | CORP              | US        |    107800 | NS      | $7242004.00   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| THE ALLSTATE CORPORATION                    | ALLSTATE CORP THE                          | CUSIP: 020002101<br>LEI: OBT0W1ED8G0NWVOLOJ77 | Long             | EC               | CORP              | US        |    148887 | NS      | $30261282.75  | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| NISOURCE INC.                               | NISOURCE INC                               | CUSIP: 65473P105<br>LEI: 549300D8GOWWH0SJB189 | Long             | EC               | CORP              | US        |    202900 | NS      | $8613105.00   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| TRANE TECHNOLOGIES PLC                      | TRANE TECHNOLOGIES PLC                     | CUSIP: G8994E103<br>LEI: 549300BURLR9SLYY2705 | Long             | EC               | CORP              | IE        |     41432 | NS      | $18150530.56  | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| COGNIZANT TECHNOLOGY SOLUTIONS CORPORATION  | COGNIZANT TECHNOLOGY SOLUTIONS CORP        | CUSIP: 192446102<br>LEI: 5493006IEVQEFQO40L83 | Long             | EC               | CORP              | US        |    316263 | NS      | $22695032.88  | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| CUBESMART                                   | CUBESMART                                  | CUSIP: 229663109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     52134 | NS      | $2028533.94   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| GILEAD SCIENCES, INC.                       | GILEAD SCIENCES INC                        | CUSIP: 375558103<br>LEI: 549300WTZWR07K8MNV44 | Long             | EC               | CORP              | US        |    497016 | NS      | $55809926.64  | 2.24%             |  |  |  | No            |                  1 | On Loan: No      |
| ROYALTY PHARMA PLC                          | ROYALTY PHARMA PLC                         | CUSIP: G7709Q104<br>LEI: 549300FGFN7VOK8BZR03 | Long             | EC               | CORP              | GB        |    397102 | NS      | $14613353.60  | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| LEIDOS HOLDINGS, INC.                       | LEIDOS HOLDINGS INC                        | CUSIP: 525327102<br>LEI: 549300IUTGTP6EJP8124 | Long             | EC               | CORP              | US        |     40200 | NS      | $6417930.00   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| NETAPP, INC.                                | NETAPP INC                                 | CUSIP: 64110D104<br>LEI: QTX3D84DZDD5JYOCYH15 | Long             | EC               | CORP              | US        |    191412 | NS      | $19931731.56  | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| REALTY INCOME CORPORATION                   | REALTY INCOME CORP                         | CUSIP: 756109104<br>LEI: 549300CUWDAUZSH43859 | Long             | EC               | CORP              | US        |     25600 | NS      | $1436928.00   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| ABBVIE INC.                                 | ABBVIE INC                                 | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |    181593 | NS      | $34324708.86  | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Everest Group, Ltd.                         | EVEREST GROUP LTD                          | CUSIP: G3223R108<br>LEI: 549300N24XF2VV0B3570 | Long             | EC               | CORP              | BM        |     40577 | NS      | $13625756.60  | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| MEDTRONIC PUBLIC LIMITED COMPANY            | MEDTRONIC PLC                              | CUSIP: G5960L103<br>LEI: 549300GX3ZBSQWUXY261 | Long             | EC               | CORP              | IE        |    224025 | NS      | $20216016.00  | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| EXPEDITORS INTERNATIONAL OF WASHINGTON, INC | EXPEDITORS INTERNATIONAL OF WASHINGTON INC | CUSIP: 302130109<br>LEI: 984500B055A804AB6E40 | Long             | EC               | CORP              | US        |    121823 | NS      | $14160705.52  | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| AMEREN CORPORATION                          | AMEREN CORP                                | CUSIP: 023608102<br>LEI: XRZQ5S7HYJFPHJ78L959 | Long             | EC               | CORP              | US        |     80600 | NS      | $8151078.00   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| WILLIAMS-SONOMA, INC.                       | WILLIAMS SONOMA INC                        | CUSIP: 969904101<br>LEI: 549300IARG6YWVTZ1I92 | Long             | EC               | CORP              | US        |     65800 | NS      | $12307890.00  | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| KLA CORPORATION                             | KLA CORP                                   | CUSIP: 482480100<br>LEI: 549300H0BF5JCG96TJ81 | Long             | EC               | CORP              | US        |     12013 | NS      | $10559787.39  | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| KIMBERLY-CLARK CORPORATION                  | KIMBERLY CLARK CORP                        | CUSIP: 494368103<br>LEI: MP3J6QPYPGN75NVW2S34 | Long             | EC               | CORP              | US        |    265548 | NS      | $33092591.76  | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| HEWLETT PACKARD ENTERPRISE COMPANY          | HEWLETT PACKARD ENTERPRISES CO             | CUSIP: 42824C109<br>LEI: 549300BX44RGX6ANDV88 | Long             | EC               | CORP              | US        |    510830 | NS      | $10569072.70  | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| VALERO ENERGY CORPORATION                   | VALERO ENERGY CORP                         | CUSIP: 91913Y100<br>LEI: 549300XTO5VR8SKV1V74 | Long             | EC               | CORP              | US        |    232516 | NS      | $31926771.96  | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| HEALTHPEAK PROPERTIES, INC.                 | HEALTHPEAK PROPERTIES INC                  | CUSIP: 42250P103<br>LEI: 254900M6MTMZM0I22L81 | Long             | EC               | CORP              | US        |    128078 | NS      | $2169641.32   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Evergy, Inc.                                | EVERGY INC                                 | CUSIP: 30034W106<br>LEI: 549300PGTHDQY6PSUI61 | Long             | EC               | CORP              | US        |    284992 | NS      | $20177433.60  | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| THE KROGER CO.                              | KROGER CO THE                              | CUSIP: 501044101<br>LEI: 6CPEOKI6OYJ13Q6O7870 | Long             | EC               | CORP              | US        |    282019 | NS      | $19769531.90  | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Schlumberger N.V.                           | SCHLUMBERGER LTD                           | CUSIP: 806857108<br>LEI: 213800ZUA17OK3QLGM62 | Long             | EC               | CORP              | CW        |    360700 | NS      | $12191660.00  | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| OMEGA HEALTHCARE INVESTORS, INC.            | OMEGA HEALTHCARE INVESTORS INC             | CUSIP: 681936100<br>LEI: 549300OJ7ENK42CZ8E73 | Long             | EC               | CORP              | US        |    137800 | NS      | $5360420.00   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| 3M COMPANY                                  | 3M CO                                      | CUSIP: 88579Y101<br>LEI: LUZQVYP4VS22CLWDAR65 | Long             | EC               | CORP              | US        |     97840 | NS      | $14599684.80  | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| W.W. GRAINGER, INC.                         | WW GRAINGER INC                            | CUSIP: 384802104<br>LEI: 549300TWZSP6O1IH2V34 | Long             | EC               | CORP              | US        |      7040 | NS      | $7318361.60   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| CUMMINS INC.                                | CUMMINS INC                                | CUSIP: 231021106<br>LEI: ZUNI8PYC725B6H8JU438 | Long             | EC               | CORP              | US        |     71581 | NS      | $26314607.22  | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Olin Corporation                            | OLIN CORP                                  | CUSIP: 680665205<br>LEI: 549300GKK294V7W57P06 | Long             | EC               | CORP              | US        |    100092 | NS      | $1895742.48   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| WEC ENERGY GROUP INC.                       | WEC ENERGY GROUP                           | CUSIP: 92939U106<br>LEI: 549300IGLYTZUK3PVP70 | Long             | EC               | CORP              | US        |    108600 | NS      | $11846088.00  | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| SYNCHRONY FINANCIAL                         | SYNCHRONY FINANCIAL                        | CUSIP: 87165B103<br>LEI: 549300RS7EWPM9MA6C78 | Long             | EC               | CORP              | US        |    342135 | NS      | $23836545.45  | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| ABBOTT LABORATORIES                         | ABBOTT LABORATORIES                        | CUSIP: 002824100<br>LEI: HQD377W2YR662HK5JX27 | Long             | EC               | CORP              | US        |     91500 | NS      | $11546385.00  | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| OWENS CORNING                               | OWENS CORNING INC                          | CUSIP: 690742101<br>LEI: JO5M6676RDJIZ2U8X907 | Long             | EC               | CORP              | US        |     67595 | NS      | $9424770.85   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| THE HOME DEPOT, INC.                        | HOME DEPOT INC THE                         | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |     87231 | NS      | $32058264.81  | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| EQUITY RESIDENTIAL                          | EQUITY RESIDENTIAL REIT                    | CUSIP: 29476L107<br>LEI: 5493008RACSH5EP3PI59 | Long             | EC               | CORP              | US        |     95200 | NS      | $6016640.00   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| SYSCO CORPORATION                           | SYSCO CORP                                 | CUSIP: 871829107<br>LEI: 5RGWIFLMGH3YS7KWI652 | Long             | EC               | CORP              | US        |    348631 | NS      | $27751027.60  | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| MARATHON PETROLEUM CORPORATION              | MARATHON PETROLEUM CORP                    | CUSIP: 56585A102<br>LEI: 3BNYRYQHD39K4LCKQF12 | Long             | EC               | CORP              | US        |    149382 | NS      | $25423322.58  | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| LyondellBasell Industries N.V.              | LYONDELLBASELL INDUSTRIES NV               | CUSIP: N53745100<br>LEI: BN6WCCZ8OVP3ITUUVN49 | Long             | EC               | CORP              | NL        |    231164 | NS      | $13391330.52  | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| TEXAS ROADHOUSE, INC.                       | TEXAS ROADHOUSE INC                        | CUSIP: 882681109<br>LEI: 5299002Y1CNRPDGXTQ75 | Long             | EC               | CORP              | US        |        61 | NS      | $11292.93     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| WELLTOWER INC.                              | WELLTOWER INC                              | CUSIP: 95040Q104<br>LEI: 254900F33BIAR82QTA19 | Long             | EC               | CORP              | US        |     91300 | NS      | $15070891.00  | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| COUSINS PROPERTIES INCORPORATED             | COUSINS PROPERTIES INC                     | CUSIP: 222795502<br>LEI: 5493007XPYD5EJABN062 | Long             | EC               | CORP              | US        |    136300 | NS      | $3693730.00   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| CROWN CASTLE INC.                           | CROWN CASTLE INC                           | CUSIP: 22822V101<br>LEI: 54930012H97VSM0I2R19 | Long             | EC               | CORP              | US        |      7545 | NS      | $792904.05    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Philip Morris International Inc.            | PHILIP MORRIS INTERNATIONAL INC            | CUSIP: 718172109<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | EC               | CORP              | US        |    268732 | NS      | $44085484.60  | 1.77%             |  |  |  | No            |                  1 | On Loan: No      |
| BRISTOL-MYERS SQUIBB CO                     | BRISTOL MYERS SQUIBB CO                    | CUSIP: 110122108<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | EC               | CORP              | US        |   1050124 | NS      | $45480870.44  | 1.82%             |  |  |  | No            |                  1 | On Loan: No      |
| RALPH LAUREN CORPORATION                    | RALPH LAUREN CORP                          | CUSIP: 751212101<br>LEI: HO1QNWM0IXBZ0QSMMO20 | Long             | EC               | CORP              | US        |     29200 | NS      | $8723500.00   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| COMCAST CORPORATION                         | COMCAST CORP                               | CUSIP: 20030N101<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | EC               | CORP              | US        |    724856 | NS      | $24086964.88  | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| LAM RESEARCH CORPORATION                    | LAM RESEARCH CORP                          | CUSIP: 512807306<br>LEI: 549300I4GMO6D34U1T02 | Long             | EC               | CORP              | US        |    151611 | NS      | $14378787.24  | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| MCKESSON CORPORATION                        | MCKESSON CORP                              | CUSIP: 58155Q103<br>LEI: 549300WZWOM80UCFSF54 | Long             | EC               | CORP              | US        |     12100 | NS      | $8391834.00   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| ELEVANCE HEALTH, INC.                       | ELEVANCE HEALTH INC                        | CUSIP: 036752103<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | EC               | CORP              | US        |     27019 | NS      | $7648538.52   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| ELECTRONIC ARTS INC.                        | ELECTRONIC ARTS INC                        | CUSIP: 285512109<br>LEI: 549300O7A67PUEYKDL45 | Long             | EC               | CORP              | US        |     50500 | NS      | $7700745.00   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN ELECTRIC POWER COMPANY, INC.       | AMERICAN ELECTRIC POWER CO INC             | CUSIP: 025537101<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | EC               | CORP              | US        |    142300 | NS      | $16099822.00  | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMORGAN CHASE & CO.                        | JPMORGAN CHASE CO                          | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |    186262 | NS      | $55178254.88  | 2.21%             |  |  |  | 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        |    133675 | NS      | $25434342.25  | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| PROLOGIS, INC.                              | PROLOGIS INC                               | CUSIP: 74340W103<br>LEI: 529900DFH19P073LZ636 | Long             | EC               | CORP              | US        |     60917 | NS      | $6504717.26   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| WELLS FARGO & COMPANY                       | WELLS FARGO CO                             | CUSIP: 949746101<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EC               | CORP              | US        |    169800 | NS      | $13690974.00  | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| PRINCIPAL FINANCIAL GROUP, INC.             | PRINCIPAL FINANCIAL GROUP INC              | CUSIP: 74251V102<br>LEI: CUMYEZJOAF02RYZ1JJ85 | Long             | EC               | CORP              | US        |     72424 | NS      | $5636759.92   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| CATERPILLAR INC.                            | CATERPILLAR INC                            | CUSIP: 149123101<br>LEI: WRJR7GS4GTRECRRTVX92 | Long             | EC               | CORP              | US        |    111254 | NS      | $48731477.08  | 1.95%             |  |  |  | No            |                  1 | On Loan: No      |
| ZIONS BANCORPORATION, NATIONAL ASSOCIATION  | ZIONS BANCORPORATION                       | CUSIP: 989701107<br>LEI: 8WH0EE09O9V05QJZ3V89 | Long             | EC               | CORP              | US        |    130217 | NS      | $6982235.54   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| TARGET CORPORATION                          | TARGET CORP                                | CUSIP: 87612E106<br>LEI: 8WDDFXB5T1Z6J0XC1L66 | Long             | EC               | CORP              | US        |     70486 | NS      | $7083843.00   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| INTERACTIVE BROKERS GROUP, INC.             | INTERACTIVE BROKERS GROUP INC              | CUSIP: 45841N107<br>LEI: 5493004DT6DCDUZNDM53 | Long             | EC               | CORP              | US        |    149128 | NS      | $9776831.68   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| UNUM GROUP                                  | UNUM GROUP                                 | CUSIP: 91529Y106<br>LEI: 549300E32YFDO6TZ8R31 | Long             | EC               | CORP              | US        |     71564 | NS      | $5139010.84   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| NIKE, INC.                                  | NIKE INC CLASS B                           | CUSIP: 654106103<br>LEI: 787RXPR0UX0O0XUXPZ81 | Long             | EC               | CORP              | US        |     52765 | NS      | $3941017.85   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN FINANCIAL GROUP, INC.              | AMERICAN FINANCIAL GROUP INC               | CUSIP: 025932104<br>LEI: 549300AFOM7IVKIU1G39 | Long             | EC               | CORP              | US        |     51317 | NS      | $6409493.30   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Coterra Energy Inc.                         | COTERRA ENERCOTERRA ENERGY INC             | CUSIP: 127097103<br>LEI: FCNMH6O7VWU7LHXMK351 | Long             | EC               | CORP              | US        |    612213 | NS      | $14931875.07  | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| EDISON INTERNATIONAL                        | EDISON INTERNATIONAL                       | CUSIP: 281020107<br>LEI: 549300I7ROF15MAEVP56 | Long             | EC               | CORP              | US        |    511346 | NS      | $26651353.52  | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| ALLISON TRANSMISSION HOLDINGS, INC.         | ALLISON TRANSMISSION HOLDING INC           | CUSIP: 01973R101<br>LEI: 529900RP7DJ882LI9T83 | Long             | EC               | CORP              | US        |       215 | NS      | $19365.05     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-09-02

**Name of Applicant:** Victory Portfolios III

**Signature:** Carol Trevino

**Name of Signer:** Carol Trevino

**Title:** Treasurer