# EDGAR Filing Document

**Accession Number:** 0000908695
**File Stem:** 0001004726-25-001023
**Filing Date:** 2025-9
**Character Count:** 66683
**Document Hash:** 345f0dcf8b4d1c20e20d3f0df6ec46da
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001004726-25-001023.hdr.sgml**: 20250926

**ACCESSION NUMBER**: 0001004726-25-001023

**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:** 251348197

**BUSINESS ADDRESS:**
- **STREET 1:** 15935 LA CANTERA PARKWAY
- **STREET 2:** BUILDING TWO
- **CITY:** SAN ANTONIO
- **STATE:** TX
- **ZIP:** 78256
- **BUSINESS PHONE:** 210-697-3625

**MAIL ADDRESS:**
- **STREET 1:** 15935 LA CANTERA PARKWAY
- **STREET 2:** BUILDING TWO
- **CITY:** SAN ANTONIO
- **STATE:** TX
- **ZIP:** 78256

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** USAA MUTUAL FUNDS TRUST
- **DATE OF NAME CHANGE:** 20060420

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** USAA STATE TAX FREE TRUST
- **DATE OF NAME CHANGE:** 19940325

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** USAA STATE TAX EXEMPT TRUST
- **DATE OF NAME CHANGE:** 19930707

## Series and Classes Contracts Data

### Victory Value Fund (Formerly USAA Value Fund) (Series ID: S000012920)

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

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Victory Portfolios III

- **b. Investment Company Act file number:** 811-07852

- **c. CIK number of Registrant:** 0000908695

- **d. LEI of Registrant:** 549300WIDR2J6W1Y9S11

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 15935 La Cantera Pkwy Building Two

  - **City:** San Antonio

  - **State:** TX

  - **Foreign country:** US

  - **Zip / Postal Code:** 78256

  - **Telephone number:** 800-235-8396

**Item A.2. Information about the Series.**

- **a. Name of Series:** Victory Value Fund

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

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

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

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

- **b. Date as of which information is reported:** 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:** $1296486171.90

**Total Liabilities:** $1045054.31

**Net Assets:** $1295441117.59

**Cash Not Reported:** $28958543.07

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000034890 | 3.12%                | 3.50%                | -0.36%               |
| Class ID C000066845 | 3.11%                | 3.50%                | -0.36%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $5086494.79              | $31575080.75                               |
| Month 2  | $641786.80               | $41885300.68                               |
| Month 3  | $712162.32               | $-6178808.46                               |

### Schedule of Portfolio Investments

| Name                                             | Title                                      | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| EXELON CORPORATION                               | EXELON CORP                                | CUSIP: 30161N101<br>LEI: 3SOUA6IRML7435B56G12 | Long             | EC               | CORP              | US        |    339200 | NS      | $15243648.00  | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| ZOOM COMMUNICATIONS, INC.                        | ZOOM COMMUNICATIONS INC                    | CUSIP: 98980L101<br>LEI: 549300T9GCHU0ODOM055 | Long             | EC               | CORP              | US        |     34870 | NS      | $2582123.50   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| INGREDION INCORPORATED                           | INGREDION INC                              | CUSIP: 457187102<br>LEI: PKSTQ48QDN0XSVS7YK88 | Long             | EC               | CORP              | US        |     42035 | NS      | $5529283.90   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Everest Group, Ltd.                              | EVEREST GROUP LTD                          | CUSIP: G3223R108<br>LEI: 549300N24XF2VV0B3570 | Long             | EC               | CORP              | BM        |     58074 | NS      | $19501249.20  | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| CITIGROUP INC.                                   | CITIGROUP INC                              | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |    261500 | NS      | $24502550.00  | 1.89%             |  |  |  | No            |                  1 | On Loan: No      |
| EQUITY RESIDENTIAL                               | EQUITY RESIDENTIAL REIT                    | CUSIP: 29476L107<br>LEI: 5493008RACSH5EP3PI59 | Long             | EC               | CORP              | US        |     27492 | NS      | $1737494.40   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| ALPHABET INC.                                    | ALPHABET INC CLASS A                       | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |     95314 | NS      | $18290756.60  | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| AFFILIATED MANAGERS GROUP, INC.                  | AFFILIATED MANAGERS GROUP INC              | CUSIP: 008252108<br>LEI: 2JE75BUE3T1BLCYYGK54 | Long             | EC               | CORP              | US        |     31117 | NS      | $6530524.79   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| INTERACTIVE BROKERS GROUP, INC.                  | INTERACTIVE BROKERS GROUP INC              | CUSIP: 45841N107<br>LEI: 5493004DT6DCDUZNDM53 | Long             | EC               | CORP              | US        |      7371 | NS      | $483242.76    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN ELECTRIC POWER COMPANY, INC.            | AMERICAN ELECTRIC POWER CO INC             | CUSIP: 025537101<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | EC               | CORP              | US        |     98300 | NS      | $11121662.00  | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| PVH CORP.                                        | PVH CORP                                   | CUSIP: 693656100<br>LEI: 123WALMHY1GZXG2YDL90 | Long             | EC               | CORP              | US        |     70202 | NS      | $5154230.84   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| KEURIG DR PEPPER INC.                            | KEURIG DR PEPPER INC                       | CUSIP: 49271V100<br>LEI: DYTQ8KRTKO7Y2BVU5K74 | Long             | EC               | CORP              | US        |    396492 | NS      | $12945463.80  | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| NRG ENERGY, INC.                                 | NRG ENERGY INC                             | CUSIP: 629377508<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | EC               | CORP              | US        |     19519 | NS      | $3263576.80   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| CROWN CASTLE INC.                                | CROWN CASTLE INC                           | CUSIP: 22822V101<br>LEI: 54930012H97VSM0I2R19 | Long             | EC               | CORP              | US        |      2098 | NS      | $220478.82    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| COMCAST CORPORATION                              | COMCAST CORP                               | CUSIP: 20030N101<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | EC               | CORP              | US        |    165263 | NS      | $5491689.49   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| MGIC INVESTMENT CORPORATION                      | MGIC INVESTMENT CORP                       | CUSIP: 552848103<br>LEI: 254900S8483WM4M98R28 | Long             | EC               | CORP              | US        |    170527 | NS      | $4416649.30   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| EXELIXIS, INC.                                   | EXELIXIS INC                               | CUSIP: 30161Q104<br>LEI: 254900PJQB59O2O95R37 | Long             | EC               | CORP              | US        |     99122 | NS      | $3590198.84   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| APPLIED MATERIALS, INC.                          | APPLIED MATERIALS INC                      | CUSIP: 038222105<br>LEI: 41BNNE1AFPNAZELZ6K07 | Long             | EC               | CORP              | US        |     78432 | NS      | $14122465.92  | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| CENTENE CORPORATION                              | CENTENE CORP                               | CUSIP: 15135B101<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | EC               | CORP              | US        |     51798 | NS      | $1350373.86   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| OWENS CORNING                                    | OWENS CORNING INC                          | CUSIP: 690742101<br>LEI: JO5M6676RDJIZ2U8X907 | Long             | EC               | CORP              | US        |     42656 | NS      | $5947526.08   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITED PARCEL SERVICE, INC.                      | UNITED PARCEL SERVICE INC                  | CUSIP: 911312106<br>LEI: D01LMJZU09ULLNCY6Z23 | Long             | EC               | CORP              | US        |     29251 | NS      | $2520266.16   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| FAIRFAX FINANCIAL HOLDINGS LIMITED               | FAIRFAX FINANCIAL HOLDINGS LTD             | CUSIP: 303901102<br>LEI: GLS7OQD0WOEDI8YAP031 | Long             | EC               | CORP              | CA        |     11600 | NS      | $20520294.50  | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| WESCO INTERNATIONAL, INC.                        | WESCO INTERNATIONAL                        | CUSIP: 95082P105<br>LEI: 529900TXOGREY3WNJ434 | Long             | EC               | CORP              | US        |     14299 | NS      | $2959321.04   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| DECKERS OUTDOOR CORPORATION                      | DECKERS OUTDOOR CORP                       | CUSIP: 243537107<br>LEI: 5493008LG4W3I6K8J118 | Long             | EC               | CORP              | US        |     51222 | NS      | $5438239.74   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| NEXSTAR MEDIA GROUP, INC.                        | NEXSTAR MEDIA GROUP INC                    | CUSIP: 65336K103<br>LEI: 52990083ZRR5UT591988 | Long             | EC               | CORP              | US        |     17134 | NS      | $3205942.74   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| NVR, Inc.                                        | NVR INC                                    | CUSIP: 62944T105<br>LEI: 529900RWXR4JI3JYTV70 | Long             | EC               | CORP              | US        |       713 | NS      | $5382786.37   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| TENET HEALTHCARE CORPORATION                     | TENET HEALTHCARE CORP                      | CUSIP: 88033G407<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | EC               | CORP              | US        |     20657 | NS      | $3331560.96   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| APTIV PLC                                        | APTIV HOLDINGS LTD                         | CUSIP: G3265R107<br>LEI: N/A                  | Long             | EC               | CORP              | JE        |     77647 | NS      | $5329690.08   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| ROYALTY PHARMA PLC                               | ROYALTY PHARMA PLC                         | CUSIP: G7709Q104<br>LEI: 549300FGFN7VOK8BZR03 | Long             | EC               | CORP              | GB        |    212585 | NS      | $7823128.00   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| SIMON PROPERTY GROUP, INC.                       | SIMON PROPERTY GROUP INC                   | CUSIP: 828806109<br>LEI: 529900GQL5X8H7AO3T64 | Long             | EC               | CORP              | US        |     14198 | NS      | $2325490.42   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| GILEAD SCIENCES, INC.                            | GILEAD SCIENCES INC                        | CUSIP: 375558103<br>LEI: 549300WTZWR07K8MNV44 | Long             | EC               | CORP              | US        |    118392 | NS      | $13294237.68  | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| NATIONAL FUEL GAS COMPANY                        | NATIONAL FUEL GAS CO                       | CUSIP: 636180101<br>LEI: 8JB38FFW1Y3C1HM8E841 | Long             | EC               | CORP              | US        |     92285 | NS      | $8009415.15   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| COCA-COLA CONSOLIDATED, INC.                     | COCA COLA CONSOLIDATED INC                 | CUSIP: 191098102<br>LEI: 57VG5X0E00X0QJU7CQ58 | Long             | EC               | CORP              | US        |     37747 | NS      | $4218227.25   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| BRISTOL-MYERS SQUIBB CO                          | BRISTOL MYERS SQUIBB CO                    | CUSIP: 110122108<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | EC               | CORP              | US        |    165247 | NS      | $7156847.57   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| CAMDEN PROPERTY TRUST                            | CAMDEN PROPERTY TRUST                      | CUSIP: 133131102<br>LEI: 5493002MYX22OHYJBD89 | Long             | EC               | CORP              | US        |    110373 | NS      | $12052731.60  | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| A. O. SMITH CORPORATION                          | AO SMITH CORP                              | CUSIP: 831865209<br>LEI: 549300XG4US7UJNECY36 | Long             | EC               | CORP              | US        |     81970 | NS      | $5802656.30   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| BUILDERS FIRSTSOURCE, INC.                       | BUILDERS FIRSTSOURCE INC                   | CUSIP: 12008R107<br>LEI: 549300W0SKP6L3H7DP63 | Long             | EC               | CORP              | US        |     33087 | NS      | $4206350.31   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| CVS HEALTH CORPORATION                           | CVS HEALTH CORP                            | CUSIP: 126650100<br>LEI: 549300EJG376EN5NQE29 | Long             | EC               | CORP              | US        |    176788 | NS      | $10978534.80  | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| SEALED AIR CORPORATION                           | SEALED AIR CORP                            | CUSIP: 81211K100<br>LEI: Q0M0CZB4YN6JZ65WXI09 | Long             | EC               | CORP              | US        |    252629 | NS      | $7394450.83   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| REALTY INCOME CORPORATION                        | REALTY INCOME CORP                         | CUSIP: 756109104<br>LEI: 549300CUWDAUZSH43859 | Long             | EC               | CORP              | US        |      7113 | NS      | $399252.69    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| JOHNSON & JOHNSON                                | JOHNSON JOHNSON                            | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |    118978 | NS      | $19600435.72  | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| THE MOSAIC COMPANY                               | THE MOSAIC CO                              | CUSIP: 61945C103<br>LEI: 2YD5STGSJNMUB7H76907 | Long             | EC               | CORP              | US        |     99227 | NS      | $3573164.27   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITED THERAPEUTICS CORPORATION                  | UNITED THERAPEUTICS CORP                   | CUSIP: 91307C102<br>LEI: 5299005C4HZL4UWROC14 | Long             | EC               | CORP              | US        |      8828 | NS      | $2425051.60   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| KEYCORP                                          | KEYCORP                                    | CUSIP: 493267108<br>LEI: RKPI3RZGV1V1FJTH5T61 | Long             | EC               | CORP              | US        |   1207900 | NS      | $21645568.00  | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| REGENERON PHARMACEUTICALS, INC.                  | REGENERON PHARMACEUTICALS INC              | CUSIP: 75886F107<br>LEI: 549300RCBFWIRX3HYQ56 | Long             | EC               | CORP              | US        |      6331 | NS      | $3453307.26   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| FERGUSON ENTERPRISES INC.                        | FERGUSON ENTERPRISES INC                   | CUSIP: 31488V107<br>LEI: 2138003JYQMRP3SLX189 | Long             | EC               | CORP              | US        |     25689 | NS      | $5737124.37   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| NewMarket Corporation                            | NEWMARKET CORP                             | CUSIP: 651587107<br>LEI: 54930082CG88ERDREQ47 | Long             | EC               | CORP              | US        |      4994 | NS      | $3430878.00   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| EXPEDIA GROUP, INC.                              | EXPEDIA GROUP INC                          | CUSIP: 30212P303<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     33430 | NS      | $6024754.60   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| VALERO ENERGY CORPORATION                        | VALERO ENERGY CORP                         | CUSIP: 91913Y100<br>LEI: 549300XTO5VR8SKV1V74 | Long             | EC               | CORP              | US        |    114980 | NS      | $15787903.80  | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| VERIZON COMMUNICATIONS INC.                      | VERIZON COMMUNICATIONS INC                 | CUSIP: 92343V104<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | EC               | CORP              | US        |    147982 | NS      | $6327710.32   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| CBOE GLOBAL MARKETS, INC.                        | CBOE GLOBAL MARKETS INC                    | CUSIP: 12503M108<br>LEI: 529900RLNSGA90UPEH54 | Long             | EC               | CORP              | US        |     52500 | NS      | $12654600.00  | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| CACI INTERNATIONAL INC.                          | CACI INTERNATIONAL INC CLASS A             | CUSIP: 127190304<br>LEI: SYRPI2D1O9WRTS2WX210 | Long             | EC               | CORP              | US        |     30700 | NS      | $14139499.00  | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| FIDELITY NATIONAL FINANCIAL, INC                 | FIDELITY NATIONAL FINANCIAL                | CUSIP: 31620R303<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    138161 | NS      | $7796425.23   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| PULTEGROUP, INC.                                 | PULTEGROUP INC                             | CUSIP: 745867101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     52355 | NS      | $5911926.60   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| EXXON MOBIL CORPORATION                          | EXXON MOBIL CORP                           | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |    138900 | NS      | $15506796.00  | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| AUTOMATIC DATA PROCESSING, INC.                  | AUTOMATIC DATA PROCESSING INC              | CUSIP: 053015103<br>LEI: HGBOLILQXWER4SAL2I23 | Long             | EC               | CORP              | US        |     20448 | NS      | $6328656.00   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| COLGATE-PALMOLIVE COMPANY                        | COLGATE PALMOLIVE CO                       | CUSIP: 194162103<br>LEI: YMEGZFW4SBUSS5BQXF88 | Long             | EC               | CORP              | US        |     71793 | NS      | $6019843.05   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| INCYTE CORPORATION                               | INCYTE PHARMACEUTICALS INC                 | CUSIP: 45337C102<br>LEI: 549300Z4WN6JVZ3T4680 | Long             | EC               | CORP              | US        |     36652 | NS      | $2744868.28   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| AGILENT TECHNOLOGIES, INC.                       | AGILENT TECHNOLOGIES INC                   | CUSIP: 00846U101<br>LEI: QUIX8Y7A2WP0XRMW7G29 | Long             | EC               | CORP              | US        |     23386 | NS      | $2684946.66   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| EQUITY LIFESTYLE PROPERTIES, INC.                | EQUITY LIFESTYLE PROPERTIES INC            | CUSIP: 29472R108<br>LEI: 529900PEQG66LENB6798 | Long             | EC               | CORP              | US        |    166200 | NS      | $9958704.00   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| PRINCIPAL FINANCIAL GROUP, INC.                  | PRINCIPAL FINANCIAL GROUP INC              | CUSIP: 74251V102<br>LEI: CUMYEZJOAF02RYZ1JJ85 | Long             | EC               | CORP              | US        |     55815 | NS      | $4344081.45   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| ARROW ELECTRONICS, INC.                          | ARROW ELECTRONICS INC                      | CUSIP: 042735100<br>LEI: 549300YNNLBXT8N8R512 | Long             | EC               | CORP              | US        |     22315 | NS      | $2588540.00   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| HUMANA INC.                                      | HUMANA INC                                 | CUSIP: 444859102<br>LEI: 529900YLDW34GJAO4J06 | Long             | EC               | CORP              | US        |     12123 | NS      | $3029174.01   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMORGAN CHASE & CO.                             | JPMORGAN CHASE CO                          | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |     97219 | NS      | $28800156.56  | 2.22%             |  |  |  | No            |                  1 | On Loan: No      |
| COUSINS PROPERTIES INCORPORATED                  | COUSINS PROPERTIES INC                     | CUSIP: 222795502<br>LEI: 5493007XPYD5EJABN062 | Long             | EC               | CORP              | US        |     42681 | NS      | $1156655.10   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| MCKESSON CORPORATION                             | MCKESSON CORP                              | CUSIP: 58155Q103<br>LEI: 549300WZWOM80UCFSF54 | Long             | EC               | CORP              | US        |     17160 | NS      | $11901146.40  | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| AVERY DENNISON CORPORATION                       | AVERY DENNISON CORP                        | CUSIP: 053611109<br>LEI: 549300PW7VPFCYKLIV37 | Long             | EC               | CORP              | US        |     30225 | NS      | $5070848.25   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| US FOODS HOLDING CORP.                           | US FOODS HOLDING CORP                      | CUSIP: 912008109<br>LEI: 549300UGOZSO64CFPR97 | Long             | EC               | CORP              | US        |    161900 | NS      | $13491127.00  | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| GENERAL DYNAMICS CORPORATION                     | GENERAL DYNAMICS CORP                      | CUSIP: 369550108<br>LEI: 9C1X8XOOTYY2FNYTVH06 | Long             | EC               | CORP              | US        |     25700 | NS      | $8008377.00   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| AT&T INC.                                        | AT T INC                                   | CUSIP: 00206R102<br>LEI: 549300Z40J86GGSTL398 | Long             | EC               | CORP              | US        |    178416 | NS      | $4890382.56   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| EDISON INTERNATIONAL                             | EDISON INTERNATIONAL                       | CUSIP: 281020107<br>LEI: 549300I7ROF15MAEVP56 | Long             | EC               | CORP              | US        |    125154 | NS      | $6523026.48   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN HEALTHCARE REIT, INC.                   | AMERICAN HEALTHCARE REIT INC               | CUSIP: 398182303<br>LEI: 2549004GGE2APGNT6O92 | Long             | EC               | CORP              | US        |     32678 | NS      | $1262677.92   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| VOYA FINANCIAL, INC.                             | VOYA FINANCIAL INC                         | CUSIP: 929089100<br>LEI: 549300T065Z4KJ686G75 | Long             | EC               | CORP              | US        |     55259 | NS      | $3868130.00   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| W. R. BERKLEY CORPORATION                        | WR BERKLEY CORP                            | CUSIP: 084423102<br>LEI: SQOAGCLKBDWNVYV1OV80 | Long             | EC               | CORP              | US        |     97718 | NS      | $6723975.58   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| APPLE INC.                                       | APPLE INC                                  | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |     16261 | NS      | $3375295.77   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Altria Group, Inc.                               | ALTRIA GROUP INC                           | CUSIP: 02209S103<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | EC               | CORP              | US        |    129528 | NS      | $8022964.32   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN EXPRESS COMPANY                         | AMERICAN EXPRESS CO                        | CUSIP: 025816109<br>LEI: R4PP93JZOLY261QX3811 | Long             | EC               | CORP              | US        |     17032 | NS      | $5097847.92   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| LOUISIANA-PACIFIC CORPORATION                    | LOUISIANA PACIFIC CORP                     | CUSIP: 546347105<br>LEI: 549300C7E2UAO5BVRR75 | Long             | EC               | CORP              | US        |     48151 | NS      | $4353331.91   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| EQUINIX, INC.                                    | EQUINIX INC                                | CUSIP: 29444U700<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | EC               | CORP              | US        |      3914 | NS      | $3073155.38   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| CATERPILLAR INC.                                 | CATERPILLAR INC                            | CUSIP: 149123101<br>LEI: WRJR7GS4GTRECRRTVX92 | Long             | EC               | CORP              | US        |     24487 | NS      | $10725795.74  | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| SEI INVESTMENTS COMPANY                          | SEI INVESTMENTS CO                         | CUSIP: 784117103<br>LEI: 5LJTIFADGZ6XH1RVOC11 | Long             | EC               | CORP              | US        |     75821 | NS      | $6681346.52   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| CISCO SYSTEMS, INC.                              | CISCO SYSTEMS INC                          | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |    144244 | NS      | $9820131.52   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| NETAPP, INC.                                     | NETAPP INC                                 | CUSIP: 64110D104<br>LEI: QTX3D84DZDD5JYOCYH15 | Long             | EC               | CORP              | US        |     52601 | NS      | $5477342.13   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| EATON CORPORATION PUBLIC LIMITED COMPANY         | EATON CORP PLC                             | CUSIP: G29183103<br>LEI: 549300VDIGTMXUNT7H71 | Long             | EC               | CORP              | IE        |     35900 | NS      | $13811448.00  | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| LAM RESEARCH CORPORATION                         | LAM RESEARCH CORP                          | CUSIP: 512807306<br>LEI: 549300I4GMO6D34U1T02 | Long             | EC               | CORP              | US        |     66802 | NS      | $6335501.68   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| RTX CORPORATION                                  | RTX CORP                                   | CUSIP: 75513E101<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | EC               | CORP              | US        |     61767 | NS      | $9732626.19   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| JABIL INC.                                       | JABIL INC                                  | CUSIP: 466313103<br>LEI: 5493000CGCQY2OQU7669 | Long             | EC               | CORP              | US        |     24997 | NS      | $5578580.49   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| ANALOG DEVICES, INC.                             | ANALOG DEVICES INC                         | CUSIP: 032654105<br>LEI: GYVOE5EZ4GDAVTU4CQ61 | Long             | EC               | CORP              | US        |     39000 | NS      | $8760570.00   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| REGIONS FINANCIAL CORPORATION                    | REGIONS FINANCIAL CORP                     | CUSIP: 7591EP100<br>LEI: CW05CS5KW59QTC0DG824 | Long             | EC               | CORP              | US        |    195455 | NS      | $4950875.15   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| ENTERPRISE PRODUCTS PARTNERS L.P.                | ENTERPRISE PRODUCTS PARTNERS LP            | CUSIP: 293792107<br>LEI: K4CDIF4M54DJZ6TB4Q48 | Long             |  | CORP              | US        |    429524 | NS      | $13310948.76  | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| EOG RESOURCES, INC.                              | EOG RESOURCES INC                          | CUSIP: 26875P101<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | EC               | CORP              | US        |     61391 | NS      | $7368147.82   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| EAST WEST BANCORP, INC.                          | EAST WEST BANCORP INC                      | CUSIP: 27579R104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     71315 | NS      | $7149328.75   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| ETSY, INC.                                       | ETSY INC                                   | CUSIP: 29786A106<br>LEI: 54930089Q7XT501AEA40 | Long             | EC               | CORP              | US        |     63154 | NS      | $3679983.58   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| CF INDUSTRIES HOLDINGS, INC.                     | CF INDUSTRIES HOLDINGS INC                 | CUSIP: 125269100<br>LEI: 529900CG8YAQFZ2JMV97 | Long             | EC               | CORP              | US        |     68647 | NS      | $6372501.01   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| THE GOLDMAN SACHS GROUP, INC.                    | GOLDMAN SACHS GROUP INC THE                | CUSIP: 38141G104<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EC               | CORP              | US        |     13192 | NS      | $9545599.28   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| PROLOGIS, INC.                                   | PROLOGIS INC                               | CUSIP: 74340W103<br>LEI: 529900DFH19P073LZ636 | Long             | EC               | CORP              | US        |     16918 | NS      | $1806504.04   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| MASCO CORPORATION                                | MASCO CORP                                 | CUSIP: 574599106<br>LEI: 5GCSNMQXHEYA1JO8QN11 | Long             | EC               | CORP              | US        |     78595 | NS      | $5354677.35   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| AIRBNB, INC.                                     | AIRBNB INC CLASS A                         | CUSIP: 009066101<br>LEI: 549300HMUDNO0RY56D37 | Long             | EC               | CORP              | US        |     17717 | NS      | $2345907.97   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| TERADATA CORPORATION                             | TERADATA CORP                              | CUSIP: 88076W103<br>LEI: 549300JU9SOUHV4U4R71 | Long             | EC               | CORP              | US        |    111336 | NS      | $2330262.48   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| DIGITAL REALTY TRUST, INC.                       | DIGITAL REALTY TRUST INC                   | CUSIP: 253868103<br>LEI: 549300HKCZ31D08NEI41 | Long             | EC               | CORP              | US        |      3675 | NS      | $648417.00    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| H & R BLOCK, INC.                                | H R BLOCK INC                              | CUSIP: 093671105<br>LEI: 549300CE3KUCWLZBG404 | Long             | EC               | CORP              | US        |     54279 | NS      | $2949520.86   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| COMFORT SYSTEMS USA, INC.                        | COMFORT SYSTEMS USA INC                    | CUSIP: 199908104<br>LEI: 5299009DT1ZA5HTU6R38 | Long             | EC               | CORP              | US        |      8287 | NS      | $5828247.10   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| AMPHENOL CORPORATION                             | AMPHENOL CORP CLASS A                      | CUSIP: 032095101<br>LEI: 549300D3L3G0R4U4VT04 | Long             | EC               | CORP              | US        |     67700 | NS      | $7210727.00   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| BRIXMOR PROPERTY GROUP INC.                      | BRIXMOR PROPERTY GROUP INC                 | CUSIP: 11120U105<br>LEI: 5299007UXW6Y0W2EGZ95 | Long             | EC               | CORP              | US        |     53658 | NS      | $1402083.54   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| THE PROCTER & GAMBLE COMPANY                     | PROCTER GAMBLE CO                          | CUSIP: 742718109<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | EC               | CORP              | US        |     79934 | NS      | $12027668.98  | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| EMCOR GROUP, INC.                                | EMCOR GROUP INC                            | CUSIP: 29084Q100<br>LEI: 529900X0SQJB2J7YDU43 | Long             | EC               | CORP              | US        |      9559 | NS      | $5998176.91   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| UNUM GROUP                                       | UNUM GROUP                                 | CUSIP: 91529Y106<br>LEI: 549300E32YFDO6TZ8R31 | Long             | EC               | CORP              | US        |    228900 | NS      | $16437309.00  | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| GE HEALTHCARE TECHNOLOGIES INC.                  | GE HEALTHCARE TECHNOLOGIES INC             | CUSIP: 36266G107<br>LEI: 549300OI9J7XOWZMUN85 | Long             | EC               | CORP              | US        |     78700 | NS      | $5612884.00   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERIPRISE FINANCIAL, INC.                       | AMERIPRISE FINANCIAL INC                   | CUSIP: 03076C106<br>LEI: 6ZLKQF7QB6JAEKQS5388 | Long             | EC               | CORP              | US        |     15117 | NS      | $7833478.23   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| EXPEDITORS INTERNATIONAL OF WASHINGTON, INC      | EXPEDITORS INTERNATIONAL OF WASHINGTON INC | CUSIP: 302130109<br>LEI: 984500B055A804AB6E40 | Long             | EC               | CORP              | US        |     34459 | NS      | $4005514.16   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| DEVON ENERGY CORPORATION                         | DEVON ENERGY CORP                          | CUSIP: 25179M103<br>LEI: 54930042348RKR3ZPN35 | Long             | EC               | CORP              | US        |    184247 | NS      | $6120685.34   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| TEVA PHARMACEUTICAL INDUSTRIES LIMITED           | TEVA PHARMACEUTICAL INDUSTRIES LTD         | CUSIP: 881624209<br>LEI: 549300BAFGM4RC74ZJ94 | Long             |  | CORP              | IL        |    844800 | NS      | $13052160.00  | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| PPG INDUSTRIES, INC.                             | PPG INDUSTRIES INC                         | CUSIP: 693506107<br>LEI: 549300BKPEP01R3V6C59 | Long             | EC               | CORP              | US        |     82800 | NS      | $8735400.00   | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| ABBVIE INC.                                      | ABBVIE INC                                 | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |     74770 | NS      | $14133025.40  | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| QUALCOMM INCORPORATED                            | QUALCOMM INC                               | CUSIP: 747525103<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | EC               | CORP              | US        |     40888 | NS      | $6000722.88   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Mondelez International, Inc.                     | MONDELEZ INTERNATIONAL INC                 | CUSIP: 609207105<br>LEI: 549300DV9GIB88LZ5P30 | Long             | EC               | CORP              | US        |    157400 | NS      | $10182206.00  | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| OMEGA HEALTHCARE INVESTORS, INC.                 | OMEGA HEALTHCARE INVESTORS INC             | CUSIP: 681936100<br>LEI: 549300OJ7ENK42CZ8E73 | Long             | EC               | CORP              | US        |     39633 | NS      | $1541723.70   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| ON SEMICONDUCTOR CORPORATION                     | ON SEMICONDUCTOR CORP                      | CUSIP: 682189105<br>LEI: ZV20P4CNJVT8V1ZGJ064 | Long             | EC               | CORP              | US        |     77238 | NS      | $4353133.68   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| SYNCHRONY FINANCIAL                              | SYNCHRONY FINANCIAL                        | CUSIP: 87165B103<br>LEI: 549300RS7EWPM9MA6C78 | Long             | EC               | CORP              | US        |    107712 | NS      | $7504295.04   | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| LyondellBasell Industries N.V.                   | LYONDELLBASELL INDUSTRIES NV               | CUSIP: N53745100<br>LEI: BN6WCCZ8OVP3ITUUVN49 | Long             | EC               | CORP              | NL        |     46801 | NS      | $2711181.93   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| HONEYWELL INTERNATIONAL INCORPORATION            | HONEYWELL INTERNATIONAL INC                | CUSIP: 438516106<br>LEI: ISRPG12PN4EIEOEMW547 | Long             | EC               | CORP              | US        |     54700 | NS      | $12162545.00  | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| LOCKHEED MARTIN CORPORATION                      | LOCKHEED MARTIN CORP                       | CUSIP: 539830109<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | EC               | CORP              | US        |     15614 | NS      | $6573181.72   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| SYNOVUS FINANCIAL CORP.                          | SYNOVUS FINANCIAL CORP                     | CUSIP: 87161C501<br>LEI: 549300EIUS8UN5JTLE54 | Long             | EC               | CORP              | US        |     43215 | NS      | $2041476.60   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| TAKE-TWO INTERACTIVE SOFTWARE, INC.              | TAKE TWO INTERACTIVE SOFTWARE              | CUSIP: 874054109<br>LEI: BOMSTHHJK882EWYX3334 | Long             | EC               | CORP              | US        |     47400 | NS      | $10557402.00  | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| ELECTRONIC ARTS INC.                             | ELECTRONIC ARTS INC                        | CUSIP: 285512109<br>LEI: 549300O7A67PUEYKDL45 | Long             | EC               | CORP              | US        |     36078 | NS      | $5501534.22   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| GEN DIGITAL INC.                                 | GEN DIGITAL INC                            | CUSIP: 668771108<br>LEI: YF6ZV0M6AU4FY94MK914 | Long             | EC               | CORP              | US        |    134240 | NS      | $3958737.60   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| MATTEL, INC.                                     | MATTEL INC                                 | CUSIP: 577081102<br>LEI: 549300VELLG24KHTJ564 | Long             | EC               | CORP              | US        |    578000 | NS      | $9831780.00   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| AXIS CAPITAL HOLDINGS LIMITED                    | AXIS CAPITAL HOLDINGS LTD                  | CUSIP: G0692U109<br>LEI: 635400VD2NQBYAHMEM55 | Long             | EC               | CORP              | BM        |     31556 | NS      | $2961215.04   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| MARATHON PETROLEUM CORPORATION                   | MARATHON PETROLEUM CORP                    | CUSIP: 56585A102<br>LEI: 3BNYRYQHD39K4LCKQF12 | Long             | EC               | CORP              | US        |     38238 | NS      | $6507725.22   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| LEIDOS HOLDINGS, INC.                            | LEIDOS HOLDINGS INC                        | CUSIP: 525327102<br>LEI: 549300IUTGTP6EJP8124 | Long             | EC               | CORP              | US        |     71721 | NS      | $11450257.65  | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| RITHM CAPITAL CORP.                              | RITHM CAPITAL CORP                         | CUSIP: 64828T201<br>LEI: 549300WNTHGEO5LP2G31 | Long             | EC               | CORP              | US        |    116771 | NS      | $1404755.13   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| ELEVANCE HEALTH, INC.                            | ELEVANCE HEALTH INC                        | CUSIP: 036752103<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | EC               | CORP              | US        |     10816 | NS      | $3061793.28   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| MEDPACE HOLDINGS, INC.                           | MEDPACE HOLDINGS INC                       | CUSIP: 58506Q109<br>LEI: 549300H8TYEUVTW14A54 | Long             | EC               | CORP              | US        |      9747 | NS      | $4163918.40   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| WEATHERFORD INTERNATIONAL PUBLIC LIMITED COMPANY | WEATHERFORD INTERNATIONAL PLC              | CUSIP: G48833118<br>LEI: 529900LPBDSCQDJKHQ39 | Long             | EC               | CORP              | IE        |     54408 | NS      | $3076772.40   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| U.S. BANCORP                                     | US BANCORP                                 | CUSIP: 902973304<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | EC               | CORP              | US        |    281375 | NS      | $12650620.00  | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| ULTA BEAUTY, INC.                                | ULTA BEAUTY INC                            | CUSIP: 90384S303<br>LEI: 529900CIV6HN8M28YM82 | Long             | EC               | CORP              | US        |      9716 | NS      | $5003837.16   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITEDHEALTH GROUP INCORPORATED                  | UNITEDHEALTH GROUP INC                     | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |     16421 | NS      | $4098024.76   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| JAZZ PHARMACEUTICALS PUBLIC LIMITED COMPANY      | JAZZ PHARMACEUTICALS PLC                   | CUSIP: G50871105<br>LEI: 635400GAUMJCLEZRRV50 | Long             | EC               | CORP              | IE        |     39098 | NS      | $4481803.74   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| ZEBRA TECHNOLOGIES CORPORATION                   | ZEBRA TECHNOLOGIES CORP                    | CUSIP: 989207105<br>LEI: PO0I32GKZ3HZMMDPZZ08 | Long             | EC               | CORP              | US        |     32900 | NS      | $11153758.00  | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| MEDTRONIC PUBLIC LIMITED COMPANY                 | MEDTRONIC PLC                              | CUSIP: G5960L103<br>LEI: 549300GX3ZBSQWUXY261 | Long             | EC               | CORP              | IE        |    144200 | NS      | $13012608.00  | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| LEAR CORPORATION                                 | LEAR CORP                                  | CUSIP: 521865204<br>LEI: 549300UPNBTXA1SYTQ33 | Long             | EC               | CORP              | US        |     33114 | NS      | $3122319.06   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| KIMCO REALTY CORPORATION.                        | KIMCO REALTY CORP                          | CUSIP: 49446R109<br>LEI: 254900ARY41P4V1JL861 | Long             | EC               | CORP              | US        |     73897 | NS      | $1568833.31   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| ACCENTURE PUBLIC LIMITED COMPANY                 | ACCENTURE PLC                              | CUSIP: G1151C101<br>LEI: 5493000EWHDSR3MZWH98 | Long             | EC               | CORP              | IE        |     24911 | NS      | $6653728.10   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| CARLISLE COMPANIES INCORPORATED                  | CARLISLE COMPANIES INC                     | CUSIP: 142339100<br>LEI: XR64VGX1ZPX6G7ZN7Z11 | Long             | EC               | CORP              | US        |     14360 | NS      | $5093635.60   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| LOWE'S COMPANIES, INC.                           | LOWE S COS INC                             | CUSIP: 548661107<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | EC               | CORP              | US        |     23851 | NS      | $5332368.07   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| VENTAS, INC.                                     | VENTAS INC                                 | CUSIP: 92276F100<br>LEI: ORQTRC074CWLT3DKHT41 | Long             | EC               | CORP              | US        |     30328 | NS      | $2037435.04   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| THE PROGRESSIVE CORPORATION                      | PROGRESSIVE CORP                           | CUSIP: 743315103<br>LEI: 529900TACNVLY9DCR586 | Long             | EC               | CORP              | US        |     30378 | NS      | $7352691.12   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| GENPACT LIMITED                                  | GENPACT LTD                                | CUSIP: G3922B107<br>LEI: 529900OSEC6Q0L4L5B35 | Long             | EC               | CORP              | BM        |     78227 | NS      | $3445899.35   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| ALLISON TRANSMISSION HOLDINGS, INC.              | ALLISON TRANSMISSION HOLDING INC           | CUSIP: 01973R101<br>LEI: 529900RP7DJ882LI9T83 | Long             | EC               | CORP              | US        |     31060 | NS      | $2797574.20   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| ADOBE INC.                                       | ADOBE INC                                  | CUSIP: 00724F101<br>LEI: FU4LY2G4933NH2E1CP29 | Long             | EC               | CORP              | US        |      9634 | NS      | $3445985.46   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| STEEL DYNAMICS, INC.                             | STEEL DYNAMICS INC                         | CUSIP: 858119100<br>LEI: 549300HGGKEL4FYTTQ83 | Long             | EC               | CORP              | US        |     39225 | NS      | $5003541.00   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| CORPAY, INC.                                     | CORPAY INC                                 | CUSIP: 219948106<br>LEI: 549300DG6RR0NQSFLN74 | Long             | EC               | CORP              | US        |     26700 | NS      | $8625435.00   | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| EVERCORE INC.                                    | EVERCORE INC                               | CUSIP: 29977A105<br>LEI: 529900P6KLPT95DW3W58 | Long             | EC               | CORP              | US        |     20306 | NS      | $6114948.84   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Evergy, Inc.                                     | EVERGY INC                                 | CUSIP: 30034W106<br>LEI: 549300PGTHDQY6PSUI61 | Long             | EC               | CORP              | US        |     79472 | NS      | $5626617.60   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| MERCK & CO., INC.                                | MERCK CO INC                               | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |    192787 | NS      | $15060520.44  | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| FEDEX CORPORATION                                | FEDEX CORP                                 | CUSIP: 31428X106<br>LEI: 549300E707U7WNPZN687 | Long             | EC               | CORP              | US        |     41700 | NS      | $9319533.00   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| ACUITY INC.                                      | ACUITY INC                                 | CUSIP: 00508Y102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     12305 | NS      | $3831161.75   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| SYSCO CORPORATION                                | SYSCO CORP                                 | CUSIP: 871829107<br>LEI: 5RGWIFLMGH3YS7KWI652 | Long             | EC               | CORP              | US        |     81562 | NS      | $6492335.20   | 0.50%             |  |  |  | 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        |     75600 | NS      | $14384412.00  | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| SS&C TECHNOLOGIES HOLDINGS, INC.                 | SSNC TECHNOLOGIES HLDGS INC                | CUSIP: 78467J100<br>LEI: 529900POY8H7NPPNKK71 | Long             | EC               | CORP              | US        |    197100 | NS      | $16848108.00  | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| ZIONS BANCORPORATION, NATIONAL ASSOCIATION       | ZIONS BANCORPORATION                       | CUSIP: 989701107<br>LEI: 8WH0EE09O9V05QJZ3V89 | Long             | EC               | CORP              | US        |     62841 | NS      | $3369534.42   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| THE ALLSTATE CORPORATION                         | ALLSTATE CORP THE                          | CUSIP: 020002101<br>LEI: OBT0W1ED8G0NWVOLOJ77 | Long             | EC               | CORP              | US        |     25537 | NS      | $5190395.25   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| DROPBOX, INC.                                    | DROPBOX INC                                | CUSIP: 26210C104<br>LEI: 549300JCDF7UAR6TJR51 | Long             | EC               | CORP              | US        |    153880 | NS      | $4180919.60   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| PG&E CORPORATION                                 | PG E CORP                                  | CUSIP: 69331C108<br>LEI: 8YQ2GSDWYZXO2EDN3511 | Long             | EC               | CORP              | US        |    228737 | NS      | $3206892.74   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| PUBLIC STORAGE.                                  | PUBLIC STORAGE                             | CUSIP: 74460D109<br>LEI: 254900GLQZAD4N7N5Q19 | Long             | EC               | CORP              | US        |      7756 | NS      | $2109166.64   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| OTIS WORLDWIDE CORPORATION                       | OTIS WORLDWIDE CORP                        | CUSIP: 68902V107<br>LEI: 549300ZLBKR8VSU25153 | Long             | EC               | CORP              | US        |     64936 | NS      | $5564365.84   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| META PLATFORMS, INC.                             | META PLATFORMS INC                         | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |      4550 | NS      | $3519152.00   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| SALESFORCE, INC.                                 | SALESFORCE INC                             | CUSIP: 79466L302<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | EC               | CORP              | US        |     38900 | NS      | $10049037.00  | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| THE CIGNA GROUP                                  | CIGNA GROUP THE                            | CUSIP: 125523100<br>LEI: 549300VIWYMSIGT1U456 | Long             | EC               | CORP              | US        |     68672 | NS      | $18361519.36  | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| PAYPAL HOLDINGS, INC.                            | PAYPAL HOLDINGS INC                        | CUSIP: 70450Y103<br>LEI: 5493005X2GO78EFZ3E94 | Long             | EC               | CORP              | US        |     73703 | NS      | $5067818.28   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| BORGWARNER INC.                                  | BORGWARNER INC                             | CUSIP: 099724106<br>LEI: 549300DSFX2IE88NSX47 | Long             | EC               | CORP              | US        |    166822 | NS      | $6139049.60   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| INVITATION HOMES INC.                            | INVITATION HOMES INC                       | CUSIP: 46187W107<br>LEI: 984500FE452E665C9F85 | Long             | EC               | CORP              | US        |     52030 | NS      | $1594719.50   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| JOHNSON CONTROLS INTERNATIONAL PLC               | JOHNSON CONTROLS INTERNATIONAL PLC         | CUSIP: G51502105<br>LEI: 549300XQ6S1GYKGBL205 | Long             | EC               | CORP              | IE        |     78100 | NS      | $8200500.00   | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| LYFT, INC.                                       | LYFT INC                                   | CUSIP: 55087P104<br>LEI: 549300H7I5VN334XVZ52 | Long             | EC               | CORP              | US        |    246074 | NS      | $3459800.44   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| COGNIZANT TECHNOLOGY SOLUTIONS CORPORATION       | COGNIZANT TECHNOLOGY SOLUTIONS CORP        | CUSIP: 192446102<br>LEI: 5493006IEVQEFQO40L83 | Long             | EC               | CORP              | US        |     68971 | NS      | $4949358.96   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| WELLTOWER INC.                                   | WELLTOWER INC                              | CUSIP: 95040Q104<br>LEI: 254900F33BIAR82QTA19 | Long             | EC               | CORP              | US        |     25340 | NS      | $4182873.80   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| OGE ENERGY CORP.                                 | OGE ENERGY CORP                            | CUSIP: 670837103<br>LEI: CE5OG6JPOZMDSA0LAQ19 | Long             | EC               | CORP              | US        |     77456 | NS      | $3518051.52   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| PFIZER INC.                                      | PFIZER INC                                 | CUSIP: 717081103<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | EC               | CORP              | US        |    207776 | NS      | $4839103.04   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| CARETRUST REIT, INC.                             | CARETRUST REIT INC                         | CUSIP: 14174T107<br>LEI: 5493001NVXE2B9GPLU96 | Long             | EC               | CORP              | US        |     40935 | NS      | $1301733.00   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRST INDUSTRIAL REALTY TRUST, INC.              | FIRST INDUSTRIAL REALTY TRUST              | CUSIP: 32054K103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     27251 | NS      | $1327668.72   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| PACCAR INC                                       | PACCAR INC                                 | CUSIP: 693718108<br>LEI: KDTEY8BWE486IKZ3CC07 | Long             | EC               | CORP              | US        |     50647 | NS      | $5001897.72   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| TOLL BROTHERS, INC.                              | TOLL BROTHERS INC                          | CUSIP: 889478103<br>LEI: 529900JB6IS9MSZGVR44 | Long             | EC               | CORP              | US        |     70500 | NS      | $8344380.00   | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Amdocs Limited                                   | AMDOCS LTD                                 | CUSIP: G02602103<br>LEI: 549300HQV672RJ7RQV66 | Long             | EC               | CORP              | GG        |     62375 | NS      | $5324330.00   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| LINCOLN ELECTRIC HOLDINGS, INC.                  | LINCOLN ELECTRIC HOLDINGS INC              | CUSIP: 533900106<br>LEI: BIMGBY40SIN95O01BN93 | Long             | EC               | CORP              | US        |     16942 | NS      | $4125377.00   | 0.32%             |  |  |  | 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