# EDGAR Filing Document

**Accession Number:** 0000908695
**File Stem:** 0001752724-25-160115
**Filing Date:** 2025-6
**Character Count:** 54291
**Document Hash:** b79a1f2f4237588d46d0b08ae6e0890c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-160115.hdr.sgml**: 20250626

**ACCESSION NUMBER**: 0001752724-25-160115

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250626

**DATE AS OF CHANGE**: 20250626

**PERIOD START**: 20250430

**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:** 251080050

**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:** 2025-04-30

- **b. Date as of which information is reported:** 2025-04-30

**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:** $2396629747.35

**Total Liabilities:** $1542819.71

**Net Assets:** $2395086927.64

**Cash Not Reported:** $8034175.97

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000066839 | 1.10%                | -2.45%               | -3.90%               |
| Class ID C000034869 | 1.09%                | -2.44%               | -3.95%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $26177962.11             | $-1699698.49                               |
| Month 2  | $559382.85               | $-70004716.32                              |
| Month 3  | $1526708.82              | $-104161214.35                             |

### 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      | $3081424.00   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| VERIZON COMMUNICATIONS INC.                  | VERIZON COMMUNICATIONS INC                 | CUSIP: 92343V104<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | EC               | CORP              | US        |    698296 | NS      | $30766921.76  | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Altria Group, Inc.                           | ALTRIA GROUP INC                           | CUSIP: 02209S103<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | EC               | CORP              | US        |    969978 | NS      | $57374198.70  | 2.40%             |  |  |  | No            |                  1 | On Loan: No      |
| DEVON ENERGY CORPORATION                     | DEVON ENERGY CORP                          | CUSIP: 25179M103<br>LEI: 54930042348RKR3ZPN35 | Long             | EC               | CORP              | US        |    567403 | NS      | $17254725.23  | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| AUTOMATIC DATA PROCESSING, INC.              | AUTOMATIC DATA PROCESSING INC              | CUSIP: 053015103<br>LEI: HGBOLILQXWER4SAL2I23 | Long             | EC               | CORP              | US        |    147525 | NS      | $44346015.00  | 1.85%             |  |  |  | No            |                  1 | On Loan: No      |
| APPLIED MATERIALS, INC.                      | APPLIED MATERIALS INC                      | CUSIP: 038222105<br>LEI: 41BNNE1AFPNAZELZ6K07 | Long             | EC               | CORP              | US        |     69660 | NS      | $10498458.60  | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| STATE STREET CORPORATION                     | STATE STREET CORP                          | CUSIP: 857477103<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | EC               | CORP              | US        |    112035 | NS      | $9870283.50   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| CINCINNATI FINANCIAL CORPORATION             | CINCINNATI FINANCIAL CORP                  | CUSIP: 172062101<br>LEI: 254900Q4WEDMZBOZ0002 | Long             | EC               | CORP              | US        |     73465 | NS      | $10227062.65  | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| HOST HOTELS & RESORTS, INC.                  | HOST HOTELS RESORTS INC                    | CUSIP: 44107P104<br>LEI: N6EL63S0K3PB1YFTDI24 | Long             | EC               | CORP              | US        |    486407 | NS      | $6868066.84   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITED PARCEL SERVICE, INC.                  | UNITED PARCEL SERVICE INC                  | CUSIP: 911312106<br>LEI: D01LMJZU09ULLNCY6Z23 | Long             | EC               | CORP              | US        |     72441 | NS      | $6903627.30   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| KIMCO REALTY CORPORATION.                    | KIMCO REALTY CORP                          | CUSIP: 49446R109<br>LEI: 254900ARY41P4V1JL861 | Long             | EC               | CORP              | US        |    471029 | NS      | $9411159.42   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| SKYWORKS SOLUTIONS, INC.                     | SKYWORKS SOLUTIONS INC                     | CUSIP: 83088M102<br>LEI: 549300WZ3ORQ2BVKBD96 | Long             | EC               | CORP              | US        |    185464 | NS      | $11921625.92  | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| CARLISLE COMPANIES INCORPORATED              | CARLISLE COMPANIES INC                     | CUSIP: 142339100<br>LEI: XR64VGX1ZPX6G7ZN7Z11 | Long             | EC               | CORP              | US        |     40334 | NS      | $15305946.32  | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| RELIANCE, INC.                               | RELIANCE INC                               | CUSIP: 759509102<br>LEI: 549300E287ZOFT3C5Z56 | Long             | EC               | CORP              | US        |     48582 | NS      | $14002789.86  | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| QUALCOMM INCORPORATED                        | QUALCOMM INC                               | CUSIP: 747525103<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | EC               | CORP              | US        |    234338 | NS      | $34789819.48  | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| SIMON PROPERTY GROUP, INC.                   | SIMON PROPERTY GROUP INC                   | CUSIP: 828806109<br>LEI: 529900GQL5X8H7AO3T64 | Long             | EC               | CORP              | US        |     57469 | NS      | $9044471.22   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| MERCK & CO., INC.                            | MERCK CO INC                               | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |    427257 | NS      | $36402296.40  | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| COLGATE-PALMOLIVE COMPANY                    | COLGATE PALMOLIVE CO                       | CUSIP: 194162103<br>LEI: YMEGZFW4SBUSS5BQXF88 | Long             | EC               | CORP              | US        |    331940 | NS      | $30601548.60  | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| THE CIGNA GROUP                              | CIGNA GROUP THE                            | CUSIP: 125523100<br>LEI: 549300VIWYMSIGT1U456 | Long             | EC               | CORP              | US        |     55200 | NS      | $18770208.00  | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| WYNDHAM HOTELS & RESORTS, INC.               | WYNDHAM HOTELS RESORTS INC                 | CUSIP: 98311A105<br>LEI: 549300FE3MQ4RVXXC673 | Long             | EC               | CORP              | US        |     35200 | NS      | $3002560.00   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| CRH PUBLIC LIMITED COMPANY                   | CRH PLC                                    | CUSIP: G25508105<br>LEI: 549300MIDJNNTH068E74 | Long             | EC               | CORP              | IE        |     85879 | NS      | $8194574.18   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| CF INDUSTRIES HOLDINGS, INC.                 | CF INDUSTRIES HOLDINGS INC                 | CUSIP: 125269100<br>LEI: 529900CG8YAQFZ2JMV97 | Long             | EC               | CORP              | US        |    158015 | NS      | $12383635.55  | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| FIFTH THIRD BANCORP                          | FIFTH THIRD BANCORP                        | CUSIP: 316773100<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | EC               | CORP              | US        |     67114 | NS      | $2412077.16   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| HP INC.                                      | HP INC                                     | CUSIP: 40434L105<br>LEI: WHKXQACZ14C5XRO8LW03 | Long             | EC               | CORP              | US        |    351880 | NS      | $8997571.60   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| RPM INTERNATIONAL INC.                       | RPM INTERNATIONAL INC                      | CUSIP: 749685103<br>LEI: 549300TJCKW4BRXPJ474 | Long             | EC               | CORP              | US        |     31800 | NS      | $3394650.00   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| OVINTIV INC.                                 | OVINTIV INC                                | CUSIP: 69047Q102<br>LEI: 2549003MEX7YMKLGI239 | Long             | EC               | CORP              | US        |    264967 | NS      | $8897591.86   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| EVERCORE INC.                                | EVERCORE INC                               | CUSIP: 29977A105<br>LEI: 529900P6KLPT95DW3W58 | Long             | EC               | CORP              | US        |     39642 | NS      | $8138106.18   | 0.34%             |  |  |  | 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        |    295027 | NS      | $23723121.07  | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| ARCHER-DANIELS-MIDLAND COMPANY.              | ARCHER DANIELS MIDLAND CO                  | CUSIP: 039483102<br>LEI: 549300LO13MQ9HYSTR83 | Long             | EC               | CORP              | US        |    227031 | NS      | $10840730.25  | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| EOG RESOURCES, INC.                          | EOG RESOURCES INC                          | CUSIP: 26875P101<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | EC               | CORP              | US        |    397518 | NS      | $43858160.94  | 1.83%             |  |  |  | No            |                  1 | On Loan: No      |
| CHEVRON CORPORATION                          | CHEVRON CORP                               | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    140702 | NS      | $19143914.12  | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERIPRISE FINANCIAL, INC.                   | AMERIPRISE FINANCIAL INC                   | CUSIP: 03076C106<br>LEI: 6ZLKQF7QB6JAEKQS5388 | Long             | EC               | CORP              | US        |     32540 | NS      | $15326990.80  | 0.64%             |  |  |  | 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      | $4185624.00   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| NRG ENERGY, INC.                             | NRG ENERGY INC                             | CUSIP: 629377508<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | EC               | CORP              | US        |    137695 | NS      | $15088618.10  | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| EQUINIX, INC.                                | EQUINIX INC                                | CUSIP: 29444U700<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | EC               | CORP              | US        |     10654 | NS      | $9170430.50   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| CISCO SYSTEMS, INC.                          | CISCO SYSTEMS INC                          | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |    700671 | NS      | $40449736.83  | 1.69%             |  |  |  | No            |                  1 | On Loan: No      |
| AVALONBAY COMMUNITIES, INC.                  | AVALONBAY COMMUNITIES INC                  | CUSIP: 053484101<br>LEI: K9G90K85RBWD2LAGQX17 | Long             | EC               | CORP              | US        |     57003 | NS      | $11969489.94  | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| OMNICOM GROUP INC.                           | OMNICOM GROUP INC                          | CUSIP: 681919106<br>LEI: HKUPACFHSSASQK8HLS17 | Long             | EC               | CORP              | US        |     19224 | NS      | $1464099.84   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| STEEL DYNAMICS, INC.                         | STEEL DYNAMICS INC                         | CUSIP: 858119100<br>LEI: 549300HGGKEL4FYTTQ83 | Long             | EC               | CORP              | US        |     70359 | NS      | $9126265.89   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| JANUS HENDERSON GROUP PLC                    | JANUS HENDERSON GROUP PLC                  | CUSIP: G4474Y214<br>LEI: 2138009WPYMWJN3RVF44 | Long             | EC               | CORP              | JE        |    161661 | NS      | $5368761.81   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| OTIS WORLDWIDE CORPORATION                   | OTIS WORLDWIDE CORP                        | CUSIP: 68902V107<br>LEI: 549300ZLBKR8VSU25153 | Long             | EC               | CORP              | US        |    363078 | NS      | $34953519.06  | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| CVS HEALTH CORPORATION                       | CVS HEALTH CORP                            | CUSIP: 126650100<br>LEI: 549300EJG376EN5NQE29 | Long             | EC               | CORP              | US        |    198955 | NS      | $13272288.05  | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY                               | MORGAN STANLEY                             | CUSIP: 617446448<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | EC               | CORP              | US        |    195681 | NS      | $22585501.02  | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| MOTOROLA SOLUTIONS, INC.                     | MOTOROLA SOLUTIONS INC                     | CUSIP: 620076307<br>LEI: 6S552MUG6KGJVEBSEC55 | Long             | EC               | CORP              | US        |     31424 | NS      | $13838815.36  | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| VICI PROPERTIES INC.                         | VICI PROPERTIES INC                        | CUSIP: 925652109<br>LEI: 254900RKH6RY9KCJQH63 | Long             | EC               | CORP              | US        |    344423 | NS      | $11028424.46  | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| BEST BUY CO., INC.                           | BEST BUY CO INC                            | CUSIP: 086516101<br>LEI: HL5XPTVRV0O8TUN5LL90 | Long             | EC               | CORP              | US        |    112061 | NS      | $7473348.09   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| ACCENTURE PUBLIC LIMITED COMPANY             | ACCENTURE PLC                              | CUSIP: G1151C101<br>LEI: 5493000EWHDSR3MZWH98 | Long             | EC               | CORP              | IE        |     41612 | NS      | $12448229.80  | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK OZK                                     | BANK OZK                                   | CUSIP: 06417N103<br>LEI: 549300VYK2WBD7SST478 | Long             | EC               | CORP              | US        |    170321 | NS      | $7255674.60   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| PULTEGROUP, INC.                             | PULTEGROUP INC                             | CUSIP: 745867101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     58971 | NS      | $6049245.18   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Pepsico, Inc.                                | PEPSICO INC                                | CUSIP: 713448108<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | EC               | CORP              | US        |     95182 | NS      | $12904775.56  | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRST HORIZON CORPORATION                    | FIRST HORIZON CORP                         | CUSIP: 320517105<br>LEI: TF3RXI1ZB1TQ30H9JV10 | Long             | EC               | CORP              | US        |    567625 | NS      | $10262660.00  | 0.43%             |  |  |  | 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      | $4844646.00   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Northrop Grumman Corporation                 | NORTHROP GRUMMAN CORP                      | CUSIP: 666807102<br>LEI: RIMU48P07456QXSO0R61 | Long             | EC               | CORP              | US        |     28255 | NS      | $13746057.50  | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| PFIZER INC.                                  | PFIZER INC                                 | CUSIP: 717081103<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | EC               | CORP              | US        |    947479 | NS      | $23127962.39  | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| COMFORT SYSTEMS USA, INC.                    | COMFORT SYSTEMS USA INC                    | CUSIP: 199908104<br>LEI: 5299009DT1ZA5HTU6R38 | Long             | EC               | CORP              | US        |     11800 | NS      | $4691090.00   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| PACKAGING CORPORATION OF AMERICA             | PACKAGING CORP OF AMERICA                  | CUSIP: 695156109<br>LEI: 549300XZP8MFZFY8TJ84 | Long             | EC               | CORP              | US        |     80781 | NS      | $14993761.41  | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| EQUITABLE HOLDINGS, INC.                     | EQUITABLE HOLDINGS INC                     | CUSIP: 29452E101<br>LEI: 549300FIBAKMNHPZ4009 | Long             | EC               | CORP              | US        |    136991 | NS      | $6774204.95   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| D.R. HORTON, INC.                            | DR HORTON INC                              | CUSIP: 23331A109<br>LEI: 529900ZIUEYVSB8QDD25 | Long             | EC               | CORP              | US        |     43264 | NS      | $5465973.76   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| PACCAR INC                                   | PACCAR INC                                 | CUSIP: 693718108<br>LEI: KDTEY8BWE486IKZ3CC07 | Long             | EC               | CORP              | US        |     60442 | NS      | $5452472.82   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| THE PROCTER & GAMBLE COMPANY                 | PROCTER GAMBLE CO                          | CUSIP: 742718109<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | EC               | CORP              | US        |    249358 | NS      | $40538130.06  | 1.69%             |  |  |  | No            |                  1 | On Loan: No      |
| LOCKHEED MARTIN CORPORATION                  | LOCKHEED MARTIN CORP                       | CUSIP: 539830109<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | EC               | CORP              | US        |     90771 | NS      | $43365845.25  | 1.81%             |  |  |  | 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      | $11104903.30  | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| THE TJX COMPANIES, INC.                      | TJX COS INC                                | CUSIP: 872540109<br>LEI: V167QI9I69W364E2DY52 | Long             | EC               | CORP              | US        |    184783 | NS      | $23777876.44  | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| W. R. BERKLEY CORPORATION                    | WR BERKLEY CORP                            | CUSIP: 084423102<br>LEI: SQOAGCLKBDWNVYV1OV80 | Long             | EC               | CORP              | US        |    208514 | NS      | $14948368.66  | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| NORTHERN TRUST CORPORATION                   | NORTHERN TRUST CORP                        | CUSIP: 665859104<br>LEI: 549300GLF98S992BC502 | Long             | EC               | CORP              | US        |     60538 | NS      | $5689361.24   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| OGE ENERGY CORP.                             | OGE ENERGY CORP                            | CUSIP: 670837103<br>LEI: CE5OG6JPOZMDSA0LAQ19 | Long             | EC               | CORP              | US        |    212311 | NS      | $9634673.18   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| MASCO CORPORATION                            | MASCO CORP                                 | CUSIP: 574599106<br>LEI: 5GCSNMQXHEYA1JO8QN11 | Long             | EC               | CORP              | US        |    196102 | NS      | $11885742.22  | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| FIDELITY NATIONAL FINANCIAL, INC.            | FIDELITY NATIONAL FINANCIAL                | CUSIP: 31620R303<br>LEI: 549300CAZYIH39SYQ287 | Long             | EC               | CORP              | US        |    236060 | NS      | $15119643.00  | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| TOLL BROTHERS, INC.                          | TOLL BROTHERS INC                          | CUSIP: 889478103<br>LEI: 529900JB6IS9MSZGVR44 | Long             | EC               | CORP              | US        |     19968 | NS      | $2014172.16   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Garmin Ltd.                                  | GARMIN LTD                                 | CUSIP: H2906T109<br>LEI: 2549001E0HIPIJQ0W046 | Long             | EC               | CORP              | CH        |     38358 | NS      | $7167959.46   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| CORNING INCORPORATED                         | CORNING INC                                | CUSIP: 219350105<br>LEI: 549300X2937PB0CJ7I56 | Long             | EC               | CORP              | US        |    108395 | NS      | $4810570.10   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| AXIS CAPITAL HOLDINGS LIMITED                | AXIS CAPITAL HOLDINGS LTD                  | CUSIP: G0692U109<br>LEI: 635400VD2NQBYAHMEM55 | Long             | EC               | CORP              | BM        |     33022 | NS      | $3180679.04   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| LOWE'S COMPANIES, INC.                       | LOWE S COS INC                             | CUSIP: 548661107<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | EC               | CORP              | US        |    141703 | NS      | $31679122.68  | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| JOHNSON & JOHNSON                            | JOHNSON JOHNSON                            | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |    437508 | NS      | $68386875.48  | 2.86%             |  |  |  | No            |                  1 | On Loan: No      |
| T. ROWE PRICE GROUP, INC.                    | T ROWE PRICE GROUP INC                     | CUSIP: 74144T108<br>LEI: 549300SIV6FPS9Y7IH33 | Long             | EC               | CORP              | US        |     22777 | NS      | $2016903.35   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| LOUISIANA-PACIFIC CORPORATION                | LOUISIANA PACIFIC CORP                     | CUSIP: 546347105<br>LEI: 549300C7E2UAO5BVRR75 | Long             | EC               | CORP              | US        |     26800 | NS      | $2313108.00   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| ENTERGY CORPORATION                          | ENTERGY CORP                               | CUSIP: 29364G103<br>LEI: 4XM3TW50JULSLG8BNC79 | Long             | EC               | CORP              | US        |     26370 | NS      | $2193192.90   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| THE CLOROX COMPANY                           | CLOROX COMPANY                             | CUSIP: 189054109<br>LEI: 54930044KVSC06Z79I06 | Long             | EC               | CORP              | US        |     97437 | NS      | $13865285.10  | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| HUMANA INC.                                  | HUMANA INC                                 | CUSIP: 444859102<br>LEI: 529900YLDW34GJAO4J06 | Long             | EC               | CORP              | US        |     16074 | NS      | $4215245.76   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| SS&C TECHNOLOGIES HOLDINGS, INC.             | SSNC TECHNOLOGIES HLDGS INC                | CUSIP: 78467J100<br>LEI: 529900POY8H7NPPNKK71 | Long             | EC               | CORP              | US        |     93688 | NS      | $7082812.80   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITEDHEALTH GROUP INCORPORATED              | UNITEDHEALTH GROUP INC                     | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |     42000 | NS      | $17280480.00  | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| QUEST DIAGNOSTICS INCORPORATED               | QUEST DIAGNOSTICS INC                      | CUSIP: 74834L100<br>LEI: 8MCWUBXQ0WE04KMXBX50 | Long             | EC               | CORP              | US        |     75335 | NS      | $13426203.70  | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| FEDEX CORPORATION                            | FEDEX CORP                                 | CUSIP: 31428X106<br>LEI: 549300E707U7WNPZN687 | Long             | EC               | CORP              | US        |     92990 | NS      | $19558586.70  | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| CARDINAL HEALTH, INC.                        | CARDINAL HEALTH INC                        | CUSIP: 14149Y108<br>LEI: CCU46N3GJMF4OK4N7U60 | Long             | EC               | CORP              | US        |    156611 | NS      | $22127568.19  | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| LENNAR CORPORATION                           | LENNAR CORP CLASS A                        | CUSIP: 526057104<br>LEI: 529900G61XVRLX5TJX09 | Long             | EC               | CORP              | US        |     59127 | NS      | $6421783.47   | 0.27%             |  |  |  | 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      | $39864925.30  | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| BROADRIDGE FINANCIAL SOLUTIONS, INC.         | BROADRIDGE FINANCIAL SOLUTIONS             | CUSIP: 11133T103<br>LEI: 549300KZDJZQ2YIHRC28 | Long             | EC               | CORP              | US        |     19800 | NS      | $4799520.00   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN EXPRESS COMPANY                     | AMERICAN EXPRESS CO                        | CUSIP: 025816109<br>LEI: R4PP93JZOLY261QX3811 | Long             | EC               | CORP              | US        |     65329 | NS      | $17404298.89  | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| THE ALLSTATE CORPORATION                     | ALLSTATE CORP THE                          | CUSIP: 020002101<br>LEI: OBT0W1ED8G0NWVOLOJ77 | Long             | EC               | CORP              | US        |    172287 | NS      | $34180017.93  | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| TRANE TECHNOLOGIES PLC                       | TRANE TECHNOLOGIES PLC                     | CUSIP: G8994E103<br>LEI: 549300BURLR9SLYY2705 | Long             | EC               | CORP              | IE        |     41432 | NS      | $15881299.92  | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| COGNIZANT TECHNOLOGY SOLUTIONS CORPORATION   | COGNIZANT TECHNOLOGY SOLUTIONS CORP        | CUSIP: 192446102<br>LEI: 5493006IEVQEFQO40L83 | Long             | EC               | CORP              | US        |    164663 | NS      | $12114256.91  | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| CUBESMART                                    | CUBESMART                                  | CUSIP: 229663109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    198134 | NS      | $8058109.78   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| GILEAD SCIENCES, INC.                        | GILEAD SCIENCES INC                        | CUSIP: 375558103<br>LEI: 549300WTZWR07K8MNV44 | Long             | EC               | CORP              | US        |    594116 | NS      | $63297118.64  | 2.64%             |  |  |  | No            |                  1 | On Loan: No      |
| ROYALTY PHARMA PLC                           | ROYALTY PHARMA PLC                         | CUSIP: G7709Q104<br>LEI: 549300FGFN7VOK8BZR03 | Long             | EC               | CORP              | GB        |    397102 | NS      | $13032887.64  | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| LEIDOS HOLDINGS, INC.                        | LEIDOS HOLDINGS INC                        | CUSIP: 525327102<br>LEI: 549300IUTGTP6EJP8124 | Long             | EC               | CORP              | US        |     40200 | NS      | $5916636.00   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| ALEXANDRIA REAL ESTATE EQUITIES, INC.        | ALEXANDRIA REAL ESTATE EQUITIES INC        | CUSIP: 015271109<br>LEI: MGCJBT4MKTQBVLNUIS88 | Long             | EC               | CORP              | US        |     78125 | NS      | $5676562.50   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| NETAPP, INC.                                 | NETAPP INC                                 | CUSIP: 64110D104<br>LEI: QTX3D84DZDD5JYOCYH15 | Long             | EC               | CORP              | US        |    185312 | NS      | $16631752.00  | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| ABBVIE INC.                                  | ABBVIE INC                                 | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |    272393 | NS      | $53143874.30  | 2.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Everest Group, Ltd.                          | EVEREST GROUP LTD                          | CUSIP: G3223R108<br>LEI: 549300N24XF2VV0B3570 | Long             | EC               | CORP              | BM        |     39177 | NS      | $14057882.91  | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| MEDTRONIC PUBLIC LIMITED COMPANY             | MEDTRONIC PLC                              | CUSIP: G5960L103<br>LEI: 549300GX3ZBSQWUXY261 | Long             | EC               | CORP              | IE        |    149525 | NS      | $12673739.00  | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| EXPEDITORS INTERNATIONAL OF WASHINGTON, INC  | EXPEDITORS INTERNATIONAL OF WASHINGTON INC | CUSIP: 302130109<br>LEI: 984500B055A804AB6E40 | Long             | EC               | CORP              | US        |    116023 | NS      | $12752087.93  | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| KLA CORPORATION                              | KLA CORP                                   | CUSIP: 482480100<br>LEI: 549300H0BF5JCG96TJ81 | Long             | EC               | CORP              | US        |     14813 | NS      | $10408946.97  | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| KIMBERLY-CLARK CORPORATION                   | KIMBERLY CLARK CORP                        | CUSIP: 494368103<br>LEI: MP3J6QPYPGN75NVW2S34 | Long             | EC               | CORP              | US        |    305948 | NS      | $40317827.44  | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| HEWLETT PACKARD ENTERPRISE COMPANY           | HEWLETT PACKARD ENTERPRISES CO             | CUSIP: 42824C109<br>LEI: 549300BX44RGX6ANDV88 | Long             | EC               | CORP              | US        |    852630 | NS      | $13829658.60  | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| VALERO ENERGY CORPORATION                    | VALERO ENERGY CORP                         | CUSIP: 91913Y100<br>LEI: 549300XTO5VR8SKV1V74 | Long             | EC               | CORP              | US        |    256416 | NS      | $29767333.44  | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| HEALTHPEAK PROPERTIES, INC.                  | HEALTHPEAK PROPERTIES INC                  | CUSIP: 42250P103<br>LEI: 254900M6MTMZM0I22L81 | Long             | EC               | CORP              | US        |    661878 | NS      | $11807903.52  | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Evergy, Inc.                                 | EVERGY INC                                 | CUSIP: 30034W106<br>LEI: 549300PGTHDQY6PSUI61 | Long             | EC               | CORP              | US        |    161592 | NS      | $11166007.20  | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| BXP, INC.                                    | BXP INC                                    | CUSIP: 101121101<br>LEI: 549300OF70FSEUQBT254 | Long             | EC               | CORP              | US        |     50719 | NS      | $3232321.87   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| THE KROGER CO.                               | KROGER CO THE                              | CUSIP: 501044101<br>LEI: 6CPEOKI6OYJ13Q6O7870 | Long             | EC               | CORP              | US        |     65919 | NS      | $4760010.99   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| THE SOUTHERN COMPANY                         | SOUTHERN CO                                | CUSIP: 842587107<br>LEI: 549300FC3G3YU2FBZD92 | Long             | EC               | CORP              | US        |    238862 | NS      | $21949029.18  | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| 3M COMPANY                                   | 3M CO                                      | CUSIP: 88579Y101<br>LEI: LUZQVYP4VS22CLWDAR65 | Long             | EC               | CORP              | US        |    144440 | NS      | $20064160.40  | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| W.W. GRAINGER, INC.                          | WW GRAINGER INC                            | CUSIP: 384802104<br>LEI: 549300TWZSP6O1IH2V34 | Long             | EC               | CORP              | US        |      7040 | NS      | $7211142.40   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| CUMMINS INC.                                 | CUMMINS INC                                | CUSIP: 231021106<br>LEI: ZUNI8PYC725B6H8JU438 | Long             | EC               | CORP              | US        |     71581 | NS      | $21033361.04  | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Olin Corporation                             | OLIN CORP                                  | CUSIP: 680665205<br>LEI: 549300GKK294V7W57P06 | Long             | EC               | CORP              | US        |    100092 | NS      | $2163989.04   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| SYNCHRONY FINANCIAL                          | SYNCHRONY FINANCIAL                        | CUSIP: 87165B103<br>LEI: 549300RS7EWPM9MA6C78 | Long             | EC               | CORP              | US        |    342135 | NS      | $17773913.25  | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| OWENS CORNING                                | OWENS CORNING INC                          | CUSIP: 690742101<br>LEI: JO5M6676RDJIZ2U8X907 | Long             | EC               | CORP              | US        |     59995 | NS      | $8723872.95   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| THE HOME DEPOT, INC.                         | HOME DEPOT INC THE                         | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |     95631 | NS      | $34474019.19  | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| SYSCO CORPORATION                            | SYSCO CORP                                 | CUSIP: 871829107<br>LEI: 5RGWIFLMGH3YS7KWI652 | Long             | EC               | CORP              | US        |    348631 | NS      | $24892253.40  | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| EXTRA SPACE STORAGE INC.                     | EXTRA SPACE STORAGE INC                    | CUSIP: 30225T102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     50054 | NS      | $7333912.08   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| MARATHON PETROLEUM CORPORATION               | MARATHON PETROLEUM CORP                    | CUSIP: 56585A102<br>LEI: 3BNYRYQHD39K4LCKQF12 | Long             | EC               | CORP              | US        |    149382 | NS      | $20526580.62  | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| LyondellBasell Industries N.V.               | LYONDELLBASELL INDUSTRIES NV               | CUSIP: N53745100<br>LEI: BN6WCCZ8OVP3ITUUVN49 | Long             | EC               | CORP              | NL        |    237164 | NS      | $13805316.44  | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| TEXAS ROADHOUSE, INC.                        | TEXAS ROADHOUSE INC                        | CUSIP: 882681109<br>LEI: 5299002Y1CNRPDGXTQ75 | Long             | EC               | CORP              | US        |     32261 | NS      | $5354035.56   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| CROWN CASTLE INC.                            | CROWN CASTLE INC                           | CUSIP: 22822V101<br>LEI: 54930012H97VSM0I2R19 | Long             | EC               | CORP              | US        |    103745 | NS      | $10972071.20  | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Philip Morris International Inc.             | PHILIP MORRIS INTERNATIONAL INC            | CUSIP: 718172109<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | EC               | CORP              | US        |    263932 | NS      | $45227387.52  | 1.89%             |  |  |  | No            |                  1 | On Loan: No      |
| BRISTOL-MYERS SQUIBB CO                      | BRISTOL MYERS SQUIBB CO                    | CUSIP: 110122108<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | EC               | CORP              | US        |   1050124 | NS      | $52716224.80  | 2.20%             |  |  |  | No            |                  1 | On Loan: No      |
| COMCAST CORPORATION                          | COMCAST CORP                               | CUSIP: 20030N101<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | EC               | CORP              | US        |    724856 | NS      | $24790075.20  | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| LAM RESEARCH CORPORATION                     | LAM RESEARCH CORP                          | CUSIP: 512807306<br>LEI: 549300I4GMO6D34U1T02 | Long             | EC               | CORP              | US        |    165711 | NS      | $11876507.37  | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| MCKESSON CORPORATION                         | MCKESSON CORP                              | CUSIP: 58155Q103<br>LEI: 549300WZWOM80UCFSF54 | Long             | EC               | CORP              | US        |     14200 | NS      | $10121618.00  | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| ELEVANCE HEALTH, INC.                        | ELEVANCE HEALTH INC                        | CUSIP: 036752103<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | EC               | CORP              | US        |     27019 | NS      | $11363651.02  | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| ELECTRONIC ARTS INC.                         | ELECTRONIC ARTS INC                        | CUSIP: 285512109<br>LEI: 549300O7A67PUEYKDL45 | Long             | EC               | CORP              | US        |     50500 | NS      | $7327045.00   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMORGAN CHASE & CO.                         | JPMORGAN CHASE CO                          | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |    434293 | NS      | $106236753.66 | 4.44%             |  |  |  | No            |                  1 | On Loan: No      |
| FLOWSERVE CORPORATION                        | FLOWSERVE CORP                             | CUSIP: 34354P105<br>LEI: 6Y0GK87T6V7NJKZJVM41 | Long             | EC               | CORP              | US        |     64047 | NS      | $2896845.81   | 0.12%             |  |  |  | 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      | $21480235.75  | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| PROLOGIS, INC.                               | PROLOGIS INC                               | CUSIP: 74340W103<br>LEI: 529900DFH19P073LZ636 | Long             | EC               | CORP              | US        |    134217 | NS      | $13716977.40  | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| CITIZENS FINANCIAL GROUP, INC.               | CITIZENS FINANCIAL GROUP INC               | CUSIP: 174610105<br>LEI: 2138004JDDA4ZQUPFW65 | Long             | EC               | CORP              | US        |    229824 | NS      | $8478207.36   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED | PUBLIC SERVICE ENTERPRISE GROUP INC        | CUSIP: 744573106<br>LEI: PUSS41EMO3E6XXNV3U28 | Long             | EC               | CORP              | US        |    134489 | NS      | $10749705.77  | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| DUKE ENERGY CORPORATION                      | DUKE ENERGY CORP                           | CUSIP: 26441C204<br>LEI: I1BZKREC126H0VB1BL91 | Long             | EC               | CORP              | US        |    155130 | NS      | $18928962.60  | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| UGI CORPORATION                              | UGI CORP                                   | CUSIP: 902681105<br>LEI: DX6GCWD4Q1JO9CRE5I40 | Long             | EC               | CORP              | US        |     21336 | NS      | $699607.44    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| PRINCIPAL FINANCIAL GROUP, INC.              | PRINCIPAL FINANCIAL GROUP INC              | CUSIP: 74251V102<br>LEI: CUMYEZJOAF02RYZ1JJ85 | Long             | EC               | CORP              | US        |     72424 | NS      | $5370239.60   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| CATERPILLAR INC.                             | CATERPILLAR INC                            | CUSIP: 149123101<br>LEI: WRJR7GS4GTRECRRTVX92 | Long             | EC               | CORP              | US        |     41754 | NS      | $12913259.58  | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| ZIONS BANCORPORATION, NATIONAL ASSOCIATION   | ZIONS BANCORPORATION                       | CUSIP: 989701107<br>LEI: 8WH0EE09O9V05QJZ3V89 | Long             | EC               | CORP              | US        |     87817 | NS      | $3949130.49   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| TARGET CORPORATION                           | TARGET CORP                                | CUSIP: 87612E106<br>LEI: 8WDDFXB5T1Z6J0XC1L66 | Long             | EC               | CORP              | US        |     48186 | NS      | $4659586.20   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| INTERACTIVE BROKERS GROUP, INC.              | INTERACTIVE BROKERS GROUP INC              | CUSIP: 45841N107<br>LEI: 5493004DT6DCDUZNDM53 | Long             | EC               | CORP              | US        |     35107 | NS      | $6033137.95   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| UNUM GROUP                                   | UNUM GROUP                                 | CUSIP: 91529Y106<br>LEI: 549300E32YFDO6TZ8R31 | Long             | EC               | CORP              | US        |    119764 | NS      | $9300872.24   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN FINANCIAL GROUP, INC.               | AMERICAN FINANCIAL GROUP INC               | CUSIP: 025932104<br>LEI: 549300AFOM7IVKIU1G39 | Long             | EC               | CORP              | US        |     51317 | NS      | $6499811.22   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Coterra Energy Inc.                          | COTERRA ENERCOTERRA ENERGY INC             | CUSIP: 127097103<br>LEI: FCNMH6O7VWU7LHXMK351 | Long             | EC               | CORP              | US        |    650813 | NS      | $15983967.28  | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| PENTAIR PUBLIC LIMITED COMPANY               | PENTAIR PLC                                | CUSIP: G7S00T104<br>LEI: 549300EVR9D56WPSRP15 | Long             | EC               | CORP              | IE        |     43188 | NS      | $3918447.24   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| EDISON INTERNATIONAL                         | EDISON INTERNATIONAL                       | CUSIP: 281020107<br>LEI: 549300I7ROF15MAEVP56 | Long             | EC               | CORP              | US        |    346546 | NS      | $18543676.46  | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| ALLISON TRANSMISSION HOLDINGS, INC.          | ALLISON TRANSMISSION HOLDING INC           | CUSIP: 01973R101<br>LEI: 529900RP7DJ882LI9T83 | Long             | EC               | CORP              | US        |     27015 | NS      | $2491863.60   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-05-30

**Name of Applicant:** Victory Portfolios III

**Signature:** Carol Trevino

**Name of Signer:** Carol Trevino

**Title:** Treasurer