# EDGAR Filing Document

**Accession Number:** 0000908695
**File Stem:** 0001752724-25-160105
**Filing Date:** 2025-6
**Character Count:** 65757
**Document Hash:** 63f76201bad2f52a08b7c3b8d199b886
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-160105.hdr.sgml**: 20250626

**ACCESSION NUMBER**: 0001752724-25-160105

**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:** 251080042

**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:** 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:** $1234790544.83

**Total Liabilities:** $978441.14

**Net Assets:** $1233812103.69

**Cash Not Reported:** $29138159.25

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000034890 | -0.26%               | -2.79%               | -2.77%               |
| Class ID C000066845 | -0.21%               | -2.79%               | -2.76%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $35891653.02             | $-40228031.61                              |
| Month 2  | $7987337.19              | $-46921001.49                              |
| Month 3  | $-4831504.83             | $-31215747.96                              |

### 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        |    329900 | NS      | $15472310.00  | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| ZOOM COMMUNICATIONS, INC.                   | ZOOM COMMUNICATIONS INC                    | CUSIP: 98980L101<br>LEI: 549300T9GCHU0ODOM055 | Long             | EC               | CORP              | US        |     34870 | NS      | $2703819.80   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| MANPOWERGROUP INC.                          | MANPOWER INC                               | CUSIP: 56418H100<br>LEI: ERO1WSFOSR0JJ6CRQ987 | Long             | EC               | CORP              | US        |     49198 | NS      | $2118957.86   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| INGREDION INCORPORATED                      | INGREDION INC                              | CUSIP: 457187102<br>LEI: PKSTQ48QDN0XSVS7YK88 | Long             | EC               | CORP              | US        |     22966 | NS      | $3050344.12   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Everest Group, Ltd.                         | EVEREST GROUP LTD                          | CUSIP: G3223R108<br>LEI: 549300N24XF2VV0B3570 | Long             | EC               | CORP              | BM        |     72874 | NS      | $26149377.42  | 2.12%             |  |  |  | No            |                  1 | On Loan: No      |
| CITIGROUP INC.                              | CITIGROUP INC                              | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |    243300 | NS      | $16636854.00  | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| ALPHABET INC.                               | ALPHABET INC CLASS A                       | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |    101014 | NS      | $16041023.20  | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| AFFILIATED MANAGERS GROUP, INC.             | AFFILIATED MANAGERS GROUP INC              | CUSIP: 008252108<br>LEI: 2JE75BUE3T1BLCYYGK54 | Long             | EC               | CORP              | US        |     29596 | NS      | $4901985.48   | 0.40%             |  |  |  | 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      | $10649822.00  | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| PVH CORP.                                   | PVH CORP                                   | CUSIP: 693656100<br>LEI: 123WALMHY1GZXG2YDL90 | Long             | EC               | CORP              | US        |     34628 | NS      | $2388639.44   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| KEURIG DR PEPPER INC.                       | KEURIG DR PEPPER INC                       | CUSIP: 49271V100<br>LEI: DYTQ8KRTKO7Y2BVU5K74 | Long             | EC               | CORP              | US        |    559192 | NS      | $19342451.28  | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| COMCAST CORPORATION                         | COMCAST CORP                               | CUSIP: 20030N101<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | EC               | CORP              | US        |    165263 | NS      | $5651994.60   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| MGIC INVESTMENT CORPORATION                 | MGIC INVESTMENT CORP                       | CUSIP: 552848103<br>LEI: 254900S8483WM4M98R28 | Long             | EC               | CORP              | US        |    170527 | NS      | $4247827.57   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| EXELIXIS, INC.                              | EXELIXIS INC                               | CUSIP: 30161Q104<br>LEI: 254900PJQB59O2O95R37 | Long             | EC               | CORP              | US        |     99122 | NS      | $3880626.30   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| APPLIED MATERIALS, INC.                     | APPLIED MATERIALS INC                      | CUSIP: 038222105<br>LEI: 41BNNE1AFPNAZELZ6K07 | Long             | EC               | CORP              | US        |     77032 | NS      | $11609492.72  | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN FINANCIAL GROUP, INC.              | AMERICAN FINANCIAL GROUP INC               | CUSIP: 025932104<br>LEI: 549300AFOM7IVKIU1G39 | Long             | EC               | CORP              | US        |     18661 | NS      | $2363602.26   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| CENTENE CORPORATION                         | CENTENE CORP                               | CUSIP: 15135B101<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | EC               | CORP              | US        |     51798 | NS      | $3100110.30   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| OWENS CORNING                               | OWENS CORNING INC                          | CUSIP: 690742101<br>LEI: JO5M6676RDJIZ2U8X907 | Long             | EC               | CORP              | US        |     32891 | NS      | $4782680.31   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| NORTHERN TRUST CORPORATION                  | NORTHERN TRUST CORP                        | CUSIP: 665859104<br>LEI: 549300GLF98S992BC502 | Long             | EC               | CORP              | US        |     21270 | NS      | $1998954.60   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITED PARCEL SERVICE, INC.                 | UNITED PARCEL SERVICE INC                  | CUSIP: 911312106<br>LEI: D01LMJZU09ULLNCY6Z23 | Long             | EC               | CORP              | US        |     29251 | NS      | $2787620.30   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| CONOCOPHILLIPS                              | CONOCOPHILLIPS                             | CUSIP: 20825C104<br>LEI: WPTL2Z3FIYTHSP5V2253 | Long             | EC               | CORP              | US        |     50910 | NS      | $4537099.20   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| FAIRFAX FINANCIAL HOLDINGS LIMITED          | FAIRFAX FINANCIAL HOLDINGS LTD             | CUSIP: 303901102<br>LEI: GLS7OQD0WOEDI8YAP031 | Long             | EC               | CORP              | CA        |     11600 | NS      | $18112797.45  | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| WESCO INTERNATIONAL, INC.                   | WESCO INTERNATIONAL                        | CUSIP: 95082P105<br>LEI: 529900TXOGREY3WNJ434 | Long             | EC               | CORP              | US        |     14299 | NS      | $2330165.04   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| NEXSTAR MEDIA GROUP, INC.                   | NEXSTAR MEDIA GROUP INC                    | CUSIP: 65336K103<br>LEI: 52990083ZRR5UT591988 | Long             | EC               | CORP              | US        |     17134 | NS      | $2564274.44   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| NVR, Inc.                                   | NVR INC                                    | CUSIP: 62944T105<br>LEI: 529900RWXR4JI3JYTV70 | Long             | EC               | CORP              | US        |       817 | NS      | $5821737.75   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| TENET HEALTHCARE CORPORATION                | TENET HEALTHCARE CORP                      | CUSIP: 88033G407<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | EC               | CORP              | US        |     20657 | NS      | $2952918.15   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| APTIV PLC                                   | APTIV HOLDINGS LTD                         | CUSIP: G3265R107<br>LEI: N/A                  | Long             | EC               | CORP              | JE        |     39717 | NS      | $2266252.02   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| ROYALTY PHARMA PLC                          | ROYALTY PHARMA PLC                         | CUSIP: G7709Q104<br>LEI: 549300FGFN7VOK8BZR03 | Long             | EC               | CORP              | GB        |    220728 | NS      | $7244292.96   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| GILEAD SCIENCES, INC.                       | GILEAD SCIENCES INC                        | CUSIP: 375558103<br>LEI: 549300WTZWR07K8MNV44 | Long             | EC               | CORP              | US        |    118392 | NS      | $12613483.68  | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| NATIONAL FUEL GAS COMPANY                   | NATIONAL FUEL GAS CO                       | CUSIP: 636180101<br>LEI: 8JB38FFW1Y3C1HM8E841 | Long             | EC               | CORP              | US        |    115921 | NS      | $8900414.38   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| COCA-COLA CONSOLIDATED, INC.                | COCA COLA CONSOLIDATED INC                 | CUSIP: 191098102<br>LEI: 57VG5X0E00X0QJU7CQ58 | Long             | EC               | CORP              | US        |      2122 | NS      | $2877028.82   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| CORE & MAIN, INC.                           | CORE MAIN INC                              | CUSIP: 21874C102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     48502 | NS      | $2555085.36   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| BRISTOL-MYERS SQUIBB CO                     | BRISTOL MYERS SQUIBB CO                    | CUSIP: 110122108<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | EC               | CORP              | US        |    165247 | NS      | $8295399.40   | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| CONSOLIDATED EDISON, INC.                   | CONSOLIDATED EDISON INC                    | CUSIP: 209115104<br>LEI: 54930033SBW53OO8T749 | Long             | EC               | CORP              | US        |     46919 | NS      | $5290117.25   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| CAMDEN PROPERTY TRUST                       | CAMDEN PROPERTY TRUST                      | CUSIP: 133131102<br>LEI: 5493002MYX22OHYJBD89 | Long             | EC               | CORP              | US        |    128789 | NS      | $14656188.20  | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| FIFTH THIRD BANCORP                         | FIFTH THIRD BANCORP                        | CUSIP: 316773100<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | EC               | CORP              | US        |     59270 | NS      | $2130163.80   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| A. O. SMITH CORPORATION                     | AO SMITH CORP                              | CUSIP: 831865209<br>LEI: 549300XG4US7UJNECY36 | Long             | EC               | CORP              | US        |     67650 | NS      | $4590729.00   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| BUILDERS FIRSTSOURCE, INC.                  | BUILDERS FIRSTSOURCE INC                   | CUSIP: 12008R107<br>LEI: 549300W0SKP6L3H7DP63 | Long             | EC               | CORP              | US        |     33087 | NS      | $3958197.81   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Olin Corporation                            | OLIN CORP                                  | CUSIP: 680665205<br>LEI: 549300GKK294V7W57P06 | Long             | EC               | CORP              | US        |    112486 | NS      | $2431947.32   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| CENCORA, INC.                               | CENCORA INC                                | CUSIP: 03073E105<br>LEI: AI8GXW8LG5WK7E9UD086 | Long             | EC               | CORP              | US        |      9898 | NS      | $2896847.66   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| CVS HEALTH CORPORATION                      | CVS HEALTH CORP                            | CUSIP: 126650100<br>LEI: 549300EJG376EN5NQE29 | Long             | EC               | CORP              | US        |     53714 | NS      | $3583260.94   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| SEALED AIR CORPORATION                      | SEALED AIR CORP                            | CUSIP: 81211K100<br>LEI: Q0M0CZB4YN6JZ65WXI09 | Long             | EC               | CORP              | US        |    252629 | NS      | $6962455.24   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| DELTA AIR LINES, INC.                       | DELTA AIR LINES INC                        | CUSIP: 247361702<br>LEI: Q2CCMS6R0AS67HJMBN42 | Long             | EC               | CORP              | US        |     96597 | NS      | $4021333.11   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| JOHNSON & JOHNSON                           | JOHNSON JOHNSON                            | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |    118978 | NS      | $18597451.18  | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| THE MOSAIC COMPANY                          | THE MOSAIC CO                              | CUSIP: 61945C103<br>LEI: 2YD5STGSJNMUB7H76907 | Long             | EC               | CORP              | US        |     99227 | NS      | $3016500.80   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| EXTRA SPACE STORAGE INC.                    | EXTRA SPACE STORAGE INC                    | CUSIP: 30225T102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     29868 | NS      | $4376259.36   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| DTE ENERGY COMPANY                          | DTE ENERGY CO                              | CUSIP: 233331107<br>LEI: 549300IX8SD6XXD71I78 | Long             | EC               | CORP              | US        |     24369 | NS      | $3338553.00   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| KEYCORP                                     | KEYCORP                                    | CUSIP: 493267108<br>LEI: RKPI3RZGV1V1FJTH5T61 | Long             | EC               | CORP              | US        |   1078700 | NS      | $16007908.00  | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| REGENERON PHARMACEUTICALS, INC.             | REGENERON PHARMACEUTICALS INC              | CUSIP: 75886F107<br>LEI: 549300RCBFWIRX3HYQ56 | Long             | EC               | CORP              | US        |      6331 | NS      | $3790749.56   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| FERGUSON ENTERPRISES INC.                   | FERGUSON ENTERPRISES INC                   | CUSIP: 31488V107<br>LEI: 2138003JYQMRP3SLX189 | Long             | EC               | CORP              | US        |     25689 | NS      | $4358395.74   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| THE HOME DEPOT, INC.                        | HOME DEPOT INC THE                         | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |     13841 | NS      | $4989542.09   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| EXPEDIA GROUP, INC.                         | EXPEDIA GROUP INC                          | CUSIP: 30212P303<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     24405 | NS      | $3829876.65   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| VALERO ENERGY CORPORATION                   | VALERO ENERGY CORP                         | CUSIP: 91913Y100<br>LEI: 549300XTO5VR8SKV1V74 | Long             | EC               | CORP              | US        |     89324 | NS      | $10369623.16  | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| VERIZON COMMUNICATIONS INC.                 | VERIZON COMMUNICATIONS INC                 | CUSIP: 92343V104<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | EC               | CORP              | US        |    147982 | NS      | $6520086.92   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| CBOE GLOBAL MARKETS, INC.                   | CBOE GLOBAL MARKETS INC                    | CUSIP: 12503M108<br>LEI: 529900RLNSGA90UPEH54 | Long             | EC               | CORP              | US        |     85400 | NS      | $18941720.00  | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| CACI INTERNATIONAL INC.                     | CACI INTERNATIONAL INC CLASS A             | CUSIP: 127190304<br>LEI: SYRPI2D1O9WRTS2WX210 | Long             | EC               | CORP              | US        |     29600 | NS      | $13552952.00  | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| FIDELITY NATIONAL FINANCIAL, INC.           | FIDELITY NATIONAL FINANCIAL                | CUSIP: 31620R303<br>LEI: 549300CAZYIH39SYQ287 | Long             | EC               | CORP              | US        |    142905 | NS      | $9153065.25   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| PULTEGROUP, INC.                            | PULTEGROUP INC                             | CUSIP: 745867101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     52355 | NS      | $5370575.90   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| EXXON MOBIL CORPORATION                     | EXXON MOBIL CORP                           | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |    166500 | NS      | $17587395.00  | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| AUTOMATIC DATA PROCESSING, INC.             | AUTOMATIC DATA PROCESSING INC              | CUSIP: 053015103<br>LEI: HGBOLILQXWER4SAL2I23 | Long             | EC               | CORP              | US        |     20448 | NS      | $6146668.80   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| COLGATE-PALMOLIVE COMPANY                   | COLGATE PALMOLIVE CO                       | CUSIP: 194162103<br>LEI: YMEGZFW4SBUSS5BQXF88 | Long             | EC               | CORP              | US        |     71793 | NS      | $6618596.67   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| INCYTE CORPORATION                          | INCYTE PHARMACEUTICALS INC                 | CUSIP: 45337C102<br>LEI: 549300Z4WN6JVZ3T4680 | Long             | EC               | CORP              | US        |     36652 | NS      | $2296614.32   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| AGILENT TECHNOLOGIES, INC.                  | AGILENT TECHNOLOGIES INC                   | CUSIP: 00846U101<br>LEI: QUIX8Y7A2WP0XRMW7G29 | Long             | EC               | CORP              | US        |     32199 | NS      | $3464612.40   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| EQUITY LIFESTYLE PROPERTIES, INC.           | EQUITY LIFESTYLE PROPERTIES INC            | CUSIP: 29472R108<br>LEI: 529900PEQG66LENB6798 | Long             | EC               | CORP              | US        |    169600 | NS      | $10986688.00  | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Popular, Inc.                               | POPULAR INC                                | CUSIP: 733174700<br>LEI: 5493008CARDZMVQ3LO89 | Long             | EC               | CORP              | PR        |      2604 | NS      | $248473.68    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| THE TORO COMPANY                            | TORO CO                                    | CUSIP: 891092108<br>LEI: YJKE4YIT6BWQHVEW0D14 | Long             | EC               | CORP              | US        |     78400 | NS      | $5353152.00   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| HOLOGIC, INC.                               | HOLOGIC INC                                | CUSIP: 436440101<br>LEI: 549300DYP6F5ZJL0LB74 | Long             | EC               | CORP              | US        |     43339 | NS      | $2522329.80   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| MARKETAXESS HOLDINGS INC.                   | MARKETAXESS HOLDINGS INC                   | CUSIP: 57060D108<br>LEI: 5493002U1CA1XJOVID83 | Long             | EC               | CORP              | US        |     11923 | NS      | $2642017.57   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| HUMANA INC.                                 | HUMANA INC                                 | CUSIP: 444859102<br>LEI: 529900YLDW34GJAO4J06 | Long             | EC               | CORP              | US        |     12123 | NS      | $3179135.52   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMORGAN CHASE & CO.                        | JPMORGAN CHASE CO                          | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |    120731 | NS      | $29533217.22  | 2.39%             |  |  |  | No            |                  1 | On Loan: No      |
| MCKESSON CORPORATION                        | MCKESSON CORP                              | CUSIP: 58155Q103<br>LEI: 549300WZWOM80UCFSF54 | Long             | EC               | CORP              | US        |     22160 | NS      | $15795426.40  | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| AVERY DENNISON CORPORATION                  | AVERY DENNISON CORP                        | CUSIP: 053611109<br>LEI: 549300PW7VPFCYKLIV37 | Long             | EC               | CORP              | US        |     30225 | NS      | $5171799.75   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| US FOODS HOLDING CORP.                      | US FOODS HOLDING CORP                      | CUSIP: 912008109<br>LEI: 549300UGOZSO64CFPR97 | Long             | EC               | CORP              | US        |    185500 | NS      | $12179930.00  | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| GENERAL DYNAMICS CORPORATION                | GENERAL DYNAMICS CORP                      | CUSIP: 369550108<br>LEI: 9C1X8XOOTYY2FNYTVH06 | Long             | EC               | CORP              | US        |     25400 | NS      | $6911848.00   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| AT&T INC.                                   | AT T INC                                   | CUSIP: 00206R102<br>LEI: 549300Z40J86GGSTL398 | Long             | EC               | CORP              | US        |    258895 | NS      | $7171391.50   | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| VOYA FINANCIAL, INC.                        | VOYA FINANCIAL INC                         | CUSIP: 929089100<br>LEI: 549300T065Z4KJ686G75 | Long             | EC               | CORP              | US        |     45435 | NS      | $2689752.00   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| W. R. BERKLEY CORPORATION                   | WR BERKLEY CORP                            | CUSIP: 084423102<br>LEI: SQOAGCLKBDWNVYV1OV80 | Long             | EC               | CORP              | US        |     97718 | NS      | $7005403.42   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| APPLE INC.                                  | APPLE INC                                  | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |     16261 | NS      | $3455462.50   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Altria Group, Inc.                          | ALTRIA GROUP INC                           | CUSIP: 02209S103<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | EC               | CORP              | US        |    129528 | NS      | $7661581.20   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN EXPRESS COMPANY                    | AMERICAN EXPRESS CO                        | CUSIP: 025816109<br>LEI: R4PP93JZOLY261QX3811 | Long             | EC               | CORP              | US        |     17032 | NS      | $4537495.12   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| LOUISIANA-PACIFIC CORPORATION               | LOUISIANA PACIFIC CORP                     | CUSIP: 546347105<br>LEI: 549300C7E2UAO5BVRR75 | Long             | EC               | CORP              | US        |     48151 | NS      | $4155912.81   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| ROBERT HALF INC.                            | ROBERT HALF INC                            | CUSIP: 770323103<br>LEI: 529900VPCUY9H3HLIC08 | Long             | EC               | CORP              | US        |     80218 | NS      | $3553657.40   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| CATERPILLAR INC.                            | CATERPILLAR INC                            | CUSIP: 149123101<br>LEI: WRJR7GS4GTRECRRTVX92 | Long             | EC               | CORP              | US        |     24487 | NS      | $7573094.49   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| SEI INVESTMENTS COMPANY                     | SEI INVESTMENTS CO                         | CUSIP: 784117103<br>LEI: 5LJTIFADGZ6XH1RVOC11 | Long             | EC               | CORP              | US        |     75821 | NS      | $5936026.09   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| CISCO SYSTEMS, INC.                         | CISCO SYSTEMS INC                          | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |    144244 | NS      | $8327206.12   | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| NETAPP, INC.                                | NETAPP INC                                 | CUSIP: 64110D104<br>LEI: QTX3D84DZDD5JYOCYH15 | Long             | EC               | CORP              | US        |     52601 | NS      | $4720939.75   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| EATON CORPORATION PUBLIC LIMITED COMPANY    | EATON CORP PLC                             | CUSIP: G29183103<br>LEI: 549300VDIGTMXUNT7H71 | Long             | EC               | CORP              | IE        |     25300 | NS      | $7447561.00   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| LAM RESEARCH CORPORATION                    | LAM RESEARCH CORP                          | CUSIP: 512807306<br>LEI: 549300I4GMO6D34U1T02 | Long             | EC               | CORP              | US        |     72623 | NS      | $5204890.41   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITED AIRLINES HOLDINGS, INC.              | UNITED AIRLINES HOLDINGS INC               | CUSIP: 910047109<br>LEI: 98450079DA0B78DD6764 | Long             | EC               | CORP              | US        |     30959 | NS      | $2130598.38   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| RTX CORPORATION                             | RTX CORP                                   | CUSIP: 75513E101<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | EC               | CORP              | US        |     61767 | NS      | $7790671.71   | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| JABIL INC.                                  | JABIL INC                                  | CUSIP: 466313103<br>LEI: 5493000CGCQY2OQU7669 | Long             | EC               | CORP              | US        |     25079 | NS      | $3675578.24   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| ANALOG DEVICES, INC.                        | ANALOG DEVICES INC                         | CUSIP: 032654105<br>LEI: GYVOE5EZ4GDAVTU4CQ61 | Long             | EC               | CORP              | US        |     36300 | NS      | $7075596.00   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| REGIONS FINANCIAL CORPORATION               | REGIONS FINANCIAL CORP                     | CUSIP: 7591EP100<br>LEI: CW05CS5KW59QTC0DG824 | Long             | EC               | CORP              | US        |    195455 | NS      | $3989236.55   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| ENTERPRISE PRODUCTS PARTNERS L.P.           | ENTERPRISE PRODUCTS PARTNERS LP            | CUSIP: 293792107<br>LEI: K4CDIF4M54DJZ6TB4Q48 | Long             |  | CORP              | US        |    429524 | NS      | $12842767.60  | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Philip Morris International Inc.            | PHILIP MORRIS INTERNATIONAL INC            | CUSIP: 718172109<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | EC               | CORP              | US        |     50200 | NS      | $8602272.00   | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| AVALONBAY COMMUNITIES, INC.                 | AVALONBAY COMMUNITIES INC                  | CUSIP: 053484101<br>LEI: K9G90K85RBWD2LAGQX17 | Long             | EC               | CORP              | US        |     23432 | NS      | $4920251.36   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| EOG RESOURCES, INC.                         | EOG RESOURCES INC                          | CUSIP: 26875P101<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | EC               | CORP              | US        |     61391 | NS      | $6773269.03   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| EAST WEST BANCORP, INC.                     | EAST WEST BANCORP INC                      | CUSIP: 27579R104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     49209 | NS      | $4209829.95   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| ETSY, INC.                                  | ETSY INC                                   | CUSIP: 29786A106<br>LEI: 54930089Q7XT501AEA40 | Long             | EC               | CORP              | US        |     59227 | NS      | $2575189.96   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| CF INDUSTRIES HOLDINGS, INC.                | CF INDUSTRIES HOLDINGS INC                 | CUSIP: 125269100<br>LEI: 529900CG8YAQFZ2JMV97 | Long             | EC               | CORP              | US        |     68647 | NS      | $5379865.39   | 0.44%             |  |  |  | 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      | $7223279.60   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| MICROCHIP TECHNOLOGY INCORPORATED           | MICROCHIP TECHNOLOGY INC                   | CUSIP: 595017104<br>LEI: 5493007PTFULNYZJ1R12 | Long             | EC               | CORP              | US        |     43427 | NS      | $2001116.16   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| PROLOGIS, INC.                              | PROLOGIS INC                               | CUSIP: 74340W103<br>LEI: 529900DFH19P073LZ636 | Long             | EC               | CORP              | US        |     44189 | NS      | $4516115.80   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| MASCO CORPORATION                           | MASCO CORP                                 | CUSIP: 574599106<br>LEI: 5GCSNMQXHEYA1JO8QN11 | Long             | EC               | CORP              | US        |     78595 | NS      | $4763642.95   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| AIRBNB, INC.                                | AIRBNB INC CLASS A                         | CUSIP: 009066101<br>LEI: 549300HMUDNO0RY56D37 | Long             | EC               | CORP              | US        |     17717 | NS      | $2160056.64   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| TERADATA CORPORATION                        | TERADATA CORP                              | CUSIP: 88076W103<br>LEI: 549300JU9SOUHV4U4R71 | Long             | EC               | CORP              | US        |    111336 | NS      | $2393724.00   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| H & R BLOCK, INC.                           | H R BLOCK INC                              | CUSIP: 093671105<br>LEI: 549300CE3KUCWLZBG404 | Long             | EC               | CORP              | US        |     54279 | NS      | $3276823.23   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| COMFORT SYSTEMS USA, INC.                   | COMFORT SYSTEMS USA INC                    | CUSIP: 199908104<br>LEI: 5299009DT1ZA5HTU6R38 | Long             | EC               | CORP              | US        |      8287 | NS      | $3294496.85   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| AMPHENOL CORPORATION                        | AMPHENOL CORP CLASS A                      | CUSIP: 032095101<br>LEI: 549300D3L3G0R4U4VT04 | Long             | EC               | CORP              | US        |     71700 | NS      | $5517315.00   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| THE PROCTER & GAMBLE COMPANY                | PROCTER GAMBLE CO                          | CUSIP: 742718109<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | EC               | CORP              | US        |     37115 | NS      | $6033785.55   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| ARCHER-DANIELS-MIDLAND COMPANY.             | ARCHER DANIELS MIDLAND CO                  | CUSIP: 039483102<br>LEI: 549300LO13MQ9HYSTR83 | Long             | EC               | CORP              | US        |     64158 | NS      | $3063544.50   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| EMCOR GROUP, INC.                           | EMCOR GROUP INC                            | CUSIP: 29084Q100<br>LEI: 529900X0SQJB2J7YDU43 | Long             | EC               | CORP              | US        |      9559 | NS      | $3830291.30   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| UNUM GROUP                                  | UNUM GROUP                                 | CUSIP: 91529Y106<br>LEI: 549300E32YFDO6TZ8R31 | Long             | EC               | CORP              | US        |    126500 | NS      | $9823990.00   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| GE HEALTHCARE TECHNOLOGIES INC.             | GE HEALTHCARE TECHNOLOGIES INC             | CUSIP: 36266G107<br>LEI: 549300OI9J7XOWZMUN85 | Long             | EC               | CORP              | US        |     78700 | NS      | $5534971.00   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERIPRISE FINANCIAL, INC.                  | AMERIPRISE FINANCIAL INC                   | CUSIP: 03076C106<br>LEI: 6ZLKQF7QB6JAEKQS5388 | Long             | EC               | CORP              | US        |     15117 | NS      | $7120409.34   | 0.58%             |  |  |  | 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      | $3787388.69   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| DEVON ENERGY CORPORATION                    | DEVON ENERGY CORP                          | CUSIP: 25179M103<br>LEI: 54930042348RKR3ZPN35 | Long             | EC               | CORP              | US        |    184247 | NS      | $5602951.27   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| TEVA PHARMACEUTICAL INDUSTRIES LIMITED      | TEVA PHARMACEUTICAL INDUSTRIES LTD         | CUSIP: 881624209<br>LEI: 549300BAFGM4RC74ZJ94 | Long             |  | CORP              | IL        |    812400 | NS      | $12600324.00  | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| PPG INDUSTRIES, INC.                        | PPG INDUSTRIES INC                         | CUSIP: 693506107<br>LEI: 549300BKPEP01R3V6C59 | Long             | EC               | CORP              | US        |     82800 | NS      | $9013608.00   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| ABBVIE INC.                                 | ABBVIE INC                                 | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |     73970 | NS      | $14431547.00  | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| QUALCOMM INCORPORATED                       | QUALCOMM INC                               | CUSIP: 747525103<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | EC               | CORP              | US        |     40888 | NS      | $6070232.48   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Mondelez International, Inc.                | MONDELEZ INTERNATIONAL INC                 | CUSIP: 609207105<br>LEI: 549300DV9GIB88LZ5P30 | Long             | EC               | CORP              | US        |    179600 | NS      | $12236148.00  | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| ON SEMICONDUCTOR CORPORATION                | ON SEMICONDUCTOR CORP                      | CUSIP: 682189105<br>LEI: ZV20P4CNJVT8V1ZGJ064 | Long             | EC               | CORP              | US        |     77238 | NS      | $3066348.60   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| SYNCHRONY FINANCIAL                         | SYNCHRONY FINANCIAL                        | CUSIP: 87165B103<br>LEI: 549300RS7EWPM9MA6C78 | Long             | EC               | CORP              | US        |    107712 | NS      | $5595638.40   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| LyondellBasell Industries N.V.              | LYONDELLBASELL INDUSTRIES NV               | CUSIP: N53745100<br>LEI: BN6WCCZ8OVP3ITUUVN49 | Long             | EC               | CORP              | NL        |     46801 | NS      | $2724286.21   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| HONEYWELL INTERNATIONAL INCORPORATION       | HONEYWELL INTERNATIONAL INC                | CUSIP: 438516106<br>LEI: ISRPG12PN4EIEOEMW547 | Long             | EC               | CORP              | US        |     28700 | NS      | $6041350.00   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| LOCKHEED MARTIN CORPORATION                 | LOCKHEED MARTIN CORP                       | CUSIP: 539830109<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | EC               | CORP              | US        |     15614 | NS      | $7459588.50   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| LKQ CORPORATION                             | LKQ CORPORATION                            | CUSIP: 501889208<br>LEI: DS830JTTZQN6GK0I2E41 | Long             | EC               | CORP              | US        |    480271 | NS      | $18351154.91  | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| EAGLE MATERIALS INC.                        | EAGLE MATERIALS CLASS A                    | CUSIP: 26969P108<br>LEI: 529900KRXRGXL61SG039 | Long             | EC               | CORP              | US        |     17560 | NS      | $3975408.40   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| SYNOVUS FINANCIAL CORP.                     | SYNOVUS FINANCIAL CORP                     | CUSIP: 87161C501<br>LEI: 549300EIUS8UN5JTLE54 | Long             | EC               | CORP              | US        |     59248 | NS      | $2566623.36   | 0.21%             |  |  |  | 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      | $11059368.00  | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| ELECTRONIC ARTS INC.                        | ELECTRONIC ARTS INC                        | CUSIP: 285512109<br>LEI: 549300O7A67PUEYKDL45 | Long             | EC               | CORP              | US        |     36078 | NS      | $5234557.02   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| GEN DIGITAL INC.                            | GEN DIGITAL INC                            | CUSIP: 668771108<br>LEI: YF6ZV0M6AU4FY94MK914 | Long             | EC               | CORP              | US        |    134240 | NS      | $3472788.80   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| MATTEL, INC.                                | MATTEL INC                                 | CUSIP: 577081102<br>LEI: 549300VELLG24KHTJ564 | Long             | EC               | CORP              | US        |    377500 | NS      | $5998475.00   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| AXIS CAPITAL HOLDINGS LIMITED               | AXIS CAPITAL HOLDINGS LTD                  | CUSIP: G0692U109<br>LEI: 635400VD2NQBYAHMEM55 | Long             | EC               | CORP              | BM        |     31556 | NS      | $3039473.92   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| MARATHON PETROLEUM CORPORATION              | MARATHON PETROLEUM CORP                    | CUSIP: 56585A102<br>LEI: 3BNYRYQHD39K4LCKQF12 | Long             | EC               | CORP              | US        |     33183 | NS      | $4559676.03   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| LEIDOS HOLDINGS, INC.                       | LEIDOS HOLDINGS INC                        | CUSIP: 525327102<br>LEI: 549300IUTGTP6EJP8124 | Long             | EC               | CORP              | US        |     71721 | NS      | $10555896.78  | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| ELEVANCE HEALTH, INC.                       | ELEVANCE HEALTH INC                        | CUSIP: 036752103<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | EC               | CORP              | US        |     10816 | NS      | $4548993.28   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| MEDPACE HOLDINGS, INC.                      | MEDPACE HOLDINGS INC                       | CUSIP: 58506Q109<br>LEI: 549300H8TYEUVTW14A54 | Long             | EC               | CORP              | US        |      9747 | NS      | $3005877.33   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| OSHKOSH CORPORATION                         | OSHKOSH CORP                               | CUSIP: 688239201<br>LEI: 549300FEKNPCFSA2B506 | Long             | EC               | CORP              | US        |     20254 | NS      | $1696475.04   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| ULTA BEAUTY, INC.                           | ULTA BEAUTY INC                            | CUSIP: 90384S303<br>LEI: 529900CIV6HN8M28YM82 | Long             | EC               | CORP              | US        |      9716 | NS      | $3844038.24   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITEDHEALTH GROUP INCORPORATED             | UNITEDHEALTH GROUP INC                     | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |     28721 | NS      | $11816968.24  | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| ZEBRA TECHNOLOGIES CORPORATION              | ZEBRA TECHNOLOGIES CORP                    | CUSIP: 989207105<br>LEI: PO0I32GKZ3HZMMDPZZ08 | Long             | EC               | CORP              | US        |     32900 | NS      | $8235528.00   | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| MEDTRONIC PUBLIC LIMITED COMPANY            | MEDTRONIC PLC                              | CUSIP: G5960L103<br>LEI: 549300GX3ZBSQWUXY261 | Long             | EC               | CORP              | IE        |    140600 | NS      | $11917256.00  | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| LEAR CORPORATION                            | LEAR CORP                                  | CUSIP: 521865204<br>LEI: 549300UPNBTXA1SYTQ33 | Long             | EC               | CORP              | US        |     33114 | NS      | $2839525.50   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| DELL TECHNOLOGIES INC.                      | DELL TECHNOLOGIES INC                      | CUSIP: 24703L202<br>LEI: 549300TJB5YBRUPOG437 | Long             | EC               | CORP              | US        |     18049 | NS      | $1656176.24   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| CARLISLE COMPANIES INCORPORATED             | CARLISLE COMPANIES INC                     | CUSIP: 142339100<br>LEI: XR64VGX1ZPX6G7ZN7Z11 | Long             | EC               | CORP              | US        |     21470 | NS      | $8147435.60   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| LOWE'S COMPANIES, INC.                      | LOWE S COS INC                             | CUSIP: 548661107<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | EC               | CORP              | US        |     27234 | NS      | $6088433.04   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| KLA CORPORATION                             | KLA CORP                                   | CUSIP: 482480100<br>LEI: 549300H0BF5JCG96TJ81 | Long             | EC               | CORP              | US        |      5278 | NS      | $3708797.82   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| THE PROGRESSIVE CORPORATION                 | PROGRESSIVE CORP                           | CUSIP: 743315103<br>LEI: 529900TACNVLY9DCR586 | Long             | EC               | CORP              | US        |     36078 | NS      | $10164615.72  | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| GENPACT LIMITED                             | GENPACT LTD                                | CUSIP: G3922B107<br>LEI: 529900OSEC6Q0L4L5B35 | Long             | EC               | CORP              | BM        |     78227 | NS      | $3931689.02   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| ADOBE INC.                                  | ADOBE INC                                  | CUSIP: 00724F101<br>LEI: FU4LY2G4933NH2E1CP29 | Long             | EC               | CORP              | US        |      7185 | NS      | $2694231.30   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| STEEL DYNAMICS, INC.                        | STEEL DYNAMICS INC                         | CUSIP: 858119100<br>LEI: 549300HGGKEL4FYTTQ83 | Long             | EC               | CORP              | US        |     23644 | NS      | $3066863.24   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| MATCH GROUP, INC.                           | MATCH GROUP INC                            | CUSIP: 57667L107<br>LEI: 15OMOPB0A8K0EFUVD031 | Long             | EC               | CORP              | US        |     78469 | NS      | $2327390.54   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| HEALTHPEAK PROPERTIES, INC.                 | HEALTHPEAK PROPERTIES INC                  | CUSIP: 42250P103<br>LEI: 254900M6MTMZM0I22L81 | Long             | EC               | CORP              | US        |    199875 | NS      | $3565770.00   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| CORPAY, INC.                                | CORPAY INC                                 | CUSIP: 219948106<br>LEI: 549300DG6RR0NQSFLN74 | Long             | EC               | CORP              | US        |     26700 | NS      | $8687379.00   | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| EVERCORE INC.                               | EVERCORE INC                               | CUSIP: 29977A105<br>LEI: 529900P6KLPT95DW3W58 | Long             | EC               | CORP              | US        |     20306 | NS      | $4168618.74   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Evergy, Inc.                                | EVERGY INC                                 | CUSIP: 30034W106<br>LEI: 549300PGTHDQY6PSUI61 | Long             | EC               | CORP              | US        |     79472 | NS      | $5491515.20   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| MERCK & CO., INC.                           | MERCK CO INC                               | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |    192787 | NS      | $16425452.40  | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| FEDEX CORPORATION                           | FEDEX CORP                                 | CUSIP: 31428X106<br>LEI: 549300E707U7WNPZN687 | Long             | EC               | CORP              | US        |     48461 | NS      | $10192802.13  | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| ACUITY INC.                                 | ACUITY INC                                 | CUSIP: 00508Y102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     12305 | NS      | $2997621.05   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| SYSCO CORPORATION                           | SYSCO CORP                                 | CUSIP: 871829107<br>LEI: 5RGWIFLMGH3YS7KWI652 | Long             | EC               | CORP              | US        |     66885 | NS      | $4775589.00   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| MID-AMERICA APARTMENT COMMUNITIES, INC.     | MID AMERICA APARTMENT COMM                 | CUSIP: 59522J103<br>LEI: 549300FQZKFR5YNSHZ21 | Long             | EC               | CORP              | US        |     24879 | NS      | $3971932.35   | 0.32%             |  |  |  | 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        |     73400 | NS      | $11794646.00  | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| SS&C TECHNOLOGIES HOLDINGS, INC.            | SSNC TECHNOLOGIES HLDGS INC                | CUSIP: 78467J100<br>LEI: 529900POY8H7NPPNKK71 | Long             | EC               | CORP              | US        |    199500 | NS      | $15082200.00  | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| THE ALLSTATE CORPORATION                    | ALLSTATE CORP THE                          | CUSIP: 020002101<br>LEI: OBT0W1ED8G0NWVOLOJ77 | Long             | EC               | CORP              | US        |     25537 | NS      | $5066285.43   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| DROPBOX, INC.                               | DROPBOX INC                                | CUSIP: 26210C104<br>LEI: 549300JCDF7UAR6TJR51 | Long             | EC               | CORP              | US        |    153880 | NS      | $4393274.00   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| OTIS WORLDWIDE CORPORATION                  | OTIS WORLDWIDE CORP                        | CUSIP: 68902V107<br>LEI: 549300ZLBKR8VSU25153 | Long             | EC               | CORP              | US        |     64936 | NS      | $6251388.72   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| META PLATFORMS, INC.                        | META PLATFORMS INC                         | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |      4550 | NS      | $2497950.00   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| SALESFORCE, INC.                            | SALESFORCE INC                             | CUSIP: 79466L302<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | EC               | CORP              | US        |     27200 | NS      | $7308912.00   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| THE CIGNA GROUP                             | CIGNA GROUP THE                            | CUSIP: 125523100<br>LEI: 549300VIWYMSIGT1U456 | Long             | EC               | CORP              | US        |     70072 | NS      | $23827282.88  | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |
| BORGWARNER INC.                             | BORGWARNER INC                             | CUSIP: 099724106<br>LEI: 549300DSFX2IE88NSX47 | Long             | EC               | CORP              | US        |     96367 | NS      | $2734895.46   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| JOHNSON CONTROLS INTERNATIONAL PLC          | JOHNSON CONTROLS INTERNATIONAL PLC         | CUSIP: G51502105<br>LEI: 549300XQ6S1GYKGBL205 | Long             | EC               | CORP              | IE        |     91000 | NS      | $7634900.00   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| PURE STORAGE, INC.                          | PURE STORAGE INC                           | CUSIP: 74624M102<br>LEI: 549300NPDB0BZTK3WO90 | Long             | EC               | CORP              | US        |     29667 | NS      | $1345695.12   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| COGNIZANT TECHNOLOGY SOLUTIONS CORPORATION  | COGNIZANT TECHNOLOGY SOLUTIONS CORP        | CUSIP: 192446102<br>LEI: 5493006IEVQEFQO40L83 | Long             | EC               | CORP              | US        |     68971 | NS      | $5074196.47   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| OGE ENERGY CORP.                            | OGE ENERGY CORP                            | CUSIP: 670837103<br>LEI: CE5OG6JPOZMDSA0LAQ19 | Long             | EC               | CORP              | US        |    142679 | NS      | $6474773.02   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| PFIZER INC.                                 | PFIZER INC                                 | CUSIP: 717081103<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | EC               | CORP              | US        |    207776 | NS      | $5071812.16   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| PACCAR INC                                  | PACCAR INC                                 | CUSIP: 693718108<br>LEI: KDTEY8BWE486IKZ3CC07 | Long             | EC               | CORP              | US        |     24815 | NS      | $2238561.15   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| NIKE, INC.                                  | NIKE INC CLASS B                           | CUSIP: 654106103<br>LEI: 787RXPR0UX0O0XUXPZ81 | Long             | EC               | CORP              | US        |     27822 | NS      | $1569160.80   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| TOLL BROTHERS, INC.                         | TOLL BROTHERS INC                          | CUSIP: 889478103<br>LEI: 529900JB6IS9MSZGVR44 | Long             | EC               | CORP              | US        |     72800 | NS      | $7343336.00   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Amdocs Limited                              | AMDOCS LTD                                 | CUSIP: G02602103<br>LEI: 549300HQV672RJ7RQV66 | Long             | EC               | CORP              | GG        |     62375 | NS      | $5525177.50   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| BOOKING HOLDINGS INC.                       | BOOKING HOLDINGS INC                       | CUSIP: 09857L108<br>LEI: FXM8FAOHMYDIPD38UZ17 | Long             | EC               | CORP              | US        |       711 | NS      | $3625588.08   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| CARDINAL HEALTH, INC.                       | CARDINAL HEALTH INC                        | CUSIP: 14149Y108<br>LEI: CCU46N3GJMF4OK4N7U60 | Long             | EC               | CORP              | US        |     13336 | NS      | $1884243.44   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| SNAP-ON INCORPORATED                        | SNAP ON INC                                | CUSIP: 833034101<br>LEI: HHWAT5TDOYZMM26KKQ73 | Long             | EC               | CORP              | US        |      6369 | NS      | $1998655.89   | 0.16%             |  |  |  | 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