# EDGAR Filing Document

**Accession Number:** 0000908695
**File Stem:** 0001004726-25-003368
**Filing Date:** 2025-12
**Character Count:** 67608
**Document Hash:** 4c8dd8a3e19708b6db60893f883c653f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001004726-25-003368.hdr.sgml**: 20251229

**ACCESSION NUMBER**: 0001004726-25-003368

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20251229

**DATE AS OF CHANGE**: 20251229

**PERIOD START**: 20260430

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** VICTORY PORTFOLIOS III
- **CENTRAL INDEX KEY:** 0000908695

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07852
- **FILM NUMBER:** 251604464

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

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

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

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

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

## Series and Classes Contracts Data

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

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

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** San Antonio

  - **State:** TX

  - **Foreign country:** US

  - **Zip / Postal Code:** 78256

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

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

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

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

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

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

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

- **b. Date as of which information is reported:** 2025-10-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $1342757706.91

**Total Liabilities:** $1047634.14

**Net Assets:** $1341710072.77

**Cash Not Reported:** $26940071.74

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000034890 | 4.17%                | 1.98%                | -0.48%               |
| Class ID C000066845 | 4.16%                | 1.97%                | -0.48%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $19238657.69             | $33367225.57                               |
| Month 2  | $2816266.23              | $22163841.53                               |
| Month 3  | $3293535.25              | $-10842002.45                              |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| FIRST INDUSTRIAL REALTY TRUST, INC.                   | FIRST INDUSTRIAL REALTY TRUST              | CUSIP: 32054K103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     27251 | NS      | $1506435.28   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| THE GOLDMAN SACHS GROUP, INC.                         | GOLDMAN SACHS GROUP INC THE                | CUSIP: 38141G104<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EC               | CORP              | US        |     10321 | NS      | $8147087.77   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| EXXON MOBIL CORPORATION                               | EXXON MOBIL CORP                           | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |    140200 | NS      | $16033272.00  | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| EQUITY LIFESTYLE PROPERTIES, INC.                     | EQUITY LIFESTYLE PROPERTIES INC            | CUSIP: 29472R108<br>LEI: 529900PEQG66LENB6798 | Long             | EC               | CORP              | US        |    174400 | NS      | $10647120.00  | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| PFIZER INC.                                           | PFIZER INC                                 | CUSIP: 717081103<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | EC               | CORP              | US        |    207776 | NS      | $5121678.40   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| QUALCOMM INCORPORATED                                 | QUALCOMM INC                               | CUSIP: 747525103<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | EC               | CORP              | US        |     40888 | NS      | $7396639.20   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITED AIRLINES HOLDINGS, INC.                        | UNITED AIRLINES HOLDINGS INC               | CUSIP: 910047109<br>LEI: 98450079DA0B78DD6764 | Long             | EC               | CORP              | US        |     25457 | NS      | $2393976.28   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| COMFORT SYSTEMS USA, INC.                             | COMFORT SYSTEMS USA INC                    | CUSIP: 199908104<br>LEI: 5299009DT1ZA5HTU6R38 | Long             | EC               | CORP              | US        |      2892 | NS      | $2792457.36   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| JOHNSON CONTROLS INTERNATIONAL PUBLIC LIMITED COMPANY | JOHNSON CONTROLS INTERNATIONAL PLC         | CUSIP: G51502105<br>LEI: 549300XQ6S1GYKGBL205 | Long             | EC               | CORP              | IE        |     79600 | NS      | $9105444.00   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| SYNCHRONY FINANCIAL                                   | SYNCHRONY FINANCIAL                        | CUSIP: 87165B103<br>LEI: 549300RS7EWPM9MA6C78 | Long             | EC               | CORP              | US        |    107712 | NS      | $8011618.56   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| INGREDION INCORPORATED                                | INGREDION INC                              | CUSIP: 457187102<br>LEI: PKSTQ48QDN0XSVS7YK88 | Long             | EC               | CORP              | US        |     54058 | NS      | $6238833.78   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| LOWE'S COMPANIES, INC.                                | LOWE S COS INC                             | CUSIP: 548661107<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | EC               | CORP              | US        |     23851 | NS      | $5679638.63   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| RELIANCE, INC.                                        | RELIANCE INC                               | CUSIP: 759509102<br>LEI: 549300E287ZOFT3C5Z56 | Long             | EC               | CORP              | US        |     11241 | NS      | $3174795.63   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| NRG ENERGY, INC.                                      | NRG ENERGY INC                             | CUSIP: 629377508<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | EC               | CORP              | US        |     19519 | NS      | $3354535.34   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| US FOODS HOLDING CORP.                                | US FOODS HOLDING CORP                      | CUSIP: 912008109<br>LEI: 549300UGOZSO64CFPR97 | Long             | EC               | CORP              | US        |    146200 | NS      | $10617044.00  | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| WESCO INTERNATIONAL, INC.                             | WESCO INTERNATIONAL                        | CUSIP: 95082P105<br>LEI: 529900TXOGREY3WNJ434 | Long             | EC               | CORP              | US        |     14299 | NS      | $3711019.47   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| NETAPP, INC.                                          | NETAPP INC                                 | CUSIP: 64110D104<br>LEI: QTX3D84DZDD5JYOCYH15 | Long             | EC               | CORP              | US        |     52601 | NS      | $6195345.78   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| ALPHABET INC.                                         | ALPHABET INC CLASS A                       | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |    141583 | NS      | $39811723.77  | 2.97%             |  |  |  | No            |                  1 | On Loan: No      |
| KEURIG DR PEPPER INC.                                 | KEURIG DR PEPPER INC                       | CUSIP: 49271V100<br>LEI: DYTQ8KRTKO7Y2BVU5K74 | Long             | EC               | CORP              | US        |    202592 | NS      | $5502398.72   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| W. R. BERKLEY CORPORATION                             | WR BERKLEY CORP                            | CUSIP: 084423102<br>LEI: SQOAGCLKBDWNVYV1OV80 | Long             | EC               | CORP              | US        |     97718 | NS      | $6971202.12   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| MARATHON PETROLEUM CORPORATION                        | MARATHON PETROLEUM CORP                    | CUSIP: 56585A102<br>LEI: 3BNYRYQHD39K4LCKQF12 | Long             | EC               | CORP              | US        |     38238 | NS      | $7452968.58   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| MERCK & CO., INC.                                     | MERCK CO INC                               | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |     90087 | NS      | $7745680.26   | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| OWENS CORNING                                         | OWENS CORNING INC                          | CUSIP: 690742101<br>LEI: JO5M6676RDJIZ2U8X907 | Long             | EC               | CORP              | US        |     42656 | NS      | $5430535.36   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| COCA-COLA CONSOLIDATED, INC.                          | COCA COLA CONSOLIDATED INC                 | CUSIP: 191098102<br>LEI: 57VG5X0E00X0QJU7CQ58 | Long             | EC               | CORP              | US        |     37747 | NS      | $4921453.86   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| EXELON CORPORATION                                    | EXELON CORP                                | CUSIP: 30161N101<br>LEI: 3SOUA6IRML7435B56G12 | Long             | EC               | CORP              | US        |    339200 | NS      | $15643904.00  | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| COMCAST CORPORATION                                   | COMCAST CORP                               | CUSIP: 20030N101<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | EC               | CORP              | US        |    165263 | NS      | $4600095.61   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| META PLATFORMS, INC.                                  | META PLATFORMS INC                         | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |      4550 | NS      | $2949992.50   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| CVS HEALTH CORPORATION                                | CVS HEALTH CORP                            | CUSIP: 126650100<br>LEI: 549300EJG376EN5NQE29 | Long             | EC               | CORP              | US        |    193688 | NS      | $15136717.20  | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| VALERO ENERGY CORPORATION                             | VALERO ENERGY CORP                         | CUSIP: 91913Y100<br>LEI: 549300XTO5VR8SKV1V74 | Long             | EC               | CORP              | US        |    116780 | NS      | $19801216.80  | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| DECKERS OUTDOOR CORPORATION                           | DECKERS OUTDOOR CORP                       | CUSIP: 243537107<br>LEI: 5493008LG4W3I6K8J118 | Long             | EC               | CORP              | US        |     51222 | NS      | $4174593.00   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| CACI INTERNATIONAL INC.                               | CACI INTERNATIONAL INC CLASS A             | CUSIP: 127190304<br>LEI: SYRPI2D1O9WRTS2WX210 | Long             | EC               | CORP              | US        |     30700 | NS      | $17261075.00  | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| ULTA BEAUTY, INC.                                     | ULTA BEAUTY INC                            | CUSIP: 90384S303<br>LEI: 529900CIV6HN8M28YM82 | Long             | EC               | CORP              | US        |      9716 | NS      | $5051154.08   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| AGILENT TECHNOLOGIES, INC.                            | AGILENT TECHNOLOGIES INC                   | CUSIP: 00846U101<br>LEI: QUIX8Y7A2WP0XRMW7G29 | Long             | EC               | CORP              | US        |     23386 | NS      | $3422774.96   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| CF INDUSTRIES HOLDINGS, INC.                          | CF INDUSTRIES HOLDINGS INC                 | CUSIP: 125269100<br>LEI: 529900CG8YAQFZ2JMV97 | Long             | EC               | CORP              | US        |     68647 | NS      | $5717608.63   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| FEDEX CORPORATION                                     | FEDEX CORP                                 | CUSIP: 31428X106<br>LEI: 549300E707U7WNPZN687 | Long             | EC               | CORP              | US        |     57420 | NS      | $14574344.40  | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| GE HEALTHCARE TECHNOLOGIES INC.                       | GE HEALTHCARE TECHNOLOGIES INC             | CUSIP: 36266G107<br>LEI: 549300OI9J7XOWZMUN85 | Long             | EC               | CORP              | US        |     82900 | NS      | $6213355.00   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| CARLISLE COMPANIES INCORPORATED                       | CARLISLE COMPANIES INC                     | CUSIP: 142339100<br>LEI: XR64VGX1ZPX6G7ZN7Z11 | Long             | EC               | CORP              | US        |     10317 | NS      | $3353540.85   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| AUTOMATIC DATA PROCESSING, INC.                       | AUTOMATIC DATA PROCESSING INC              | CUSIP: 053015103<br>LEI: HGBOLILQXWER4SAL2I23 | Long             | EC               | CORP              | US        |     20448 | NS      | $5322614.40   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| LEAR CORPORATION                                      | LEAR CORP                                  | CUSIP: 521865204<br>LEI: 549300UPNBTXA1SYTQ33 | Long             | EC               | CORP              | US        |     23182 | NS      | $2425996.30   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| AT&T INC.                                             | AT T INC                                   | CUSIP: 00206R102<br>LEI: 549300Z40J86GGSTL398 | Long             | EC               | CORP              | US        |    178416 | NS      | $4415796.00   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| ALLISON TRANSMISSION HOLDINGS, INC.                   | ALLISON TRANSMISSION HOLDING INC           | CUSIP: 01973R101<br>LEI: 529900RP7DJ882LI9T83 | Long             | EC               | CORP              | US        |     31060 | NS      | $2564003.00   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| ARROW ELECTRONICS, INC.                               | ARROW ELECTRONICS INC                      | CUSIP: 042735100<br>LEI: 549300YNNLBXT8N8R512 | Long             | EC               | CORP              | US        |     17204 | NS      | $1919106.20   | 0.14%             |  |  |  | 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      | $11821558.00  | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| OGE ENERGY CORP.                                      | OGE ENERGY CORP                            | CUSIP: 670837103<br>LEI: CE5OG6JPOZMDSA0LAQ19 | Long             | EC               | CORP              | US        |     77456 | NS      | $3418907.84   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| THE PROGRESSIVE CORPORATION                           | PROGRESSIVE CORP                           | CUSIP: 743315103<br>LEI: 529900TACNVLY9DCR586 | Long             | EC               | CORP              | US        |     27607 | NS      | $5687042.00   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| GODADDY INC.                                          | GODADDY INC CLASS A                        | CUSIP: 380237107<br>LEI: 549300J8H1TB0I2CB447 | Long             | EC               | CORP              | US        |     10303 | NS      | $1371638.39   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| AVERY DENNISON CORPORATION                            | AVERY DENNISON CORP                        | CUSIP: 053611109<br>LEI: 549300PW7VPFCYKLIV37 | Long             | EC               | CORP              | US        |     30225 | NS      | $5286050.25   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| DEVON ENERGY CORPORATION                              | DEVON ENERGY CORP                          | CUSIP: 25179M103<br>LEI: 54930042348RKR3ZPN35 | Long             | EC               | CORP              | US        |    184247 | NS      | $5986185.03   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| BORGWARNER INC.                                       | BORGWARNER INC                             | CUSIP: 099724106<br>LEI: 549300DSFX2IE88NSX47 | Long             | EC               | CORP              | US        |    139527 | NS      | $5994079.92   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| EVERCORE INC.                                         | EVERCORE INC                               | CUSIP: 29977A105<br>LEI: 529900P6KLPT95DW3W58 | Long             | EC               | CORP              | US        |     19046 | NS      | $5610189.76   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| EOG RESOURCES, INC.                                   | EOG RESOURCES INC                          | CUSIP: 26875P101<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | EC               | CORP              | US        |     61391 | NS      | $6497623.44   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| EXELIXIS, INC.                                        | EXELIXIS INC                               | CUSIP: 30161Q104<br>LEI: 254900PJQB59O2O95R37 | Long             | EC               | CORP              | US        |     99122 | NS      | $3833047.74   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| U.S. BANCORP                                          | US BANCORP                                 | CUSIP: 902973304<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | EC               | CORP              | US        |    545377 | NS      | $25458198.36  | 1.90%             |  |  |  | No            |                  1 | On Loan: No      |
| ENTERPRISE PRODUCTS PARTNERS L.P.                     | ENTERPRISE PRODUCTS PARTNERS LP            | CUSIP: 293792107<br>LEI: K4CDIF4M54DJZ6TB4Q48 | Long             |  | CORP              | US        |    439124 | NS      | $13520627.96  | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| DELTA AIR LINES, INC.                                 | DELTA AIR LINES INC                        | CUSIP: 247361702<br>LEI: Q2CCMS6R0AS67HJMBN42 | Long             | EC               | CORP              | US        |     55697 | NS      | $3195893.86   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| PACCAR INC                                            | PACCAR INC                                 | CUSIP: 693718108<br>LEI: KDTEY8BWE486IKZ3CC07 | Long             | EC               | CORP              | US        |     50647 | NS      | $4983664.80   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| RTX CORPORATION                                       | RTX CORP                                   | CUSIP: 75513E101<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | EC               | CORP              | US        |     61767 | NS      | $11025409.50  | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| PUBLIC STORAGE.                                       | PUBLIC STORAGE                             | CUSIP: 74460D109<br>LEI: 254900GLQZAD4N7N5Q19 | Long             | EC               | CORP              | US        |      7756 | NS      | $2160511.36   | 0.16%             |  |  |  | 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      | $4200552.10   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| MEDPACE HOLDINGS, INC.                                | MEDPACE HOLDINGS INC                       | CUSIP: 58506Q109<br>LEI: 549300H8TYEUVTW14A54 | Long             | EC               | CORP              | US        |      9747 | NS      | $5701117.77   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| REGIONS FINANCIAL CORPORATION                         | REGIONS FINANCIAL CORP                     | CUSIP: 7591EP100<br>LEI: CW05CS5KW59QTC0DG824 | Long             | EC               | CORP              | US        |    159445 | NS      | $3858569.00   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| EATON CORPORATION PUBLIC LIMITED COMPANY              | EATON CORP PLC                             | CUSIP: G29183103<br>LEI: 549300VDIGTMXUNT7H71 | Long             | EC               | CORP              | IE        |     36200 | NS      | $13812472.00  | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| TOLL BROTHERS, INC.                                   | TOLL BROTHERS INC                          | CUSIP: 889478103<br>LEI: 529900JB6IS9MSZGVR44 | Long             | EC               | CORP              | US        |     60700 | NS      | $8191465.00   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| ANALOG DEVICES, INC.                                  | ANALOG DEVICES INC                         | CUSIP: 032654105<br>LEI: GYVOE5EZ4GDAVTU4CQ61 | Long             | EC               | CORP              | US        |     39800 | NS      | $9318374.00   | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| HUMANA INC.                                           | HUMANA INC                                 | CUSIP: 444859102<br>LEI: 529900YLDW34GJAO4J06 | Long             | EC               | CORP              | US        |     12123 | NS      | $3372497.37   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Evergy, Inc.                                          | EVERGY INC                                 | CUSIP: 30034W106<br>LEI: 549300PGTHDQY6PSUI61 | Long             | EC               | CORP              | US        |     55014 | NS      | $4225625.34   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| CARDINAL HEALTH, INC.                                 | CARDINAL HEALTH INC                        | CUSIP: 14149Y108<br>LEI: CCU46N3GJMF4OK4N7U60 | Long             | EC               | CORP              | US        |     10882 | NS      | $2075959.14   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Amdocs Limited                                        | AMDOCS LTD                                 | CUSIP: G02602103<br>LEI: 549300HQV672RJ7RQV66 | Long             | EC               | CORP              | GG        |     62375 | NS      | $5255717.50   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Mondelez International, Inc.                          | MONDELEZ INTERNATIONAL INC                 | CUSIP: 609207105<br>LEI: 549300DV9GIB88LZ5P30 | Long             | EC               | CORP              | US        |    158900 | NS      | $9130394.00   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| PRINCIPAL FINANCIAL GROUP, INC.                       | PRINCIPAL FINANCIAL GROUP INC              | CUSIP: 74251V102<br>LEI: CUMYEZJOAF02RYZ1JJ85 | Long             | EC               | CORP              | US        |     55815 | NS      | $4690692.60   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| PAYPAL HOLDINGS, INC.                                 | PAYPAL HOLDINGS INC                        | CUSIP: 70450Y103<br>LEI: 5493005X2GO78EFZ3E94 | Long             | EC               | CORP              | US        |     73703 | NS      | $5105406.81   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| KEYCORP                                               | KEYCORP                                    | CUSIP: 493267108<br>LEI: RKPI3RZGV1V1FJTH5T61 | Long             | EC               | CORP              | US        |   1258200 | NS      | $22131738.00  | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| KIMCO REALTY CORPORATION.                             | KIMCO REALTY CORP                          | CUSIP: 49446R109<br>LEI: 254900ARY41P4V1JL861 | Long             | EC               | CORP              | US        |     73897 | NS      | $1526712.02   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Pepsico, Inc.                                         | PEPSICO INC                                | CUSIP: 713448108<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | EC               | CORP              | US        |     24264 | NS      | $3544727.76   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| PULTEGROUP, INC.                                      | PULTEGROUP INC                             | CUSIP: 745867101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     49776 | NS      | $5966649.12   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| PVH CORP.                                             | PVH CORP                                   | CUSIP: 693656100<br>LEI: 123WALMHY1GZXG2YDL90 | Long             | EC               | CORP              | US        |     28598 | NS      | $2240081.34   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN EXPRESS COMPANY                              | AMERICAN EXPRESS CO                        | CUSIP: 025816109<br>LEI: R4PP93JZOLY261QX3811 | Long             | EC               | CORP              | US        |     15709 | NS      | $5666707.57   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| TALEN ENERGY CORP                                     | TALEN ENERGY CORP                          | CUSIP: 87422Q109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6465 | NS      | $2584577.70   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| GILEAD SCIENCES, INC.                                 | GILEAD SCIENCES INC                        | CUSIP: 375558103<br>LEI: 549300WTZWR07K8MNV44 | Long             | EC               | CORP              | US        |     95321 | NS      | $11418502.59  | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| HONEYWELL INTERNATIONAL INCORPORATION                 | HONEYWELL INTERNATIONAL INC                | CUSIP: 438516106<br>LEI: ISRPG12PN4EIEOEMW547 | Long             | EC               | CORP              | US        |     58900 | NS      | $11858337.00  | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| NUTANIX, INC.                                         | NUTANIX INC A                              | CUSIP: 67059N108<br>LEI: 549300X7J6E8TKVIXW09 | Long             | EC               | CORP              | US        |     16749 | NS      | $1193198.76   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| JABIL INC.                                            | JABIL INC                                  | CUSIP: 466313103<br>LEI: 5493000CGCQY2OQU7669 | Long             | EC               | CORP              | US        |     22438 | NS      | $4956329.82   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| TAKE-TWO INTERACTIVE SOFTWARE, INC.                   | TAKE TWO INTERACTIVE SOFTWARE              | CUSIP: 874054109<br>LEI: BOMSTHHJK882EWYX3334 | Long             | EC               | CORP              | US        |     29300 | NS      | $7511641.00   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| CISCO SYSTEMS, INC.                                   | CISCO SYSTEMS INC                          | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |    137608 | NS      | $10060520.88  | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| SALESFORCE, INC.                                      | SALESFORCE INC                             | CUSIP: 79466L302<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | EC               | CORP              | US        |     40300 | NS      | $10494523.00  | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| ACCENTURE PUBLIC LIMITED COMPANY                      | ACCENTURE PLC                              | CUSIP: G1151C101<br>LEI: 5493000EWHDSR3MZWH98 | Long             | EC               | CORP              | IE        |     36689 | NS      | $9175918.90   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| APTIV PLC                                             | APTIV HOLDINGS LTD                         | CUSIP: G3265R107<br>LEI: N/A                  | Long             | EC               | CORP              | JE        |     64613 | NS      | $5240114.30   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| VOYA FINANCIAL, INC.                                  | VOYA FINANCIAL INC                         | CUSIP: 929089100<br>LEI: 549300T065Z4KJ686G75 | Long             | EC               | CORP              | US        |     45763 | NS      | $3407512.98   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| ELEVANCE HEALTH, INC.                                 | ELEVANCE HEALTH INC                        | CUSIP: 036752103<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | EC               | CORP              | US        |     13306 | NS      | $4220663.20   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| HEWLETT PACKARD ENTERPRISE COMPANY                    | HEWLETT PACKARD ENTERPRISES CO             | CUSIP: 42824C109<br>LEI: 549300BX44RGX6ANDV88 | Long             | EC               | CORP              | US        |     71471 | NS      | $1745321.82   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| PROLOGIS, INC.                                        | PROLOGIS INC                               | CUSIP: 74340W103<br>LEI: 529900DFH19P073LZ636 | Long             | EC               | CORP              | US        |     27986 | NS      | $3472782.74   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| GENERAL MOTORS COMPANY                                | GENERAL MOTORS CO                          | CUSIP: 37045V100<br>LEI: 54930070NSV60J38I987 | Long             | EC               | CORP              | US        |     48013 | NS      | $3317218.17   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| FIDELITY NATIONAL FINANCIAL, INC                      | FIDELITY NATIONAL FINANCIAL                | CUSIP: 31620R303<br>LEI: 549300CAZYIH39SYQ287 | Long             | EC               | CORP              | US        |    134559 | NS      | $7433039.16   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| ZEBRA TECHNOLOGIES CORPORATION                        | ZEBRA TECHNOLOGIES CORP                    | CUSIP: 989207105<br>LEI: PO0I32GKZ3HZMMDPZZ08 | Long             | EC               | CORP              | US        |     34000 | NS      | $9154500.00   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| LEIDOS HOLDINGS, INC.                                 | LEIDOS HOLDINGS INC                        | CUSIP: 525327102<br>LEI: 549300IUTGTP6EJP8124 | Long             | EC               | CORP              | US        |     74521 | NS      | $14194014.87  | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| AIRBNB, INC.                                          | AIRBNB INC CLASS A                         | CUSIP: 009066101<br>LEI: 549300HMUDNO0RY56D37 | Long             | EC               | CORP              | US        |     21564 | NS      | $2728708.56   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| LAM RESEARCH CORPORATION                              | LAM RESEARCH CORP                          | CUSIP: 512807306<br>LEI: 549300I4GMO6D34U1T02 | Long             | EC               | CORP              | US        |     62589 | NS      | $9855263.94   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| OTIS WORLDWIDE CORPORATION                            | OTIS WORLDWIDE CORP                        | CUSIP: 68902V107<br>LEI: 549300ZLBKR8VSU25153 | Long             | EC               | CORP              | US        |     64936 | NS      | $6023463.36   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| CBOE GLOBAL MARKETS, INC.                             | CBOE GLOBAL MARKETS INC                    | CUSIP: 12503M108<br>LEI: 529900RLNSGA90UPEH54 | Long             | EC               | CORP              | US        |     52500 | NS      | $12896100.00  | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| EMCOR GROUP, INC.                                     | EMCOR GROUP INC                            | CUSIP: 29084Q100<br>LEI: 529900X0SQJB2J7YDU43 | Long             | EC               | CORP              | US        |      7559 | NS      | $5108221.02   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| CAMDEN PROPERTY TRUST                                 | CAMDEN PROPERTY TRUST                      | CUSIP: 133131102<br>LEI: 5493002MYX22OHYJBD89 | Long             | EC               | CORP              | US        |     12873 | NS      | $1280606.04   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| H & R BLOCK, INC.                                     | H R BLOCK INC                              | CUSIP: 093671105<br>LEI: 549300CE3KUCWLZBG404 | Long             | EC               | CORP              | US        |     54279 | NS      | $2699837.46   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| MATTEL, INC.                                          | MATTEL INC                                 | CUSIP: 577081102<br>LEI: 549300VELLG24KHTJ564 | Long             | EC               | CORP              | US        |    587500 | NS      | $10798250.00  | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITEDHEALTH GROUP INCORPORATED                       | UNITEDHEALTH GROUP INC                     | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |     21100 | NS      | $7206916.00   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| COLGATE-PALMOLIVE COMPANY                             | COLGATE PALMOLIVE CO                       | CUSIP: 194162103<br>LEI: YMEGZFW4SBUSS5BQXF88 | Long             | EC               | CORP              | US        |     87953 | NS      | $6776778.65   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| INVITATION HOMES INC.                                 | INVITATION HOMES INC                       | CUSIP: 46187W107<br>LEI: 984500FE452E665C9F85 | Long             | EC               | CORP              | US        |     75059 | NS      | $2112910.85   | 0.16%             |  |  |  | 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        |     15640 | NS      | $2855082.00   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| GENERAL DYNAMICS CORPORATION                          | GENERAL DYNAMICS CORP                      | CUSIP: 369550108<br>LEI: 9C1X8XOOTYY2FNYTVH06 | Long             | EC               | CORP              | US        |     25700 | NS      | $8863930.00   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| THE PROCTER & GAMBLE COMPANY                          | PROCTER GAMBLE CO                          | CUSIP: 742718109<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | EC               | CORP              | US        |     90634 | NS      | $13628634.58  | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| NEXSTAR MEDIA GROUP, INC.                             | NEXSTAR MEDIA GROUP INC                    | CUSIP: 65336K103<br>LEI: 52990083ZRR5UT591988 | Long             | EC               | CORP              | US        |     17134 | NS      | $3353637.82   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| SS&C TECHNOLOGIES HOLDINGS, INC.                      | SSNC TECHNOLOGIES HLDGS INC                | CUSIP: 78467J100<br>LEI: 529900POY8H7NPPNKK71 | Long             | EC               | CORP              | US        |    202200 | NS      | $17170824.00  | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| CHECK POINT SOFTWARE TECHNOLOGIES LTD.                | CHECK POINT SOFTWARE TECHNOLOGIES          | CUSIP: M22465104<br>LEI: 2549003ZVBH73EPNS513 | Long             | EC               | CORP              | IL        |     48700 | NS      | $9529616.00   | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMORGAN CHASE & CO.                                  | JPMORGAN CHASE CO                          | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |     76233 | NS      | $23717610.96  | 1.77%             |  |  |  | No            |                  1 | On Loan: No      |
| A. O. SMITH CORPORATION                               | AO SMITH CORP                              | CUSIP: 831865209<br>LEI: 549300XG4US7UJNECY36 | Long             | EC               | CORP              | US        |     81970 | NS      | $5409200.30   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| EDISON INTERNATIONAL                                  | EDISON INTERNATIONAL                       | CUSIP: 281020107<br>LEI: 549300I7ROF15MAEVP56 | Long             | EC               | CORP              | US        |    125154 | NS      | $6931028.52   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| THE MOSAIC COMPANY                                    | THE MOSAIC CO                              | CUSIP: 61945C103<br>LEI: 2YD5STGSJNMUB7H76907 | Long             | EC               | CORP              | US        |     99227 | NS      | $2723781.15   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| MEDTRONIC PUBLIC LIMITED COMPANY                      | MEDTRONIC PLC                              | CUSIP: G5960L103<br>LEI: 549300GX3ZBSQWUXY261 | Long             | EC               | CORP              | IE        |    145200 | NS      | $13169640.00  | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| GEN DIGITAL INC.                                      | GEN DIGITAL INC                            | CUSIP: 668771108<br>LEI: YF6ZV0M6AU4FY94MK914 | Long             | EC               | CORP              | US        |    134240 | NS      | $3538566.40   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| ROYALTY PHARMA PLC                                    | ROYALTY PHARMA PLC                         | CUSIP: G7709Q104<br>LEI: 549300FGFN7VOK8BZR03 | Long             | EC               | CORP              | GB        |    150632 | NS      | $5654725.28   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| ZOOM COMMUNICATIONS, INC.                             | ZOOM COMMUNICATIONS INC                    | CUSIP: 98980L101<br>LEI: 549300T9GCHU0ODOM055 | Long             | EC               | CORP              | US        |     34870 | NS      | $3041710.10   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| CITIGROUP INC.                                        | CITIGROUP INC                              | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |    242200 | NS      | $24517906.00  | 1.83%             |  |  |  | No            |                  1 | On Loan: No      |
| CATERPILLAR INC.                                      | CATERPILLAR INC                            | CUSIP: 149123101<br>LEI: WRJR7GS4GTRECRRTVX92 | Long             | EC               | CORP              | US        |     24487 | NS      | $14135365.62  | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| EAST WEST BANCORP, INC.                               | EAST WEST BANCORP INC                      | CUSIP: 27579R104<br>LEI: 254900O4X656YXFOYB11 | Long             | EC               | CORP              | US        |     71315 | NS      | $7245604.00   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| AFFILIATED MANAGERS GROUP, INC.                       | AFFILIATED MANAGERS GROUP INC              | CUSIP: 008252108<br>LEI: 2JE75BUE3T1BLCYYGK54 | Long             | EC               | CORP              | US        |     19647 | NS      | $4675200.12   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| EURONET WORLDWIDE, INC.                               | EURONET WORLDWIDE INC                      | CUSIP: 298736109<br>LEI: YG3575C4DSHJPA5KET68 | Long             | EC               | CORP              | US        |     31820 | NS      | $2413865.20   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| JOHNSON & JOHNSON                                     | JOHNSON JOHNSON                            | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |    119378 | NS      | $22546922.86  | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| LYFT, INC.                                            | LYFT INC                                   | CUSIP: 55087P104<br>LEI: 549300H7I5VN334XVZ52 | Long             | EC               | CORP              | US        |    189200 | NS      | $3871032.00   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| EQUITY RESIDENTIAL                                    | EQUITY RESIDENTIAL REIT                    | CUSIP: 29476L107<br>LEI: 5493008RACSH5EP3PI59 | Long             | EC               | CORP              | US        |     37111 | NS      | $2205877.84   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| LyondellBasell Industries N.V.                        | LYONDELLBASELL INDUSTRIES NV               | CUSIP: N53745100<br>LEI: BN6WCCZ8OVP3ITUUVN49 | Long             | EC               | CORP              | NL        |     46801 | NS      | $2172502.42   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| NewMarket Corporation                                 | NEWMARKET CORP                             | CUSIP: 651587107<br>LEI: 54930082CG88ERDREQ47 | Long             | EC               | CORP              | US        |      4994 | NS      | $3834892.60   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| EQUINIX, INC.                                         | EQUINIX INC                                | CUSIP: 29444U700<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | EC               | CORP              | US        |      4707 | NS      | $3982169.07   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERIPRISE FINANCIAL, INC.                            | AMERIPRISE FINANCIAL INC                   | CUSIP: 03076C106<br>LEI: 6ZLKQF7QB6JAEKQS5388 | Long             | EC               | CORP              | US        |     15117 | NS      | $6844524.09   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| GENPACT LIMITED                                       | GENPACT LTD                                | CUSIP: G3922B107<br>LEI: 529900OSEC6Q0L4L5B35 | Long             | EC               | CORP              | BM        |     78227 | NS      | $2984360.05   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| LINCOLN ELECTRIC HOLDINGS, INC.                       | LINCOLN ELECTRIC HOLDINGS INC              | CUSIP: 533900106<br>LEI: BIMGBY40SIN95O01BN93 | Long             | EC               | CORP              | US        |     16942 | NS      | $3972051.90   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| APPLIED MATERIALS, INC.                               | APPLIED MATERIALS INC                      | CUSIP: 038222105<br>LEI: 41BNNE1AFPNAZELZ6K07 | Long             | EC               | CORP              | US        |     79332 | NS      | $18492289.20  | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| UNUM GROUP                                            | UNUM GROUP                                 | CUSIP: 91529Y106<br>LEI: 549300E32YFDO6TZ8R31 | Long             | EC               | CORP              | US        |    228900 | NS      | $16805838.00  | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| COUSINS PROPERTIES INCORPORATED                       | COUSINS PROPERTIES INC                     | CUSIP: 222795502<br>LEI: 5493007XPYD5EJABN062 | Long             | EC               | CORP              | US        |     42681 | NS      | $1106718.33   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Altria Group, Inc.                                    | ALTRIA GROUP INC                           | CUSIP: 02209S103<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | EC               | CORP              | US        |    129528 | NS      | $7302788.64   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| COGNIZANT TECHNOLOGY SOLUTIONS CORPORATION            | COGNIZANT TECHNOLOGY SOLUTIONS CORP        | CUSIP: 192446102<br>LEI: 5493006IEVQEFQO40L83 | Long             | EC               | CORP              | US        |     68971 | NS      | $5026606.48   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| PPG INDUSTRIES, INC.                                  | PPG INDUSTRIES INC                         | CUSIP: 693506107<br>LEI: 549300BKPEP01R3V6C59 | Long             | EC               | CORP              | US        |     84100 | NS      | $8220775.00   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| CHEMED CORPORATION                                    | CHEMED CORP                                | CUSIP: 16359R103<br>LEI: 54930020031IDJT2IM79 | Long             | EC               | CORP              | US        |      6513 | NS      | $2809056.90   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| MASCO CORPORATION                                     | MASCO CORP                                 | CUSIP: 574599106<br>LEI: 5GCSNMQXHEYA1JO8QN11 | Long             | EC               | CORP              | US        |     78595 | NS      | $5089812.20   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| WELLTOWER INC.                                        | WELLTOWER INC                              | CUSIP: 95040Q104<br>LEI: 254900F33BIAR82QTA19 | Long             | EC               | CORP              | US        |     25340 | NS      | $4587553.60   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| ABBVIE INC.                                           | ABBVIE INC                                 | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |     74120 | NS      | $16161124.80  | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| ON SEMICONDUCTOR CORPORATION                          | ON SEMICONDUCTOR CORP                      | CUSIP: 682189105<br>LEI: ZV20P4CNJVT8V1ZGJ064 | Long             | EC               | CORP              | US        |     77238 | NS      | $3868079.04   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Everest Group, Ltd.                                   | EVEREST GROUP LTD                          | CUSIP: G3223R108<br>LEI: 549300N24XF2VV0B3570 | Long             | EC               | CORP              | BM        |     60074 | NS      | $18894474.48  | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| ACUITY INC.                                           | ACUITY INC                                 | CUSIP: 00508Y102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5757 | NS      | $2101592.85   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| APPLE INC.                                            | APPLE INC                                  | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |     16261 | NS      | $4396486.57   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| SIMON PROPERTY GROUP, INC.                            | SIMON PROPERTY GROUP INC                   | CUSIP: 828806109<br>LEI: 529900GQL5X8H7AO3T64 | Long             | EC               | CORP              | US        |     14198 | NS      | $2495440.48   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| TEVA PHARMACEUTICAL INDUSTRIES LIMITED                | TEVA PHARMACEUTICAL INDUSTRIES LTD         | CUSIP: 881624209<br>LEI: 549300BAFGM4RC74ZJ94 | Long             |  | CORP              | IL        |    844800 | NS      | $17301504.00  | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| REGENERON PHARMACEUTICALS, INC.                       | REGENERON PHARMACEUTICALS INC              | CUSIP: 75886F107<br>LEI: 549300RCBFWIRX3HYQ56 | Long             | EC               | CORP              | US        |     17931 | NS      | $11687425.80  | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| BRISTOL-MYERS SQUIBB COMPANY                          | BRISTOL MYERS SQUIBB CO                    | CUSIP: 110122108<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | EC               | CORP              | US        |    160557 | NS      | $7396860.99   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| TENET HEALTHCARE CORPORATION                          | TENET HEALTHCARE CORP                      | CUSIP: 88033G407<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | EC               | CORP              | US        |     20657 | NS      | $4265463.93   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| AMPHENOL CORPORATION                                  | AMPHENOL CORP CLASS A                      | CUSIP: 032095101<br>LEI: 549300D3L3G0R4U4VT04 | Long             | EC               | CORP              | US        |     43200 | NS      | $6019488.00   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| THE ALLSTATE CORPORATION                              | ALLSTATE CORP THE                          | CUSIP: 020002101<br>LEI: OBT0W1ED8G0NWVOLOJ77 | Long             | EC               | CORP              | US        |     30335 | NS      | $5809759.20   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| DOMINO'S PIZZA, INC.                                  | DOMINO S PIZZA INC                         | CUSIP: 25754A201<br>LEI: 25490005ZWM1IF9UXU57 | Long             | EC               | CORP              | US        |      4353 | NS      | $1734496.38   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| DROPBOX, INC.                                         | DROPBOX INC                                | CUSIP: 26210C104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    153880 | NS      | $4462520.00   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| SYSCO CORPORATION                                     | SYSCO CORP                                 | CUSIP: 871829107<br>LEI: 5RGWIFLMGH3YS7KWI652 | Long             | EC               | CORP              | US        |     81562 | NS      | $6058425.36   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| MCKESSON CORPORATION                                  | MCKESSON CORP                              | CUSIP: 58155Q103<br>LEI: 549300WZWOM80UCFSF54 | Long             | EC               | CORP              | US        |     17560 | NS      | $14247130.40  | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| THE CIGNA GROUP                                       | CIGNA GROUP THE                            | CUSIP: 125523100<br>LEI: 549300VIWYMSIGT1U456 | Long             | EC               | CORP              | US        |     74272 | NS      | $18152819.52  | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| ZIONS BANCORPORATION, NATIONAL ASSOCIATION            | ZIONS BANCORPORATION                       | CUSIP: 989701107<br>LEI: 8WH0EE09O9V05QJZ3V89 | Long             | EC               | CORP              | US        |     62841 | NS      | $3274644.51   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITED THERAPEUTICS CORPORATION                       | UNITED THERAPEUTICS CORP                   | CUSIP: 91307C102<br>LEI: 5299005C4HZL4UWROC14 | Long             | EC               | CORP              | US        |      8828 | NS      | $3932256.04   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| VENTAS, INC.                                          | VENTAS INC                                 | CUSIP: 92276F100<br>LEI: ORQTRC074CWLT3DKHT41 | Long             | EC               | CORP              | US        |     30328 | NS      | $2237903.12   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| FAIRFAX FINANCIAL HOLDINGS LIMITED                    | FAIRFAX FINANCIAL HOLDINGS LTD             | CUSIP: 303901102<br>LEI: GLS7OQD0WOEDI8YAP031 | Long             | EC               | CORP              | CA        |     11600 | NS      | $18835028.52  | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| CENTENE CORPORATION                                   | CENTENE CORP                               | CUSIP: 15135B101<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | EC               | CORP              | US        |     51798 | NS      | $1832095.26   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| EXPEDIA GROUP, INC.                                   | EXPEDIA GROUP INC                          | CUSIP: 30212P303<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     31472 | NS      | $6923840.00   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| TERADATA CORPORATION                                  | TERADATA CORP                              | CUSIP: 88076W103<br>LEI: 549300JU9SOUHV4U4R71 | Long             | EC               | CORP              | US        |    111336 | NS      | $2321355.60   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| MGIC INVESTMENT CORPORATION                           | MGIC INVESTMENT CORP                       | CUSIP: 552848103<br>LEI: 254900S8483WM4M98R28 | Long             | EC               | CORP              | US        |    165365 | NS      | $4534308.30   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| NVR, Inc.                                             | NVR INC                                    | CUSIP: 62944T105<br>LEI: 529900RWXR4JI3JYTV70 | Long             | EC               | CORP              | US        |       713 | NS      | $5141314.66   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| CORPAY, INC.                                          | CORPAY INC                                 | CUSIP: 219948106<br>LEI: 549300DG6RR0NQSFLN74 | Long             | EC               | CORP              | US        |     27700 | NS      | $7211695.00   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| SOLSTICE ADVANCED MATERIALS INC.                      | SOLSTICE ADVANCED MATERIALS INC            | CUSIP: 83443Q103<br>LEI: 2138004GZ4H9TW6HK435 | Long             | EC               | CORP              | US        |     14725 | NS      | $663655.75    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| SEALED AIR CORPORATION                                | SEALED AIR CORP                            | CUSIP: 81211K100<br>LEI: Q0M0CZB4YN6JZ65WXI09 | Long             | EC               | CORP              | US        |    256929 | NS      | $8609690.79   | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| CARETRUST REIT, INC.                                  | CARETRUST REIT INC                         | CUSIP: 14174T107<br>LEI: 5493001NVXE2B9GPLU96 | Long             | EC               | CORP              | US        |     40935 | NS      | $1418397.75   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| NATIONAL FUEL GAS COMPANY                             | NATIONAL FUEL GAS CO                       | CUSIP: 636180101<br>LEI: 8JB38FFW1Y3C1HM8E841 | Long             | EC               | CORP              | US        |     92285 | NS      | $7282209.35   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| VERIZON COMMUNICATIONS INC.                           | VERIZON COMMUNICATIONS INC                 | CUSIP: 92343V104<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | EC               | CORP              | US        |    147982 | NS      | $5880804.68   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| PG&E CORPORATION                                      | PG E CORP                                  | CUSIP: 69331C108<br>LEI: 8YQ2GSDWYZXO2EDN3511 | Long             | EC               | CORP              | US        |    228737 | NS      | $3650642.52   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| STEEL DYNAMICS, INC.                                  | STEEL DYNAMICS INC                         | CUSIP: 858119100<br>LEI: 549300HGGKEL4FYTTQ83 | Long             | EC               | CORP              | US        |     53229 | NS      | $8346307.20   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| ADOBE INC.                                            | ADOBE INC                                  | CUSIP: 00724F101<br>LEI: FU4LY2G4933NH2E1CP29 | Long             | EC               | CORP              | US        |     18462 | NS      | $6282803.22   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| LOCKHEED MARTIN CORPORATION                           | LOCKHEED MARTIN CORP                       | CUSIP: 539830109<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | EC               | CORP              | US        |     19244 | NS      | $9465738.72   | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| ELECTRONIC ARTS INC.                                  | ELECTRONIC ARTS INC                        | CUSIP: 285512109<br>LEI: 549300O7A67PUEYKDL45 | Long             | EC               | CORP              | US        |     15335 | NS      | $3067920.10   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITED PARCEL SERVICE, INC.                           | UNITED PARCEL SERVICE INC                  | CUSIP: 911312106<br>LEI: D01LMJZU09ULLNCY6Z23 | Long             | EC               | CORP              | US        |     29251 | NS      | $2820381.42   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| SEI INVESTMENTS COMPANY                               | SEI INVESTMENTS CO                         | CUSIP: 784117103<br>LEI: 5LJTIFADGZ6XH1RVOC11 | Long             | EC               | CORP              | US        |     75821 | NS      | $6111930.81   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| OMEGA HEALTHCARE INVESTORS, INC.                      | OMEGA HEALTHCARE INVESTORS INC             | CUSIP: 681936100<br>LEI: 549300OJ7ENK42CZ8E73 | Long             | EC               | CORP              | US        |     39633 | NS      | $1665774.99   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| FERGUSON ENTERPRISES INC.                             | FERGUSON ENTERPRISES INC                   | CUSIP: 31488V107<br>LEI: 2138003JYQMRP3SLX189 | Long             | EC               | CORP              | US        |     24182 | NS      | $6009227.00   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-12-01

**Name of Applicant:** Victory Portfolios III

**Signature:** Carol Trevino

**Name of Signer:** Carol Trevino

**Title:** Treasurer