# EDGAR Filing Document

**Accession Number:** 0000908695
**File Stem:** 0001004726-25-003371
**Filing Date:** 2025-12
**Character Count:** 73681
**Document Hash:** 74f3bbee9548c1188116ceb0ef766888
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001004726-25-003371.hdr.sgml**: 20251229

**ACCESSION NUMBER**: 0001004726-25-003371

**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:** 251604466

**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 Science & Technology Fund (Formerly USAA Science & Technology Fund) (Series ID: S000012911)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000034880 | Victory Science & Technology Fund Shares  | USSCX           |
| C000220624 | Victory Science & Technology Fund Class A | USTCX           |

## 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 Science & Technology Fund

- **b. EDGAR series identifier (if any):** S000012911

- **c. LEI of Series:** PB3SKW3PAFSC82EVGX20

**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:** $1461293569.53

**Total Liabilities:** $16288626.25

**Net Assets:** $1445004943.28

**Cash Not Reported:** $21734838.31

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000220624 | 1.23%                | 5.61%                | 4.55%                |
| Class ID C000034880 | 1.24%                | 5.66%                | 4.56%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $13510953.76             | $3528305.52                                |
| Month 2  | $21571910.30             | $54114576.98                               |
| Month 3  | $28532451.71             | $35574178.16                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Qiagen N.V.                                        | QIAGEN NV                                    | CUSIP: N72482206<br>LEI: 54930036WK3GMCN17Z57 | Long             | EC               | CORP              | NL        |      1179 | NS      | $55236.15     | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| META PLATFORMS, INC.                               | META PLATFORMS INC                           | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |    125808 | NS      | $81567616.80  | 5.64%             |  |  |  | No            | 1                  | On Loan: No      |
| Coherent Corp.                                     | COHERENT CORP                                | CUSIP: 19247G107<br>LEI: 549300O5C25A0MMHHU33 | Long             | EC               | CORP              | US        |    138754 | NS      | $18309977.84  | 1.27%             |  |  |  | No            | 1                  | On Loan: No      |
| FLEX LTD.                                          | FLEX LTD                                     | CUSIP: Y2573F102<br>LEI: 549300EAQH74YHD07T53 | Long             | EC               | CORP              | SG        |     73296 | NS      | $4582465.92   | 0.32%             |  |  |  | No            | 1                  | On Loan: No      |
| Revolution Medicines Inc                           | REVOLUTION MEDICINES INC                     | CUSIP: 76155X100<br>LEI: 549300JU3X0LBCQ65892 | Long             | EC               | CORP              | US        |    153979 | NS      | $9060124.36   | 0.63%             |  |  |  | No            | 1                  | On Loan: No      |
| SK hynix Inc.                                      | SK HYNIX INC                                 | CUSIP: N/A<br>LEI: 988400XAIK6XISWQV045       | Long             | EC               | CORP              | KR        |      8626 | NS      | $3356908.93   | 0.23%             |  |  |  | No            | 2                  | On Loan: No      |
| THE TRADE DESK, INC.                               | THE TRADE DESK INC CLASS A                   | CUSIP: 88339J105<br>LEI: 549300GXPD31VT3E0P46 | Long             | EC               | CORP              | US        |     42790 | NS      | $2151481.20   | 0.15%             |  |  |  | No            | 1                  | On Loan: No      |
| PURE STORAGE, INC.                                 | PURE STORAGE INC                             | CUSIP: 74624M102<br>LEI: 549300NPDB0BZTK3WO90 | Long             | EC               | CORP              | US        |     50058 | NS      | $4940724.60   | 0.34%             |  |  |  | No            | 1                  | On Loan: No      |
| argenx SE                                          | ARGENX SE ADR                                | CUSIP: 04016X101<br>LEI: 7245009C5FZE6G9ODQ71 | Long             |  | CORP              | NL        |       139 | NS      | $113771.50    | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| JFROG LTD                                          | JFROG LTD                                    | CUSIP: M6191J100<br>LEI: 2549002N8E00AY49G567 | Long             | EC               | CORP              | IL        |    193638 | NS      | $9193932.24   | 0.64%             |  |  |  | No            | 1                  | On Loan: No      |
| AIRBNB, INC.                                       | AIRBNB INC CLASS A                           | CUSIP: 009066101<br>LEI: 549300HMUDNO0RY56D37 | Long             | EC               | CORP              | US        |      8596 | NS      | $1087737.84   | 0.08%             |  |  |  | No            | 1                  | On Loan: No      |
| GOLDMAN SACHS FINANCIAL SQUARE GOVERNMENT FUND     | GLDMN SCHS FIN SQ GV-FST                     | CUSIP: 38141W273<br>LEI: N/A                  | Long             | STIV             | RF                | US        |   3755717 | NS      | $3755717.38   | 0.26%             |  |  |  | No            | 1                  | On Loan: No      |
| NVIDIA CORPORATION                                 | NVIDIA CORP                                  | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |    769197 | NS      | $155754700.53 | 10.78%            |  |  |  | No            | 1                  | On Loan: No      |
| LAM RESEARCH CORPORATION                           | LAM RESEARCH CORP                            | CUSIP: 512807306<br>LEI: 549300I4GMO6D34U1T02 | Long             | EC               | CORP              | US        |    160801 | NS      | $25319725.46  | 1.75%             |  |  |  | No            | 1                  | On Loan: No      |
| UCB SA                                             | UCB SA                                       | CUSIP: N/A<br>LEI: 2138008J191VLSGY5A09       | Long             | EC               | CORP              | BE        |       483 | NS      | $124183.25    | 0.01%             |  |  |  | No            | 2                  | On Loan: No      |
| Klaviyo Inc                                        | KLAVIYO INC                                  | CUSIP: 49845K101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    307600 | NS      | $7997600.00   | 0.55%             |  |  |  | No            | 1                  | On Loan: No      |
| IMPINJ, INC.                                       | IMPINJ INC                                   | CUSIP: 453204109<br>LEI: 549300M26VGKSMMWWN17 | Long             | EC               | CORP              | US        |     29708 | NS      | $6005769.28   | 0.42%             |  |  |  | No            | 1                  | On Loan: No      |
| APPLOVIN CORPORATION                               | APPLOVIN CORP                                | CUSIP: 03831W108<br>LEI: 549300LLVXMUAOL3SQ07 | Long             | EC               | CORP              | US        |     83475 | NS      | $53201121.75  | 3.68%             |  |  |  | No            | 1                  | On Loan: No      |
| DYNATRACE, INC.                                    | DYNATRACE INC                                | CUSIP: 268150109<br>LEI: 6488T0Z33CE9L61EX904 | Long             | EC               | CORP              | US        |    126144 | NS      | $6379102.08   | 0.44%             |  |  |  | No            | 1                  | On Loan: No      |
| ENCOMPASS HEALTH CORPORATION                       | ENCOMPASS HEALTH CORP                        | CUSIP: 29261A100<br>LEI: 549300FVRPM9DRQZRG64 | Long             | EC               | CORP              | US        |       558 | NS      | $63528.30     | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| STERIS PUBLIC LIMITED COMPANY                      | STERIS PLC                                   | CUSIP: G8473T100<br>LEI: N/A                  | Long             | EC               | CORP              | IE        |       260 | NS      | $61282.00     | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| MACOM TECHNOLOGY SOLUTIONS HOLDINGS, INC.          | MACOM TECHNOLOGY SOLUTIONS HOL               | CUSIP: 55405Y100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    142052 | NS      | $21042162.76  | 1.46%             |  |  |  | No            | 1                  | On Loan: No      |
| ACADIA HEALTHCARE COMPANY, INC.                    | ACADIA HEALTHCARE CO INC                     | CUSIP: 00404A109<br>LEI: 5493005CW985Y9D0NC11 | Long             | EC               | CORP              | US        |      2342 | NS      | $50353.00     | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| TOAST, INC.                                        | TOAST INC                                    | CUSIP: 888787108<br>LEI: 549300TN1PZNLCD4I551 | Long             | EC               | CORP              | US        |    125017 | NS      | $4518114.38   | 0.31%             |  |  |  | No            | 1                  | On Loan: No      |
| ORACLE CORPORATION                                 | ORACLE CORP                                  | CUSIP: 68389X105<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | EC               | CORP              | US        |    139322 | NS      | $36587350.42  | 2.53%             |  |  |  | No            | 1                  | On Loan: No      |
| NETFLIX, INC.                                      | NETFLIX INC                                  | CUSIP: 64110L106<br>LEI: 549300Y7VHGU0I7CE873 | Long             | EC               | CORP              | US        |     24924 | NS      | $27886466.64  | 1.93%             |  |  |  | No            | 1                  | On Loan: No      |
| COINBASE GLOBAL, INC.                              | COINBASE GLOBAL INC                          | CUSIP: 19260Q107<br>LEI: 5493004G3J2SC154DU06 | Long             | EC               | CORP              | US        |     12305 | NS      | $4230212.90   | 0.29%             |  |  |  | No            | 1                  | On Loan: No      |
| FABRINET                                           | FABRINET                                     | CUSIP: G3323L100<br>LEI: 5493004TETZ6IYF7CV44 | Long             | EC               | CORP              | KY        |     23330 | NS      | $10278498.10  | 0.71%             |  |  |  | No            | 1                  | On Loan: No      |
| Dyne Therapeutics Inc                              | DYNE THERAPEUTICS INC                        | CUSIP: 26818M108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    103201 | NS      | $2330278.58   | 0.16%             |  |  |  | No            | 1                  | On Loan: No      |
| Oculis Holding AG                                  | OCULIS HOLDING AG                            | CUSIP: H5870P102<br>LEI: 5067005370C2KK324336 | Long             | EC               | CORP              | CH        |      2425 | NS      | $46754.00     | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| JABIL INC.                                         | JABIL INC                                    | CUSIP: 466313103<br>LEI: 5493000CGCQY2OQU7669 | Long             | EC               | CORP              | US        |     15213 | NS      | $3360399.57   | 0.23%             |  |  |  | No            | 1                  | On Loan: No      |
| ABBOTT LABORATORIES                                | ABBOTT LABORATORIES                          | CUSIP: 002824100<br>LEI: HQD377W2YR662HK5JX27 | Long             | EC               | CORP              | US        |      1638 | NS      | $202489.56    | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| SERVICENOW, INC.                                   | SERVICENOW INC                               | CUSIP: 81762P102<br>LEI: 549300HJTQM36M0E1G39 | Long             | EC               | CORP              | US        |     38472 | NS      | $35366540.16  | 2.45%             |  |  |  | No            | 1                  | On Loan: No      |
| F5, INC.                                           | F5 Inc                                       | CUSIP: 315616102<br>LEI: 54930015FPK9KT966303 | Long             | EC               | CORP              | US        |      5074 | NS      | $1283975.70   | 0.09%             |  |  |  | No            | 1                  | On Loan: No      |
| SNOWFLAKE INC.                                     | SNOWFLAKE INC                                | CUSIP: 833445109<br>LEI: 254900CJNSY1K7T53Z16 | Long             | EC               | CORP              | US        |     92160 | NS      | $25332940.80  | 1.75%             |  |  |  | No            | 1                  | On Loan: No      |
| DELL TECHNOLOGIES INC.                             | DELL TECHNOLOGIES INC                        | CUSIP: 24703L202<br>LEI: 549300TJB5YBRUPOG437 | Long             | EC               | CORP              | US        |     11817 | NS      | $1914472.17   | 0.13%             |  |  |  | No            | 1                  | On Loan: No      |
| CIRRUS LOGIC, INC.                                 | CIRRUS LOGIC INC                             | CUSIP: 172755100<br>LEI: 549300NKSJEM5ZZSSV18 | Long             | EC               | CORP              | US        |      5493 | NS      | $728646.45    | 0.05%             |  |  |  | No            | 1                  | On Loan: No      |
| UNITEDHEALTH GROUP INCORPORATED                    | UNITEDHEALTH GROUP INC                       | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |      1774 | NS      | $605927.44    | 0.04%             |  |  |  | No            | 1                  | On Loan: No      |
| AnaptysBio Inc                                     | ANAPTYSBIO INC                               | CUSIP: 032724106<br>LEI: 529900HH4WQT03IG1A12 | Long             | EC               | CORP              | US        |    188887 | NS      | $6909486.46   | 0.48%             |  |  |  | No            | 1                  | On Loan: —       |
| ASML Holding N.V.                                  | ASML HOLDING NV                              | CUSIP: N07059210<br>LEI: 724500Y6DUVHQD6OXN27 | Long             |  | CORP              | NL        |      3883 | NS      | $4112990.09   | 0.28%             |  |  |  | No            | 1                  | On Loan: No      |
| AUTODESK, INC.                                     | AUTODESK INC                                 | CUSIP: 052769106<br>LEI: FRKKVKAIQEF3FCSTPG55 | Long             | EC               | CORP              | US        |     23548 | NS      | $7095954.32   | 0.49%             |  |  |  | No            | 1                  | On Loan: No      |
| NATERA, INC.                                       | NATERA INC                                   | CUSIP: 632307104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     53345 | NS      | $10611920.85  | 0.73%             |  |  |  | No            | 1                  | On Loan: No      |
| ALPHABET INC.                                      | ALPHABET INC CLASS A                         | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |    212782 | NS      | $59832170.58  | 4.14%             |  |  |  | No            | 1                  | On Loan: No      |
| MOTOROLA SOLUTIONS, INC.                           | MOTOROLA SOLUTIONS INC                       | CUSIP: 620076307<br>LEI: 6S552MUG6KGJVEBSEC55 | Long             | EC               | CORP              | US        |      7478 | NS      | $3041377.38   | 0.21%             |  |  |  | No            | 1                  | On Loan: No      |
| BOSTON SCIENTIFIC CORPORATION                      | BOSTON SCIENTIFIC CORP                       | CUSIP: 101137107<br>LEI: Y6ZDD9FP4P8JSSJMW954 | Long             | EC               | CORP              | US        |      3187 | NS      | $320994.64    | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| KLA CORPORATION                                    | KLA CORP                                     | CUSIP: 482480100<br>LEI: 549300H0BF5JCG96TJ81 | Long             | EC               | CORP              | US        |      8423 | NS      | $10181217.02  | 0.70%             |  |  |  | No            | 1                  | On Loan: No      |
| NXP Semiconductors N.V.                            | NXP SEMICONDUCTOR NV                         | CUSIP: N6596X109<br>LEI: 724500M9BY5293JDF951 | Long             | EC               | CORP              | NL        |     12058 | NS      | $2521568.96   | 0.17%             |  |  |  | No            | 1                  | On Loan: No      |
| Crinetics Pharmaceuticals Inc                      | CRINETICS PHARMACEUTICALS INC                | CUSIP: 22663K107<br>LEI: 549300Q1CNFXK5P31D28 | Long             | EC               | CORP              | US        |    143904 | NS      | $6259824.00   | 0.43%             |  |  |  | No            | 1                  | On Loan: No      |
| ASTRAZENECA PLC                                    | ASTRAZENECA PLC                              | CUSIP: 046353108<br>LEI: PY6ZZQWO2IZFZC3IOL08 | Long             |  | CORP              | GB        |      1380 | NS      | $113712.00    | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| MSILF Government Portfolio                         | MSILF GOVERNMENT-INST                        | CUSIP: 61747C707<br>LEI: N/A                  | Long             | STIV             | RF                | US        |   3755717 | NS      | $3755717.36   | 0.26%             |  |  |  | No            | 1                  | On Loan: No      |
| MERCK & CO., INC.                                  | MERCK CO INC                                 | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |      5090 | NS      | $437638.20    | 0.03%             |  |  |  | No            | 1                  | On Loan: No      |
| REDDIT INC.                                        | REDDIT INC                                   | CUSIP: 75734B100<br>LEI: 529900APN1YHPBHPI679 | Long             | EC               | CORP              | US        |     53369 | NS      | $11151452.55  | 0.77%             |  |  |  | No            | 1                  | On Loan: No      |
| ELANCO ANIMAL HEALTH INCORPORATED                  | ELANCO ANIMAL HEALTH INC                     | CUSIP: 28414H103<br>LEI: 549300SHPNDCE059M934 | Long             | EC               | CORP              | US        |      2988 | NS      | $66184.20     | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| Absci Corp                                         | ABSCI CORP                                   | CUSIP: 00091E109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    363982 | NS      | $1557842.96   | 0.11%             |  |  |  | No            | 1                  | On Loan: —       |
| UNITED THERAPEUTICS CORPORATION                    | UNITED THERAPEUTICS CORP                     | CUSIP: 91307C102<br>LEI: 5299005C4HZL4UWROC14 | Long             | EC               | CORP              | US        |       329 | NS      | $146546.47    | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| Apogee Therapeutics Inc                            | APOGEE THERAPEUTICS INC                      | CUSIP: 03770N101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     76945 | NS      | $4354317.55   | 0.30%             |  |  |  | No            | 1                  | On Loan: No      |
| AMAZON.COM, INC.                                   | AMAZON COM INC                               | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |    229890 | NS      | $56143735.80  | 3.89%             |  |  |  | No            | 1                  | On Loan: No      |
| ABBVIE INC.                                        | ABBVIE INC                                   | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |      2233 | NS      | $486883.32    | 0.03%             |  |  |  | No            | 1                  | On Loan: No      |
| HSBC US GOVERNMENT MONEY MARKET FUND               | HSBC US GOVT MMKT-I                          | CUSIP: 40428X107<br>LEI: N/A                  | Long             | STIV             | RF                | US        |   3755717 | NS      | $3755717.38   | 0.26%             |  |  |  | No            | 1                  | On Loan: No      |
| PEGASYSTEMS INC.                                   | PEGASYSTEMS INC                              | CUSIP: 705573103<br>LEI: 549300FMCOKPL06FYN26 | Long             | EC               | CORP              | US        |    101572 | NS      | $6465057.80   | 0.45%             |  |  |  | No            | 1                  | On Loan: No      |
| Maplebear Inc                                      | MAPLEBEAR INC                                | CUSIP: 565394103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    133277 | NS      | $4912590.22   | 0.34%             |  |  |  | No            | 1                  | On Loan: No      |
| BIOGEN INC.                                        | BIOGEN INC                                   | CUSIP: 09062X103<br>LEI: W8J5WZB5IY3K0NDQT671 | Long             | EC               | CORP              | US        |       671 | NS      | $103515.17    | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| APPLE INC.                                         | APPLE INC                                    | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |    134454 | NS      | $36352327.98  | 2.52%             |  |  |  | No            | 1                  | On Loan: No      |
| ATHENEX INC                                        | ATHENEX INC                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |   5153482 | NS      | $0.05         | 0.00%             |  |  |  | No            | 3                  | On Loan: No      |
| RINGCENTRAL, INC.                                  | RINGCENTRAL INC CLASS A                      | CUSIP: 76680R206<br>LEI: 549300C8EH0H1614VE84 | Long             | EC               | CORP              | US        |     83896 | NS      | $2526947.52   | 0.17%             |  |  |  | No            | 1                  | On Loan: No      |
| SAP SE                                             | SAP SE                                       | CUSIP: 803054204<br>LEI: 529900D6BF99LW9R2E68 | Long             |  | CORP              | DE        |      9842 | NS      | $2559018.42   | 0.18%             |  |  |  | No            | 1                  | On Loan: No      |
| MANHATTAN ASSOCIATES, INC.                         | MANHATTAN ASSOCIATES INC                     | CUSIP: 562750109<br>LEI: 529900Q1GJP7KD52SW51 | Long             | EC               | CORP              | US        |      5650 | NS      | $1028695.50   | 0.07%             |  |  |  | No            | 1                  | On Loan: No      |
| ICON PUBLIC LIMITED COMPANY                        | ICON PLC                                     | CUSIP: G4705A100<br>LEI: 6354008SRQGEMC4XFI67 | Long             | EC               | CORP              | IE        |       422 | NS      | $72508.04     | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| SEAGATE TECHNOLOGY HOLDINGS PUBLIC LIMITED COMPANY | SEAGATE TECHNOLOGY HOLD                      | CUSIP: G7997R103<br>LEI: 635400RUXIFEZSRU8X70 | Long             | EC               | CORP              | IE        |      3582 | NS      | $916562.16    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| FORTINET, INC.                                     | FORTINET INC                                 | CUSIP: 34959E109<br>LEI: 549300O0QJWDBAS0QX03 | Long             | EC               | CORP              | US        |     82953 | NS      | $7169627.79   | 0.50%             |  |  |  | No            | 1                  | On Loan: No      |
| ALIGN TECHNOLOGY, INC.                             | ALIGN TECHNOLOGY INC                         | CUSIP: 016255101<br>LEI: 549300N5YSE0U3LCP840 | Long             | EC               | CORP              | US        |       434 | NS      | $59839.92     | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| Structure Therapeutics Inc                         | STRUCTURE THERAPEUTICS INC                   | CUSIP: 86366E106<br>LEI: N/A                  | Long             |  | CORP              | KY        |      2482 | NS      | $82700.24     | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| APPFOLIO, INC.                                     | APPFOLIO INC                                 | CUSIP: 03783C100<br>LEI: 529900OOUUGT6JFC0S15 | Long             | EC               | CORP              | US        |     11793 | NS      | $3000492.99   | 0.21%             |  |  |  | No            | 1                  | On Loan: No      |
| CELESTICA INC.                                     | CELESTICA INC                                | CUSIP: 15101Q207<br>LEI: 549300J3CG5T6RZWLN53 | Long             | EC               | CORP              | CA        |     11558 | NS      | $3981499.84   | 0.28%             |  |  |  | No            | 1                  | On Loan: No      |
| ADOBE INC.                                         | ADOBE INC                                    | CUSIP: 00724F101<br>LEI: FU4LY2G4933NH2E1CP29 | Long             | EC               | CORP              | US        |     10416 | NS      | $3544668.96   | 0.25%             |  |  |  | No            | 1                  | On Loan: No      |
| INSMED INCORPORATED                                | INSMED INC                                   | CUSIP: 457669307<br>LEI: 529900Q55QAG41CCAC11 | Long             | EC               | CORP              | US        |     85089 | NS      | $16132874.40  | 1.12%             |  |  |  | No            | 1                  | On Loan: No      |
| CADENCE DESIGN SYSTEMS, INC.                       | CADENCE DESIGN SYSTEMS INC                   | CUSIP: 127387108<br>LEI: GCT7RXJOGLXPV0NXZY22 | Long             | EC               | CORP              | US        |     13237 | NS      | $4483239.53   | 0.31%             |  |  |  | No            | 1                  | On Loan: No      |
| QUALCOMM INCORPORATED                              | QUALCOMM INC                                 | CUSIP: 747525103<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | EC               | CORP              | US        |      7704 | NS      | $1393653.60   | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Spyre Therapeutics Inc                             | SPYRE THERAPEUTICS INC                       | CUSIP: 00773J202<br>LEI: 52990017AIJPRH3HQH40 | Long             | EC               | CORP              | US        |     77126 | NS      | $1886501.96   | 0.13%             |  |  |  | No            | 1                  | On Loan: —       |
| Arcellx Inc                                        | ARCELLX INC                                  | CUSIP: 03940C100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     52168 | NS      | $4708162.00   | 0.33%             |  |  |  | No            | 1                  | On Loan: No      |
| Olema Pharmaceuticals Inc                          | OLEMA PHARMACEUTICALS INC                    | CUSIP: 68062P106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    256131 | NS      | $2297495.07   | 0.16%             |  |  |  | No            | 1                  | On Loan: No      |
| BIO-TECHNE CORPORATION                             | BIO TECHNE CORP                              | CUSIP: 09073M104<br>LEI: 54930073RLKQ51TILZ35 | Long             | EC               | CORP              | US        |      1363 | NS      | $85282.91     | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| ALIGNMENT HEALTHCARE, INC.                         | ALIGNMENT HEALTHCARE INC                     | CUSIP: 01625V104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2691 | NS      | $45370.26     | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| ABIOMED INC CVR                                    | ABIOMED INC CVR                              | CUSIP: 003CVR016<br>LEI: N/A                  | Long             | EC               |  | US        |       145 | NS      | $147.90       | 0.00%             |  |  |  | No            | 3                  | On Loan: No      |
| ACCENTURE PUBLIC LIMITED COMPANY                   | ACCENTURE PLC                                | CUSIP: G1151C101<br>LEI: 5493000EWHDSR3MZWH98 | Long             | EC               | CORP              | IE        |     11341 | NS      | $2836384.10   | 0.20%             |  |  |  | No            | 1                  | On Loan: No      |
| Oric Pharmaceuticals Inc                           | ORIC PHARMACEUTICALS INC                     | CUSIP: 68622P109<br>LEI: 54930033FJRNEYBW0L25 | Long             | EC               | CORP              | US        |    360193 | NS      | $4740139.88   | 0.33%             |  |  |  | No            | 1                  | On Loan: No      |
| INTUITIVE SURGICAL, INC.                           | INTUITIVE SURGICAL INC                       | CUSIP: 46120E602<br>LEI: 54930052SRG011710797 | Long             | EC               | CORP              | US        |       765 | NS      | $408724.20    | 0.03%             |  |  |  | No            | 1                  | On Loan: No      |
| ATLASSIAN CORPORATION                              | ATLASSIAN CORP PLC                           | CUSIP: 049468101<br>LEI: 549300V7ZY5P02D2MY38 | Long             | EC               | CORP              | US        |     24009 | NS      | $4067604.78   | 0.28%             |  |  |  | No            | 1                  | On Loan: No      |
| PINTEREST, INC.                                    | PINTEREST INC                                | CUSIP: 72352L106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     83715 | NS      | $2770966.50   | 0.19%             |  |  |  | No            | 1                  | On Loan: No      |
| SHOPIFY INC.                                       | SHOPIFY INC                                  | CUSIP: 82509L107<br>LEI: 549300HGQ43STJLLP808 | Long             | EC               | CORP              | CA        |     24380 | NS      | $4238706.80   | 0.29%             |  |  |  | No            | 1                  | On Loan: No      |
| MAXLINEAR, INC.                                    | MAXLINEAR INC                                | CUSIP: 57776J100<br>LEI: 549300EMOI0SM2IY4F64 | Long             | EC               | CORP              | US        |    531773 | NS      | $8056360.95   | 0.56%             |  |  |  | No            | 1                  | On Loan: No      |
| LIVE NATION ENTERTAINMENT, INC.                    | LIVE NATION ENTERTAINMENT INC                | CUSIP: 538034109<br>LEI: 5493007B9BM9ZXJINO78 | Long             | EC               | CORP              | US        |     12342 | NS      | $1845499.26   | 0.13%             |  |  |  | No            | 1                  | On Loan: No      |
| EDWARDS LIFESCIENCES CORPORATION                   | EDWARDS LIFESCIENCES CORPORATION             | CUSIP: 28176E108<br>LEI: YA13X31F3V31L8TMPR58 | Long             | EC               | CORP              | US        |      3810 | NS      | $314134.50    | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| APPLIED MATERIALS, INC.                            | APPLIED MATERIALS INC                        | CUSIP: 038222105<br>LEI: 41BNNE1AFPNAZELZ6K07 | Long             | EC               | CORP              | US        |      4859 | NS      | $1132632.90   | 0.08%             |  |  |  | No            | 1                  | On Loan: No      |
| MBX Biosciences Inc                                | MBX BIOSCIENCES INC                          | CUSIP: 55287L101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2911 | NS      | $63925.56     | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| STRATEGY INC                                       | STRATEGY INC                                 | CUSIP: 594972408<br>LEI: 549300WQTWEJUEHXQX21 | Long             | EC               | CORP              | US        |     13464 | NS      | $3628682.64   | 0.25%             |  |  |  | No            | 1                  | On Loan: No      |
| RIOT PLATFORMS, INC.                               | RIOT PLATFORMS INC                           | CUSIP: 767292105<br>LEI: 5299005LKZAJQDQZDF73 | Long             | EC               | CORP              | US        |     88318 | NS      | $1746930.04   | 0.12%             |  |  |  | No            | 1                  | On Loan: No      |
| TRIMBLE INC.                                       | TRIMBLE INC                                  | CUSIP: 896239100<br>LEI: 549300E2MI7NSZFQWS19 | Long             | EC               | CORP              | US        |     94251 | NS      | $7516517.25   | 0.52%             |  |  |  | No            | 1                  | On Loan: No      |
| Ultragenyx Pharmaceutical Inc                      | ULTRAGENYX PHARMACEUTICAL INC                | CUSIP: 90400D108<br>LEI: 529900EV44GVDN1DCX77 | Long             | EC               | CORP              | US        |    103885 | NS      | $3594421.00   | 0.25%             |  |  |  | No            | 1                  | On Loan: No      |
| NUTANIX, INC.                                      | NUTANIX INC A                                | CUSIP: 67059N108<br>LEI: 549300X7J6E8TKVIXW09 | Long             | EC               | CORP              | US        |     72701 | NS      | $5179219.24   | 0.36%             |  |  |  | No            | 1                  | On Loan: No      |
| CORPAY, INC.                                       | CORPAY INC                                   | CUSIP: 219948106<br>LEI: 549300DG6RR0NQSFLN74 | Long             | EC               | CORP              | US        |     13160 | NS      | $3426206.00   | 0.24%             |  |  |  | No            | 1                  | On Loan: No      |
| PALANTIR TECHNOLOGIES INC.                         | PALANTIR TECHNOLOGIES INC                    | CUSIP: 69608A108<br>LEI: 549300UVN46B3BBDHO85 | Long             | EC               | CORP              | US        |     37165 | NS      | $7450467.55   | 0.52%             |  |  |  | No            | 1                  | On Loan: No      |
| Vaxcyte Inc                                        | VAXCYTE INC                                  | CUSIP: 92243G108<br>LEI: 254900M7NMHTGASX8D95 | Long             | EC               | CORP              | US        |       627 | NS      | $28390.56     | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| monday.com Ltd                                     | MONDAY COM LTD                               | CUSIP: M7S64H106<br>LEI: 984500MDAFVD86E3B328 | Long             | EC               | CORP              | IL        |     16121 | NS      | $3308674.04   | 0.23%             |  |  |  | No            | 1                  | On Loan: No      |
| LABCORP HOLDINGS INC.                              | LABCORP HOLDINGS INC                         | CUSIP: 504922105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       391 | NS      | $99298.36     | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| Xenon Pharmaceuticals Inc                          | XENON PHARMACEUTICALS INC                    | CUSIP: 98420N105<br>LEI: 549300XV44Q9Z1MIPQ03 | Long             | EC               | CORP              | CA        |      1137 | NS      | $47663.04     | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| APELLIS PHARMACEUTICALS, INC.                      | APELLIS PHARMACEUTICALS INC                  | CUSIP: 03753U106<br>LEI: 254900HS0ZFRXXSB9D42 | Long             | EC               | CORP              | US        |      2204 | NS      | $47319.88     | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| WIX.COM LTD                                        | WIX COM LTD                                  | CUSIP: M98068105<br>LEI: 5493008P6N29Q1AG9464 | Long             | EC               | CORP              | IL        |     45552 | NS      | $6629638.08   | 0.46%             |  |  |  | No            | 1                  | On Loan: No      |
| Credo Technology Group Holding Ltd                 | CREDO TECHNOLOGY GROUP HOLDING LTD           | CUSIP: G25457105<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    104855 | NS      | $19672895.10  | 1.36%             |  |  |  | No            | 1                  | On Loan: No      |
| JOHNSON & JOHNSON                                  | JOHNSON JOHNSON                              | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |      2458 | NS      | $464242.46    | 0.03%             |  |  |  | No            | 1                  | On Loan: No      |
| MONOLITHIC POWER SYSTEMS, INC.                     | MONOLITHIC POWER SYSTEMS INC                 | CUSIP: 609839105<br>LEI: 529900TB7O85LSZ1XU31 | Long             | EC               | CORP              | US        |     24088 | NS      | $24208440.00  | 1.68%             |  |  |  | No            | 1                  | On Loan: No      |
| CARDINAL HEALTH, INC.                              | CARDINAL HEALTH INC                          | CUSIP: 14149Y108<br>LEI: CCU46N3GJMF4OK4N7U60 | Long             | EC               | CORP              | US        |       689 | NS      | $131440.53    | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| MercadoLibre, Inc.                                 | MERCADOLIBRE INC                             | CUSIP: 58733R102<br>LEI: 549300DKPDN9M5S8GB14 | Long             | EC               | CORP              | US        |       717 | NS      | $1668645.42   | 0.12%             |  |  |  | No            | 1                  | On Loan: No      |
| NAVAN, INC.                                        | NAVAN INC                                    | CUSIP: 639193101<br>LEI: 254900RHRK35UPHTGY05 | Long             | EC               | CORP              | US        |      4900 | NS      | $99347.50     | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| MKS INC.                                           | MKS INC                                      | CUSIP: 55306N104<br>LEI: 549300KEQATBHAGVF505 | Long             | EC               | CORP              | US        |     19649 | NS      | $2823757.79   | 0.20%             |  |  |  | No            | 1                  | On Loan: No      |
| GARTNER, INC.                                      | GARTNER INC                                  | CUSIP: 366651107<br>LEI: PP55B5R38BFB8O8HH686 | Long             | EC               | CORP              | US        |      8247 | NS      | $2048059.98   | 0.14%             |  |  |  | No            | 1                  | On Loan: No      |
| GODADDY INC.                                       | GODADDY INC CLASS A                          | CUSIP: 380237107<br>LEI: 549300J8H1TB0I2CB447 | Long             | EC               | CORP              | US        |     30211 | NS      | $4021990.43   | 0.28%             |  |  |  | No            | 1                  | On Loan: No      |
| Soleno Therapeutics Inc                            | SOLENO THERAPEUTICS INC                      | CUSIP: 834203309<br>LEI: 5493003LCY77N7FXK844 | Long             | EC               | CORP              | US        |       753 | NS      | $50571.48     | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| N/A                                                | SWISS FRANC                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              |  |  | CH        |      1941 | NS      | $2412.24      | 0.00%             |  |  |  | No            | N/A                | On Loan: No      |
| N/A                                                | GREAT BRITISH POUND                          | CUSIP: N/A<br>LEI: N/A                        | N/A              |  |  | GB        |      1504 | NS      | $1974.89      | 0.00%             |  |  |  | No            | N/A                | On Loan: No      |
| CAMP4 Therapeutics Corp                            | CAMP4 THERAPEUTICS CORP                      | CUSIP: 13463J101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    227800 | NS      | $947648.00    | 0.07%             |  |  |  | No            | 1                  | On Loan: —       |
| Nuvalent Inc                                       | NUVALENT INC                                 | CUSIP: 670703107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       388 | NS      | $38536.16     | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| AVANTOR, INC.                                      | AVANTOR INC                                  | CUSIP: 05352A100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6347 | NS      | $75021.54     | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| Agios Pharmaceuticals Inc                          | AGIOS PHARMACEUTICALS INC                    | CUSIP: 00847X104<br>LEI: 529900ONJHY8EOGYT555 | Long             | EC               | CORP              | US        |       998 | NS      | $43153.52     | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| SALESFORCE, INC.                                   | SALESFORCE INC                               | CUSIP: 79466L302<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | EC               | CORP              | US        |     12908 | NS      | $3361372.28   | 0.23%             |  |  |  | No            | 1                  | On Loan: No      |
| BLOCK, INC.                                        | Block Inc                                    | CUSIP: 852234103<br>LEI: 549300OHIIUWSTIZME52 | Long             | EC               | CORP              | US        |     26740 | NS      | $2030635.60   | 0.14%             |  |  |  | No            | 1                  | On Loan: No      |
| NETAPP, INC.                                       | NETAPP INC                                   | CUSIP: 64110D104<br>LEI: QTX3D84DZDD5JYOCYH15 | Long             | EC               | CORP              | US        |     16596 | NS      | $1954676.88   | 0.14%             |  |  |  | No            | 1                  | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co., Ltd.       | TAIWAN SEMICONDUCTOR MANUFACTU               | CUSIP: N/A<br>LEI: 549300KB6NK5SBD14S87       | Long             | EC               | CORP              | TW        |    101505 | NS      | $4909227.01   | 0.34%             |  |  |  | No            | 2                  | On Loan: No      |
| Zymeworks Inc                                      | ZYMEWORKS INC                                | CUSIP: 98985Y108<br>LEI: 894500AHOYAGYLYZJL67 | Long             | EC               | CORP              | US        |     82922 | NS      | $1582566.37   | 0.11%             |  |  |  | No            | 1                  | On Loan: No      |
| IDEAYA Biosciences Inc                             | IDEAYA BIOSCIENCES INC                       | CUSIP: 45166A102<br>LEI: 549300ULW08F62IJML11 | Long             | EC               | CORP              | US        |    161707 | NS      | $5151985.02   | 0.36%             |  |  |  | No            | 1                  | On Loan: No      |
| PAYPAL HOLDINGS, INC.                              | PAYPAL HOLDINGS INC                          | CUSIP: 70450Y103<br>LEI: 5493005X2GO78EFZ3E94 | Long             | EC               | CORP              | US        |     89276 | NS      | $6184148.52   | 0.43%             |  |  |  | No            | 1                  | On Loan: No      |
| AEHR TEST SYSTEMS                                  | AEHR TEST SYSTEMS                            | CUSIP: 00760J108<br>LEI: 529900A4GWWZFRU2RE97 | Long             | EC               | CORP              | US        |    272002 | NS      | $7069331.98   | 0.49%             |  |  |  | No            | 1                  | On Loan: —       |
| Elastic N.V.                                       | ELASTIC NV                                   | CUSIP: N14506104<br>LEI: 2549003I48WHHH937I59 | Long             | EC               | CORP              | NL        |     22622 | NS      | $2018334.84   | 0.14%             |  |  |  | No            | 1                  | On Loan: No      |
| CROWDSTRIKE HOLDINGS, INC.                         | CROWDSTRIKE HOLDINGS INC A                   | CUSIP: 22788C105<br>LEI: 549300YBY08K9KM4HX32 | Long             | EC               | CORP              | US        |      2908 | NS      | $1579073.08   | 0.11%             |  |  |  | No            | 1                  | On Loan: No      |
| Viridian Therapeutics Inc                          | VIRIDIAN THERAPEUTICS INC                    | CUSIP: 92790C104<br>LEI: 549300C775BNYF550E70 | Long             | EC               | CORP              | US        |    250211 | NS      | $5912485.93   | 0.41%             |  |  |  | No            | 1                  | On Loan: No      |
| ROBLOX CORPORATION                                 | ROBLOX CORP                                  | CUSIP: 771049103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     28049 | NS      | $3189732.28   | 0.22%             |  |  |  | No            | 1                  | On Loan: No      |
| ZSCALER, INC.                                      | ZSCALER INC                                  | CUSIP: 98980G102<br>LEI: 529900MZ0RTK1BWRNF46 | Long             | EC               | CORP              | US        |     11916 | NS      | $3945864.24   | 0.27%             |  |  |  | No            | 1                  | On Loan: No      |
| MASTERCARD INCORPORATED.                           | MASTERCARD INC CLASS A                       | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |     17780 | NS      | $9814382.20   | 0.68%             |  |  |  | No            | 1                  | On Loan: No      |
| IMMUNOCORE HOLDINGS PLC                            | IMMUNOCORE HOLDINGS PLC                      | CUSIP: 45258D105<br>LEI: 213800IUE3DFS84BVN18 | Long             |  | CORP              | GB        |      1149 | NS      | $38020.41     | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| Galderma Group Ltd                                 | GALDERMA GROUP AG                            | CUSIP: N/A<br>LEI: 89450001OK6O8ELQ4584       | Long             | EC               | CORP              | CH        |       493 | NS      | $91573.09     | 0.01%             |  |  |  | No            | 2                  | On Loan: No      |
| CYBERARK SOFTWARE LTD.                             | CYBERARK SOFTWARE LTD                        | CUSIP: M2682V108<br>LEI: 529900YEXNDM894PWS93 | Long             | EC               | CORP              | IL        |     24161 | NS      | $12582565.58  | 0.87%             |  |  |  | No            | 1                  | On Loan: No      |
| Jiangsu Hengrui Pharmaceuticals Co.,Ltd            | JIANGSU HENGRUI PHARMACEUTICALS CO LTD       | CUSIP: N/A<br>LEI: 2549003BT1XS3SE3E448       | Long             | EC               | CORP              | CN        |      4318 | NS      | $41850.91     | 0.00%             |  |  |  | No            | 2                  | On Loan: No      |
| CHARLES RIVER LABORATORIES INTERNATIONAL, INC.     | CHARLES RIVER LABORATORIES INTERNATIONAL INC | CUSIP: 159864107<br>LEI: 549300BSQ0R4UZ5KX287 | Long             | EC               | CORP              | US        |       307 | NS      | $55281.49     | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| GitLab Inc                                         | GITLAB INC                                   | CUSIP: 37637K108<br>LEI: 9845004Y40FACG81ED49 | Long             | EC               | CORP              | US        |     73206 | NS      | $3568792.50   | 0.25%             |  |  |  | No            | 1                  | On Loan: No      |
| CENCORA, INC.                                      | CENCORA INC                                  | CUSIP: 03073E105<br>LEI: AI8GXW8LG5WK7E9UD086 | Long             | EC               | CORP              | US        |       915 | NS      | $309096.15    | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| SILICON MOTION TECHNOLOGY CORPORATION              | SILICON MOTION TECHNOLOGY CORP               | CUSIP: 82706C108<br>LEI: 5299005RBVBZQJTYFC89 | Long             |  | CORP              | KY        |     75238 | NS      | $7381600.18   | 0.51%             |  |  |  | No            | 1                  | On Loan: No      |
| Kymera Therapeutics Inc                            | KYMERA THERAPEUTICS INC                      | CUSIP: 501575104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     27595 | NS      | $1706474.80   | 0.12%             |  |  |  | No            | 1                  | On Loan: No      |
| WORKDAY, INC.                                      | WORKDAY INC                                  | CUSIP: 98138H101<br>LEI: 549300J0DYC0N31V7G13 | Long             | EC               | CORP              | US        |     10926 | NS      | $2621365.92   | 0.18%             |  |  |  | No            | 1                  | On Loan: No      |
| DANAHER CORPORATION                                | DANAHER CORP                                 | CUSIP: 235851102<br>LEI: S4BKK9OTCEWQ3YHPFM11 | Long             | EC               | CORP              | US        |      1339 | NS      | $288393.82    | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| VARONIS SYSTEMS, INC.                              | VARONIS SYSTEMS INC                          | CUSIP: 922280102<br>LEI: 549300SHIVNRRH7STS26 | Long             | EC               | CORP              | US        |    354770 | NS      | $12498547.10  | 0.86%             |  |  |  | No            | 1                  | On Loan: No      |
| VISA INC.                                          | VISA INC CLASS A                             | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |     48458 | NS      | $16511578.92  | 1.14%             |  |  |  | No            | 1                  | On Loan: No      |
| iShares Expanded Tech Sector ETF                   | ISHARES EXPANDED TECH SECTOR                 | CUSIP: 464287549<br>LEI: N/A                  | Long             |  | RF                | US        |     33652 | NS      | $4504656.72   | 0.31%             |  |  |  | No            | 1                  | On Loan: —       |
| DOCUSIGN, INC.                                     | DOCUSIGN INC                                 | CUSIP: 256163106<br>LEI: 549300Q7PVDWRZ39JG09 | Long             | EC               | CORP              | US        |     58372 | NS      | $4269328.08   | 0.30%             |  |  |  | No            | 1                  | On Loan: No      |
| TAKE-TWO INTERACTIVE SOFTWARE, INC.                | TAKE TWO INTERACTIVE SOFTWARE                | CUSIP: 874054109<br>LEI: BOMSTHHJK882EWYX3334 | Long             | EC               | CORP              | US        |     41005 | NS      | $10512451.85  | 0.73%             |  |  |  | No            | 1                  | On Loan: No      |
| N/A                                                | JAPANESE YEN                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              |  |  | JP        |   2940466 | NS      | $19082.78     | 0.00%             |  |  |  | No            | N/A                | On Loan: No      |
| CELLDEX THERAPEUTICS, INC.                         | CELLDEX THERAPEUTICS INC                     | CUSIP: 15117B202<br>LEI: 529900F018DMYWH38923 | Long             | EC               | CORP              | US        |      1802 | NS      | $48167.46     | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| SEMTECH CORPORATION                                | SEMTECH CORP                                 | CUSIP: 816850101<br>LEI: 549300J7WUY317SW6O61 | Long             | EC               | CORP              | US        |    225827 | NS      | $15324620.22  | 1.06%             |  |  |  | No            | 1                  | On Loan: No      |
| IONIS PHARMACEUTICALS, INC.                        | IONIS PHARMACEUTICALS INC                    | CUSIP: 462222100<br>LEI: 549300SI4ZGLG0BLUZ92 | Long             | EC               | CORP              | US        |      1000 | NS      | $74300.00     | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| ASCENDIS PHARMA A/S                                | ASCENDIS PHARMA A S ADR                      | CUSIP: 04351P101<br>LEI: 549300B66JN3W3J8GH73 | Long             |  | CORP              | DK        |       331 | NS      | $66729.60     | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| HCA HEALTHCARE, INC.                               | HCA HEALTHCARE INC                           | CUSIP: 40412C101<br>LEI: 529900PH4ZGUH2MNEU89 | Long             | EC               | CORP              | US        |       299 | NS      | $137444.32    | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| DIASORIN S.P.A.                                    | DIASORIN SPA                                 | CUSIP: N/A<br>LEI: 8156002878BDF0EE4348       | Long             | EC               | CORP              | IT        |       229 | NS      | $20280.56     | 0.00%             |  |  |  | No            | 2                  | On Loan: No      |
| Pharvaris NV                                       | PHARVARIS NV                                 | CUSIP: N69605108<br>LEI: 9845003BE146D3B75D32 | Long             | EC               | CORP              | NL        |      2001 | NS      | $44462.22     | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| MEDTRONIC PUBLIC LIMITED COMPANY                   | MEDTRONIC PLC                                | CUSIP: G5960L103<br>LEI: 549300GX3ZBSQWUXY261 | Long             | EC               | CORP              | IE        |      2878 | NS      | $261034.60    | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| INTUIT INC.                                        | INTUIT INC                                   | CUSIP: 461202103<br>LEI: VI90HBPH7XSFMB9E4M29 | Long             | EC               | CORP              | US        |     11718 | NS      | $7822350.90   | 0.54%             |  |  |  | No            | 1                  | On Loan: No      |
| MICROSOFT CORPORATION                              | MICROSOFT CORP                               | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |    184786 | NS      | $95684038.66  | 6.62%             |  |  |  | No            | 1                  | On Loan: No      |
| Heartflow Inc                                      | HEARTFLOW INC                                | CUSIP: 42238D107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        64 | NS      | $2378.24      | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| ELI LILLY AND COMPANY                              | ELI LILLY CO                                 | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |     12891 | NS      | $11123128.26  | 0.77%             |  |  |  | No            | 1                  | On Loan: No      |
| OPTION CARE HEALTH, INC.                           | OPTION CARE HEALTH INC                       | CUSIP: 68404L201<br>LEI: 549300DI3Q5ACSYJRI17 | Long             | EC               | CORP              | US        |      2135 | NS      | $55574.05     | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| BROADCOM INC.                                      | BROADCOM INC                                 | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |    117207 | NS      | $43323223.41  | 3.00%             |  |  |  | No            | 1                  | On Loan: No      |
| ELEVANCE HEALTH, INC.                              | ELEVANCE HEALTH INC                          | CUSIP: 036752103<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | EC               | CORP              | US        |       553 | NS      | $175411.60    | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| WEX INC.                                           | WEX INC                                      | CUSIP: 96208T104<br>LEI: T9M5IGROL1TL1G5OV478 | Long             | EC               | CORP              | US        |     11025 | NS      | $1608327.00   | 0.11%             |  |  |  | No            | 1                  | On Loan: No      |
| FIRST SOLAR, INC.                                  | FIRST SOLAR INC                              | CUSIP: 336433107<br>LEI: 549300NPYMLM4NHTOF27 | Long             | EC               | CORP              | US        |      6289 | NS      | $1678785.66   | 0.12%             |  |  |  | No            | 1                  | On Loan: No      |
| SYNOPSYS, INC.                                     | SYNOPSYS INC                                 | CUSIP: 871607107<br>LEI: QG7T915N9S0NY5UKNE63 | Long             | EC               | CORP              | US        |     19931 | NS      | $9045086.42   | 0.63%             |  |  |  | No            | 1                  | On Loan: No      |
| Dianthus Therapeutics Inc                          | DIANTHUS THERAPEUTICS INC                    | CUSIP: 252828108<br>LEI: 549300Z3N6ODPCOFC890 | Long             | EC               | CORP              | US        |      1430 | NS      | $50021.40     | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| AMPHENOL CORPORATION                               | AMPHENOL CORP CLASS A                        | CUSIP: 032095101<br>LEI: 549300D3L3G0R4U4VT04 | Long             | EC               | CORP              | US        |     49783 | NS      | $6936763.22   | 0.48%             |  |  |  | No            | 1                  | On Loan: No      |
| STRYKER CORPORATION                                | STRYKER CORP                                 | CUSIP: 863667101<br>LEI: 5493002F0SC4JTBU5137 | Long             | EC               | CORP              | US        |       351 | NS      | $125040.24    | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| VEEVA SYSTEMS INC.                                 | VEEVA SYSTEMS INC                            | CUSIP: 922475108<br>LEI: 549300YZEXPDB92M2F02 | Long             | EC               | CORP              | US        |     16295 | NS      | $4745104.00   | 0.33%             |  |  |  | No            | 1                  | On Loan: No      |
| ADVANCED MICRO DEVICES, INC.                       | ADVANCED MICRO DEVICES INC                   | CUSIP: 007903107<br>LEI: R2I72C950HOYXII45366 | Long             | EC               | CORP              | US        |     16385 | NS      | $4196526.20   | 0.29%             |  |  |  | No            | 1                  | On Loan: No      |
| FAIR ISAAC CORPORATION                             | FAIR ISAAC CORP                              | CUSIP: 303250104<br>LEI: RI6HET5SJUEY30V1PS26 | Long             | EC               | CORP              | US        |      7450 | NS      | $12363498.50  | 0.86%             |  |  |  | No            | 1                  | On Loan: No      |
| ALNYLAM PHARMACEUTICALS, INC.                      | ALNYLAM PHARMACEUTICALS INC                  | CUSIP: 02043Q107<br>LEI: 529900S3ZI14OWRJII50 | Long             | EC               | CORP              | US        |       187 | NS      | $85279.48     | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| Protagonist Therapeutics Inc                       | PROTAGONIST THERAPEUTICS INC                 | CUSIP: 74366E102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     78317 | NS      | $6157282.54   | 0.43%             |  |  |  | No            | 1                  | On Loan: No      |
| DROPBOX, INC.                                      | DROPBOX INC                                  | CUSIP: 26210C104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     88277 | NS      | $2560033.00   | 0.18%             |  |  |  | No            | 1                  | On Loan: No      |
| AGILENT TECHNOLOGIES, INC.                         | AGILENT TECHNOLOGIES INC                     | CUSIP: 00846U101<br>LEI: QUIX8Y7A2WP0XRMW7G29 | Long             | EC               | CORP              | US        |      1184 | NS      | $173290.24    | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| GSK PLC                                            | GSK PLC                                      | CUSIP: N/A<br>LEI: 5493000HZTVUYLO1D793       | Long             | EC               | CORP              | GB        |      5553 | NS      | $129995.86    | 0.01%             |  |  |  | No            | 2                  | On Loan: No      |
| Twist Bioscience Corp                              | TWIST BIOSCIENCE CORP                        | CUSIP: 90184D100<br>LEI: 549300T23BL59LCOH584 | Long             | EC               | CORP              | US        |     83568 | NS      | $2748551.52   | 0.19%             |  |  |  | No            | 1                  | On Loan: No      |
| MADRIGAL PHARMACEUTICALS, INC.                     | MADRIGAL PHARMACEUTICALS INC                 | CUSIP: 558868105<br>LEI: 549300CHIMT2EUSNJB60 | Long             | EC               | CORP              | US        |       102 | NS      | $42727.80     | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| Scholar Rock Holding Corp                          | SCHOLAR ROCK HOLDING CORP                    | CUSIP: 80706P103<br>LEI: 549300Z1FLPGL4OWJ459 | Long             | EC               | CORP              | US        |       749 | NS      | $22185.38     | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| Disc Medicine Inc                                  | DISC MEDICINE INC                            | CUSIP: 254604101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     92347 | NS      | $7962158.34   | 0.55%             |  |  |  | No            | 1                  | On Loan: No      |
| PTC THERAPEUTICS, INC.                             | PTC THERAPEUTICS INC                         | CUSIP: 69366J200<br>LEI: 549300UJLWOIWFDGB318 | Long             | EC               | CORP              | US        |       700 | NS      | $47817.00     | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| NOVANTA INC.                                       | NOVANTA INC                                  | CUSIP: 67000B104<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |     42588 | NS      | $5409101.88   | 0.37%             |  |  |  | No            | 1                  | On Loan: No      |
| GenFleet Therapeutics (Shanghai) Inc               | GENFLEET THERAPEUTICS SHANGHAI INC           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CN        |       600 | NS      | $2109.60      | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| CYTOKINETICS, INCORPORATED                         | CYTOKINETICS INC                             | CUSIP: 23282W605<br>LEI: 549300BE5DY1HW7IHA64 | Long             | EC               | CORP              | US        |       835 | NS      | $53097.65     | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| AMICUS THERAPEUTICS, INC.                          | AMICUS THERAPEUTICS INC                      | CUSIP: 03152W109<br>LEI: 549300MRD1SMUTNBPQ53 | Long             | EC               | CORP              | US        |      6407 | NS      | $57855.21     | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| BRISTOL-MYERS SQUIBB COMPANY                       | BRISTOL MYERS SQUIBB CO                      | CUSIP: 110122108<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | EC               | CORP              | US        |      2452 | NS      | $112963.64    | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| GUARDANT HEALTH, INC.                              | GUARDANT HEALTH INC                          | CUSIP: 40131M109<br>LEI: 254900M8C3E5VC8BR186 | Long             | EC               | CORP              | US        |    223952 | NS      | $20832015.04  | 1.44%             |  |  |  | No            | 1                  | On Loan: No      |
| VERTEX PHARMACEUTICALS INCORPORATED                | VERTEX PHARAMACEUTICALS INC                  | CUSIP: 92532F100<br>LEI: 54930015RAQRRZ5ZGJ91 | Long             | EC               | CORP              | US        |     17192 | NS      | $7316399.44   | 0.51%             |  |  |  | No            | 1                  | On Loan: No      |
| ARISTA NETWORKS, INC.                              | ARISTA NETWORKS INC                          | CUSIP: 040413205<br>LEI: 635400H1WKBLOQERUU95 | Long             | EC               | CORP              | US        |    162265 | NS      | $25587567.85  | 1.77%             |  |  |  | No            | 1                  | On Loan: No      |
| INVESCO GOVERNMENT & AGENCY PORTFOLIO              | INVESCO GVT & AGNCY-INST                     | CUSIP: 825252885<br>LEI: N/A                  | Long             | STIV             | RF                | US        |   3755717 | NS      | $3755717.38   | 0.26%             |  |  |  | No            | 1                  | On Loan: No      |
| THERMO FISHER SCIENTIFIC INCORPORATED              | THERMO FISHER SCIENTIFIC INC                 | CUSIP: 883556102<br>LEI: HCHV7422L5HDJZCRFL38 | Long             | EC               | CORP              | US        |       456 | NS      | $258729.84    | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| Samsara Inc                                        | SAMSARA INC                                  | CUSIP: 79589L106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     60442 | NS      | $2427955.14   | 0.17%             |  |  |  | No            | 1                  | On Loan: No      |
| BRIDGEBIO PHARMA, INC.                             | BRIDGEBIO PHARMA INC                         | CUSIP: 10806X102<br>LEI: 54930028YG89VTY2J114 | Long             | EC               | CORP              | US        |    126149 | NS      | $7901973.36   | 0.55%             |  |  |  | No            | 1                  | On Loan: No      |
| N/A                                                | DANISH KRONER                                | CUSIP: N/A<br>LEI: N/A                        | N/A              |  |  | DK        |      6822 | NS      | $1053.16      | 0.00%             |  |  |  | No            | N/A                | On Loan: No      |
| N/A                                                | EURO                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              |  |  | XX        |     53606 | NS      | $61780.99     | 0.00%             |  |  |  | No            | N/A                | 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