# EDGAR Filing Document

**Accession Number:** 0000908695
**File Stem:** 0001004726-25-001012
**Filing Date:** 2025-9
**Character Count:** 72690
**Document Hash:** a5cd0678fa77b4849c40aa780f1844d0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001004726-25-001012.hdr.sgml**: 20250926

**ACCESSION NUMBER**: 0001004726-25-001012

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20250926

**DATE AS OF CHANGE**: 20250926

**PERIOD START**: 20260430

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07852
- **FILM NUMBER:** 251348179

**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:** 2025-07-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $1344745579.52

**Total Liabilities:** $22680772.71

**Net Assets:** $1322064806.81

**Cash Not Reported:** $8880560.36

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000220624 | 9.38%                | 8.61%                | 3.08%                |
| Class ID C000034880 | 9.39%                | 8.65%                | 3.09%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $11978290.45             | $87981534.73                               |
| Month 2  | $4228074.79              | $99893157.91                               |
| Month 3  | $10511384.71             | $30299065.51                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Shift4 Payments Inc                            | SHIFT4 PAYMENTS INC CLASS A                  | CUSIP: 82452J109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     77528 | NS      | $7985384.00   | 0.60%             |  |  |  | No            |                  1 | On Loan: —       |
| IMMUNOCORE HOLDINGS PLC                        | IMMUNOCORE HOLDINGS PLC                      | CUSIP: 45258D105<br>LEI: 213800IUE3DFS84BVN18 | Long             |  | CORP              | GB        |      1421 | NS      | $46566.17     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| ELANCO ANIMAL HEALTH INCORPORATED              | ELANCO ANIMAL HEALTH INC                     | CUSIP: 28414H103<br>LEI: 549300SHPNDCE059M934 | Long             | EC               | CORP              | US        |      3604 | NS      | $49302.72     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CENCORA, INC.                                  | CENCORA INC                                  | CUSIP: 03073E105<br>LEI: AI8GXW8LG5WK7E9UD086 | Long             | EC               | CORP              | US        |       953 | NS      | $272634.24    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| DROPBOX, INC.                                  | DROPBOX INC                                  | CUSIP: 26210C104<br>LEI: 549300JCDF7UAR6TJR51 | Long             | EC               | CORP              | US        |     88277 | NS      | $2398486.09   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| STRYKER CORPORATION                            | STRYKER CORP                                 | CUSIP: 863667101<br>LEI: 5493002F0SC4JTBU5137 | Long             | EC               | CORP              | US        |       268 | NS      | $105251.64    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| THE TRADE DESK, INC.                           | THE TRADE DESK INC CLASS A                   | CUSIP: 88339J105<br>LEI: 549300GXPD31VT3E0P46 | Long             | EC               | CORP              | US        |     93597 | NS      | $8139195.12   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| NXP Semiconductors N.V.                        | NXP SEMICONDUCTOR NV                         | CUSIP: N6596X109<br>LEI: 724500M9BY5293JDF951 | Long             | EC               | CORP              | NL        |     16447 | NS      | $3515875.19   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Krystal Biotech Inc                            | KRYSTAL BIOTECH INC                          | CUSIP: 501147102<br>LEI: 549300YONUY68210OE41 | Long             | EC               | CORP              | US        |     21077 | NS      | $3243117.99   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITED THERAPEUTICS CORPORATION                | UNITED THERAPEUTICS CORP                     | CUSIP: 91307C102<br>LEI: 5299005C4HZL4UWROC14 | Long             | EC               | CORP              | US        |       375 | NS      | $103012.50    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| MERCK & CO., INC.                              | MERCK CO INC                                 | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |      4851 | NS      | $378960.12    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| GSK PLC                                        | GSK PLC                                      | CUSIP: N/A<br>LEI: 5493000HZTVUYLO1D793       | Long             | EC               | CORP              | GB        |      3111 | NS      | $57212.57     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Qiagen N.V.                                    | QIAGEN NV                                    | CUSIP: N72482206<br>LEI: 54930036WK3GMCN17Z57 | Long             | EC               | CORP              | NL        |      1298 | NS      | $64043.32     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| ALIGN TECHNOLOGY, INC.                         | ALIGN TECHNOLOGY INC                         | CUSIP: 016255101<br>LEI: 549300N5YSE0U3LCP840 | Long             | EC               | CORP              | US        |       434 | NS      | $55990.34     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| LIVE NATION ENTERTAINMENT, INC.                | LIVE NATION ENTERTAINMENT INC                | CUSIP: 538034109<br>LEI: 5493007B9BM9ZXJINO78 | Long             | EC               | CORP              | US        |     12342 | NS      | $1822913.40   | 0.14%             |  |  |  | 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        |   5378592 | NS      | $5378591.64   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| CYBERARK SOFTWARE LTD.                         | CYBERARK SOFTWARE LTD                        | CUSIP: M2682V108<br>LEI: 529900YEXNDM894PWS93 | Long             | EC               | CORP              | IL        |     24161 | NS      | $9941526.67   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| ADOBE INC.                                     | ADOBE INC                                    | CUSIP: 00724F101<br>LEI: FU4LY2G4933NH2E1CP29 | Long             | EC               | CORP              | US        |     10416 | NS      | $3725699.04   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Coherent Corp.                                 | COHERENT CORP                                | CUSIP: 19247G107<br>LEI: 549300O5C25A0MMHHU33 | Long             | EC               | CORP              | US        |    155145 | NS      | $16693602.00  | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| DOCUSIGN, INC.                                 | DOCUSIGN INC                                 | CUSIP: 256163106<br>LEI: 549300Q7PVDWRZ39JG09 | Long             | EC               | CORP              | US        |     58372 | NS      | $4415258.08   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| THERMO FISHER SCIENTIFIC INCORPORATED          | THERMO FISHER SCIENTIFIC INC                 | CUSIP: 883556102<br>LEI: HCHV7422L5HDJZCRFL38 | Long             | EC               | CORP              | US        |       477 | NS      | $223083.36    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| SK hynix Inc.                                  | SK HYNIX INC                                 | CUSIP: N/A<br>LEI: 988400XAIK6XISWQV045       | Long             | EC               | CORP              | KR        |      7540 | NS      | $1462109.22   | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| DELL TECHNOLOGIES INC.                         | DELL TECHNOLOGIES INC                        | CUSIP: 24703L202<br>LEI: 549300TJB5YBRUPOG437 | Long             | EC               | CORP              | US        |     17855 | NS      | $2369179.95   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| TAKE-TWO INTERACTIVE SOFTWARE, INC.            | TAKE TWO INTERACTIVE SOFTWARE                | CUSIP: 874054109<br>LEI: BOMSTHHJK882EWYX3334 | Long             | EC               | CORP              | US        |     52291 | NS      | $11646774.43  | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Pacs Group Inc                                 | PACS GROUP INC                               | CUSIP: 69380Q107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1833 | NS      | $20272.98     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| FLEX LTD.                                      | FLEX LTD                                     | CUSIP: Y2573F102<br>LEI: 549300EAQH74YHD07T53 | Long             | EC               | CORP              | SG        |     45589 | NS      | $2273523.43   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| ABBOTT LABORATORIES                            | ABBOTT LABORATORIES                          | CUSIP: 002824100<br>LEI: HQD377W2YR662HK5JX27 | Long             | EC               | CORP              | US        |      1569 | NS      | $197992.11    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| IDEAYA Biosciences Inc                         | IDEAYA BIOSCIENCES INC                       | CUSIP: 45166A102<br>LEI: 549300ULW08F62IJML11 | Long             | EC               | CORP              | US        |    116979 | NS      | $2848438.65   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| ATLASSIAN CORPORATION                          | ATLASSIAN CORP PLC                           | CUSIP: 049468101<br>LEI: 549300V7ZY5P02D2MY38 | Long             | EC               | CORP              | US        |     27853 | NS      | $5341648.34   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| PTC THERAPEUTICS, INC.                         | PTC THERAPEUTICS INC                         | CUSIP: 69366J200<br>LEI: 549300UJLWOIWFDGB318 | Long             | EC               | CORP              | US        |       862 | NS      | $44918.82     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Galderma Group Ltd                             | GALDERMA GROUP AG                            | CUSIP: N/A<br>LEI: 89450001OK6O8ELQ4584       | Long             | EC               | CORP              | CH        |       903 | NS      | $139211.50    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| BOSTON SCIENTIFIC CORPORATION                  | BOSTON SCIENTIFIC CORP                       | CUSIP: 101137107<br>LEI: Y6ZDD9FP4P8JSSJMW954 | Long             | EC               | CORP              | US        |      4581 | NS      | $480638.52    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Navitas Semiconductor Corp                     | NAVITAS SEMICONDUCTOR CORP                   | CUSIP: 63942X106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    781020 | NS      | $5724876.60   | 0.43%             |  |  |  | No            |                  1 | On Loan: —       |
| UCB SA                                         | UCB SA                                       | CUSIP: N/A<br>LEI: 2138008J191VLSGY5A09       | Long             | EC               | CORP              | BE        |       524 | NS      | $112573.79    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Dyne Therapeutics Inc                          | DYNE THERAPEUTICS INC                        | CUSIP: 26818M108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    103201 | NS      | $1016529.85   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| NETFLIX, INC.                                  | NETFLIX INC                                  | CUSIP: 64110L106<br>LEI: 549300Y7VHGU0I7CE873 | Long             | EC               | CORP              | US        |     24924 | NS      | $28896885.60  | 2.19%             |  |  |  | No            |                  1 | On Loan: No      |
| ZSCALER, INC.                                  | ZSCALER INC                                  | CUSIP: 98980G102<br>LEI: 529900MZ0RTK1BWRNF46 | Long             | EC               | CORP              | US        |      5700 | NS      | $1627692.00   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| LAM RESEARCH CORPORATION                       | LAM RESEARCH CORP                            | CUSIP: 512807306<br>LEI: 549300I4GMO6D34U1T02 | Long             | EC               | CORP              | US        |    133566 | NS      | $12667399.44  | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| CELLDEX THERAPEUTICS, INC.                     | CELLDEX THERAPEUTICS INC                     | CUSIP: 15117B202<br>LEI: 529900F018DMYWH38923 | Long             | EC               | CORP              | US        |      1370 | NS      | $30112.60     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| ZOOM COMMUNICATIONS, INC.                      | ZOOM COMMUNICATIONS INC                      | CUSIP: 98980L101<br>LEI: 549300T9GCHU0ODOM055 | Long             | EC               | CORP              | US        |      6685 | NS      | $495024.25    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Elastic N.V.                                   | ELASTIC NV                                   | CUSIP: N14506104<br>LEI: 2549003I48WHHH937I59 | Long             | EC               | CORP              | NL        |     10777 | NS      | $902034.90    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| META PLATFORMS, INC.                           | META PLATFORMS INC                           | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |    141788 | NS      | $109664510.72 | 8.29%             |  |  |  | No            |                  1 | On Loan: No      |
| DYNATRACE, INC.                                | DYNATRACE INC                                | CUSIP: 268150109<br>LEI: 6488T0Z33CE9L61EX904 | Long             | EC               | CORP              | US        |    107597 | NS      | $5660678.17   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| WIX.COM LTD                                    | WIX COM LTD                                  | CUSIP: M98068105<br>LEI: 5493008P6N29Q1AG9464 | Long             | EC               | CORP              | IL        |     48083 | NS      | $6540730.49   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| ALIGNMENT HEALTHCARE, INC.                     | ALIGNMENT HEALTHCARE INC                     | CUSIP: 01625V104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3384 | NS      | $46631.52     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| VEEVA SYSTEMS INC.                             | VEEVA SYSTEMS INC                            | CUSIP: 922475108<br>LEI: 549300YZEXPDB92M2F02 | Long             | EC               | CORP              | US        |     16295 | NS      | $4631039.00   | 0.35%             |  |  |  | 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        |    163709 | NS      | $18261738.95  | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| KLA CORPORATION                                | KLA CORP                                     | CUSIP: 482480100<br>LEI: 549300H0BF5JCG96TJ81 | Long             | EC               | CORP              | US        |      9068 | NS      | $7971044.04   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| ELI LILLY AND COMPANY                          | ELI LILLY CO                                 | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |     15561 | NS      | $11516229.27  | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| MASTERCARD INCORPORATED.                       | MASTERCARD INC CLASS A                       | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |     17780 | NS      | $10071836.60  | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| SAP SE                                         | SAP SE                                       | CUSIP: 803054204<br>LEI: 529900D6BF99LW9R2E68 | Long             |  | CORP              | DE        |      9842 | NS      | $2821701.40   | 0.21%             |  |  |  | No            |                  1 | On Loan: —       |
| iShares Expanded Tech Sector ETF               | ISHARES EXPANDED TECH SECTOR                 | CUSIP: 464287549<br>LEI: N/A                  | Long             |  | RF                | US        |     44278 | NS      | $5133148.54   | 0.39%             |  |  |  | No            |                  1 | On Loan: —       |
| INSULET CORPORATION                            | INSULET CORP                                 | CUSIP: 45784P101<br>LEI: 549300TZTYD2PYN92D43 | Long             | EC               | CORP              | US        |       292 | NS      | $84212.80     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| AMICUS THERAPEUTICS, INC.                      | AMICUS THERAPEUTICS INC                      | CUSIP: 03152W109<br>LEI: 549300MRD1SMUTNBPQ53 | Long             | EC               | CORP              | US        |      6407 | NS      | $38377.93     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| RINGCENTRAL, INC.                              | RINGCENTRAL INC CLASS A                      | CUSIP: 76680R206<br>LEI: 549300C8EH0H1614VE84 | Long             | EC               | CORP              | US        |     83896 | NS      | $2138509.04   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| PEGASYSTEMS INC.                               | PEGASYSTEMS INC                              | CUSIP: 705573103<br>LEI: 549300FMCOKPL06FYN26 | Long             | EC               | CORP              | US        |    101572 | NS      | $5963292.12   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| MSILF Government Portfolio                     | MSILF GOVERNMENT-INST                        | CUSIP: 61747C707<br>LEI: N/A                  | Long             | STIV             | RF                | US        |   5378592 | NS      | $5378591.63   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| BRISTOL-MYERS SQUIBB CO                        | BRISTOL MYERS SQUIBB CO                      | CUSIP: 110122108<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | EC               | CORP              | US        |      3576 | NS      | $154876.56    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Revolution Medicines Inc                       | REVOLUTION MEDICINES INC                     | CUSIP: 76155X100<br>LEI: 549300JU3X0LBCQ65892 | Long             | EC               | CORP              | US        |    154615 | NS      | $5762501.05   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| GLAUKOS CORPORATION                            | GLAUKOS CORP                                 | CUSIP: 377322102<br>LEI: 5299004JA1LHE21M6T14 | Long             | EC               | CORP              | US        |       627 | NS      | $53978.43     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| GitLab Inc                                     | GITLAB INC                                   | CUSIP: 37637K108<br>LEI: 9845004Y40FACG81ED49 | Long             | EC               | CORP              | US        |     73206 | NS      | $3207154.86   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| AGILENT TECHNOLOGIES, INC.                     | AGILENT TECHNOLOGIES INC                     | CUSIP: 00846U101<br>LEI: QUIX8Y7A2WP0XRMW7G29 | Long             | EC               | CORP              | US        |       912 | NS      | $104706.72    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Akero Therapeutics Inc                         | AKERO THERAPEUTICS INC                       | CUSIP: 00973Y108<br>LEI: 549300SI3KG74LBE2955 | Long             | EC               | CORP              | US        |       977 | NS      | $47726.45     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Merus NV                                       | MERUS NV                                     | CUSIP: N5749R100<br>LEI: 549300W8GPUWU8QNU293 | Long             | EC               | CORP              | NL        |     26431 | NS      | $1750789.44   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| NETAPP, INC.                                   | NETAPP INC                                   | CUSIP: 64110D104<br>LEI: QTX3D84DZDD5JYOCYH15 | Long             | EC               | CORP              | US        |     40453 | NS      | $4212370.89   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| SERVICENOW, INC.                               | SERVICENOW INC                               | CUSIP: 81762P102<br>LEI: 549300HJTQM36M0E1G39 | Long             | EC               | CORP              | US        |     32053 | NS      | $30229825.36  | 2.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Samsara Inc                                    | SAMSARA INC                                  | CUSIP: 79589L106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     30615 | NS      | $1164288.45   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| WORKDAY, INC.                                  | WORKDAY INC                                  | CUSIP: 98138H101<br>LEI: 549300J0DYC0N31V7G13 | Long             | EC               | CORP              | US        |     10926 | NS      | $2506205.88   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| UBER TECHNOLOGIES, INC.                        | UBER TECHNOLOGIES INC                        | CUSIP: 90353T100<br>LEI: 549300B2FTG34FILDR98 | Long             | EC               | CORP              | US        |     15596 | NS      | $1368549.00   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| MKS INC.                                       | MKS INC                                      | CUSIP: 55306N104<br>LEI: 549300KEQATBHAGVF505 | Long             | EC               | CORP              | US        |     13432 | NS      | $1278457.76   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| VISA INC.                                      | VISA INC CLASS A                             | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |     53860 | NS      | $18607014.20  | 1.41%             |  |  |  | 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        |   5378592 | NS      | $5378591.64   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| MoonLake Immunotherapeutics                    | MOONLAKE IMMUNOTHERAPEUTICS                  | CUSIP: 61559X104<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |     72498 | NS      | $3656799.12   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA CORPORATION                             | NVIDIA CORP                                  | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |    769524 | NS      | $136875233.88 | 10.35%            |  |  |  | No            |                  1 | On Loan: No      |
| CONFLUENT, INC.                                | CONFLUENT INC                                | CUSIP: 20717M103<br>LEI: 254900MRZ83YWUV7SN74 | Long             | EC               | CORP              | US        |    319541 | NS      | $5663864.23   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| CYTOKINETICS, INCORPORATED                     | CYTOKINETICS INC                             | CUSIP: 23282W605<br>LEI: 549300BE5DY1HW7IHA64 | Long             | EC               | CORP              | US        |       835 | NS      | $31429.40     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| QUALCOMM INCORPORATED                          | QUALCOMM INC                                 | CUSIP: 747525103<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | EC               | CORP              | US        |     18086 | NS      | $2654301.36   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| ARISTA NETWORKS, INC.                          | ARISTA NETWORKS INC                          | CUSIP: 040413205<br>LEI: 635400H1WKBLOQERUU95 | Long             | EC               | CORP              | US        |    182452 | NS      | $22481735.44  | 1.70%             |  |  |  | No            |                  1 | On Loan: No      |
| WATERS CORPORATION                             | WATERS CORP                                  | CUSIP: 941848103<br>LEI: 5T547R1474YC9HOD8Q74 | Long             | EC               | CORP              | US        |       311 | NS      | $89804.36     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| MARVELL TECHNOLOGY, INC                        | MARVELL TECHNOLOGY INC                       | CUSIP: 573874104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    163903 | NS      | $13172884.11  | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| SHOPIFY INC.                                   | SHOPIFY INC                                  | CUSIP: 82509L107<br>LEI: 549300HGQ43STJLLP808 | Long             | EC               | CORP              | CA        |     25532 | NS      | $3120265.72   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Arcellx Inc                                    | ARCELLX INC                                  | CUSIP: 03940C100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     63086 | NS      | $4503709.54   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| MercadoLibre, Inc.                             | MERCADOLIBRE INC                             | CUSIP: 58733R102<br>LEI: 549300DKPDN9M5S8GB14 | Long             | EC               | CORP              | US        |       742 | NS      | $1761426.38   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Disc Medicine Inc                              | DISC MEDICINE INC                            | CUSIP: 254604101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     92268 | NS      | $5513935.68   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| DANAHER CORPORATION                            | DANAHER CORP                                 | CUSIP: 235851102<br>LEI: S4BKK9OTCEWQ3YHPFM11 | Long             | EC               | CORP              | US        |      1457 | NS      | $287262.12    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| VERTEX PHARMACEUTICALS INCORPORATED            | VERTEX PHARAMACEUTICALS INC                  | CUSIP: 92532F100<br>LEI: 54930015RAQRRZ5ZGJ91 | Long             | EC               | CORP              | US        |     17152 | NS      | $7836234.24   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| AIRBNB, INC.                                   | AIRBNB INC CLASS A                           | CUSIP: 009066101<br>LEI: 549300HMUDNO0RY56D37 | Long             | EC               | CORP              | US        |     19799 | NS      | $2621585.59   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Zymeworks Inc                                  | ZYMEWORKS INC                                | CUSIP: 98985Y108<br>LEI: 894500AHOYAGYLYZJL67 | Long             | EC               | CORP              | US        |     82922 | NS      | $1041500.32   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Ultragenyx Pharmaceutical Inc                  | ULTRAGENYX PHARMACEUTICAL INC                | CUSIP: 90400D108<br>LEI: 529900EV44GVDN1DCX77 | Long             | EC               | CORP              | US        |    103885 | NS      | $2838138.20   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| AnaptysBio Inc                                 | ANAPTYSBIO INC                               | CUSIP: 032724106<br>LEI: 529900HH4WQT03IG1A12 | Long             | EC               | CORP              | US        |    223884 | NS      | $5496352.20   | 0.42%             |  |  |  | No            |                  1 | On Loan: —       |
| REDDIT INC.                                    | REDDIT INC                                   | CUSIP: 75734B100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     53369 | NS      | $8570527.71   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| ELEVANCE HEALTH, INC.                          | ELEVANCE HEALTH INC                          | CUSIP: 036752103<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | EC               | CORP              | US        |       579 | NS      | $163903.32    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| AUTODESK, INC.                                 | AUTODESK INC                                 | CUSIP: 052769106<br>LEI: FRKKVKAIQEF3FCSTPG55 | Long             | EC               | CORP              | US        |     19066 | NS      | $5779095.26   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| INTUITIVE SURGICAL, INC.                       | INTUITIVE SURGICAL INC                       | CUSIP: 46120E602<br>LEI: 54930052SRG011710797 | Long             | EC               | CORP              | US        |       742 | NS      | $356968.78    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| ENCOMPASS HEALTH CORPORATION                   | ENCOMPASS HEALTH CORP                        | CUSIP: 29261A100<br>LEI: 549300FVRPM9DRQZRG64 | Long             | EC               | CORP              | US        |       904 | NS      | $99539.44     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRST SOLAR, INC.                              | FIRST SOLAR INC                              | CUSIP: 336433107<br>LEI: 549300NPYMLM4NHTOF27 | Long             | EC               | CORP              | US        |      7401 | NS      | $1293176.73   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Tecan Group AG                                 | TECAN GROUP AG                               | CUSIP: N/A<br>LEI: 529900CSN9R3BLETSL26       | Long             | EC               | CORP              | CH        |       105 | NS      | $20795.52     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LABCORP HOLDINGS INC.                          | LABCORP HOLDINGS INC                         | CUSIP: 504922105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       414 | NS      | $107673.12    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| MOTOROLA SOLUTIONS, INC.                       | MOTOROLA SOLUTIONS INC                       | CUSIP: 620076307<br>LEI: 6S552MUG6KGJVEBSEC55 | Long             | EC               | CORP              | US        |     14071 | NS      | $6176887.58   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| JOHNSON & JOHNSON                              | JOHNSON JOHNSON                              | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |      2498 | NS      | $411520.52    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| PALANTIR TECHNOLOGIES INC.                     | PALANTIR TECHNOLOGIES INC                    | CUSIP: 69608A108<br>LEI: 549300UVN46B3BBDHO85 | Long             | EC               | CORP              | US        |     27746 | NS      | $4393579.10   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| ASML Holding N.V.                              | ASML HOLDING NV                              | CUSIP: N07059210<br>LEI: 724500Y6DUVHQD6OXN27 | Long             |  | CORP              | NL        |      2310 | NS      | $1604780.10   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| CORPAY, INC.                                   | CORPAY INC                                   | CUSIP: 219948106<br>LEI: 549300DG6RR0NQSFLN74 | Long             | EC               | CORP              | US        |     15271 | NS      | $4933296.55   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| NUTANIX, INC.                                  | NUTANIX INC A                                | CUSIP: 67059N108<br>LEI: 549300X7J6E8TKVIXW09 | Long             | EC               | CORP              | US        |     72701 | NS      | $5464934.17   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| GUARDANT HEALTH, INC.                          | GUARDANT HEALTH INC                          | CUSIP: 40131M109<br>LEI: 254900M8C3E5VC8BR186 | Long             | EC               | CORP              | US        |    223234 | NS      | $9148129.32   | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Tyra Biosciences Inc                           | TYRA BIOSCIENCES INC                         | CUSIP: 90240B106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    107017 | NS      | $1169695.81   | 0.09%             |  |  |  | No            |                  1 | On Loan: —       |
| ALNYLAM PHARMACEUTICALS, INC.                  | ALNYLAM PHARMACEUTICALS INC                  | CUSIP: 02043Q107<br>LEI: 529900S3ZI14OWRJII50 | Long             | EC               | CORP              | US        |       222 | NS      | $87077.28     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| SEMTECH CORPORATION                            | SEMTECH CORP                                 | CUSIP: 816850101<br>LEI: 549300J7WUY317SW6O61 | Long             | EC               | CORP              | US        |    225827 | NS      | $11539759.70  | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| NATERA, INC.                                   | NATERA INC                                   | CUSIP: 632307104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     53310 | NS      | $7125414.60   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| MICROSOFT CORPORATION                          | MICROSOFT CORP                               | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |    184841 | NS      | $98612673.50  | 7.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co., Ltd.   | TAIWAN SEMICONDUCTOR MANUFACTU               | CUSIP: N/A<br>LEI: 549300KB6NK5SBD14S87       | Long             | EC               | CORP              | TW        |    163934 | NS      | $6311865.14   | 0.48%             |  |  |  | No            |                  2 | On Loan: No      |
| FORTINET, INC.                                 | FORTINET INC                                 | CUSIP: 34959E109<br>LEI: 549300O0QJWDBAS0QX03 | Long             | EC               | CORP              | US        |     82953 | NS      | $8287004.70   | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| FAIR ISAAC CORPORATION                         | FAIR ISAAC CORP                              | CUSIP: 303250104<br>LEI: RI6HET5SJUEY30V1PS26 | Long             | EC               | CORP              | US        |     10975 | NS      | $15768002.00  | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| PURE STORAGE, INC.                             | PURE STORAGE INC                             | CUSIP: 74624M102<br>LEI: 549300NPDB0BZTK3WO90 | Long             | EC               | CORP              | US        |     58542 | NS      | $3484419.84   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| INSMED INCORPORATED                            | INSMED INC                                   | CUSIP: 457669307<br>LEI: 529900Q55QAG41CCAC11 | Long             | EC               | CORP              | US        |     91821 | NS      | $9850556.88   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| ACCENTURE PUBLIC LIMITED COMPANY               | ACCENTURE PLC                                | CUSIP: G1151C101<br>LEI: 5493000EWHDSR3MZWH98 | Long             | EC               | CORP              | IE        |     11341 | NS      | $3029181.10   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| OPTION CARE HEALTH, INC.                       | OPTION CARE HEALTH INC                       | CUSIP: 68404L201<br>LEI: 549300DI3Q5ACSYJRI17 | Long             | EC               | CORP              | US        |      1900 | NS      | $55765.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| NOVANTA INC.                                   | NOVANTA INC                                  | CUSIP: 67000B104<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |     42588 | NS      | $5239175.76   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Xenon Pharmaceuticals Inc                      | XENON PHARMACEUTICALS INC                    | CUSIP: 98420N105<br>LEI: 549300XV44Q9Z1MIPQ03 | Long             | EC               | CORP              | CA        |      1137 | NS      | $34723.98     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| PINTEREST, INC.                                | PINTEREST INC                                | CUSIP: 72352L106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    101432 | NS      | $3915275.20   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| MANHATTAN ASSOCIATES, INC.                     | MANHATTAN ASSOCIATES INC                     | CUSIP: 562750109<br>LEI: 529900Q1GJP7KD52SW51 | Long             | EC               | CORP              | US        |      5650 | NS      | $1241079.00   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| AMPHENOL CORPORATION                           | AMPHENOL CORP CLASS A                        | CUSIP: 032095101<br>LEI: 549300D3L3G0R4U4VT04 | Long             | EC               | CORP              | US        |     72145 | NS      | $7684163.95   | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| ORACLE CORPORATION                             | ORACLE CORP                                  | CUSIP: 68389X105<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | EC               | CORP              | US        |     48011 | NS      | $12183751.47  | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| BROADCOM INC.                                  | BROADCOM INC                                 | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |    112718 | NS      | $33105276.60  | 2.50%             |  |  |  | No            |                  1 | On Loan: No      |
| GARTNER, INC.                                  | GARTNER INC                                  | CUSIP: 366651107<br>LEI: PP55B5R38BFB8O8HH686 | Long             | EC               | CORP              | US        |      8247 | NS      | $2792846.55   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| SYNOPSYS, INC.                                 | SYNOPSYS INC                                 | CUSIP: 871607107<br>LEI: QG7T915N9S0NY5UKNE63 | Long             | EC               | CORP              | US        |      9189 | NS      | $5820955.83   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Twist Bioscience Corp                          | TWIST BIOSCIENCE CORP                        | CUSIP: 90184D100<br>LEI: 549300T23BL59LCOH584 | Long             | EC               | CORP              | US        |     83568 | NS      | $2805377.76   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| monday.com Ltd                                 | MONDAY COM LTD                               | CUSIP: M7S64H106<br>LEI: 984500MDAFVD86E3B328 | Long             | EC               | CORP              | IL        |     16121 | NS      | $4228377.09   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Vaxcyte Inc                                    | VAXCYTE INC                                  | CUSIP: 92243G108<br>LEI: 254900M7NMHTGASX8D95 | Long             | EC               | CORP              | US        |     77327 | NS      | $2625251.65   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| APELLIS PHARMACEUTICALS, INC.                  | APELLIS PHARMACEUTICALS INC                  | CUSIP: 03753U106<br>LEI: 254900HS0ZFRXXSB9D42 | Long             | EC               | CORP              | US        |      2132 | NS      | $47628.88     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| INTUIT INC.                                    | INTUIT INC                                   | CUSIP: 461202103<br>LEI: VI90HBPH7XSFMB9E4M29 | Long             | EC               | CORP              | US        |     11740 | NS      | $9217426.20   | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Structure Therapeutics Inc                     | STRUCTURE THERAPEUTICS INC                   | CUSIP: 86366E106<br>LEI: N/A                  | Long             |  | CORP              | KY        |      1191 | NS      | $21199.80     | 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      | $19481011.28  | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Nuvalent Inc                                   | NUVALENT INC                                 | CUSIP: 670703107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     59458 | NS      | $4658534.30   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| DAIICHI SANKYO COMPANY, LIMITED                | DAIICHI SANKYO CO LTD                        | CUSIP: N/A<br>LEI: 353800XGIU2IHQGC9504       | Long             | EC               | CORP              | JP        |      2916 | NS      | $71544.57     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Protagonist Therapeutics Inc                   | PROTAGONIST THERAPEUTICS INC                 | CUSIP: 74366E102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     77727 | NS      | $4186376.22   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Avidity Biosciences Inc                        | AVIDITY BIOSCIENCES INC                      | CUSIP: 05370A108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     40036 | NS      | $1469721.56   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| TRIMBLE INC.                                   | TRIMBLE INC                                  | CUSIP: 896239100<br>LEI: 549300E2MI7NSZFQWS19 | Long             | EC               | CORP              | US        |    165102 | NS      | $13850406.78  | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| EDWARDS LIFESCIENCES CORPORATION               | EDWARDS LIFESCIENCES CORPORATION             | CUSIP: 28176E108<br>LEI: YA13X31F3V31L8TMPR58 | Long             | EC               | CORP              | US        |      3175 | NS      | $251809.25    | 0.02%             |  |  |  | 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      |
| JABIL INC.                                     | JABIL INC                                    | CUSIP: 466313103<br>LEI: 5493000CGCQY2OQU7669 | Long             | EC               | CORP              | US        |     15213 | NS      | $3395085.21   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| AGILON HEALTH, INC.                            | AGILON HEALTH INC                            | CUSIP: 00857U107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      8730 | NS      | $15626.70     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| MEDTRONIC PUBLIC LIMITED COMPANY               | MEDTRONIC PLC                                | CUSIP: G5960L103<br>LEI: 549300GX3ZBSQWUXY261 | Long             | EC               | CORP              | IE        |      1862 | NS      | $168026.88    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| ASCENDIS PHARMA A/S                            | ASCENDIS PHARMA A S ADR                      | CUSIP: 04351P101<br>LEI: 549300B66JN3W3J8GH73 | Long             |  | CORP              | DK        |       389 | NS      | $67491.50     | 0.01%             |  |  |  | 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      |
| ICON PUBLIC LIMITED COMPANY                    | ICON PLC                                     | CUSIP: G4705A100<br>LEI: 6354008SRQGEMC4XFI67 | Long             | EC               | CORP              | IE        |       570 | NS      | $96438.30     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| MAXLINEAR, INC.                                | MAXLINEAR INC                                | CUSIP: 57776J100<br>LEI: 549300EMOI0SM2IY4F64 | Long             | EC               | CORP              | US        |    531773 | NS      | $8412648.86   | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Metsera Inc                                    | METSERA INC                                  | CUSIP: 59267L107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       876 | NS      | $28899.24     | 0.00%             |  |  |  | No            |                  1 | On Loan: —       |
| argenx SE                                      | ARGENX SE ADR                                | CUSIP: 04016X101<br>LEI: 7245009C5FZE6G9ODQ71 | Long             |  | CORP              | NL        |       174 | NS      | $116637.42    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Absci Corp                                     | ABSCI CORP                                   | CUSIP: 00091E109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    363982 | NS      | $1030069.06   | 0.08%             |  |  |  | No            |                  1 | On Loan: —       |
| ASTRAZENECA PLC                                | ASTRAZENECA PLC                              | CUSIP: 046353108<br>LEI: PY6ZZQWO2IZFZC3IOL08 | Long             |  | CORP              | GB        |      2554 | NS      | $186671.86    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Agios Pharmaceuticals Inc                      | AGIOS PHARMACEUTICALS INC                    | CUSIP: 00847X104<br>LEI: 529900ONJHY8EOGYT555 | Long             | EC               | CORP              | US        |       756 | NS      | $28138.32     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| SILICON MOTION TECHNOLOGY CORPORATION          | SILICON MOTION TECHNOLOGY CORP               | CUSIP: 82706C108<br>LEI: 5299005RBVBZQJTYFC89 | Long             |  | CORP              | KY        |     54382 | NS      | $4162398.28   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| CAMP4 Therapeutics Corp                        | CAMP4 THERAPEUTICS CORP                      | CUSIP: 13463J101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    227800 | NS      | $371314.00    | 0.03%             |  |  |  | No            |                  1 | On Loan: —       |
| APPLIED MATERIALS, INC.                        | APPLIED MATERIALS INC                        | CUSIP: 038222105<br>LEI: 41BNNE1AFPNAZELZ6K07 | Long             | EC               | CORP              | US        |     29456 | NS      | $5303847.36   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| HUBSPOT, INC.                                  | HUBSPOT INC                                  | CUSIP: 443573100<br>LEI: 529900BLNVEW0MVKJB37 | Long             | EC               | CORP              | US        |      4355 | NS      | $2263075.75   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| ACADIA HEALTHCARE COMPANY, INC.                | ACADIA HEALTHCARE CO INC                     | CUSIP: 00404A109<br>LEI: 5493005CW985Y9D0NC11 | Long             | EC               | CORP              | US        |      2342 | NS      | $50985.34     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| APPLE INC.                                     | APPLE INC                                    | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |    130389 | NS      | $27064844.73  | 2.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Klaviyo Inc                                    | KLAVIYO INC                                  | CUSIP: 49845K101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    262386 | NS      | $8160204.60   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITEDHEALTH GROUP INCORPORATED                | UNITEDHEALTH GROUP INC                       | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |      1808 | NS      | $451204.48    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| TOAST, INC.                                    | TOAST INC                                    | CUSIP: 888787108<br>LEI: 549300TN1PZNLCD4I551 | Long             | EC               | CORP              | US        |    125017 | NS      | $6105830.28   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| GILEAD SCIENCES, INC.                          | GILEAD SCIENCES INC                          | CUSIP: 375558103<br>LEI: 549300WTZWR07K8MNV44 | Long             | EC               | CORP              | US        |      2373 | NS      | $266464.17    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| HCA HEALTHCARE, INC.                           | HCA HEALTHCARE INC                           | CUSIP: 40412C101<br>LEI: 529900PH4ZGUH2MNEU89 | Long             | EC               | CORP              | US        |       334 | NS      | $118232.66    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| F5, INC.                                       | F5 Inc                                       | CUSIP: 315616102<br>LEI: 54930015FPK9KT966303 | Long             | EC               | CORP              | US        |      5074 | NS      | $1590293.08   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Spyre Therapeutics Inc                         | SPYRE THERAPEUTICS INC                       | CUSIP: 00773J202<br>LEI: 52990017AIJPRH3HQH40 | Long             | EC               | CORP              | US        |     77126 | NS      | $1308828.22   | 0.10%             |  |  |  | No            |                  1 | On Loan: —       |
| Biohaven Ltd                                   | BIOHAVEN LTD                                 | CUSIP: G1110E107<br>LEI: N/A                  | Long             | EC               | CORP              | VG        |     99956 | NS      | $1509335.60   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Infineon Technologies AG                       | INFINEON TECHNOLOGIES AG                     | CUSIP: N/A<br>LEI: TSI2PJM6EPETEQ4X1U25       | Long             | EC               | CORP              | DE        |     41850 | NS      | $1643850.08   | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| CADENCE DESIGN SYSTEMS, INC.                   | CADENCE DESIGN SYSTEMS INC                   | CUSIP: 127387108<br>LEI: GCT7RXJOGLXPV0NXZY22 | Long             | EC               | CORP              | US        |      3715 | NS      | $1354377.55   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| SNOWFLAKE INC.                                 | SNOWFLAKE INC                                | CUSIP: 833445109<br>LEI: 254900CJNSY1K7T53Z16 | Long             | EC               | CORP              | US        |    111862 | NS      | $25001157.00  | 1.89%             |  |  |  | No            |                  1 | On Loan: No      |
| VARONIS SYSTEMS, INC.                          | VARONIS SYSTEMS INC                          | CUSIP: 922280102<br>LEI: 549300SHIVNRRH7STS26 | Long             | EC               | CORP              | US        |    424786 | NS      | $23715802.38  | 1.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Oric Pharmaceuticals Inc                       | ORIC PHARMACEUTICALS INC                     | CUSIP: 68622P109<br>LEI: 54930033FJRNEYBW0L25 | Long             | EC               | CORP              | US        |    360193 | NS      | $3591124.21   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| MICROSTRATEGY INCORPORATED                     | MICROSTRATEGY INC CLASS A                    | CUSIP: 594972408<br>LEI: 549300WQTWEJUEHXQX21 | Long             | EC               | CORP              | US        |     13464 | NS      | $5410643.04   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| APPLOVIN CORPORATION                           | APPLOVIN CORP                                | CUSIP: 03831W108<br>LEI: 549300LLVXMUAOL3SQ07 | Long             | EC               | CORP              | US        |     98406 | NS      | $38447224.20  | 2.91%             |  |  |  | No            |                  1 | On Loan: No      |
| FABRINET                                       | FABRINET                                     | CUSIP: G3323L100<br>LEI: 5493004TETZ6IYF7CV44 | Long             | EC               | CORP              | KY        |     23330 | NS      | $7552620.90   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| PAYPAL HOLDINGS, INC.                          | PAYPAL HOLDINGS INC                          | CUSIP: 70450Y103<br>LEI: 5493005X2GO78EFZ3E94 | Long             | EC               | CORP              | US        |     91606 | NS      | $6298828.56   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Crinetics Pharmaceuticals Inc                  | CRINETICS PHARMACEUTICALS INC                | CUSIP: 22663K107<br>LEI: 549300Q1CNFXK5P31D28 | Long             | EC               | CORP              | US        |    143937 | NS      | $4115158.83   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Olema Pharmaceuticals Inc                      | OLEMA PHARMACEUTICALS INC                    | CUSIP: 68062P106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    256131 | NS      | $1316513.34   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| ALPHABET INC.                                  | ALPHABET INC CLASS A                         | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |    220575 | NS      | $42328342.50  | 3.20%             |  |  |  | No            |                  1 | On Loan: No      |
| WEX INC.                                       | WEX INC                                      | CUSIP: 96208T104<br>LEI: T9M5IGROL1TL1G5OV478 | Long             | EC               | CORP              | US        |     11025 | NS      | $1870722.00   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| BIO-TECHNE CORPORATION                         | BIO TECHNE CORP                              | CUSIP: 09073M104<br>LEI: 54930073RLKQ51TILZ35 | Long             | EC               | CORP              | US        |      1199 | NS      | $65621.27     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CHARLES RIVER LABORATORIES INTERNATIONAL, INC. | CHARLES RIVER LABORATORIES INTERNATIONAL INC | CUSIP: 159864107<br>LEI: 549300BSQ0R4UZ5KX287 | Long             | EC               | CORP              | US        |       358 | NS      | $60731.12     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| IONIS PHARMACEUTICALS, INC.                    | IONIS PHARMACEUTICALS INC                    | CUSIP: 462222100<br>LEI: 549300SI4ZGLG0BLUZ92 | Long             | EC               | CORP              | US        |      1023 | NS      | $43968.54     | 0.00%             |  |  |  | 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        |      1200 | NS      | $12053.81     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| APPFOLIO, INC.                                 | APPFOLIO INC                                 | CUSIP: 03783C100<br>LEI: 529900OOUUGT6JFC0S15 | Long             | EC               | CORP              | US        |     11793 | NS      | $3153212.34   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| DIASORIN S.P.A.                                | DIASORIN SPA                                 | CUSIP: N/A<br>LEI: 8156002878BDF0EE4348       | Long             | EC               | CORP              | IT        |       229 | NS      | $22386.17     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CIRRUS LOGIC, INC.                             | CIRRUS LOGIC INC                             | CUSIP: 172755100<br>LEI: 549300NKSJEM5ZZSSV18 | Long             | EC               | CORP              | US        |     13997 | NS      | $1409637.87   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Viridian Therapeutics Inc                      | VIRIDIAN THERAPEUTICS INC                    | CUSIP: 92790C104<br>LEI: 549300C775BNYF550E70 | Long             | EC               | CORP              | US        |    248604 | NS      | $4355542.08   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Unity Software Inc                             | UNITY SOFTWARE INC                           | CUSIP: 91332U101<br>LEI: 549300D1ESJMGNQNG432 | Long             | EC               | CORP              | US        |    173766 | NS      | $5796833.76   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| MONOLITHIC POWER SYSTEMS, INC.                 | MONOLITHIC POWER SYSTEMS INC                 | CUSIP: 609839105<br>LEI: 529900TB7O85LSZ1XU31 | Long             | EC               | CORP              | US        |     24088 | NS      | $17132349.12  | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| GODADDY INC.                                   | GODADDY INC CLASS A                          | CUSIP: 380237107<br>LEI: 549300J8H1TB0I2CB447 | Long             | EC               | CORP              | US        |     33657 | NS      | $5438298.06   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| AMAZON.COM, INC.                               | AMAZON COM INC                               | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |    192927 | NS      | $45166139.97  | 3.42%             |  |  |  | No            |                  1 | On Loan: No      |
| BRIDGEBIO PHARMA, INC.                         | BRIDGEBIO PHARMA INC                         | CUSIP: 10806X102<br>LEI: 54930028YG89VTY2J114 | Long             | EC               | CORP              | US        |    106934 | NS      | $5054770.18   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| BIOGEN INC.                                    | BIOGEN INC                                   | CUSIP: 09062X103<br>LEI: W8J5WZB5IY3K0NDQT671 | Long             | EC               | CORP              | US        |       376 | NS      | $48128.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| IMPINJ, INC.                                   | IMPINJ INC                                   | CUSIP: 453204109<br>LEI: 549300M26VGKSMMWWN17 | Long             | EC               | CORP              | US        |     29708 | NS      | $4592262.64   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Kymera Therapeutics Inc                        | KYMERA THERAPEUTICS INC                      | CUSIP: 501575104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     27679 | NS      | $1210956.25   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Janux Therapeutics Inc                         | JANUX THERAPEUTICS INC                       | CUSIP: 47103J105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     60364 | NS      | $1449641.46   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Apogee Therapeutics Inc                        | APOGEE THERAPEUTICS INC                      | CUSIP: 03770N101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     98604 | NS      | $3772589.04   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| SALESFORCE, INC.                               | SALESFORCE INC                               | CUSIP: 79466L302<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | EC               | CORP              | US        |     27413 | NS      | $7081600.29   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| BLOCK, INC.                                    | Block Inc                                    | CUSIP: 852234103<br>LEI: 549300OHIIUWSTIZME52 | Long             | EC               | CORP              | US        |     26740 | NS      | $2065932.40   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| INVESCO GOVERNMENT & AGENCY PORTFOLIO          | INVESCO GVT & AGNCY-INST                     | CUSIP: 825252885<br>LEI: N/A                  | Long             | STIV             | RF                | US        |   5378592 | NS      | $5378591.64   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| EXACT SCIENCES CORPORATION                     | EXACT SCIENCES CORP                          | CUSIP: 30063P105<br>LEI: 549300VM3X1FYD4N9Z14 | Long             | EC               | CORP              | US        |      1891 | NS      | $88782.45     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| ABBVIE INC.                                    | ABBVIE INC                                   | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |      1577 | NS      | $298084.54    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-09-02

**Name of Applicant:** Victory Portfolios III

**Signature:** Carol Trevino

**Name of Signer:** Carol Trevino

**Title:** Treasurer