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      <regFileNumber>811-00537</regFileNumber>
      <regCik>0000038721</regCik>
      <regLei>549300PYEMTLTOE2MK86</regLei>
      <regStreet1>One Franklin Parkway</regStreet1>
      <regCity>San Mateo</regCity>
      <regStateConditional regCountry="US" regState="US-CA"/>
      <regZipOrPostalCode>94403-1906</regZipOrPostalCode>
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      <seriesName>Franklin Dynatech Fund</seriesName>
      <seriesId>S000006754</seriesId>
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      <repPdEnd>2020-09-30</repPdEnd>
      <repPdDate>2019-12-31</repPdDate>
      <isFinalFiling>N</isFinalFiling>
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        <lei>529900T3QE5253CCXF22</lei>
        <title>RESMED INC COM USD.004</title>
        <cusip>761152107</cusip>
        <identifiers>
          <ticker value="RMD"/>
          <other otherDesc="Internal Identifier" value="58940"/>
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        <balance>350000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>54239500.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>MOODY'S CORP COM USD1</name>
        <lei>549300GCEDD8YCF5WU84</lei>
        <title>MOODY'S CORP COM USD1</title>
        <cusip>615369105</cusip>
        <identifiers>
          <ticker value="MCO"/>
          <other otherDesc="Internal Identifier" value="54580"/>
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        <balance>350000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>83093500.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>VEEVA SYSTEMS INC COM USD.00001 CL A</name>
        <lei>549300YZEXPDB92M2F02</lei>
        <title>VEEVA SYSTEMS INC COM USD.00001 CL A</title>
        <cusip>922475108</cusip>
        <identifiers>
          <ticker value="VEEV"/>
          <other otherDesc="Internal Identifier" value="561916"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>140660000.00000000</valUSD>
        <pctVal>1.423561303397</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FACEBOOK INC COM USD NPV CL A</name>
        <lei>BQ4BKCS1HXDV9HN80Z93</lei>
        <title>FACEBOOK INC COM USD NPV CL A</title>
        <cusip>30303M102</cusip>
        <identifiers>
          <ticker value="FB"/>
          <other otherDesc="Internal Identifier" value="521012"/>
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        <balance>800000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>164200000.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Guardant Health Inc COM USD 0.00001</name>
        <lei>N/A</lei>
        <title>Guardant Health Inc COM USD 0.00001</title>
        <cusip>40131M109</cusip>
        <identifiers>
          <ticker value="GH"/>
          <other otherDesc="Internal Identifier" value="934353"/>
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        <balance>100000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>7814000.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>NETFLIX INC COM USD.001</name>
        <lei>549300Y7VHGU0I7CE873</lei>
        <title>NETFLIX INC COM USD.001</title>
        <cusip>64110L106</cusip>
        <identifiers>
          <ticker value="NFLX"/>
          <other otherDesc="Internal Identifier" value="236954"/>
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        <balance>100000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>32357000.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>WORKDAY INC COM USD.001 CL A</name>
        <lei>549300J0DYC0N31V7G13</lei>
        <title>WORKDAY INC COM USD.001 CL A</title>
        <cusip>98138H101</cusip>
        <identifiers>
          <ticker value="WDAY"/>
          <other otherDesc="Internal Identifier" value="532814"/>
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        <balance>600000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>98670000.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>COSTAR GROUP INC COM USD.01</name>
        <lei>N/A</lei>
        <title>COSTAR GROUP INC COM USD.01</title>
        <cusip>22160N109</cusip>
        <identifiers>
          <ticker value="CSGP"/>
          <other otherDesc="Internal Identifier" value="177549"/>
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        <balance>160000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>95728000.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>TRANSUNION COM USD.01</name>
        <lei>549300ZS772LUNUMRB03</lei>
        <title>TRANSUNION COM USD.01</title>
        <cusip>89400J107</cusip>
        <identifiers>
          <ticker value="TRU"/>
          <other otherDesc="Internal Identifier" value="607096"/>
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        <balance>500000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>42805000.00000000</valUSD>
        <pctVal>0.433211585325</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CME GROUP INC COM USD.01</name>
        <lei>LCZ7XYGSLJUHFXXNXD88</lei>
        <title>CME GROUP INC COM USD.01</title>
        <cusip>12572Q105</cusip>
        <identifiers>
          <ticker value="CME"/>
          <other otherDesc="Internal Identifier" value="265611"/>
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        <balance>200000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>40144000.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>UNITEDHEALTH GROUP INC COM USD0.01</name>
        <lei>549300GHBMY8T5GXDE41</lei>
        <title>UNITEDHEALTH GROUP INC COM USD0.01</title>
        <cusip>91324P102</cusip>
        <identifiers>
          <ticker value="UNH"/>
          <other otherDesc="Internal Identifier" value="12365"/>
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        <balance>200000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>58796000.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>AMERICAN TOWER CORP REIT USD0.01</name>
        <lei>5493006ORUSIL88JOE18</lei>
        <title>AMERICAN TOWER CORP REIT USD0.01</title>
        <cusip>03027X100</cusip>
        <identifiers>
          <ticker value="AMT"/>
          <other otherDesc="Internal Identifier" value="63153"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>114910000.00000000</valUSD>
        <pctVal>1.162956273093</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>LAM RESEARCH CORP COM USD0.001</name>
        <lei>549300I4GMO6D34U1T02</lei>
        <title>LAM RESEARCH CORP COM USD0.001</title>
        <cusip>512807108</cusip>
        <identifiers>
          <ticker value="LRCX"/>
          <other otherDesc="Internal Identifier" value="29968"/>
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        <balance>350000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>102340000.00000000</valUSD>
        <pctVal>1.035740535971</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>10X Genomics Inc COM USD 1 CL A</name>
        <lei>5493003Z6741WNLG7H43</lei>
        <title>10X Genomics Inc COM USD 1 CL A</title>
        <cusip>88025U109</cusip>
        <identifiers>
          <ticker value="TXG"/>
          <other otherDesc="Internal Identifier" value="1007303"/>
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        <balance>30200.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2302750.00000000</valUSD>
        <pctVal>0.023305174117</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CROWN CASTLE INTERNATIONAL CORP REIT USD NPV</name>
        <lei>54930012H97VSM0I2R19</lei>
        <title>CROWN CASTLE INTERNATIONAL CORP REIT USD NPV</title>
        <cusip>22822V101</cusip>
        <identifiers>
          <ticker value="CCI"/>
          <other otherDesc="Internal Identifier" value="593983"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>71075000.00000000</valUSD>
        <pctVal>0.719320486556</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Assetmark Financial Holdings Inc COM USD.0010</name>
        <lei>5493001K4EDHT2T6W812</lei>
        <title>Assetmark Financial Holdings Inc COM USD.0010</title>
        <cusip>04546L106</cusip>
        <identifiers>
          <ticker value="AMK"/>
          <other otherDesc="Internal Identifier" value="998029"/>
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        <balance>200000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5804000.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>INTEL CORP COM USD.001</name>
        <lei>KNX4USFCNGPY45LOCE31</lei>
        <title>INTEL CORP COM USD.001</title>
        <cusip>458140100</cusip>
        <identifiers>
          <ticker value="INTC"/>
          <other otherDesc="Internal Identifier" value="7126"/>
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        <balance>800000.00000000</balance>
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        <valUSD>47880000.00000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>VERISK ANALYTICS INC COM USD.001</name>
        <lei>549300I1YSWNIRKBWP67</lei>
        <title>VERISK ANALYTICS INC COM USD.001</title>
        <cusip>92345Y106</cusip>
        <identifiers>
          <ticker value="VRSK"/>
          <other otherDesc="Internal Identifier" value="453777"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>74670000.00000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Smartsheet Inc COM USD NPV CL A</name>
        <lei>549300N9WF42OK9VL589</lei>
        <title>Smartsheet Inc COM USD NPV CL A</title>
        <cusip>83200N103</cusip>
        <identifiers>
          <ticker value="SMAR"/>
          <other otherDesc="Internal Identifier" value="871450"/>
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        <balance>575000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>25829000.00000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ZALANDO SE ORD EUR NPV</name>
        <lei>529900YRFFGH5AXU4S86</lei>
        <title>ZALANDO SE ORD EUR NPV</title>
        <cusip>000000000</cusip>
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          <isin value="DE000ZAL1111"/>
          <other otherDesc="Internal Identifier" value="588577"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>NIKE INC COM B NPV</name>
        <lei>787RXPR0UX0O0XUXPZ81</lei>
        <title>NIKE INC COM B NPV</title>
        <cusip>654106103</cusip>
        <identifiers>
          <ticker value="NKE"/>
          <other otherDesc="Internal Identifier" value="3790"/>
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        <balance>250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>25327500.00000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>ANSYS INC COM USD.01</name>
        <lei>549300VJV8H15Z5FJ571</lei>
        <title>ANSYS INC COM USD.01</title>
        <cusip>03662Q105</cusip>
        <identifiers>
          <ticker value="ANSS"/>
          <other otherDesc="Internal Identifier" value="234166"/>
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        <balance>400000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>102964000.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>STERIS PLC ORD USD 75</name>
        <lei>N/A</lei>
        <title>STERIS PLC ORD USD 75</title>
        <cusip>000000000</cusip>
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          <isin value="IE00BFY8C754"/>
          <other otherDesc="Internal Identifier" value="972127"/>
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        <balance>250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>38105000.00000000</valUSD>
        <pctVal>0.385644841930</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>BRIGHT HORIZONS FAMILY SOLUTIONS INC COM USD.001</name>
        <lei>N/A</lei>
        <title>BRIGHT HORIZONS FAMILY SOLUTIONS INC COM USD.001</title>
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          <ticker value="BFAM"/>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>Chewy Inc COM USD 0.01 CL A</name>
        <lei>N/A</lei>
        <title>Chewy Inc COM USD 0.01 CL A</title>
        <cusip>16679L109</cusip>
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          <ticker value="CHWY"/>
          <other otherDesc="Internal Identifier" value="989457"/>
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        <curCd>USD</curCd>
        <valUSD>2900000.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Network International Holdings PLC ORD GBP 1</name>
        <lei>213800XVRNKWENNLKK60</lei>
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        <cusip>000000000</cusip>
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          <isin value="GB00BH3VJ782"/>
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        <payoffProfile>Long</payoffProfile>
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        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MASTERCARD INC COM USD.0001 CL A</name>
        <lei>AR5L2ODV9HN37376R084</lei>
        <title>MASTERCARD INC COM USD.0001 CL A</title>
        <cusip>57636Q104</cusip>
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          <ticker value="MA"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>SHOPIFY INC ORD CAD NPV CL A</name>
        <lei>549300HGQ43STJLLP808</lei>
        <title>SHOPIFY INC ORD CAD NPV CL A</title>
        <cusip>82509L107</cusip>
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          <ticker value="SHOP"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ALPHABET INC COM USD.001 CL C</name>
        <lei>5493006MHB84DD0ZWV18</lei>
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        <cusip>02079K107</cusip>
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          <ticker value="GOOG"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Elanco Animal Health Inc COM USD 1</name>
        <lei>549300SHPNDCE059M934</lei>
        <title>Elanco Animal Health Inc COM USD 1</title>
        <cusip>28414H103</cusip>
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          <ticker value="ELAN"/>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Sprout Social Inc COM USD 0.0001 CL A</name>
        <lei>N/A</lei>
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          <ticker value="SPT"/>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>TYLER TECHNOLOGIES INC COM USD1</name>
        <lei>N/A</lei>
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        <cusip>902252105</cusip>
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          <ticker value="TYL"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>CHARTER COMMUNICATIONS INC COM USD.001 CL A</name>
        <lei>0J0XRGZE3PBRFEZ7MV65</lei>
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        <cusip>16119P108</cusip>
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          <ticker value="CHTR"/>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>KLA Corp COM USD0.001</name>
        <lei>549300H0BF5JCG96TJ81</lei>
        <title>KLA Corp COM USD0.001</title>
        <cusip>482480100</cusip>
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          <ticker value="KLAC"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>BOEING CO COM USD5</name>
        <lei>RVHJWBXLJ1RFUBSY1F30</lei>
        <title>BOEING CO COM USD5</title>
        <cusip>097023105</cusip>
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          <ticker value="BA"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>ASML HOLDING NV NY REGD USD.09</name>
        <lei>724500Y6DUVHQD6OXN27</lei>
        <title>ASML HOLDING NV NY REGD USD.09</title>
        <cusip>N07059210</cusip>
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        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>NVIDIA CORP COM USD.001</name>
        <lei>549300S4KLFTLO7GSQ80</lei>
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        <cusip>67066G104</cusip>
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          <ticker value="NVDA"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>INTERCONTINENTAL EXCHANGE INC COM USD.01</name>
        <lei>5493000F4ZO33MV32P92</lei>
        <title>INTERCONTINENTAL EXCHANGE INC COM USD.01</title>
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          <ticker value="ICE"/>
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        <name>MSCI INC COM USD.01</name>
        <lei>549300HTIN2PD78UB763</lei>
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          <ticker value="MSCI"/>
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        <fairValLevel>1</fairValLevel>
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        <name>MERCADOLIBRE INC COM USD NPV</name>
        <lei>549300DKPDN9M5S8GB14</lei>
        <title>MERCADOLIBRE INC COM USD NPV</title>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>PAYCOM SOFTWARE INC COM USD.01</name>
        <lei>254900LSB0HNJUDC6Q18</lei>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>AUTODESK INC COM USD.01</name>
        <lei>FRKKVKAIQEF3FCSTPG55</lei>
        <title>AUTODESK INC COM USD.01</title>
        <cusip>052769106</cusip>
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          <ticker value="ADSK"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>DocuSign Inc COM USD 0.0001</name>
        <lei>549300Q7PVDWRZ39JG09</lei>
        <title>DocuSign Inc COM USD 0.0001</title>
        <cusip>256163106</cusip>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>JACK HENRY &amp; ASSOCIATES INC COM USD.01</name>
        <lei>529900X1QS8C54W0JB21</lei>
        <title>JACK HENRY &amp; ASSOCIATES INC COM USD.01</title>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>CRISPR THERAPEUTICS AG ORD USD NPV</name>
        <lei>506700O6IRRIQLT3W370</lei>
        <title>CRISPR THERAPEUTICS AG ORD USD NPV</title>
        <cusip>H17182108</cusip>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>STRYKER CORP COM USD.1</name>
        <lei>5493002F0SC4JTBU5137</lei>
        <title>STRYKER CORP COM USD.1</title>
        <cusip>863667101</cusip>
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          <ticker value="SYK"/>
          <other otherDesc="Internal Identifier" value="1157"/>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>MongoDB Inc COM USD 0.0010</name>
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        <name>Tradeweb Markets Inc COM USD 0.01</name>
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        <name>BECTON DICKINSON AND CO COM USD1</name>
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        <name>Adevinta ASA ORD NOK 1</name>
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        <name>ABBOTT LABORATORIES COM NPV</name>
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        <name>Deciphera Pharmaceuticals Inc COM USD 0.01</name>
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        <name>GLOBANT SA ORD USD1.2</name>
        <lei>2221008DCMSPYS42DS88</lei>
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        <invCountry>LU</invCountry>

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        <name>CATALENT INC COM USD.01</name>
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        <name>COUPA SOFTWARE INC COM USD.0001</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>KEYENCE CORP ORD JPY NPV</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>MONOLITHIC POWER SYSTEMS INC COM USD1</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>ASPEN TECHNOLOGY INC COM USD.1</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>BAXTER INTERNATIONAL INC COM USD1</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Okta Inc COM USD NPV CL A</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <isRestrictedSec>N</isRestrictedSec>

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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>TWILIO INC COM USD NPV CL A</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>TENCENT HOLDINGS LTD ORD HKD 0.000020</name>
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        <name>Avalara Inc COM USD 0.0001</name>
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        <fairValLevel>1</fairValLevel>
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        <name>ILLUMINA INC COM USD.01</name>
        <lei>SQ95QG8SR5Q56LSNF682</lei>
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        <name>Evotec SE ORD EUR NPV</name>
        <lei>529900F9KI6OYITO9B12</lei>
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        <lei>OGMTXK0LUU1HKV2P0J84</lei>
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        <name>LIBERTY BROADBAND CORP COM USD NPV CL A</name>
        <lei>549300MIX43II8JLN536</lei>
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        <name>Alteryx Inc COM USD NPV</name>
        <lei>549300XWZG0JHL7I0827</lei>
        <title>Alteryx Inc COM USD NPV</title>
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        <lei>549300LDT5AP8S0NBM78</lei>
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        <name>MICROSOFT CORP COM USD0.001</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>EPAM SYSTEMS INC COM USD.001</name>
        <lei>549300XCR4R530HJP604</lei>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>SYNOPSYS INC COM USD.01</name>
        <lei>QG7T915N9S0NY5UKNE63</lei>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>SEA LTD SPONSORED ADR</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>EQUINIX INC REIT USD.001</name>
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          <ticker value="EQIX"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>XILINX INC COM USD0.01</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Adyen NV ORD EUR 0.01</name>
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        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Delivery Hero SE ORD EUR NPV</name>
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        <title>Delivery Hero SE ORD EUR NPV</title>
        <cusip>000000000</cusip>
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          <isin value="DE000A2E4K43"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>CONSTELLATION SOFTWARE INC ORD CAD NPV</name>
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        <title>CONSTELLATION SOFTWARE INC ORD CAD NPV</title>
        <cusip>21037X100</cusip>
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          <ticker value="CSU"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>MERCK KGAA ORD EUR NPV</name>
        <lei>529900OAREIS0MOPTW25</lei>
        <title>MERCK KGAA ORD EUR NPV</title>
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          <ticker value="MRK"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Lightspeed POS Inc ORD CAD 1</name>
        <lei>N/A</lei>
        <title>Lightspeed POS Inc ORD CAD 1</title>
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          <ticker value="LSPD"/>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>WATERS CORP COM USD.01</name>
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        <fairValLevel>1</fairValLevel>
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        <name>INTUIT INC COM USD.01</name>
        <lei>VI90HBPH7XSFMB9E4M29</lei>
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        <name>IOVANCE BIOTHERAPEUTICS INC COM USD.001</name>
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        <name>StoneCo Ltd ORD USD 0.0000793650 CL A</name>
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        <name>IFT MONEY MARKET PORTFOLIO OEMF-SWEEP MONEY MARKET PORTFOLIO</name>
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        <name>GUIDEWIRE SOFTWARE INC COM USD.0001</name>
        <lei>549300WXSG0J8IXZCK32</lei>
        <title>GUIDEWIRE SOFTWARE INC COM USD.0001</title>
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        <name>AMPHENOL CORP COM A USD.001</name>
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        <name>uniQure NV ORD USD.05</name>
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        <title>uniQure NV ORD USD.05</title>
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          <ticker value="QURE"/>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>ROPER TECHNOLOGIES INC COM USD0.01</name>
        <lei>54930003T4SXCIWVXY35</lei>
        <title>ROPER TECHNOLOGIES INC COM USD0.01</title>
        <cusip>776696106</cusip>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Inspire Medical Systems Inc COM USD 0.0010</name>
        <lei>549300XQQCQ7HCJKTW25</lei>
        <title>Inspire Medical Systems Inc COM USD 0.0010</title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>INTERXION HOLDING NV ORD USD NPV</name>
        <lei>724500JX3LUPNMOBTY38</lei>
        <title>INTERXION HOLDING NV ORD USD NPV</title>
        <cusip>N47279109</cusip>
        <identifiers>
          <ticker value="INXN"/>
          <other otherDesc="Internal Identifier" value="486813"/>
        </identifiers>
        <balance>750000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>62857500.00000000</valUSD>
        <pctVal>0.636154589992</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>INTUITIVE SURGICAL INC COM USD.001</name>
        <lei>54930052SRG011710797</lei>
        <title>INTUITIVE SURGICAL INC COM USD.001</title>
        <cusip>46120E602</cusip>
        <identifiers>
          <ticker value="ISRG"/>
          <other otherDesc="Internal Identifier" value="203648"/>
        </identifiers>
        <balance>200000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>118230000.00000000</valUSD>
        <pctVal>1.196556610981</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NEUROCRINE BIOSCIENCES INC COM USD.001</name>
        <lei>549300FECER0XBN49756</lei>
        <title>NEUROCRINE BIOSCIENCES INC COM USD.001</title>
        <cusip>64125C109</cusip>
        <identifiers>
          <ticker value="NBIX"/>
          <other otherDesc="Internal Identifier" value="190162"/>
        </identifiers>
        <balance>500000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>53745000.00000000</valUSD>
        <pctVal>0.543930771015</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Booking Holdings Inc COM USD.008</name>
        <lei>FXM8FAOHMYDIPD38UZ17</lei>
        <title>Booking Holdings Inc COM USD.008</title>
        <cusip>09857L108</cusip>
        <identifiers>
          <ticker value="BKNG"/>
          <other otherDesc="Internal Identifier" value="60462"/>
        </identifiers>
        <balance>20000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>41074600.00000000</valUSD>
        <pctVal>0.415698927289</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MOTOROLA SOLUTIONS INC COM USD.01</name>
        <lei>6S552MUG6KGJVEBSEC55</lei>
        <title>MOTOROLA SOLUTIONS INC COM USD.01</title>
        <cusip>620076307</cusip>
        <identifiers>
          <ticker value="MSI"/>
          <other otherDesc="Internal Identifier" value="5042"/>
        </identifiers>
        <balance>10000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1611400.00000000</valUSD>
        <pctVal>0.016308308575</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ALIBABA GROUP HOLDING LTD SPONSORED ADR</name>
        <lei>5493001NTNQJDH60PM02</lei>
        <title>ALIBABA GROUP HOLDING LTD SPONSORED ADR</title>
        <cusip>01609W102</cusip>
        <identifiers>
          <ticker value="BABA"/>
          <other otherDesc="Internal Identifier" value="585759"/>
        </identifiers>
        <balance>700000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>148470000.00000000</valUSD>
        <pctVal>1.502603062103</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ATLASSIAN CORP PLC ORD USD.1</name>
        <lei>549300AGBII4MWBVJY22</lei>
        <title>ATLASSIAN CORP PLC ORD USD.1</title>
        <cusip>G06242104</cusip>
        <identifiers>
          <ticker value="TEAM"/>
          <other otherDesc="Internal Identifier" value="619267"/>
        </identifiers>
        <balance>500000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>60170000.00000000</valUSD>
        <pctVal>0.608955521295</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ALPHABET INC COM USD.001 CL A</name>
        <lei>5493006MHB84DD0ZWV18</lei>
        <title>ALPHABET INC COM USD.001 CL A</title>
        <cusip>02079K305</cusip>
        <identifiers>
          <ticker value="GOOGL"/>
          <other otherDesc="Internal Identifier" value="614214"/>
        </identifiers>
        <balance>200000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>267878000.00000000</valUSD>
        <pctVal>2.711081720684</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Bill.Com Holdings Inc COM USD 0.000010</name>
        <lei>549300IBF9VZZIGOZW63</lei>
        <title>Bill.Com Holdings Inc COM USD 0.000010</title>
        <cusip>090043100</cusip>
        <identifiers>
          <ticker value="BILL"/>
          <other otherDesc="Internal Identifier" value="1027999"/>
        </identifiers>
        <balance>72600.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2762430.00000000</valUSD>
        <pctVal>0.027957404033</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>VISA INC COM USD NPV CL A</name>
        <lei>549300JZ4OKEHW3DPJ59</lei>
        <title>VISA INC COM USD NPV CL A</title>
        <cusip>92826C839</cusip>
        <identifiers>
          <ticker value="V"/>
          <other otherDesc="Internal Identifier" value="414858"/>
        </identifiers>
        <balance>1300000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>244270000.00000000</valUSD>
        <pctVal>2.472154980668</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2020-01-29</ncom:dateSigned>
      <ncom:nameOfApplicant>Robert Kubilis</ncom:nameOfApplicant>
      <ncom:signature>Robert Kubilis</ncom:signature>
      <ncom:signerName>Robert Kubilis</ncom:signerName>
      <ncom:title>Chief Financial Officer, Chief Accounting Officer and Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
