<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/nport" xmlns:com="http://www.sec.gov/edgar/common" xmlns:ncom="http://www.sec.gov/edgar/nportcommon" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.sec.gov/edgar/nport eis_NPORT_Filer.xsd">
  <headerData>
    <submissionType>NPORT-P</submissionType>
    <isConfidential>false</isConfidential>
    <filerInfo>

      <filer>
        <issuerCredentials>
          <cik>0000908695</cik>
          <ccc>XXXXXXXX</ccc>
        </issuerCredentials>
      </filer>


      <seriesClassInfo>
        <seriesId>S000012895</seriesId>
        <classId>C000034864</classId>
        <classId>C000066836</classId>
      </seriesClassInfo>

    </filerInfo>
  </headerData>
  <formData>
    <genInfo>
      <regName>Victory Portfolios III</regName>
      <regFileNumber>811-07852</regFileNumber>
      <regCik>0000908695</regCik>
      <regLei>549300WIDR2J6W1Y9S11</regLei>
      <regStreet1>15935 La Cantera Pkwy Building Two</regStreet1>
      <regCity>San Antonio</regCity>
      <regStateConditional regCountry="US" regState="US-TX"/>
      <regZipOrPostalCode>78256</regZipOrPostalCode>
      <regPhone>800-235-8396</regPhone>
      <seriesName>Victory Growth Fund</seriesName>
      <seriesId>S000012895</seriesId>
      <seriesLei>5493002BRBIU3NVKKE62</seriesLei>
      <repPdEnd>2026-04-30</repPdEnd>
      <repPdDate>2025-07-31</repPdDate>
      <isFinalFiling>N</isFinalFiling>
    </genInfo>
    <fundInfo>
      <totAssets>2633025361.64</totAssets>
      <totLiabs>5770900.01</totLiabs>
      <netAssets>2627254461.63</netAssets>
      <assetsAttrMiscSec>0.00000000</assetsAttrMiscSec>
      <assetsInvested>0.00000000</assetsInvested>
      <amtPayOneYrBanksBorr>0.00000000</amtPayOneYrBanksBorr>
      <amtPayOneYrCtrldComp>0.00000000</amtPayOneYrCtrldComp>
      <amtPayOneYrOthAffil>0.00000000</amtPayOneYrOthAffil>
      <amtPayOneYrOther>0.00000000</amtPayOneYrOther>
      <amtPayAftOneYrBanksBorr>0.00000000</amtPayAftOneYrBanksBorr>
      <amtPayAftOneYrCtrldComp>0.00000000</amtPayAftOneYrCtrldComp>
      <amtPayAftOneYrOthAffil>0.00000000</amtPayAftOneYrOthAffil>
      <amtPayAftOneYrOther>0.00000000</amtPayAftOneYrOther>
      <delayDeliv>0.00000000</delayDeliv>
      <standByCommit>0.00000000</standByCommit>
      <liquidPref>0.00000000</liquidPref>
      <cshNotRptdInCorD>9912691.48000000</cshNotRptdInCorD>
      <borrowers>
        <borrower aggrVal="636445.44000000" lei="MP6I5ZYZBEU3UXPYFY54" name="H.S.B.C.  BANK PLC"/>
        <borrower aggrVal="3612166.00000000" lei="2IGI19DL77OX0HC3ZE78" name="CIBC  NEW YORK"/>
      </borrowers>
      <aggregateCondition isNonCashCollateral="Y">
        <aggregateInfos>
          <aggregateInfo amt="640111.00000000" collatrl="649174.97000000">
            <invstCat>UST</invstCat>
          </aggregateInfo>
        </aggregateInfos>
      </aggregateCondition>
      <returnInfo>
        <monthlyTotReturns>
          <monthlyTotReturn classId="C000034864" rtn1="9.72000000" rtn2="6.72000000" rtn3="2.52000000"/>
          <monthlyTotReturn classId="C000066836" rtn1="9.70000000" rtn2="6.71000000" rtn3="2.53000000"/>
        </monthlyTotReturns>
        <othMon1 netRealizedGain="5610161.50000000" netUnrealizedAppr="210894006.86000000"/>
        <othMon2 netRealizedGain="19209922.72000000" netUnrealizedAppr="144390167.02000000"/>
        <othMon3 netRealizedGain="21172566.93000000" netUnrealizedAppr="45008119.69000000"/>
      </returnInfo>
      <mon1Flow redemption="23998775.24000000" reinvestment="0.00000000" sales="8991990.25000000"/>
      <mon2Flow redemption="26458016.76000000" reinvestment="0.00000000" sales="7230596.74000000"/>
      <mon3Flow redemption="26244207.29000000" reinvestment="0.00000000" sales="14307924.35000000"/>

    </fundInfo>
    <invstOrSecs>
      <invstOrSec>
        <name>LAM RESEARCH CORPORATION</name>
        <lei>549300I4GMO6D34U1T02</lei>
        <title>LAM RESEARCH CORP</title>
        <cusip>512807306</cusip>
        <identifiers>
          <isin value="US5128073062"/>
          <other otherDesc="Internal" value="512807306"/>
        </identifiers>
        <balance>150401.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>14264030.84000000</valUSD>
        <pctVal>0.542925363657</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>AUTODESK, INC.</name>
        <lei>FRKKVKAIQEF3FCSTPG55</lei>
        <title>AUTODESK INC</title>
        <cusip>052769106</cusip>
        <identifiers>
          <isin value="US0527691069"/>
          <other otherDesc="Internal" value="052769106"/>
        </identifiers>
        <balance>149744.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>45388903.84000000</valUSD>
        <pctVal>1.727617347420</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>LPL FINANCIAL HOLDINGS INC.</name>
        <lei>549300XROQ4Y8G2L7682</lei>
        <title>LPL FINANCIAL HOLDINGS INC</title>
        <cusip>50212V100</cusip>
        <identifiers>
          <isin value="US50212V1008"/>
          <other otherDesc="Internal" value="50212V100"/>
        </identifiers>
        <balance>31548.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>12484490.04000000</valUSD>
        <pctVal>0.475191505898</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>Novartis AG</name>
        <lei>5493007HIVTX6SY6XD66</lei>
        <title>NOVARTIS AG</title>
        <cusip>66987V109</cusip>
        <identifiers>
          <isin value="US66987V1098"/>
          <other otherDesc="Internal" value="66987V109"/>
        </identifiers>
        <balance>112060.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>12745704.40000000</valUSD>
        <pctVal>0.485133990108</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="ADR"/>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>UBER TECHNOLOGIES, INC.</name>
        <lei>549300B2FTG34FILDR98</lei>
        <title>UBER TECHNOLOGIES INC</title>
        <cusip>90353T100</cusip>
        <identifiers>
          <isin value="US90353T1007"/>
          <other otherDesc="Internal" value="90353T100"/>
        </identifiers>
        <balance>154641.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>13569747.75000000</valUSD>
        <pctVal>0.516499179968</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>INVESCO GOVERNMENT &amp; AGENCY PORTFOLIO</name>
        <lei>N/A</lei>
        <title>INVESCO GVT &amp; AGNCY-INST</title>
        <cusip>825252885</cusip>
        <identifiers>
          <isin value="US8252528851"/>
        </identifiers>
        <balance>929575.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>929575.00000000</valUSD>
        <pctVal>0.035381993391</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="929575.00000000" isCashCollateral="Y"/>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TESLA, INC.</name>
        <lei>54930043XZGB27CTOV49</lei>
        <title>TESLA INC</title>
        <cusip>88160R101</cusip>
        <identifiers>
          <isin value="US88160R1014"/>
          <other otherDesc="Internal" value="88160R101"/>
        </identifiers>
        <balance>350679.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>108103815.33000000</valUSD>
        <pctVal>4.114706698906</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>MONOLITHIC POWER SYSTEMS, INC.</name>
        <lei>529900TB7O85LSZ1XU31</lei>
        <title>MONOLITHIC POWER SYSTEMS INC</title>
        <cusip>609839105</cusip>
        <identifiers>
          <isin value="US6098391054"/>
          <other otherDesc="Internal" value="609839105"/>
        </identifiers>
        <balance>21627.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>15381987.48000000</valUSD>
        <pctVal>0.585477642331</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>CHIPOTLE MEXICAN GRILL, INC.</name>
        <lei>N/A</lei>
        <title>CHIPOTLE MEXICAN GRILL INC</title>
        <cusip>169656105</cusip>
        <identifiers>
          <isin value="US1696561059"/>
          <other otherDesc="Internal" value="169656105"/>
        </identifiers>
        <balance>113835.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4881244.80000000</valUSD>
        <pctVal>0.185792616257</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>
          <loanByFundCondition isLoanByFund="Y" loanVal="636445.44000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PALO ALTO NETWORKS, INC.</name>
        <lei>549300QXR2YVZV231H43</lei>
        <title>PALO ALTO NETWORKS INC</title>
        <cusip>697435105</cusip>
        <identifiers>
          <isin value="US6974351057"/>
          <other otherDesc="Internal" value="697435105"/>
        </identifiers>
        <balance>66993.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>11629984.80000000</valUSD>
        <pctVal>0.442666858876</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>KEURIG DR PEPPER INC.</name>
        <lei>DYTQ8KRTKO7Y2BVU5K74</lei>
        <title>KEURIG DR PEPPER INC</title>
        <cusip>49271V100</cusip>
        <identifiers>
          <isin value="US49271V1008"/>
          <other otherDesc="Internal" value="49271V100"/>
        </identifiers>
        <balance>405997.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>13255802.05000000</valUSD>
        <pctVal>0.504549606579</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>NATERA, INC.</name>
        <lei>N/A</lei>
        <title>NATERA INC</title>
        <cusip>632307104</cusip>
        <identifiers>
          <isin value="US6323071042"/>
          <other otherDesc="Internal" value="632307104"/>
        </identifiers>
        <balance>75566.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>10100151.56000000</valUSD>
        <pctVal>0.384437507196</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>CLEAN HARBORS, INC.</name>
        <lei>5493000SJVZVZJKHJF48</lei>
        <title>CLEAN HARBORS INC</title>
        <cusip>184496107</cusip>
        <identifiers>
          <isin value="US1844961078"/>
          <other otherDesc="Internal" value="184496107"/>
        </identifiers>
        <balance>57308.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>13513799.48000000</valUSD>
        <pctVal>0.514369646235</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>MONSTER BEVERAGE CORPORATION</name>
        <lei>52990090AP0E7HCB6F33</lei>
        <title>MONSTER BEVERAGE CORP</title>
        <cusip>61174X109</cusip>
        <identifiers>
          <isin value="US61174X1090"/>
          <other otherDesc="Internal" value="61174X109"/>
        </identifiers>
        <balance>506462.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>29754642.50000000</valUSD>
        <pctVal>1.132537519092</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>HSBC US GOVERNMENT MONEY MARKET FUND</name>
        <lei>N/A</lei>
        <title>HSBC US GOVT MMKT-I</title>
        <cusip>40428X107</cusip>
        <identifiers>
          <isin value="US40428X1072"/>
        </identifiers>
        <balance>929575.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>929575.00000000</valUSD>
        <pctVal>0.035381993391</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="929575.00000000" isCashCollateral="Y"/>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SHOPIFY INC.</name>
        <lei>549300HGQ43STJLLP808</lei>
        <title>SHOPIFY INC</title>
        <cusip>82509L107</cusip>
        <identifiers>
          <isin value="CA82509L1076"/>
          <other otherDesc="Internal" value="82509L107"/>
        </identifiers>
        <balance>272842.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>33344020.82000000</valUSD>
        <pctVal>1.269158404980</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NVIDIA CORPORATION</name>
        <lei>549300S4KLFTLO7GSQ80</lei>
        <title>NVIDIA CORP</title>
        <cusip>67066G104</cusip>
        <identifiers>
          <isin value="US67066G1040"/>
          <other otherDesc="Internal" value="67066G104"/>
        </identifiers>
        <balance>1915938.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>340787892.06000000</valUSD>
        <pctVal>12.97125562205</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>HUNTINGTON BANCSHARES INCORPORATED</name>
        <lei>549300XTVCVV9I7B5T19</lei>
        <title>HUNTINGTON BANCSHARES INC OH</title>
        <cusip>446150104</cusip>
        <identifiers>
          <isin value="US4461501045"/>
          <other otherDesc="Internal" value="446150104"/>
        </identifiers>
        <balance>551539.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9061785.77000000</valUSD>
        <pctVal>0.344914659099</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>AMAZON.COM, INC.</name>
        <lei>ZXTILKJKG63JELOEG630</lei>
        <title>AMAZON COM INC</title>
        <cusip>023135106</cusip>
        <identifiers>
          <isin value="US0231351067"/>
          <other otherDesc="Internal" value="023135106"/>
        </identifiers>
        <balance>635282.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>148725869.02000000</valUSD>
        <pctVal>5.660885581967</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>ILLUMINA, INC.</name>
        <lei>SQ95QG8SR5Q56LSNF682</lei>
        <title>ILLUMINA INC</title>
        <cusip>452327109</cusip>
        <identifiers>
          <isin value="US4523271090"/>
          <other otherDesc="Internal" value="452327109"/>
        </identifiers>
        <balance>83261.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8551737.31000000</valUSD>
        <pctVal>0.325500914924</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>WORKDAY, INC.</name>
        <lei>549300J0DYC0N31V7G13</lei>
        <title>WORKDAY INC</title>
        <cusip>98138H101</cusip>
        <identifiers>
          <isin value="US98138H1014"/>
          <other otherDesc="Internal" value="98138H101"/>
        </identifiers>
        <balance>39373.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9031378.74000000</valUSD>
        <pctVal>0.343757290049</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>VERTEX PHARMACEUTICALS INCORPORATED</name>
        <lei>54930015RAQRRZ5ZGJ91</lei>
        <title>VERTEX PHARAMACEUTICALS INC</title>
        <cusip>92532F100</cusip>
        <identifiers>
          <isin value="US92532F1003"/>
          <other otherDesc="Internal" value="92532F100"/>
        </identifiers>
        <balance>98773.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>45126420.51000000</valUSD>
        <pctVal>1.717626562978</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>NOVO NORDISK A/S</name>
        <lei>549300DAQ1CVT6CXN342</lei>
        <title>NOVO NORDISK A S</title>
        <cusip>670100205</cusip>
        <identifiers>
          <isin value="US6701002056"/>
          <other otherDesc="Internal" value="670100205"/>
        </identifiers>
        <balance>328716.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>15472662.12000000</valUSD>
        <pctVal>0.588928950201</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="ADR"/>
        <issuerCat>CORP</issuerCat>
        <invCountry>DK</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="3612166.00000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HOWMET AEROSPACE INC.</name>
        <lei>549300HO5WFZUT5N2T22</lei>
        <title>HOWMET AEROSPACE INC</title>
        <cusip>443201108</cusip>
        <identifiers>
          <isin value="US4432011082"/>
          <other otherDesc="Internal" value="443201108"/>
        </identifiers>
        <balance>49485.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8895918.45000000</valUSD>
        <pctVal>0.338601326210</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>BURLINGTON STORES, INC.</name>
        <lei>5299003Z37DVGKKC1W09</lei>
        <title>BURLINGTON STORES INC</title>
        <cusip>122017106</cusip>
        <identifiers>
          <isin value="US1220171060"/>
          <other otherDesc="Internal" value="122017106"/>
        </identifiers>
        <balance>94321.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>25745860.16000000</valUSD>
        <pctVal>0.979953047411</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>SNOWFLAKE INC.</name>
        <lei>254900CJNSY1K7T53Z16</lei>
        <title>SNOWFLAKE INC</title>
        <cusip>833445109</cusip>
        <identifiers>
          <isin value="US8334451098"/>
          <other otherDesc="Internal" value="833445109"/>
        </identifiers>
        <balance>86702.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>19377897.00000000</valUSD>
        <pctVal>0.737572141678</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>DEERE &amp; COMPANY</name>
        <lei>PWFTNG3EI0Y73OXWDH08</lei>
        <title>DEERE CO</title>
        <cusip>244199105</cusip>
        <identifiers>
          <isin value="US2441991054"/>
          <other otherDesc="Internal" value="244199105"/>
        </identifiers>
        <balance>26979.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>14146978.23000000</valUSD>
        <pctVal>0.538470043028</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>BWX TECHNOLOGIES, INC.</name>
        <lei>549300NP85N265KWMS58</lei>
        <title>BWX TECHNOLOGIES INC</title>
        <cusip>05605H100</cusip>
        <identifiers>
          <isin value="US05605H1005"/>
          <other otherDesc="Internal" value="05605H100"/>
        </identifiers>
        <balance>62100.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9434853.00000000</valUSD>
        <pctVal>0.359114548582</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>Roche Holding AG</name>
        <lei>549300U41AUUVOAAOB37</lei>
        <title>ROCHE HOLDING AG</title>
        <cusip>771195104</cusip>
        <identifiers>
          <isin value="US7711951043"/>
          <other otherDesc="Internal" value="771195104"/>
        </identifiers>
        <balance>254904.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9918314.64000000</valUSD>
        <pctVal>0.377516330635</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="ADR"/>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HEICO CORPORATION</name>
        <lei>529900O1DTDLCJ7L0I14</lei>
        <title>HEICO CORPORATION CL A</title>
        <cusip>422806208</cusip>
        <identifiers>
          <isin value="US4228062083"/>
          <other otherDesc="Internal" value="422806208"/>
        </identifiers>
        <balance>54632.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>14099972.88000000</valUSD>
        <pctVal>0.536680899620</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>INTUIT INC.</name>
        <lei>VI90HBPH7XSFMB9E4M29</lei>
        <title>INTUIT INC</title>
        <cusip>461202103</cusip>
        <identifiers>
          <isin value="US4612021034"/>
          <other otherDesc="Internal" value="461202103"/>
        </identifiers>
        <balance>21563.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>16929758.19000000</valUSD>
        <pctVal>0.644389739831</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>DEXCOM, INC.</name>
        <lei>549300YSK3QDSFR5EU59</lei>
        <title>DEXCOM INC</title>
        <cusip>252131107</cusip>
        <identifiers>
          <isin value="US2521311074"/>
          <other otherDesc="Internal" value="252131107"/>
        </identifiers>
        <balance>79080.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6387291.60000000</valUSD>
        <pctVal>0.243116595414</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>FAIR ISAAC CORPORATION</name>
        <lei>RI6HET5SJUEY30V1PS26</lei>
        <title>FAIR ISAAC CORP</title>
        <cusip>303250104</cusip>
        <identifiers>
          <isin value="US3032501047"/>
          <other otherDesc="Internal" value="303250104"/>
        </identifiers>
        <balance>3673.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5277072.56000000</valUSD>
        <pctVal>0.200858829514</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>ARISTA NETWORKS, INC.</name>
        <lei>635400H1WKBLOQERUU95</lei>
        <title>ARISTA NETWORKS INC</title>
        <cusip>040413205</cusip>
        <identifiers>
          <isin value="US0404132054"/>
          <other otherDesc="Internal" value="040413205"/>
        </identifiers>
        <balance>137559.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>16950019.98000000</valUSD>
        <pctVal>0.645160955192</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>APPLE INC.</name>
        <lei>HWUPKR0MPOU8FGXBT394</lei>
        <title>APPLE INC</title>
        <cusip>037833100</cusip>
        <identifiers>
          <isin value="US0378331005"/>
          <other otherDesc="Internal" value="037833100"/>
        </identifiers>
        <balance>564811.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>117237819.27000000</valUSD>
        <pctVal>4.462370165593</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 Limited</name>
        <lei>5493001NTNQJDH60PM02</lei>
        <title>ALIBABA GROUP HOLDING LTD ADR</title>
        <cusip>01609W102</cusip>
        <identifiers>
          <isin value="US01609W1027"/>
          <other otherDesc="Internal" value="01609W102"/>
        </identifiers>
        <balance>23893.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2882212.59000000</valUSD>
        <pctVal>0.109704356090</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="ADR"/>
        <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>FACTSET RESEARCH SYSTEMS INC.</name>
        <lei>549300ZSJE7NBK6K9P30</lei>
        <title>FACTSET RESEARCH SYSTEMS INC</title>
        <cusip>303075105</cusip>
        <identifiers>
          <isin value="US3030751057"/>
          <other otherDesc="Internal" value="303075105"/>
        </identifiers>
        <balance>29529.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>11897234.10000000</valUSD>
        <pctVal>0.452839048282</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>SALESFORCE, INC.</name>
        <lei>RCGZFPDMRW58VJ54VR07</lei>
        <title>SALESFORCE INC</title>
        <cusip>79466L302</cusip>
        <identifiers>
          <isin value="US79466L3024"/>
          <other otherDesc="Internal" value="79466L302"/>
        </identifiers>
        <balance>113457.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>29309346.81000000</valUSD>
        <pctVal>1.115588430357</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>THE BOEING COMPANY</name>
        <lei>RVHJWBXLJ1RFUBSY1F30</lei>
        <title>BOEING CO</title>
        <cusip>097023105</cusip>
        <identifiers>
          <isin value="US0970231058"/>
          <other otherDesc="Internal" value="097023105"/>
        </identifiers>
        <balance>289832.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>64296330.88000000</valUSD>
        <pctVal>2.447282203495</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>DIAMONDBACK ENERGY, INC.</name>
        <lei>549300R22LSX6OHWEN64</lei>
        <title>DIAMONDBACK ENERGY INC</title>
        <cusip>25278X109</cusip>
        <identifiers>
          <isin value="US25278X1090"/>
          <other otherDesc="Internal" value="25278X109"/>
        </identifiers>
        <balance>33372.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4961081.52000000</valUSD>
        <pctVal>0.188831405273</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>ALPHABET INC.</name>
        <lei>5493006MHB84DD0ZWV18</lei>
        <title>ALPHABET INC CLASS A</title>
        <cusip>02079K305</cusip>
        <identifiers>
          <isin value="US02079K3059"/>
          <other otherDesc="Internal" value="02079K305"/>
        </identifiers>
        <balance>320380.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>61480922.00000000</valUSD>
        <pctVal>2.340120566846</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>YUM CHINA HOLDINGS, INC.</name>
        <lei>529900DO9BYZ7VA3K502</lei>
        <title>YUM CHINA HOLDINGS INC</title>
        <cusip>98850P109</cusip>
        <identifiers>
          <isin value="US98850P1093"/>
          <other otherDesc="Internal" value="98850P109"/>
        </identifiers>
        <balance>70126.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3273481.68000000</valUSD>
        <pctVal>0.124597054750</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>STARBUCKS CORPORATION</name>
        <lei>OQSJ1DU9TAOC51A47K68</lei>
        <title>STARBUCKS CORP</title>
        <cusip>855244109</cusip>
        <identifiers>
          <isin value="US8552441094"/>
          <other otherDesc="Internal" value="855244109"/>
        </identifiers>
        <balance>187628.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>16728912.48000000</valUSD>
        <pctVal>0.636745040281</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>QUALCOMM INCORPORATED</name>
        <lei>H1J8DDZKZP6H7RWC0H53</lei>
        <title>QUALCOMM INC</title>
        <cusip>747525103</cusip>
        <identifiers>
          <isin value="US7475251036"/>
          <other otherDesc="Internal" value="747525103"/>
        </identifiers>
        <balance>91277.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>13395812.52000000</valUSD>
        <pctVal>0.509878761864</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>REGENERON PHARMACEUTICALS, INC.</name>
        <lei>549300RCBFWIRX3HYQ56</lei>
        <title>REGENERON PHARMACEUTICALS INC</title>
        <cusip>75886F107</cusip>
        <identifiers>
          <isin value="US75886F1075"/>
          <other otherDesc="Internal" value="75886F107"/>
        </identifiers>
        <balance>38798.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>21162757.08000000</valUSD>
        <pctVal>0.805508464789</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>BLOCK, INC.</name>
        <lei>549300OHIIUWSTIZME52</lei>
        <title>Block Inc</title>
        <cusip>852234103</cusip>
        <identifiers>
          <isin value="US8522341036"/>
          <other otherDesc="Internal" value="852234103"/>
        </identifiers>
        <balance>142450.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>11005687.00000000</valUSD>
        <pctVal>0.418904493673</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>EXPEDITORS INTERNATIONAL OF WASHINGTON, INC</name>
        <lei>984500B055A804AB6E40</lei>
        <title>EXPEDITORS INTERNATIONAL OF WASHINGTON INC</title>
        <cusip>302130109</cusip>
        <identifiers>
          <isin value="US3021301094"/>
          <other otherDesc="Internal" value="302130109"/>
        </identifiers>
        <balance>112050.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>13024692.00000000</valUSD>
        <pctVal>0.495752969125</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>MICROSOFT CORPORATION</name>
        <lei>INR2EJN1ERAN0W5ZP974</lei>
        <title>MICROSOFT CORP</title>
        <cusip>594918104</cusip>
        <identifiers>
          <isin value="US5949181045"/>
          <other otherDesc="Internal" value="594918104"/>
        </identifiers>
        <balance>446948.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>238446758.00000000</valUSD>
        <pctVal>9.075891257676</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>MSILF Government Portfolio</name>
        <lei>N/A</lei>
        <title>MSILF GOVERNMENT-INST</title>
        <cusip>61747C707</cusip>
        <identifiers>
          <isin value="US61747C7074"/>
        </identifiers>
        <balance>929575.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>929575.00000000</valUSD>
        <pctVal>0.035381993391</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="929575.00000000" isCashCollateral="Y"/>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ALPHABET INC.</name>
        <lei>5493006MHB84DD0ZWV18</lei>
        <title>ALPHABET INC CLASS C</title>
        <cusip>02079K107</cusip>
        <identifiers>
          <isin value="US02079K1079"/>
          <other otherDesc="Internal" value="02079K107"/>
        </identifiers>
        <balance>339168.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>65411940.48000000</valUSD>
        <pctVal>2.489745147845</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>ORACLE CORPORATION</name>
        <lei>1Z4GXXU7ZHVWFCD8TV52</lei>
        <title>ORACLE CORP</title>
        <cusip>68389X105</cusip>
        <identifiers>
          <isin value="US68389X1054"/>
          <other otherDesc="Internal" value="68389X105"/>
        </identifiers>
        <balance>456451.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>115833570.27000000</valUSD>
        <pctVal>4.408920870121</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>INTUITIVE SURGICAL, INC.</name>
        <lei>54930052SRG011710797</lei>
        <title>INTUITIVE SURGICAL INC</title>
        <cusip>46120E602</cusip>
        <identifiers>
          <isin value="US46120E6023"/>
          <other otherDesc="Internal" value="46120E602"/>
        </identifiers>
        <balance>60257.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>28989040.13000000</valUSD>
        <pctVal>1.103396741860</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>SYNOPSYS, INC.</name>
        <lei>QG7T915N9S0NY5UKNE63</lei>
        <title>SYNOPSYS INC</title>
        <cusip>871607107</cusip>
        <identifiers>
          <isin value="US8716071076"/>
          <other otherDesc="Internal" value="871607107"/>
        </identifiers>
        <balance>25724.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>16295382.28000000</valUSD>
        <pctVal>0.620243776078</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>THE WALT DISNEY COMPANY</name>
        <lei>549300GZKULIZ0WOW665</lei>
        <title>WALT DISNEY CO THE</title>
        <cusip>254687106</cusip>
        <identifiers>
          <isin value="US2546871060"/>
          <other otherDesc="Internal" value="254687106"/>
        </identifiers>
        <balance>284783.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>33920503.13000000</valUSD>
        <pctVal>1.291100790783</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.</name>
        <lei>549300JZ4OKEHW3DPJ59</lei>
        <title>VISA INC CLASS A</title>
        <cusip>92826C839</cusip>
        <identifiers>
          <isin value="US92826C8394"/>
          <other otherDesc="Internal" value="92826C839"/>
        </identifiers>
        <balance>306857.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>106009887.79000000</valUSD>
        <pctVal>4.035006480652</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>SERVICENOW, INC.</name>
        <lei>549300HJTQM36M0E1G39</lei>
        <title>SERVICENOW INC</title>
        <cusip>81762P102</cusip>
        <identifiers>
          <isin value="US81762P1021"/>
          <other otherDesc="Internal" value="81762P102"/>
        </identifiers>
        <balance>20107.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>18963313.84000000</valUSD>
        <pctVal>0.721792050102</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>GOLDMAN SACHS FINANCIAL SQUARE GOVERNMENT FUND</name>
        <lei>N/A</lei>
        <title>GLDMN SCHS FIN SQ GV-FST</title>
        <cusip>38141W273</cusip>
        <identifiers>
          <isin value="US38141W2733"/>
        </identifiers>
        <balance>929575.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>929575.00000000</valUSD>
        <pctVal>0.035381993391</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="929575.00000000" isCashCollateral="Y"/>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>META PLATFORMS, INC.</name>
        <lei>BQ4BKCS1HXDV9HN80Z93</lei>
        <title>META PLATFORMS INC</title>
        <cusip>30303M102</cusip>
        <identifiers>
          <isin value="US30303M1027"/>
          <other otherDesc="Internal" value="30303M102"/>
        </identifiers>
        <balance>237212.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>183469249.28000000</valUSD>
        <pctVal>6.983307173305</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>ELI LILLY AND COMPANY</name>
        <lei>FRDRIPF3EKNDJ2CQJL29</lei>
        <title>ELI LILLY CO</title>
        <cusip>532457108</cusip>
        <identifiers>
          <isin value="US5324571083"/>
          <other otherDesc="Internal" value="532457108"/>
        </identifiers>
        <balance>53740.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>39771361.80000000</valUSD>
        <pctVal>1.513799381858</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>ULTA BEAUTY, INC.</name>
        <lei>529900CIV6HN8M28YM82</lei>
        <title>ULTA BEAUTY INC</title>
        <cusip>90384S303</cusip>
        <identifiers>
          <isin value="US90384S3031"/>
          <other otherDesc="Internal" value="90384S303"/>
        </identifiers>
        <balance>33723.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>17367682.23000000</valUSD>
        <pctVal>0.661058244781</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>GE VERNOVA INC.</name>
        <lei>254900DP080RU6OK2553</lei>
        <title>GE VERNOVA LLC</title>
        <cusip>36828A101</cusip>
        <identifiers>
          <isin value="US36828A1016"/>
          <other otherDesc="Internal" value="36828A101"/>
        </identifiers>
        <balance>10161.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6709206.69000000</valUSD>
        <pctVal>0.255369504095</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>APPLOVIN CORPORATION</name>
        <lei>549300LLVXMUAOL3SQ07</lei>
        <title>APPLOVIN CORP</title>
        <cusip>03831W108</cusip>
        <identifiers>
          <isin value="US03831W1080"/>
          <other otherDesc="Internal" value="03831W108"/>
        </identifiers>
        <balance>29219.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>11415863.30000000</valUSD>
        <pctVal>0.434516848928</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>PAYPAL HOLDINGS, INC.</name>
        <lei>5493005X2GO78EFZ3E94</lei>
        <title>PAYPAL HOLDINGS INC</title>
        <cusip>70450Y103</cusip>
        <identifiers>
          <isin value="US70450Y1038"/>
          <other otherDesc="Internal" value="70450Y103"/>
        </identifiers>
        <balance>129194.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8883379.44000000</valUSD>
        <pctVal>0.338124059535</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>THE PROGRESSIVE CORPORATION</name>
        <lei>529900TACNVLY9DCR586</lei>
        <title>PROGRESSIVE CORP</title>
        <cusip>743315103</cusip>
        <identifiers>
          <isin value="US7433151039"/>
          <other otherDesc="Internal" value="743315103"/>
        </identifiers>
        <balance>25663.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6211472.52000000</valUSD>
        <pctVal>0.236424473179</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>Taiwan Semiconductor Manufacturing Co., Ltd.</name>
        <lei>549300KB6NK5SBD14S87</lei>
        <title>TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD ADR</title>
        <cusip>874039100</cusip>
        <identifiers>
          <isin value="US8740391003"/>
          <other otherDesc="Internal" value="874039100"/>
        </identifiers>
        <balance>40987.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9903278.94000000</valUSD>
        <pctVal>0.376944033577</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="ADR"/>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>QUANTA SERVICES, INC.</name>
        <lei>SHVRXXEACT60MMH07S24</lei>
        <title>QUANTA SERVICES INC</title>
        <cusip>74762E102</cusip>
        <identifiers>
          <isin value="US74762E1029"/>
          <other otherDesc="Internal" value="74762E102"/>
        </identifiers>
        <balance>26262.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>10665786.06000000</valUSD>
        <pctVal>0.405966997706</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>INSMED INCORPORATED</name>
        <lei>529900Q55QAG41CCAC11</lei>
        <title>INSMED INC</title>
        <cusip>457669307</cusip>
        <identifiers>
          <isin value="US4576693075"/>
          <other otherDesc="Internal" value="457669307"/>
        </identifiers>
        <balance>69123.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7415515.44000000</valUSD>
        <pctVal>0.282253415049</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>BJ'S WHOLESALE CLUB HOLDINGS, INC.</name>
        <lei>549300UCIWH1C93V0J03</lei>
        <title>BJ S WHOLESALE CLUB HOLDINGS INC</title>
        <cusip>05550J101</cusip>
        <identifiers>
          <isin value="US05550J1016"/>
          <other otherDesc="Internal" value="05550J101"/>
        </identifiers>
        <balance>114865.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>12164203.50000000</valUSD>
        <pctVal>0.463000583980</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>BROADCOM INC.</name>
        <lei>549300WV6GIDOZJTV909</lei>
        <title>BROADCOM INC</title>
        <cusip>11135F101</cusip>
        <identifiers>
          <isin value="US11135F1012"/>
          <other otherDesc="Internal" value="11135F101"/>
        </identifiers>
        <balance>152585.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>44814214.50000000</valUSD>
        <pctVal>1.705743206624</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>BUILDERS FIRSTSOURCE, INC.</name>
        <lei>549300W0SKP6L3H7DP63</lei>
        <title>BUILDERS FIRSTSOURCE INC</title>
        <cusip>12008R107</cusip>
        <identifiers>
          <isin value="US12008R1077"/>
          <other otherDesc="Internal" value="12008R107"/>
        </identifiers>
        <balance>45873.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5831834.49000000</valUSD>
        <pctVal>0.221974482303</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>YUM! Brands, Inc.</name>
        <lei>549300JE8XHZZ7OHN517</lei>
        <title>YUM BRANDS INC</title>
        <cusip>988498101</cusip>
        <identifiers>
          <isin value="US9884981013"/>
          <other otherDesc="Internal" value="988498101"/>
        </identifiers>
        <balance>77545.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>11178111.75000000</valUSD>
        <pctVal>0.425467419058</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>THE TRADE DESK, INC.</name>
        <lei>549300GXPD31VT3E0P46</lei>
        <title>THE TRADE DESK INC CLASS A</title>
        <cusip>88339J105</cusip>
        <identifiers>
          <isin value="US88339J1051"/>
          <other otherDesc="Internal" value="88339J105"/>
        </identifiers>
        <balance>94573.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8224068.08000000</valUSD>
        <pctVal>0.313028989011</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>NETFLIX, INC.</name>
        <lei>549300Y7VHGU0I7CE873</lei>
        <title>NETFLIX INC</title>
        <cusip>64110L106</cusip>
        <identifiers>
          <isin value="US64110L1061"/>
          <other otherDesc="Internal" value="64110L106"/>
        </identifiers>
        <balance>107478.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>124609993.20000000</valUSD>
        <pctVal>4.742973892322</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>NIKE, INC.</name>
        <lei>787RXPR0UX0O0XUXPZ81</lei>
        <title>NIKE INC CLASS B</title>
        <cusip>654106103</cusip>
        <identifiers>
          <isin value="US6541061031"/>
          <other otherDesc="Internal" value="654106103"/>
        </identifiers>
        <balance>135588.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>10127067.72000000</valUSD>
        <pctVal>0.385462004838</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>SEI INVESTMENTS COMPANY</name>
        <lei>5LJTIFADGZ6XH1RVOC11</lei>
        <title>SEI INVESTMENTS CO</title>
        <cusip>784117103</cusip>
        <identifiers>
          <isin value="US7841171033"/>
          <other otherDesc="Internal" value="784117103"/>
        </identifiers>
        <balance>168185.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>14820462.20000000</valUSD>
        <pctVal>0.564104559206</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>THERMO FISHER SCIENTIFIC INCORPORATED</name>
        <lei>HCHV7422L5HDJZCRFL38</lei>
        <title>THERMO FISHER SCIENTIFIC INC</title>
        <cusip>883556102</cusip>
        <identifiers>
          <isin value="US8835561023"/>
          <other otherDesc="Internal" value="883556102"/>
        </identifiers>
        <balance>29215.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>13663271.20000000</valUSD>
        <pctVal>0.520058920806</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>TRADEWEB MARKETS INC.</name>
        <lei>N/A</lei>
        <title>TRADEWEB MARKETS INC</title>
        <cusip>892672106</cusip>
        <identifiers>
          <isin value="US8926721064"/>
          <other otherDesc="Internal" value="892672106"/>
        </identifiers>
        <balance>109279.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>15140605.45000000</valUSD>
        <pctVal>0.576290027141</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>
    <signature>
      <ncom:dateSigned>2025-09-02</ncom:dateSigned>
      <ncom:nameOfApplicant>Victory Portfolios III</ncom:nameOfApplicant>
      <ncom:signature>Carol Trevino</ncom:signature>
      <ncom:signerName>Carol Trevino</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
