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        <name>Pepsico, Inc.</name>
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        <name>APPLE INC.</name>
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        <name>COSTAR GROUP, INC.</name>
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        <name>DIAMONDBACK ENERGY, INC.</name>
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        <name>WARNER BROS. DISCOVERY, INC.</name>
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        <name>ROSS STORES, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>LINDE PUBLIC LIMITED COMPANY</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>ATLASSIAN CORPORATION</name>
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        <name>SYNOPSYS, INC.</name>
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        <name>CISCO SYSTEMS, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>APPLIED MATERIALS, INC.</name>
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        <name>COCA-COLA EUROPACIFIC PARTNERS PLC</name>
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        <name>NASDAQ 100 E MINI FUTURE JUN25</name>
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        <name>MercadoLibre, Inc.</name>
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        <name>CSX Corporation</name>
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        <name>CHARTER COMMUNICATIONS, INC.</name>
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        <name>MICROCHIP TECHNOLOGY INCORPORATED</name>
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        <name>NXP Semiconductors N.V.</name>
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        <name>REGENERON PHARMACEUTICALS, INC.</name>
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        <name>GILEAD SCIENCES, INC.</name>
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      <invstOrSec>
        <name>ANALOG DEVICES, INC.</name>
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      <invstOrSec>
        <name>STARBUCKS CORPORATION</name>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>Arm Holdings PLC</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>CDW CORPORATION</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>LULULEMON ATHLETICA INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>BIOGEN INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>META PLATFORMS, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>DATADOG, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>COSTCO WHOLESALE CORPORATION</name>
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        <name>AMGEN INC.</name>
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        <name>NVIDIA CORPORATION</name>
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        <fairValLevel>1</fairValLevel>
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        <name>PALANTIR TECHNOLOGIES INC.</name>
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        <name>HSBC US GOVERNMENT MONEY MARKET FUND</name>
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        <name>ROPER TECHNOLOGIES, INC.</name>
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        <name>WORKDAY, INC.</name>
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        <name>COMCAST CORPORATION</name>
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        <name>GE HEALTHCARE TECHNOLOGIES INC.</name>
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        <name>INTEL CORPORATION</name>
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        <name>AUTODESK, INC.</name>
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        <name>T-MOBILE US, INC.</name>
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        <name>FORTINET, INC.</name>
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        <title>FORTINET INC</title>
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        <name>PDD Holdings Inc.</name>
        <lei>5493000573DS7005T657</lei>
        <title>PDD HOLDINGS INC</title>
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        <invCountry>KY</invCountry>

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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CROWDSTRIKE HOLDINGS, INC.</name>
        <lei>549300YBY08K9KM4HX32</lei>
        <title>CROWDSTRIKE HOLDINGS INC A</title>
        <cusip>22788C105</cusip>
        <identifiers>
          <isin value="US22788C1053"/>
          <other otherDesc="Internal" value="BJJP138"/>
        </identifiers>
        <balance>103724.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>44484111.88000000</valUSD>
        <pctVal>0.680465560120</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="2459020"/>
        </identifiers>
        <balance>123999.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>77805652.53000000</valUSD>
        <pctVal>1.190179250340</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>TEXAS INSTRUMENTS INCORPORATED</name>
        <lei>WDJNR2L6D8RWOEB8T652</lei>
        <title>TEXAS INSTRUMENTS INC</title>
        <cusip>882508104</cusip>
        <identifiers>
          <isin value="US8825081040"/>
          <other otherDesc="Internal" value="2885409"/>
        </identifiers>
        <balance>403776.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>64624348.80000000</valUSD>
        <pctVal>0.988547187864</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>COPART, INC.</name>
        <lei>549300KVYX3JWMYEHU61</lei>
        <title>COPART INC</title>
        <cusip>217204106</cusip>
        <identifiers>
          <isin value="US2172041061"/>
          <other otherDesc="Internal" value="2208073"/>
        </identifiers>
        <balance>428509.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>26151904.27000000</valUSD>
        <pctVal>0.400041035669</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>O'Reilly Automotive, Inc.</name>
        <lei>549300K2RLMQL149Q332</lei>
        <title>O REILLY AUTOMOTIVE INC</title>
        <cusip>67103H107</cusip>
        <identifiers>
          <isin value="US67103H1077"/>
          <other otherDesc="Internal" value="B65LWX6"/>
        </identifiers>
        <balance>25403.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>35950325.60000000</valUSD>
        <pctVal>0.549925746790</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="BMV3LG4"/>
        </identifiers>
        <balance>137176.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>36942868.56000000</valUSD>
        <pctVal>0.565108500198</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>IDEXX LABORATORIES, INC.</name>
        <lei>OGMTXK0LUU1HKV2P0J84</lei>
        <title>IDEXX LABORATORIES INC</title>
        <cusip>45168D104</cusip>
        <identifiers>
          <isin value="US45168D1046"/>
          <other otherDesc="Internal" value="2459202"/>
        </identifiers>
        <balance>36073.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>15606983.45000000</valUSD>
        <pctVal>0.238737254410</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>ON SEMICONDUCTOR CORPORATION</name>
        <lei>ZV20P4CNJVT8V1ZGJ064</lei>
        <title>ON SEMICONDUCTOR CORP</title>
        <cusip>682189105</cusip>
        <identifiers>
          <isin value="US6821891057"/>
          <other otherDesc="Internal" value="2583576"/>
        </identifiers>
        <balance>186920.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7420724.00000000</valUSD>
        <pctVal>0.113513497286</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>GLOBALFOUNDRIES INC.</name>
        <lei>549300BA76VK784VMX48</lei>
        <title>GLOBALFOUNDRIES INC</title>
        <cusip>G39387108</cusip>
        <identifiers>
          <isin value="KYG393871085"/>
          <other otherDesc="Internal" value="BMW7F63"/>
        </identifiers>
        <balance>245129.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8596674.03000000</valUSD>
        <pctVal>0.131501796074</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>LAM RESEARCH CORPORATION</name>
        <lei>549300I4GMO6D34U1T02</lei>
        <title>LAM RESEARCH CORP</title>
        <cusip>512807306</cusip>
        <identifiers>
          <isin value="US5128073062"/>
          <other otherDesc="Internal" value="BSML4N7"/>
        </identifiers>
        <balance>569366.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>40806461.22000000</valUSD>
        <pctVal>0.624209191037</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="BD8FDD1"/>
        </identifiers>
        <balance>200673.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>10762092.99000000</valUSD>
        <pctVal>0.164625825379</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="2714923"/>
        </identifiers>
        <balance>490564.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>72829131.44000000</valUSD>
        <pctVal>1.114054290936</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="BYW36M8"/>
        </identifiers>
        <balance>438776.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>28889011.84000000</valUSD>
        <pctVal>0.441910084123</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 C</title>
        <cusip>02079K107</cusip>
        <identifiers>
          <isin value="US02079K1079"/>
          <other otherDesc="Internal" value="BYY88Y7"/>
        </identifiers>
        <balance>991028.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>159446494.92000000</valUSD>
        <pctVal>2.439024718931</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>AMERICAN ELECTRIC POWER COMPANY, INC.</name>
        <lei>1B4S6S7G0TW5EE83BO58</lei>
        <title>AMERICAN ELECTRIC POWER CO INC</title>
        <cusip>025537101</cusip>
        <identifiers>
          <isin value="US0255371017"/>
          <other otherDesc="Internal" value="2026242"/>
        </identifiers>
        <balance>236504.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>25622843.36000000</valUSD>
        <pctVal>0.391948084877</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="2588173"/>
        </identifiers>
        <balance>1349845.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>533539734.70000000</valUSD>
        <pctVal>8.161462577891</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>BAKER HUGHES COMPANY</name>
        <lei>N/A</lei>
        <title>BAKER HUGHES CO</title>
        <cusip>05722G100</cusip>
        <identifiers>
          <isin value="US05722G1004"/>
          <other otherDesc="Internal" value="BDHLTQ5"/>
        </identifiers>
        <balance>439162.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>15546334.80000000</valUSD>
        <pctVal>0.237809522780</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>ASTRAZENECA PLC</name>
        <lei>PY6ZZQWO2IZFZC3IOL08</lei>
        <title>ASTRAZENECA PLC</title>
        <cusip>046353108</cusip>
        <identifiers>
          <isin value="US0463531089"/>
          <other otherDesc="Internal" value="2989044"/>
        </identifiers>
        <balance>258279.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>18541849.41000000</valUSD>
        <pctVal>0.283631377838</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="ADR"/>
        <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>AXON ENTERPRISE, INC.</name>
        <lei>549300QP2IEEGFE16681</lei>
        <title>AXON ENTERPRISE INC</title>
        <cusip>05464C101</cusip>
        <identifiers>
          <isin value="US05464C1018"/>
          <other otherDesc="Internal" value="BDT5S35"/>
        </identifiers>
        <balance>33986.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>20843613.80000000</valUSD>
        <pctVal>0.318841058974</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="BYVY8G0"/>
        </identifiers>
        <balance>1051603.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>166994556.40000000</valUSD>
        <pctVal>2.554486075037</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>1637607.81000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1637607.81000000</valUSD>
        <pctVal>0.025050195869</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="1637607.81000000" isCashCollateral="Y"/>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Monthly total returns reported under item B.5.a do not include any sales or redemption charges, as applicable." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2025-05-30</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>
</edgarSubmission>
