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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>FORTINET, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>ANALOG DEVICES, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>ORACLE CORPORATION</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>THE ESTEE LAUDER COMPANIES INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>DANAHER CORPORATION</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>SANDISK CORPORATION</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>DIAMONDBACK ENERGY, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>ROYAL CARIBBEAN CRUISES LTD.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>STEEL DYNAMICS, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>CORPAY, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>MARRIOTT INTERNATIONAL, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>EQUINIX, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>QUEST DIAGNOSTICS INCORPORATED</name>
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        <name>CENCORA, INC.</name>
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        <name>AMEREN CORPORATION</name>
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        <name>SOFI TECHNOLOGIES, INC.</name>
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        <name>SEAGATE TECHNOLOGY HOLDINGS PUBLIC LIMITED COMPANY</name>
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        <name>MERCK &amp; CO., INC.</name>
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        <name>FIRST INDUSTRIAL REALTY TRUST, INC.</name>
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        <name>THE MOSAIC COMPANY</name>
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        <name>AMERICAN WATER WORKS COMPANY, INC.</name>
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        <name>ROBINHOOD MARKETS, INC.</name>
        <lei>213800FS5AO3YWIE6F63</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>TE CONNECTIVITY PUBLIC LIMITED COMPANY</name>
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        <name>CUMMINS INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>FIDELITY NATIONAL INFORMATION SERVICES, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>JABIL INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>INVESCO GOVERNMENT &amp; AGENCY PORTFOLIO</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>NEXTERA ENERGY, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Somnigroup International Inc.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <name>VEEVA SYSTEMS INC.</name>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <name>Markel Group Inc.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>EXACT SCIENCES CORPORATION</name>
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        <name>ADOBE INC.</name>
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        <name>THE HOME DEPOT, INC.</name>
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        <name>BIOGEN INC.</name>
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        <name>ALLEGION PUBLIC LIMITED COMPANY</name>
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        <title>ALLEGION PLC</title>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>PROLOGIS, INC.</name>
        <lei>529900DFH19P073LZ636</lei>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>CROWN CASTLE INC.</name>
        <lei>54930012H97VSM0I2R19</lei>
        <title>CROWN CASTLE INC</title>
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        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>METTLER-TOLEDO INTERNATIONAL INC.</name>
        <lei>5493000BD5GJNUDIUG10</lei>
        <title>METTLER TOLEDO INTERNATIONAL</title>
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        <name>THE TJX COMPANIES, INC.</name>
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        <name>YUM! Brands, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>MOTOROLA SOLUTIONS, INC.</name>
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        <name>MASTERCARD INCORPORATED.</name>
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        <name>PINTEREST, INC.</name>
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        <name>Astera Labs Inc</name>
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        <name>COREBRIDGE FINANCIAL, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <name>INTUIT INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>LAS VEGAS SANDS CORP.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>GLOBAL PAYMENTS INC.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Willis Towers Watson Public Limited Company</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>BRIXMOR PROPERTY GROUP INC.</name>
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        <name>Everest Group, Ltd.</name>
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        <name>Mondelez International, Inc.</name>
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        <name>ROCKET COMPANIES, INC.</name>
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        <name>AMERICAN HEALTHCARE REIT, INC.</name>
        <lei>2549004GGE2APGNT6O92</lei>
        <title>AMERICAN HEALTHCARE REIT INC</title>
        <cusip>398182303</cusip>
        <identifiers>
          <isin value="US3981823038"/>
          <other otherDesc="Internal" value="398182303"/>
        </identifiers>
        <balance>35300.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1655923.00000000</valUSD>
        <pctVal>0.075738667628</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>FORD MOTOR COMPANY</name>
        <lei>20S05OYHG0MQM4VUIC57</lei>
        <title>FORD MOTOR CO</title>
        <cusip>345370860</cusip>
        <identifiers>
          <isin value="US3453708600"/>
          <other otherDesc="Internal" value="345370860"/>
        </identifiers>
        <balance>20870.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>289675.60000000</valUSD>
        <pctVal>0.013249193343</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>DARDEN RESTAURANTS, INC.</name>
        <lei>CY1NFSCCB5GUXC7WZC70</lei>
        <title>DARDEN RESTAURANTS INC</title>
        <cusip>237194105</cusip>
        <identifiers>
          <isin value="US2371941053"/>
          <other otherDesc="Internal" value="237194105"/>
        </identifiers>
        <balance>17220.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3432807.00000000</valUSD>
        <pctVal>0.157009853963</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>CUBESMART</name>
        <lei>N/A</lei>
        <title>CUBESMART</title>
        <cusip>229663109</cusip>
        <identifiers>
          <isin value="US2296631094"/>
          <other otherDesc="Internal" value="229663109"/>
        </identifiers>
        <balance>20033.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>751838.49000000</valUSD>
        <pctVal>0.034387616757</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>DRAFTKINGS INC.</name>
        <lei>2549006G33IUL6IVOD83</lei>
        <title>DRAFTKINGS INC</title>
        <cusip>26142V105</cusip>
        <identifiers>
          <isin value="US26142V1052"/>
          <other otherDesc="Internal" value="26142V105"/>
        </identifiers>
        <balance>2522.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>69380.22000000</valUSD>
        <pctVal>0.003173315077</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>REDDIT INC.</name>
        <lei>529900APN1YHPBHPI679</lei>
        <title>REDDIT INC</title>
        <cusip>75734B100</cusip>
        <identifiers>
          <isin value="US75734B1008"/>
          <other otherDesc="Internal" value="75734B100"/>
        </identifiers>
        <balance>2078.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>374601.06000000</valUSD>
        <pctVal>0.017133517184</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 CHARLES SCHWAB CORPORATION</name>
        <lei>549300VSGCJ7E698NM85</lei>
        <title>THE CHARLES SCHWAB CORP</title>
        <cusip>808513105</cusip>
        <identifiers>
          <isin value="US8085131055"/>
          <other otherDesc="Internal" value="808513105"/>
        </identifiers>
        <balance>70621.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7338934.32000000</valUSD>
        <pctVal>0.335668450288</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>25505.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7545909.30000000</valUSD>
        <pctVal>0.345135079604</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>ECOLAB INC.</name>
        <lei>82DYEISM090VG8LTLS26</lei>
        <title>ECOLAB INC</title>
        <cusip>278865100</cusip>
        <identifiers>
          <isin value="US2788651006"/>
          <other otherDesc="Internal" value="278865100"/>
        </identifiers>
        <balance>14160.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3992978.40000000</valUSD>
        <pctVal>0.182630994245</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>U.S. BANCORP</name>
        <lei>N1GZ7BBF3NP8GI976H15</lei>
        <title>US BANCORP</title>
        <cusip>902973304</cusip>
        <identifiers>
          <isin value="US9029733048"/>
          <other otherDesc="Internal" value="902973304"/>
        </identifiers>
        <balance>24859.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1394838.49000000</valUSD>
        <pctVal>0.063797174620</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Monthly 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>2026-03-02</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>
