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        <name>CADENCE DESIGN SYSTEMS, INC.</name>
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        <name>CARDINAL HEALTH, INC.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>CELSIUS HOLDINGS, INC.</name>
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        <name>CHEWY, INC.</name>
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        <name>CLEAN HARBORS, INC.</name>
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        <name>THE COCA-COLA COMPANY</name>
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        <name>COMFORT SYSTEMS USA, INC.</name>
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        <name>COSTCO WHOLESALE CORPORATION</name>
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        <name>CROWDSTRIKE HOLDINGS, INC.</name>
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        <name>DATADOG, INC.</name>
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        <name>DECKERS OUTDOOR CORPORATION</name>
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        <name>DELL TECHNOLOGIES INC.</name>
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        <name>DEXCOM, INC.</name>
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        <name>DIAMONDBACK ENERGY, INC.</name>
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        <name>DRAFTKINGS INC.</name>
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        <name>E.L.F. BEAUTY, INC.</name>
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        <name>EXELIXIS, INC.</name>
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        <name>EXLSERVICE HOLDINGS, INC.</name>
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        <name>EXPEDIA GROUP, INC.</name>
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        <name>META PLATFORMS, INC.</name>
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        <name>FAIR ISAAC CORPORATION</name>
        <lei>RI6HET5SJUEY30V1PS26</lei>
        <title>FAIR ISAAC CORP</title>
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        <name>GE VERNOVA INC.</name>
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        <name>GODADDY INC.</name>
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        <name>HUBSPOT, INC.</name>
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        <name>HUNTINGTON BANCSHARES INCORPORATED</name>
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        <title>HUNTINGTON BANCSHARES INC OH</title>
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        <name>IDEXX LABORATORIES, INC.</name>
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        <name>INCYTE CORPORATION</name>
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        <name>INTUIT INC.</name>
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        <name>iShares Top 20 US Stocks ETF</name>
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        <name>LAS VEGAS SANDS CORP.</name>
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        <name>ELI LILLY AND COMPANY</name>
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        <name>LULULEMON ATHLETICA INC.</name>
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        <name>LYFT, INC.</name>
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        <name>MSCI INC.</name>
        <lei>549300HTIN2PD78UB763</lei>
        <title>MSCI INC COMMON</title>
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        <name>THE NEW YORK TIMES COMPANY</name>
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        <name>O'Reilly Automotive, Inc.</name>
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        <name>PALANTIR TECHNOLOGIES INC.</name>
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        <name>PAYCHEX, INC.</name>
        <lei>529900K900DW6SUBM174</lei>
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        <name>REDDIT, INC.</name>
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        <name>SNOWFLAKE INC.</name>
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        <name>Taiwan Semiconductor Manufacturing Company Limited</name>
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        <name>TESLA, INC.</name>
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        <name>TEXAS PACIFIC LAND CORPORATION</name>
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        <name>THE TRADE DESK, INC.</name>
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        <name>TRADEWEB MARKETS INC.</name>
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        <name>ULTA BEAUTY, INC.</name>
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        <name>UNITEDHEALTH GROUP INCORPORATED</name>
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        <name>Vanguard Mega Cap Growth Index Fund</name>
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        <name>Vanguard World Fund - Vanguard Information Technology Index Fund</name>
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        <name>VEEVA SYSTEMS INC.</name>
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        <name>VERTIV HOLDINGS CO</name>
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        <name>VISA INC.</name>
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        <name>WOODWARD, INC.</name>
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      <invstOrSec>
        <name>FTAI Aviation Ltd.</name>
        <lei>N/A</lei>
        <title>FTAI AVIATION LTD</title>
        <cusip>G3730V105</cusip>
        <identifiers>
          <isin value="KYG3730V1059"/>
          <other otherDesc="Internal" value="G3730V105"/>
        </identifiers>
        <balance>27364.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6831969.88000000</valUSD>
        <pctVal>0.257197346230</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>ROYALTY PHARMA PLC</name>
        <lei>549300FGFN7VOK8BZR03</lei>
        <title>ROYALTY PHARMA PLC</title>
        <cusip>G7709Q104</cusip>
        <identifiers>
          <isin value="GB00BMVP7Y09"/>
          <other otherDesc="Internal" value="G7709Q104"/>
        </identifiers>
        <balance>269073.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>13477866.57000000</valUSD>
        <pctVal>0.507389753693</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TRANE TECHNOLOGIES PLC</name>
        <lei>549300BURLR9SLYY2705</lei>
        <title>TRANE TECHNOLOGIES PLC</title>
        <cusip>G8994E103</cusip>
        <identifiers>
          <isin value="IE00BK9ZQ967"/>
          <other otherDesc="Internal" value="G8994E103"/>
        </identifiers>
        <balance>70274.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>34612755.96000000</valUSD>
        <pctVal>1.303036918342</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Viking Holdings Ltd</name>
        <lei>52990032GOPN7BVQMN13</lei>
        <title>VIKING HOLDINGS LTD</title>
        <cusip>G93A5A101</cusip>
        <identifiers>
          <isin value="BMG93A5A1010"/>
          <other otherDesc="Internal" value="G93A5A101"/>
        </identifiers>
        <balance>93499.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7658503.09000000</valUSD>
        <pctVal>0.288313137418</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</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>324225.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>324225.00000000</valUSD>
        <pctVal>0.012205822192</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="324225.00000000" isCashCollateral="Y"/>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>On Holding AG</name>
        <lei>506700FB3467B9W95526</lei>
        <title>ON HOLDING AG</title>
        <cusip>H5919C104</cusip>
        <identifiers>
          <isin value="CH1134540470"/>
          <other otherDesc="Internal" value="H5919C104"/>
        </identifiers>
        <balance>335301.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>11940068.61000000</valUSD>
        <pctVal>0.449497584773</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <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>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>324225.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>324225.00000000</valUSD>
        <pctVal>0.012205822192</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="324225.00000000" isCashCollateral="Y"/>
          <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>324225.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>324225.00000000</valUSD>
        <pctVal>0.012205822192</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="324225.00000000" isCashCollateral="Y"/>
          <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>324225.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>324225.00000000</valUSD>
        <pctVal>0.012205822192</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="324225.00000000" isCashCollateral="Y"/>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Elastic N.V.</name>
        <lei>2549003I48WHHH937I59</lei>
        <title>ELASTIC NV</title>
        <cusip>N14506104</cusip>
        <identifiers>
          <isin value="NL0013056914"/>
          <other otherDesc="Internal" value="N14506104"/>
        </identifiers>
        <balance>16525.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>767255.75000000</valUSD>
        <pctVal>0.028884223181</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ROYAL CARIBBEAN CRUISES LTD.</name>
        <lei>K2NEH8QNVW44JIWK7Z55</lei>
        <title>ROYAL CARIBBEAN CRUISES LTD</title>
        <cusip>V7780T103</cusip>
        <identifiers>
          <isin value="LR0008862868"/>
          <other otherDesc="Internal" value="V7780T103"/>
        </identifiers>
        <balance>16652.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4392131.52000000</valUSD>
        <pctVal>0.165346831306</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2026-06-01</ncom:dateSigned>
      <ncom:nameOfApplicant>Victory Portfolios III</ncom:nameOfApplicant>
      <ncom:signature>Carol D. Trevino</ncom:signature>
      <ncom:signerName>Carol D. Trevino</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
