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      <invstOrSec>
        <name>O'Reilly Automotive, Inc.</name>
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        <title>O REILLY AUTOMOTIVE INC</title>
        <cusip>67103H107</cusip>
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          <isin value="US67103H1077"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>SNOWFLAKE INC.</name>
        <lei>254900CJNSY1K7T53Z16</lei>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>NVIDIA CORPORATION</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>AMAZON.COM, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ULTA BEAUTY, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>FISERV, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>VERTIV HOLDINGS CO</name>
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          <isin value="US92537N1081"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>DIAMONDBACK ENERGY, INC.</name>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>NETFLIX, INC.</name>
        <lei>549300Y7VHGU0I7CE873</lei>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>DEXCOM, INC.</name>
        <lei>549300YSK3QDSFR5EU59</lei>
        <title>DEXCOM INC</title>
        <cusip>252131107</cusip>
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          <isin value="US2521311074"/>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>REDDIT INC.</name>
        <lei>N/A</lei>
        <title>REDDIT INC</title>
        <cusip>75734B100</cusip>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>CROWDSTRIKE HOLDINGS, INC.</name>
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        <title>CROWDSTRIKE HOLDINGS INC A</title>
        <cusip>22788C105</cusip>
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          <isin value="US22788C1053"/>
          <other otherDesc="Internal" value="BJJP138"/>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>ARISTA NETWORKS, INC.</name>
        <lei>635400H1WKBLOQERUU95</lei>
        <title>ARISTA NETWORKS INC</title>
        <cusip>040413205</cusip>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>UBER TECHNOLOGIES, INC.</name>
        <lei>549300B2FTG34FILDR98</lei>
        <title>UBER TECHNOLOGIES INC</title>
        <cusip>90353T100</cusip>
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        <invCountry>US</invCountry>

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        <fairValLevel>1</fairValLevel>
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        <name>MICROSOFT CORPORATION</name>
        <lei>INR2EJN1ERAN0W5ZP974</lei>
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        <name>HEICO CORPORATION</name>
        <lei>529900O1DTDLCJ7L0I14</lei>
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        <name>PALO ALTO NETWORKS, INC.</name>
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        <name>BUILDERS FIRSTSOURCE, INC.</name>
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        <name>VISA INC.</name>
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        <name>On Holding AG</name>
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        <title>ON HOLDING AG</title>
        <cusip>H5919C104</cusip>
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        <name>BROADCOM INC.</name>
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        <title>BROADCOM INC</title>
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        <invCountry>US</invCountry>

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        <name>META PLATFORMS, INC.</name>
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        <invCountry>US</invCountry>

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        <fairValLevel>1</fairValLevel>
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        <name>TRADEWEB MARKETS INC.</name>
        <lei>N/A</lei>
        <title>TRADEWEB MARKETS INC</title>
        <cusip>892672106</cusip>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>APPLOVIN CORPORATION</name>
        <lei>549300LLVXMUAOL3SQ07</lei>
        <title>APPLOVIN CORP</title>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>MOTOROLA SOLUTIONS, INC.</name>
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        <name>CYBERARK SOFTWARE LTD.</name>
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        <title>CYBERARK SOFTWARE LTD</title>
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        <invCountry>IL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      </invstOrSec>
    </invstOrSecs>
    <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>
