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      <dailyLiquidAssetSecurityFlag>Y</dailyLiquidAssetSecurityFlag>
      <weeklyLiquidAssetSecurityFlag>Y</weeklyLiquidAssetSecurityFlag>
      <illiquidSecurityFlag>N</illiquidSecurityFlag>
    </scheduleOfPortfolioSecuritiesInfo>
    <scheduleOfPortfolioSecuritiesInfo>
      <nameOfIssuer>U.S. TREASURY SECURITIES</nameOfIssuer>
      <titleOfIssuer>UNITED STATES TREASURY BILL</titleOfIssuer>
      <coupon>0%</coupon>
      <CUSIPMember>912797RJ8</CUSIPMember>
      <LEIID>254900HROIFWPRGM1V77</LEIID>
      <ISINId>US912797RJ86</ISINId>
      <investmentCategory>U.S. Treasury Debt</investmentCategory>
      <securityEligibilityFlag>Y</securityEligibilityFlag>
      <assigningNRSRORating>
        <nameOfNRSRO>Moody's</nameOfNRSRO>
        <rating>Aa1</rating>
      </assigningNRSRORating>
      <assigningNRSRORating>
        <nameOfNRSRO>Fitch</nameOfNRSRO>
        <rating>AA+</rating>
      </assigningNRSRORating>
      <assigningNRSRORating>
        <nameOfNRSRO>Standard and Poor's</nameOfNRSRO>
        <rating>AA+</rating>
      </assigningNRSRORating>
      <investmentMaturityDateWAM>2026-01-15</investmentMaturityDateWAM>
      <investmentMaturityDateWAL>2026-01-15</investmentMaturityDateWAL>
      <finalLegalInvestmentMaturityDate>2026-01-15</finalLegalInvestmentMaturityDate>
      <securityDemandFeatureFlag>N</securityDemandFeatureFlag>
      <securityGuaranteeFlag>N</securityGuaranteeFlag>
      <securityEnhancementsFlag>N</securityEnhancementsFlag>
      <yieldOfTheSecurityAsOfReportingDate>0.0421</yieldOfTheSecurityAsOfReportingDate>
      <includingValueOfAnySponsorSupport>49442911.00</includingValueOfAnySponsorSupport>
      <excludingValueOfAnySponsorSupport>49442911.00</excludingValueOfAnySponsorSupport>
      <percentageOfMoneyMarketFundNetAssets>0.0548</percentageOfMoneyMarketFundNetAssets>
      <securityCategorizedAtLevel3Flag>N</securityCategorizedAtLevel3Flag>
      <dailyLiquidAssetSecurityFlag>Y</dailyLiquidAssetSecurityFlag>
      <weeklyLiquidAssetSecurityFlag>Y</weeklyLiquidAssetSecurityFlag>
      <illiquidSecurityFlag>N</illiquidSecurityFlag>
    </scheduleOfPortfolioSecuritiesInfo>
    <scheduleOfPortfolioSecuritiesInfo>
      <nameOfIssuer>U.S. TREASURY SECURITIES</nameOfIssuer>
      <titleOfIssuer>US TREASURY BILL</titleOfIssuer>
      <coupon>0%</coupon>
      <CUSIPMember>912797NA1</CUSIPMember>
      <LEIID>254900HROIFWPRGM1V77</LEIID>
      <ISINId>US912797NA14</ISINId>
      <investmentCategory>U.S. Treasury Debt</investmentCategory>
      <securityEligibilityFlag>Y</securityEligibilityFlag>
      <assigningNRSRORating>
        <nameOfNRSRO>Fitch</nameOfNRSRO>
        <rating>AA+</rating>
      </assigningNRSRORating>
      <assigningNRSRORating>
        <nameOfNRSRO>Moody's</nameOfNRSRO>
        <rating>Aa1</rating>
      </assigningNRSRORating>
      <assigningNRSRORating>
        <nameOfNRSRO>Standard and Poor's</nameOfNRSRO>
        <rating>AA+</rating>
      </assigningNRSRORating>
      <investmentMaturityDateWAM>2025-10-30</investmentMaturityDateWAM>
      <investmentMaturityDateWAL>2025-10-30</investmentMaturityDateWAL>
      <finalLegalInvestmentMaturityDate>2025-10-30</finalLegalInvestmentMaturityDate>
      <securityDemandFeatureFlag>N</securityDemandFeatureFlag>
      <securityGuaranteeFlag>N</securityGuaranteeFlag>
      <securityEnhancementsFlag>N</securityEnhancementsFlag>
      <yieldOfTheSecurityAsOfReportingDate>0.0410</yieldOfTheSecurityAsOfReportingDate>
      <includingValueOfAnySponsorSupport>49836911.50</includingValueOfAnySponsorSupport>
      <excludingValueOfAnySponsorSupport>49836911.50</excludingValueOfAnySponsorSupport>
      <percentageOfMoneyMarketFundNetAssets>0.0552</percentageOfMoneyMarketFundNetAssets>
      <securityCategorizedAtLevel3Flag>N</securityCategorizedAtLevel3Flag>
      <dailyLiquidAssetSecurityFlag>Y</dailyLiquidAssetSecurityFlag>
      <weeklyLiquidAssetSecurityFlag>Y</weeklyLiquidAssetSecurityFlag>
      <illiquidSecurityFlag>N</illiquidSecurityFlag>
    </scheduleOfPortfolioSecuritiesInfo>
    <scheduleOfPortfolioSecuritiesInfo>
      <nameOfIssuer>FIXED INCOME CLEARING CORPORATION ("FICC") - STATE STREET BANK &amp; TRUST CO.</nameOfIssuer>
      <titleOfIssuer>FIXED INCOME CLEARING CO</titleOfIssuer>
      <coupon>4.18%</coupon>
      <CUSIPMember>N/A</CUSIPMember>
      <LEIID>N/A</LEIID>
      <otherUniqueId>FIC125A01</otherUniqueId>
      <investmentCategory>U.S. Treasury Repurchase Agreement, if collateralized only by U.S. Treasuries (including Strips) and cash</investmentCategory>
      <fundAcqstnUndrlyngSecurityFlag>Y</fundAcqstnUndrlyngSecurityFlag>
      <repurchaseAgreement>
        <repurchaseAgreementOpenFlag>N</repurchaseAgreementOpenFlag>
        <repurchaseAgreementClearedFlag>Y</repurchaseAgreementClearedFlag>
        <nameOfCCP>FIXED INCOME CLEARING CORPORATION ("FICC") - STATE STREET BANK &amp; TRUST CO.</nameOfCCP>
        <repurchaseAgreementTripartyFlag>N</repurchaseAgreementTripartyFlag>
        <collateralIssuers>
          <nameOfCollateralIssuer>USTR</nameOfCollateralIssuer>
          <LEIID>N/A</LEIID>
          <CUSIPMember>912810UD8</CUSIPMember>
          <maturityDate>
            <dateRange>
              <ns3:from>2042-08-15</ns3:from>
              <ns3:to>2054-08-15</ns3:to>
            </dateRange>
          </maturityDate>
          <coupon>0.25000000 - 4.25000000</coupon>
          <yield>N/A</yield>
          <principalAmountToTheNearestCent>192259300.00</principalAmountToTheNearestCent>
          <valueOfCollateralToTheNearestCent>158100018.10</valueOfCollateralToTheNearestCent>
          <ctgryInvestmentsRprsntsCollateral>U.S. Treasuries (including strips)</ctgryInvestmentsRprsntsCollateral>
        </collateralIssuers>
      </repurchaseAgreement>
      <securityEligibilityFlag>Y</securityEligibilityFlag>
      <assigningNRSRORating>
        <nameOfNRSRO>Fitch</nameOfNRSRO>
        <rating>NR</rating>
      </assigningNRSRORating>
      <assigningNRSRORating>
        <nameOfNRSRO>Moody's</nameOfNRSRO>
        <rating>NR</rating>
      </assigningNRSRORating>
      <assigningNRSRORating>
        <nameOfNRSRO>Standard and Poor's</nameOfNRSRO>
        <rating>NR</rating>
      </assigningNRSRORating>
      <investmentMaturityDateWAM>2025-10-01</investmentMaturityDateWAM>
      <investmentMaturityDateWAL>2025-10-01</investmentMaturityDateWAL>
      <finalLegalInvestmentMaturityDate>2025-10-01</finalLegalInvestmentMaturityDate>
      <securityDemandFeatureFlag>N</securityDemandFeatureFlag>
      <securityGuaranteeFlag>N</securityGuaranteeFlag>
      <securityEnhancementsFlag>N</securityEnhancementsFlag>
      <yieldOfTheSecurityAsOfReportingDate>0.0418</yieldOfTheSecurityAsOfReportingDate>
      <includingValueOfAnySponsorSupport>155000000.00</includingValueOfAnySponsorSupport>
      <excludingValueOfAnySponsorSupport>155000000.00</excludingValueOfAnySponsorSupport>
      <percentageOfMoneyMarketFundNetAssets>0.1717</percentageOfMoneyMarketFundNetAssets>
      <securityCategorizedAtLevel3Flag>N</securityCategorizedAtLevel3Flag>
      <dailyLiquidAssetSecurityFlag>Y</dailyLiquidAssetSecurityFlag>
      <weeklyLiquidAssetSecurityFlag>Y</weeklyLiquidAssetSecurityFlag>
      <illiquidSecurityFlag>N</illiquidSecurityFlag>
    </scheduleOfPortfolioSecuritiesInfo>
    <scheduleOfPortfolioSecuritiesInfo>
      <nameOfIssuer>U.S. TREASURY SECURITIES</nameOfIssuer>
      <titleOfIssuer>U S TREASURY BILL</titleOfIssuer>
      <coupon>0%</coupon>
      <CUSIPMember>912797QR1</CUSIPMember>
      <LEIID>254900HROIFWPRGM1V77</LEIID>
      <ISINId>US912797QR12</ISINId>
      <investmentCategory>U.S. Treasury Debt</investmentCategory>
      <securityEligibilityFlag>Y</securityEligibilityFlag>
      <assigningNRSRORating>
        <nameOfNRSRO>Standard and Poor's</nameOfNRSRO>
        <rating>AA+</rating>
      </assigningNRSRORating>
      <assigningNRSRORating>
        <nameOfNRSRO>Moody's</nameOfNRSRO>
        <rating>Aa1</rating>
      </assigningNRSRORating>
      <assigningNRSRORating>
        <nameOfNRSRO>Fitch</nameOfNRSRO>
        <rating>AA+</rating>
      </assigningNRSRORating>
      <investmentMaturityDateWAM>2025-11-20</investmentMaturityDateWAM>
      <investmentMaturityDateWAL>2025-11-20</investmentMaturityDateWAL>
      <finalLegalInvestmentMaturityDate>2025-11-20</finalLegalInvestmentMaturityDate>
      <securityDemandFeatureFlag>N</securityDemandFeatureFlag>
      <securityGuaranteeFlag>N</securityGuaranteeFlag>
      <securityEnhancementsFlag>N</securityEnhancementsFlag>
      <yieldOfTheSecurityAsOfReportingDate>0.0416</yieldOfTheSecurityAsOfReportingDate>
      <includingValueOfAnySponsorSupport>49724708.50</includingValueOfAnySponsorSupport>
      <excludingValueOfAnySponsorSupport>49724708.50</excludingValueOfAnySponsorSupport>
      <percentageOfMoneyMarketFundNetAssets>0.0551</percentageOfMoneyMarketFundNetAssets>
      <securityCategorizedAtLevel3Flag>N</securityCategorizedAtLevel3Flag>
      <dailyLiquidAssetSecurityFlag>Y</dailyLiquidAssetSecurityFlag>
      <weeklyLiquidAssetSecurityFlag>Y</weeklyLiquidAssetSecurityFlag>
      <illiquidSecurityFlag>N</illiquidSecurityFlag>
    </scheduleOfPortfolioSecuritiesInfo>
    <scheduleOfPortfolioSecuritiesInfo>
      <nameOfIssuer>U.S. TREASURY SECURITIES</nameOfIssuer>
      <titleOfIssuer>UNITED STATES TREASURY BILL</titleOfIssuer>
      <coupon>0%</coupon>
      <CUSIPMember>912797RC3</CUSIPMember>
      <LEIID>254900HROIFWPRGM1V77</LEIID>
      <ISINId>US912797RC34</ISINId>
      <investmentCategory>U.S. Treasury Debt</investmentCategory>
      <securityEligibilityFlag>Y</securityEligibilityFlag>
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        <nameOfNRSRO>Standard and Poor's</nameOfNRSRO>
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        <nameOfNRSRO>Fitch</nameOfNRSRO>
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      </assigningNRSRORating>
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        <nameOfNRSRO>Moody's</nameOfNRSRO>
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      <investmentMaturityDateWAM>2025-10-14</investmentMaturityDateWAM>
      <investmentMaturityDateWAL>2025-10-14</investmentMaturityDateWAL>
      <finalLegalInvestmentMaturityDate>2025-10-14</finalLegalInvestmentMaturityDate>
      <securityDemandFeatureFlag>N</securityDemandFeatureFlag>
      <securityGuaranteeFlag>N</securityGuaranteeFlag>
      <securityEnhancementsFlag>N</securityEnhancementsFlag>
      <yieldOfTheSecurityAsOfReportingDate>0.0425</yieldOfTheSecurityAsOfReportingDate>
      <includingValueOfAnySponsorSupport>49927064.50</includingValueOfAnySponsorSupport>
      <excludingValueOfAnySponsorSupport>49927064.50</excludingValueOfAnySponsorSupport>
      <percentageOfMoneyMarketFundNetAssets>0.0553</percentageOfMoneyMarketFundNetAssets>
      <securityCategorizedAtLevel3Flag>N</securityCategorizedAtLevel3Flag>
      <dailyLiquidAssetSecurityFlag>Y</dailyLiquidAssetSecurityFlag>
      <weeklyLiquidAssetSecurityFlag>Y</weeklyLiquidAssetSecurityFlag>
      <illiquidSecurityFlag>N</illiquidSecurityFlag>
    </scheduleOfPortfolioSecuritiesInfo>
    <scheduleOfPortfolioSecuritiesInfo>
      <nameOfIssuer>U.S. TREASURY SECURITIES</nameOfIssuer>
      <titleOfIssuer>UNITED STATES TREASURY BILL</titleOfIssuer>
      <coupon>0%</coupon>
      <CUSIPMember>912797RR0</CUSIPMember>
      <LEIID>254900HROIFWPRGM1V77</LEIID>
      <ISINId>US912797RR03</ISINId>
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      <assigningNRSRORating>
        <nameOfNRSRO>Standard and Poor's</nameOfNRSRO>
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        <nameOfNRSRO>Fitch</nameOfNRSRO>
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      </assigningNRSRORating>
      <investmentMaturityDateWAM>2025-12-02</investmentMaturityDateWAM>
      <investmentMaturityDateWAL>2025-12-02</investmentMaturityDateWAL>
      <finalLegalInvestmentMaturityDate>2025-12-02</finalLegalInvestmentMaturityDate>
      <securityDemandFeatureFlag>N</securityDemandFeatureFlag>
      <securityGuaranteeFlag>N</securityGuaranteeFlag>
      <securityEnhancementsFlag>N</securityEnhancementsFlag>
      <yieldOfTheSecurityAsOfReportingDate>0.0418</yieldOfTheSecurityAsOfReportingDate>
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      <securityCategorizedAtLevel3Flag>N</securityCategorizedAtLevel3Flag>
      <dailyLiquidAssetSecurityFlag>Y</dailyLiquidAssetSecurityFlag>
      <weeklyLiquidAssetSecurityFlag>Y</weeklyLiquidAssetSecurityFlag>
      <illiquidSecurityFlag>N</illiquidSecurityFlag>
    </scheduleOfPortfolioSecuritiesInfo>
    <scheduleOfPortfolioSecuritiesInfo>
      <nameOfIssuer>U.S. TREASURY SECURITIES</nameOfIssuer>
      <titleOfIssuer>UNITED STATES TREASURY BILL</titleOfIssuer>
      <coupon>0%</coupon>
      <CUSIPMember>912797RN9</CUSIPMember>
      <LEIID>254900HROIFWPRGM1V77</LEIID>
      <ISINId>US912797RN98</ISINId>
      <investmentCategory>U.S. Treasury Debt</investmentCategory>
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        <nameOfNRSRO>Fitch</nameOfNRSRO>
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      <investmentMaturityDateWAL>2025-11-12</investmentMaturityDateWAL>
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      <securityEnhancementsFlag>N</securityEnhancementsFlag>
      <yieldOfTheSecurityAsOfReportingDate>0.0428</yieldOfTheSecurityAsOfReportingDate>
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    <scheduleOfPortfolioSecuritiesInfo>
      <nameOfIssuer>U.S. TREASURY SECURITIES</nameOfIssuer>
      <titleOfIssuer>UNITED STATES TREASURY BILL</titleOfIssuer>
      <coupon>0%</coupon>
      <CUSIPMember>912797MS3</CUSIPMember>
      <LEIID>254900HROIFWPRGM1V77</LEIID>
      <ISINId>US912797MS31</ISINId>
      <investmentCategory>U.S. Treasury Debt</investmentCategory>
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      <investmentMaturityDateWAL>2025-10-02</investmentMaturityDateWAL>
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      <securityEnhancementsFlag>N</securityEnhancementsFlag>
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    <scheduleOfPortfolioSecuritiesInfo>
      <nameOfIssuer>U.S. TREASURY SECURITIES</nameOfIssuer>
      <titleOfIssuer>UNITED STATES TREASURY BILL</titleOfIssuer>
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      <CUSIPMember>912797QE0</CUSIPMember>
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      <ISINId>US912797QE09</ISINId>
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        <nameOfNRSRO>Fitch</nameOfNRSRO>
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      <investmentMaturityDateWAL>2025-10-09</investmentMaturityDateWAL>
      <finalLegalInvestmentMaturityDate>2025-10-09</finalLegalInvestmentMaturityDate>
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      <illiquidSecurityFlag>N</illiquidSecurityFlag>
    </scheduleOfPortfolioSecuritiesInfo>
    <dispositionOfPortfolioSecurities/>
    <signature>
      <registrant>Victory Portfolios III</registrant>
      <signatureDate>2025-10-06</signatureDate>
      <signature>Carol Trevino</signature>
      <nameOfSigningOfficer>Carol Trevino</nameOfSigningOfficer>
      <titleOfSigningOfficer>Treasurer</titleOfSigningOfficer>
    </signature>
  </formData>
</edgarSubmission>
