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        <name>WESTCHESTER TOBACCO ASSET SECURITIZATION CORP N Y TOBACCO SETTLEMENT ASSET BKD</name>
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        <name>NEW YORK ST DORM AUTH REVS NON ST SUPPORTED DEBT</name>
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        <name>SUFFOLK CNTY N Y ECONOMIC DEV CORP REV</name>
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        <name>NEW YORK ST HSG FIN AGY REV</name>
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        <name>NEW YORK CONVENTION CTR DEV CORP N Y REV</name>
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        <name>NEW YORK N Y CITY TRANSITIONAL FIN AUTH BLDG AID REV</name>
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        <name>NEW YORK N Y CITY TR CULTURAL RES REV</name>
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      <invstOrSec>
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      <invstOrSec>
        <name>NEW YORK N Y CITY HSG DEV CORP REV</name>
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      <invstOrSec>
        <name>TSASC INC N Y</name>
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          <isin value="US898526FF00"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>NEW YORK N Y CITY HSG DEV CORP MULTIFAMILY HSG REV</name>
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          <isin value="US64972C8V88"/>
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      <invstOrSec>
        <name>HEMPSTEAD TOWN N Y LOC DEV CORP REV</name>
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          <isin value="US424682JU77"/>
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      <invstOrSec>
        <name>GENESEE CNTY N Y FDG CORP REV</name>
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      <invstOrSec>
        <name>NEW YORK TRANSN DEV CORP SPL FAC REV</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-12-31</maturityDt>
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      <invstOrSec>
        <name>BUILD NYC RESOURCE CORP N Y REV</name>
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        <title>BUILD NYC RESOURCE CORP NY REVENUE</title>
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          <isin value="US12008EQN93"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>TRIBOROUGH BRDG &amp; TUNL AUTH N Y REVS</name>
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          <isin value="US89602NA208"/>
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        <valUSD>840687.87000000</valUSD>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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      <invstOrSec>
        <name>NEW YORK LIBERTY DEV CORP LIBERTY REV</name>
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        <name>BUILD NYC RESOURCE CORP N Y REV</name>
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        <name>NEW YORK ST DORM AUTH REVS NON ST SUPPORTED DEBT</name>
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        <name>TOMPKINS CNTY DEV CORP CONTINUING CARE RETIREMENT REV</name>
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        <name>DUTCHESS CNTY N Y LOC DEV CORP REV</name>
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        <name>ONONDAGA CNTY N Y TR CULTURAL RES REV</name>
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        <name>NEW YORK ST DORM AUTH REVS NON ST SUPPORTED DEBT</name>
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        <name>DEUTSCHE BK SPEARS/LIFERS TR VAR STS</name>
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        <name>NEW YORK ST DORM AUTH ST PERS INCOME TAX REV</name>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>BUSHNELL BASIN FIRE ASSN INC N Y VOLUNTEER FIRE DEPT REV</name>
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          <isin value="US123201AC94"/>
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        <name>BUFFALO &amp; ERIE CNTY N Y INDL LD DEV CORP REV</name>
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        <name>ONONDAGA N Y CIVIC DEV CORP REV</name>
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        <name>NEW YORK ST HSG FIN AGY REV</name>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NEW YORK ST DORM AUTH REVS NON ST SUPPORTED DEBT</name>
        <lei>N/A</lei>
        <title>NEW YORK STATE DORMITORY AUTHORITY</title>
        <cusip>64985SNH2</cusip>
        <identifiers>
          <isin value="US64985SNH21"/>
          <other otherDesc="Internal" value="64985SNH2"/>
        </identifiers>
        <balance>165000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>178717.51000000</valUSD>
        <pctVal>0.168312445476</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NEW YORK ST MTG AGY HOMEOWNER MTG REV</name>
        <lei>N/A</lei>
        <title>STATE OF NEW YORK MORTGAGE AGENCY</title>
        <cusip>6498834X0</cusip>
        <identifiers>
          <isin value="US6498834X01"/>
          <other otherDesc="Internal" value="6498834X0"/>
        </identifiers>
        <balance>1100000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1002723.03000000</valUSD>
        <pctVal>0.944343759686</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.80000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BUILD NYC RESOURCE CORP N Y REV</name>
        <lei>N/A</lei>
        <title>BUILD NYC RESOURCE CORP</title>
        <cusip>12008ETA4</cusip>
        <identifiers>
          <isin value="US12008ETA46"/>
          <other otherDesc="Internal" value="12008ETA4"/>
        </identifiers>
        <balance>500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>485950.28000000</valUSD>
        <pctVal>0.457657898249</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <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>2026-03-30</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>
