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      <invstOrSec>
        <name>BORGWARNER INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>BRISTOL-MYERS SQUIBB COMPANY</name>
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          <isin value="US1101221083"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>BROADCOM INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>CF INDUSTRIES HOLDINGS, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>THE CIGNA GROUP</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>CVS HEALTH CORPORATION</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CARDINAL HEALTH, INC.</name>
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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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      <invstOrSec>
        <name>CATERPILLAR INC.</name>
        <lei>WRJR7GS4GTRECRRTVX92</lei>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CINCINNATI FINANCIAL CORPORATION</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>CISCO SYSTEMS, INC.</name>
        <lei>549300LKFJ962MZ46593</lei>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>COCA-COLA CONSOLIDATED, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>COGNIZANT TECHNOLOGY SOLUTIONS CORPORATION</name>
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        <name>COMFORT SYSTEMS USA, INC.</name>
        <lei>5299009DT1ZA5HTU6R38</lei>
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        <name>COMCAST CORPORATION</name>
        <lei>51M0QTTNCGUN7KFCFZ59</lei>
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        <name>CUMMINS INC.</name>
        <lei>ZUNI8PYC725B6H8JU438</lei>
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        <name>DELTA AIR LINES, INC.</name>
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        <name>DEVON ENERGY CORPORATION</name>
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        <name>DOLLAR GENERAL CORPORATION</name>
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        <name>DROPBOX, INC.</name>
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        <name>EOG RESOURCES, INC.</name>
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        <name>EDISON INTERNATIONAL</name>
        <lei>549300I7ROF15MAEVP56</lei>
        <title>EDISON INTERNATIONAL</title>
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        <name>EMCOR GROUP, INC.</name>
        <lei>529900X0SQJB2J7YDU43</lei>
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        <name>EXELIXIS, INC.</name>
        <lei>254900PJQB59O2O95R37</lei>
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        <name>Invesco RAFI Emerging Markets ETF</name>
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        <name>iShares MSCI Canada ETF</name>
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        <name>iShares Trust - iShares 20+ Year Treasury Bond ETF</name>
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        <name>iShares Trust - iShares Russell 1000 Value ETF</name>
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        <name>iShares Core S&amp;P Small-Cap ETF</name>
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        <name>iShares MSCI Europe Financials ETF</name>
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        <name>iShares 0-5 Year TIPS Bond ETF</name>
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        <name>iShares Core MSCI Emerging Markets ETF</name>
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        <name>iShares, Inc - iShares MSCI Japan ETF</name>
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        <name>iShares Core Universal USD Bond ETF</name>
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        <name>JABIL INC.</name>
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        <name>JPMorgan BetaBuilders Canada ETF</name>
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        <name>JOHNSON &amp; JOHNSON</name>
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        <name>KLA CORPORATION</name>
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        <name>THE KROGER CO.</name>
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        <name>Philip Morris International Inc.</name>
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        <name>State Street SPDR S&amp;P Emerging Mkts Small Cap ETF</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>SANDISK CORPORATION</name>
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      <invstOrSec>
        <name>THE CHARLES SCHWAB CORPORATION</name>
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        <name>Schwab Fundamental EM Equity ETF</name>
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        <name>Schwab Fundamental Intl Small Equity ETF</name>
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        <name>Real Estate Select Sector SPDR Fund</name>
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        <name>SYSCO CORPORATION</name>
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        <name>THE TJX COMPANIES, INC.</name>
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        <name>TENET HEALTHCARE CORPORATION</name>
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        <name>The Travelers Companies, Inc.</name>
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        <name>UBER TECHNOLOGIES, INC.</name>
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        <name>ULTA BEAUTY, INC.</name>
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        <name>United States Oil Fund LP</name>
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        <title>SUMMIT THERAPEUTICS INC</title>
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        <name>Vanguard FTSE All World ex US Index Fund Investor Shares</name>
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        <name>VERIZON COMMUNICATIONS INC.</name>
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        <name>VictoryShares Core Intermediate Bond ETF</name>
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        <name>VictoryShares International Free Cash Flow Gr ETF</name>
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        <name>VictoryShares International Free Cash Flow ETF</name>
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        <name>VictoryShares Free Cash Flow Growth ETF</name>
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        <name>VictoryShares Core Plus Bd ETF</name>
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        <name>WALMART INC.</name>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Nu Holdings Ltd.</name>
        <lei>5493002DG1RHWK9W2X27</lei>
        <title>NU HOLDINGS LTD CAYMAN ISLANDS</title>
        <cusip>G6683N103</cusip>
        <identifiers>
          <isin value="KYG6683N1034"/>
          <other otherDesc="Internal" value="G6683N103"/>
        </identifiers>
        <balance>24714.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>324494.82000000</valUSD>
        <pctVal>0.025804033422</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>25797.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1438440.72000000</valUSD>
        <pctVal>0.114385716282</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>TECHNIPFMC PLC</name>
        <lei>549300D5I93QWCJTCK36</lei>
        <title>TECHNIPFMC PLC</title>
        <cusip>G87110105</cusip>
        <identifiers>
          <isin value="GB00BDSFG982"/>
          <other otherDesc="Internal" value="G87110105"/>
        </identifiers>
        <balance>7915.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>541544.30000000</valUSD>
        <pctVal>0.043063945418</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>VERSIGENT PLC</name>
        <lei>254900V7AVDC2J9DHM24</lei>
        <title>VERSIGENT LTD</title>
        <cusip>G9600F104</cusip>
        <identifiers>
          <isin value="JE00BWK75100"/>
          <other otherDesc="Internal" value="G9600F104"/>
        </identifiers>
        <balance>2645.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>116697.40000000</valUSD>
        <pctVal>0.009279851092</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JE</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>13717964.11000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>13717964.10999999</valUSD>
        <pctVal>1.090861186592</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="13717964.10999999" isCashCollateral="Y"/>
          <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>13717964.12000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>13717964.11999999</valUSD>
        <pctVal>1.090861187387</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="13717964.11999999" 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>13717964.11000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>13717964.10999999</valUSD>
        <pctVal>1.090861186592</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="13717964.10999999" isCashCollateral="Y"/>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MILLICOM INTERNATIONAL CELLULAR S.A.</name>
        <lei>549300CTHC1CP86P2G96</lei>
        <title>MILLICOM INTERNATIONAL CELLULAR SA</title>
        <cusip>L6388F110</cusip>
        <identifiers>
          <isin value="LU0038705702"/>
          <other otherDesc="Internal" value="L6388F110"/>
        </identifiers>
        <balance>16726.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1427731.36000000</valUSD>
        <pctVal>0.113534101198</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <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>13717964.11000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>13717964.10999999</valUSD>
        <pctVal>1.090861186592</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="13717964.10999999" isCashCollateral="Y"/>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FLEX LTD.</name>
        <lei>549300EAQH74YHD07T53</lei>
        <title>FLEX LTD</title>
        <cusip>Y2573F102</cusip>
        <identifiers>
          <isin value="SG9999000020"/>
          <other otherDesc="Internal" value="Y2573F102"/>
        </identifiers>
        <balance>11265.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1698536.70000000</valUSD>
        <pctVal>0.135068713197</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SG</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2026-06-30</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>
  <documents>XXXX</documents>
</edgarSubmission>
