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        <name>UNITED PARCEL SERVICE, INC.</name>
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      <invstOrSec>
        <name>CONOCOPHILLIPS</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>FAIRFAX FINANCIAL HOLDINGS LIMITED</name>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>WESCO INTERNATIONAL, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>NEXSTAR MEDIA GROUP, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>NVR, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>TENET HEALTHCARE CORPORATION</name>
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        <name>APTIV PLC</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>ROYALTY PHARMA PLC</name>
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        <name>GILEAD SCIENCES, INC.</name>
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        <name>NATIONAL FUEL GAS COMPANY</name>
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        <name>COCA-COLA CONSOLIDATED, INC.</name>
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        <name>CORE &amp; MAIN, INC.</name>
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        <name>BRISTOL-MYERS SQUIBB CO</name>
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        <name>CONSOLIDATED EDISON, INC.</name>
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        <name>CAMDEN PROPERTY TRUST</name>
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        <name>FIFTH THIRD BANCORP</name>
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        <name>A. O. SMITH CORPORATION</name>
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        <name>BUILDERS FIRSTSOURCE, INC.</name>
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        <name>Olin Corporation</name>
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        <name>CENCORA, INC.</name>
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        <name>CVS HEALTH CORPORATION</name>
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        <title>CVS HEALTH CORP</title>
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        <name>SEALED AIR CORPORATION</name>
        <lei>Q0M0CZB4YN6JZ65WXI09</lei>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

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        <name>DELTA AIR LINES, INC.</name>
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      <invstOrSec>
        <name>JOHNSON &amp; JOHNSON</name>
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      <invstOrSec>
        <name>THE MOSAIC COMPANY</name>
        <lei>2YD5STGSJNMUB7H76907</lei>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>EXTRA SPACE STORAGE INC.</name>
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        <name>DTE ENERGY COMPANY</name>
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        <name>KEYCORP</name>
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        <fairValLevel>1</fairValLevel>
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        <name>REGENERON PHARMACEUTICALS, INC.</name>
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        <name>FERGUSON ENTERPRISES INC.</name>
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        <name>THE HOME DEPOT, INC.</name>
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        <name>EXPEDIA GROUP, INC.</name>
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        <name>VALERO ENERGY CORPORATION</name>
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        <name>VERIZON COMMUNICATIONS INC.</name>
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        <name>CBOE GLOBAL MARKETS, INC.</name>
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        <name>CACI INTERNATIONAL INC.</name>
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        <name>FIDELITY NATIONAL FINANCIAL, INC.</name>
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        <name>PULTEGROUP, INC.</name>
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        <name>EXXON MOBIL CORPORATION</name>
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        <name>AUTOMATIC DATA PROCESSING, INC.</name>
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        <name>COLGATE-PALMOLIVE COMPANY</name>
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        <name>INCYTE CORPORATION</name>
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        <name>AGILENT TECHNOLOGIES, INC.</name>
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        <name>EQUITY LIFESTYLE PROPERTIES, INC.</name>
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        <name>Popular, Inc.</name>
        <lei>5493008CARDZMVQ3LO89</lei>
        <title>POPULAR INC</title>
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        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>THE TORO COMPANY</name>
        <lei>YJKE4YIT6BWQHVEW0D14</lei>
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          <isin value="US8910921084"/>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

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

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>MARKETAXESS HOLDINGS INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

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

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>JPMORGAN CHASE &amp; CO.</name>
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        <isRestrictedSec>N</isRestrictedSec>

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

        <fairValLevel>1</fairValLevel>
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        <name>AVERY DENNISON CORPORATION</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>US FOODS HOLDING CORP.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>GENERAL DYNAMICS CORPORATION</name>
        <lei>9C1X8XOOTYY2FNYTVH06</lei>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>AT&amp;T INC.</name>
        <lei>549300Z40J86GGSTL398</lei>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>VOYA FINANCIAL, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>W. R. BERKLEY CORPORATION</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>APPLE INC.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Altria Group, Inc.</name>
        <lei>XSGZFLO9YTNO9VCQV219</lei>
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        <name>AMERICAN EXPRESS COMPANY</name>
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        <name>LOUISIANA-PACIFIC CORPORATION</name>
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        <name>ROBERT HALF INC.</name>
        <lei>529900VPCUY9H3HLIC08</lei>
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        <name>CATERPILLAR INC.</name>
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        <name>SEI INVESTMENTS COMPANY</name>
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        <name>CISCO SYSTEMS, INC.</name>
        <lei>549300LKFJ962MZ46593</lei>
        <title>CISCO SYSTEMS INC</title>
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        <name>NETAPP, INC.</name>
        <lei>QTX3D84DZDD5JYOCYH15</lei>
        <title>NETAPP INC</title>
        <cusip>64110D104</cusip>
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        <invCountry>US</invCountry>

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        <name>EATON CORPORATION PUBLIC LIMITED COMPANY</name>
        <lei>549300VDIGTMXUNT7H71</lei>
        <title>EATON CORP PLC</title>
        <cusip>G29183103</cusip>
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        <assetCat>EC</assetCat>
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        <invCountry>IE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>LAM RESEARCH CORPORATION</name>
        <lei>549300I4GMO6D34U1T02</lei>
        <title>LAM RESEARCH CORP</title>
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        <name>COMFORT SYSTEMS USA, INC.</name>
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        <name>AMPHENOL CORPORATION</name>
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        <name>THE PROCTER &amp; GAMBLE COMPANY</name>
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        <name>ARCHER-DANIELS-MIDLAND COMPANY.</name>
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      <invstOrSec>
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      <invstOrSec>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
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        <name>LEIDOS HOLDINGS, INC.</name>
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        <name>ELEVANCE HEALTH, INC.</name>
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        <name>MEDPACE HOLDINGS, INC.</name>
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        <name>ULTA BEAUTY, INC.</name>
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        <name>UNITEDHEALTH GROUP INCORPORATED</name>
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        <fairValLevel>1</fairValLevel>
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        <name>MEDTRONIC PUBLIC LIMITED COMPANY</name>
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        <name>LEAR CORPORATION</name>
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        <name>DELL TECHNOLOGIES INC.</name>
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        <name>CARLISLE COMPANIES INCORPORATED</name>
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        <name>LOWE'S COMPANIES, INC.</name>
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        <name>KLA CORPORATION</name>
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        <name>THE PROGRESSIVE CORPORATION</name>
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        <name>GENPACT LIMITED</name>
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        <name>ADOBE INC.</name>
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        <name>STEEL DYNAMICS, INC.</name>
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        <name>MATCH GROUP, INC.</name>
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        <name>HEALTHPEAK PROPERTIES, INC.</name>
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        <name>CORPAY, INC.</name>
        <lei>549300DG6RR0NQSFLN74</lei>
        <title>CORPAY INC</title>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>EVERCORE INC.</name>
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        <name>Evergy, Inc.</name>
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      <invstOrSec>
        <name>MERCK &amp; CO., INC.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>FEDEX CORPORATION</name>
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        <name>ACUITY INC.</name>
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        <name>SYSCO CORPORATION</name>
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        <name>MID-AMERICA APARTMENT COMMUNITIES, INC.</name>
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        <name>THE PNC FINANCIAL SERVICES GROUP, INC.</name>
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        <name>SS&amp;C TECHNOLOGIES HOLDINGS, INC.</name>
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        <name>THE ALLSTATE CORPORATION</name>
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        <name>DROPBOX, INC.</name>
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        <name>OTIS WORLDWIDE CORPORATION</name>
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        <name>META PLATFORMS, INC.</name>
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        <name>SALESFORCE, INC.</name>
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        <name>THE CIGNA GROUP</name>
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        <name>BORGWARNER INC.</name>
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        <name>JOHNSON CONTROLS INTERNATIONAL PLC</name>
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        <name>PURE STORAGE, INC.</name>
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        <name>COGNIZANT TECHNOLOGY SOLUTIONS CORPORATION</name>
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        <title>COGNIZANT TECHNOLOGY SOLUTIONS CORP</title>
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        <name>OGE ENERGY CORP.</name>
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        <name>PFIZER INC.</name>
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        <name>PACCAR INC</name>
        <lei>KDTEY8BWE486IKZ3CC07</lei>
        <title>PACCAR INC</title>
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        <name>NIKE, INC.</name>
        <lei>787RXPR0UX0O0XUXPZ81</lei>
        <title>NIKE INC CLASS B</title>
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        <curCd>USD</curCd>
        <valUSD>1569160.80000000</valUSD>
        <pctVal>0.127179883817</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TOLL BROTHERS, INC.</name>
        <lei>529900JB6IS9MSZGVR44</lei>
        <title>TOLL BROTHERS INC</title>
        <cusip>889478103</cusip>
        <identifiers>
          <isin value="US8894781033"/>
          <other otherDesc="Internal" value="2896092"/>
        </identifiers>
        <balance>72800.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7343336.00000000</valUSD>
        <pctVal>0.595174579503</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Amdocs Limited</name>
        <lei>549300HQV672RJ7RQV66</lei>
        <title>AMDOCS LTD</title>
        <cusip>G02602103</cusip>
        <identifiers>
          <isin value="GB0022569080"/>
          <other otherDesc="Internal" value="2256908"/>
        </identifiers>
        <balance>62375.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5525177.50000000</valUSD>
        <pctVal>0.447813527155</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GG</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BOOKING HOLDINGS INC.</name>
        <lei>FXM8FAOHMYDIPD38UZ17</lei>
        <title>BOOKING HOLDINGS INC</title>
        <cusip>09857L108</cusip>
        <identifiers>
          <isin value="US09857L1089"/>
          <other otherDesc="Internal" value="BDRXDB4"/>
        </identifiers>
        <balance>711.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3625588.08000000</valUSD>
        <pctVal>0.293852529826</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CARDINAL HEALTH, INC.</name>
        <lei>CCU46N3GJMF4OK4N7U60</lei>
        <title>CARDINAL HEALTH INC</title>
        <cusip>14149Y108</cusip>
        <identifiers>
          <isin value="US14149Y1082"/>
          <other otherDesc="Internal" value="2175672"/>
        </identifiers>
        <balance>13336.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1884243.44000000</valUSD>
        <pctVal>0.152717211507</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SNAP-ON INCORPORATED</name>
        <lei>HHWAT5TDOYZMM26KKQ73</lei>
        <title>SNAP ON INC</title>
        <cusip>833034101</cusip>
        <identifiers>
          <isin value="US8330341012"/>
          <other otherDesc="Internal" value="2818740"/>
        </identifiers>
        <balance>6369.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1998655.89000000</valUSD>
        <pctVal>0.161990296903</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <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>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>
