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      </invstOrSec>
      <invstOrSec>
        <name>WYNDHAM HOTELS &amp; RESORTS, INC.</name>
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          <isin value="US98311A1051"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>CRH PUBLIC LIMITED COMPANY</name>
        <lei>549300MIDJNNTH068E74</lei>
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        <assetCat>EC</assetCat>
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        <invCountry>IE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CF INDUSTRIES HOLDINGS, INC.</name>
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          <isin value="US1252691001"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>FIFTH THIRD BANCORP</name>
        <lei>THRNG6BD57P9QWTQLG42</lei>
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          <isin value="US3167731005"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>HP 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>RPM INTERNATIONAL INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

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

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>EVERCORE 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>The Bank of New York Mellon Corporation</name>
        <lei>WFLLPEPC7FZXENRZV188</lei>
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          <isin value="US0640581007"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ARCHER-DANIELS-MIDLAND COMPANY.</name>
        <lei>549300LO13MQ9HYSTR83</lei>
        <title>ARCHER DANIELS MIDLAND CO</title>
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          <isin value="US0394831020"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>EOG RESOURCES, INC.</name>
        <lei>XWTZDRYZPBUHIQBKDB46</lei>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>CHEVRON CORPORATION</name>
        <lei>N/A</lei>
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        <name>AMERIPRISE FINANCIAL, INC.</name>
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        <name>THE NEW YORK TIMES COMPANY</name>
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        <title>NEW YORK TIMES CO THE</title>
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        <name>NRG ENERGY, INC.</name>
        <lei>5E2UPK5SW04M13XY7I38</lei>
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        <name>EQUINIX, INC.</name>
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        <name>CISCO SYSTEMS, INC.</name>
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        <name>AVALONBAY COMMUNITIES, INC.</name>
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        <name>OMNICOM GROUP INC.</name>
        <lei>HKUPACFHSSASQK8HLS17</lei>
        <title>OMNICOM GROUP INC</title>
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        <name>STEEL DYNAMICS, INC.</name>
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        <name>JANUS HENDERSON GROUP PLC</name>
        <lei>2138009WPYMWJN3RVF44</lei>
        <title>JANUS HENDERSON GROUP PLC</title>
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        <invCountry>JE</invCountry>

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        <name>OTIS WORLDWIDE CORPORATION</name>
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        <title>OTIS WORLDWIDE CORP</title>
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        <invCountry>US</invCountry>

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        <name>CVS HEALTH CORPORATION</name>
        <lei>549300EJG376EN5NQE29</lei>
        <title>CVS HEALTH CORP</title>
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        <name>MOTOROLA SOLUTIONS, INC.</name>
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        <name>VICI PROPERTIES INC.</name>
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        <name>BEST BUY CO., INC.</name>
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        <name>ACCENTURE PUBLIC LIMITED COMPANY</name>
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        <invCountry>IE</invCountry>

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        <name>BANK OZK</name>
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        <fairValLevel>1</fairValLevel>
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        <name>PULTEGROUP, INC.</name>
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        <name>Pepsico, Inc.</name>
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        <name>FIRST HORIZON CORPORATION</name>
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        <name>C.H. ROBINSON WORLDWIDE, INC.</name>
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        <name>Northrop Grumman Corporation</name>
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        <name>PFIZER INC.</name>
        <lei>765LHXWGK1KXCLTFYQ30</lei>
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        <name>COMFORT SYSTEMS USA, INC.</name>
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        <name>PACKAGING CORPORATION OF AMERICA</name>
        <lei>549300XZP8MFZFY8TJ84</lei>
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        <name>EQUITABLE HOLDINGS, INC.</name>
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        <name>THE PROCTER &amp; GAMBLE COMPANY</name>
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        <name>LOCKHEED MARTIN CORPORATION</name>
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        <name>EAST WEST BANCORP, INC.</name>
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        <name>THE TJX COMPANIES, INC.</name>
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        <name>W. R. BERKLEY CORPORATION</name>
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        <name>NORTHERN TRUST CORPORATION</name>
        <lei>549300GLF98S992BC502</lei>
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        <name>Garmin Ltd.</name>
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        <name>UNITEDHEALTH GROUP INCORPORATED</name>
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        <name>THE GOLDMAN SACHS GROUP, INC.</name>
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        <name>AMERICAN EXPRESS COMPANY</name>
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        <name>ABBVIE INC.</name>
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        <name>Everest Group, Ltd.</name>
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        <name>HEWLETT PACKARD ENTERPRISE COMPANY</name>
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        <name>THE KROGER CO.</name>
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        <name>THE SOUTHERN COMPANY</name>
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        <name>OWENS CORNING</name>
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        <name>EXTRA SPACE STORAGE INC.</name>
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        <name>LyondellBasell Industries N.V.</name>
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        <name>CROWN CASTLE INC.</name>
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        <name>Philip Morris International Inc.</name>
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        <name>ELEVANCE HEALTH, INC.</name>
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        <name>ELECTRONIC ARTS INC.</name>
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        <name>THE PNC FINANCIAL SERVICES GROUP, INC.</name>
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      <invstOrSec>
        <name>PROLOGIS, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

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

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        <name>PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>DUKE ENERGY CORPORATION</name>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

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

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

        <fairValLevel>1</fairValLevel>
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        <name>CATERPILLAR INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <name>INTERACTIVE BROKERS GROUP, INC.</name>
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        <name>UNUM GROUP</name>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>AMERICAN FINANCIAL GROUP, INC.</name>
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        <name>Coterra Energy Inc.</name>
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        <name>PENTAIR PUBLIC LIMITED COMPANY</name>
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        <title>PENTAIR PLC</title>
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        <invCountry>IE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>EDISON INTERNATIONAL</name>
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        <fairValLevel>1</fairValLevel>
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        <name>ALLISON TRANSMISSION HOLDINGS, INC.</name>
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        <invCountry>US</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>
