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        <name>NEW YORK LIBERTY DEV CORP LIBERTY REV</name>
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        <name>NEW YORK N Y CITY HSG DEV CORP MULTIFAMILY HSG REV</name>
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      <invstOrSec>
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      <invstOrSec>
        <name>WESTCHESTER CNTY N Y HEALTH CARE CORP REV</name>
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      <invstOrSec>
        <name>NEW YORK ST DORM AUTH REVS NON ST SUPPORTED DEBT</name>
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          <isin value="US64990CJC64"/>
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      <invstOrSec>
        <name>ALBANY CNTY N Y ARPT AUTH ARPT REV</name>
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      <invstOrSec>
        <name>DEUTSCHE BK SPEARS/LIFERS TR VAR STS</name>
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          <isin value="US25155W8E20"/>
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        <name>NEW YORK ST DORM AUTH REVS NON ST SUPPORTED DEBT</name>
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      <invstOrSec>
        <name>TRIBOROUGH BRDG &amp; TUNL AUTH N Y REVS</name>
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          <isin value="US89602RHS76"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2052-11-15</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>BUILD NYC RESOURCE CORP N Y REV</name>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>TOMPKINS CNTY DEV CORP CONTINUING CARE RETIREMENT REV</name>
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          <isin value="US890090AM58"/>
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        <name>NEW YORK ST DORM AUTH REVS NON ST SUPPORTED DEBT</name>
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        <name>GENESEE CNTY N Y FDG CORP REV</name>
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        <name>NEW YORK ST DORM AUTH ST PERS INCOME TAX REV</name>
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        <name>ONONDAGA N Y CIVIC DEV CORP REV</name>
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        <name>ST LAWRENCE CNTY N Y INDL DEV AGY CIVIC DEV CORP REV</name>
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        <name>NEW YORK ST TWY AUTH GEN REV JR INDBT OBLIGS</name>
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        <name>BROOKHAVEN N Y LOC DEV CORP REV</name>
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        <name>NEW YORK ST DORM AUTH ST PERS INCOME TAX REV</name>
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        <name>BUILD NYC RESOURCE CORP N Y REV</name>
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        <name>MONROE CNTY N Y INDL DEV CORP REV</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>BUILD NYC RESOURCE CORP N Y REV</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>JEFFERSON CNTY N Y CIVIC FAC DEV CORP REV</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>NEW YORK ST DORM AUTH REVS NON ST SUPPORTED DEBT</name>
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          <isin value="US64990GLA84"/>
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      <invstOrSec>
        <name>NEW YORK TRANSN DEV CORP SPL FAC REV</name>
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          <isin value="US650116HN90"/>
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      <invstOrSec>
        <name>MONROE CNTY N Y INDL DEV CORP REV</name>
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      <invstOrSec>
        <name>METROPOLITAN TRANSN AUTH N Y REV</name>
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          <isin value="US59259Y6S39"/>
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        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>NEW YORK ST DORM AUTH REVS NON ST SUPPORTED DEBT</name>
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          <isin value="US64990GGH92"/>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>MOUNT VERNON N Y CITY SCH DIST</name>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-06-30</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>NEW YORK N Y CITY TRANSITIONAL FIN AUTH BLDG AID REV</name>
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        <name>BUILD NYC RESOURCE CORP N Y REV</name>
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        <name>BUILD NYC RESOURCE CORP N Y REV</name>
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        <name>ONONDAGA N Y CIVIC DEV CORP REV</name>
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        <name>MONROE CNTY N Y INDL DEV CORP REV</name>
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        <name>TSASC INC N Y</name>
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        <name>NEW YORK N Y CITY TR CULTURAL RES REV</name>
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        <name>ST LAWRENCE CNTY N Y INDL DEV AGY CIVIC DEV CORP REV</name>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2057-07-01</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>
      <invstOrSec>
        <name>NEW YORK ST DORM AUTH REVS NON ST SUPPORTED DEBT</name>
        <lei>N/A</lei>
        <title>NEW YORK ST DORM AUTH REVENUES NON ST SUPPORTED</title>
        <cusip>65000BJX7</cusip>
        <identifiers>
          <isin value="US65000BJX73"/>
          <other otherDesc="Internal" value="65000BJX7"/>
        </identifiers>
        <balance>570000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>571412.82000000</valUSD>
        <pctVal>0.527051550980</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-07-01</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>
      <invstOrSec>
        <name>ALLEGANY CNTY N Y CAP RESOURCE CORP REV</name>
        <lei>N/A</lei>
        <title>ALLEGANY COUNTY CAPITAL RESOURCE CORP</title>
        <cusip>017095AH3</cusip>
        <identifiers>
          <isin value="US017095AH35"/>
          <other otherDesc="Internal" value="017095AH3"/>
        </identifiers>
        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>830759.20000000</valUSD>
        <pctVal>0.766263740549</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-12-01</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>ONONDAGA CNTY N Y TR CULTURAL RES REV</name>
        <lei>N/A</lei>
        <title>ONONDAGA COUNTY TRUST FOR CULTURAL RESOURCES</title>
        <cusip>68276FDH0</cusip>
        <identifiers>
          <isin value="US68276FDH01"/>
          <other otherDesc="Internal" value="68276FDH0"/>
        </identifiers>
        <balance>800000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>806114.44000000</valUSD>
        <pctVal>0.743532260739</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-05-01</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>2025-06-30</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>
  <documents>XXXX</documents>
</edgarSubmission>
