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        <name>VictoryShares Core Intermediate Bond ETF</name>
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        <name>MSILF Government Portfolio</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>ALLISON TRANSMISSION HOLDINGS, INC.</name>
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        <name>iShares 0-5 Year TIPS Bond ETF</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>JPMorgan BetaBuilders Canada ETF</name>
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        <name>VictoryShares Core Plus Int Bd ETF</name>
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        <name>Everest Group, Ltd.</name>
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        <name>iShares MSCI Intl Momentum Factor ETF</name>
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        <name>VictoryShares WestEnd Economic Cycle Bond ETF</name>
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        <name>Vanguard Short-Term Corporate Bond Idx Fd</name>
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        <name>EURO STOXX 50 FUTURE JUN25</name>
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        <name>VICI PROPERTIES INC.</name>
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        <name>iShares MSCI Intl Quality Factor ETF</name>
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        <name>COMFORT SYSTEMS USA, INC.</name>
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        <name>Vanguard FTSE All World ex US Index Fund Investor Shares</name>
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        <name>CUMMINS INC.</name>
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        <name>INVESCO GOVERNMENT &amp; AGENCY PORTFOLIO</name>
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        <name>Invesco RAFI Emerging Markets ETF</name>
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        <name>COMCAST CORPORATION</name>
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        <name>Spdr S&amp;P Emerging Markets Small Cap Etf</name>
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        <name>DTE ENERGY COMPANY</name>
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        <name>iShares Inc - iShares MSCI Canada ETF</name>
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        <name>ABBVIE INC.</name>
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        <name>iShares Core MSCI EAFE ETF</name>
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        <name>LOUISIANA-PACIFIC CORPORATION</name>
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        <name>Xtrackers USD High Yld Corporate Bd ETF</name>
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        <name>GOLDMAN SACHS FINANCIAL SQUARE GOVERNMENT FUND</name>
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        <name>Schwab Fundamental EM Equity ETF</name>
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        <name>THE CIGNA GROUP</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>HCA HEALTHCARE, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>JOHNSON &amp; JOHNSON</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Philip Morris International Inc.</name>
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        <name>CINTAS CORPORATION</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>The Bank of New York Mellon Corporation</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>EDISON INTERNATIONAL</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>OWENS CORNING</name>
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        <name>PACKAGING CORPORATION OF AMERICA</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>FIFTH THIRD BANCORP</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>COLGATE-PALMOLIVE COMPANY</name>
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        <name>W.W. GRAINGER, INC.</name>
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        <name>UNITED THERAPEUTICS CORPORATION</name>
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        <name>UNITEDHEALTH GROUP INCORPORATED</name>
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        <name>LOCKHEED MARTIN CORPORATION</name>
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        <name>F5, INC.</name>
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        <name>OGE ENERGY CORP.</name>
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        <name>Schwab Fundamental Intl Equity ETF</name>
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        <name>CENCORA, INC.</name>
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        <name>LEIDOS HOLDINGS, INC.</name>
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        <name>HSBC US GOVERNMENT MONEY MARKET FUND</name>
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        <name>NATIONAL STORAGE AFFILIATES TRUST</name>
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        <name>AMPHENOL CORPORATION</name>
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        <name>VictoryShares Free Cash Flow Growth ETF</name>
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        <name>FTSE 100 INDEX FUTURE JUN25</name>
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        <name>Vanguard European Stock Index Fund</name>
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        <name>VictoryShares Emerging Markets Value Momentum ETF</name>
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      <invstOrSec>
        <name>MURPHY USA INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Coterra Energy Inc.</name>
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        <isRestrictedSec>N</isRestrictedSec>

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

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      <invstOrSec>
        <name>KLA CORPORATION</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Altria Group, Inc.</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>THE PROCTER &amp; GAMBLE COMPANY</name>
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        <name>DEVON ENERGY CORPORATION</name>
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        <isRestrictedSec>N</isRestrictedSec>

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

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>LOWE'S COMPANIES, INC.</name>
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        <name>DELTA AIR LINES, INC.</name>
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        <name>Vanguard Total Stock Market Index Fund</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>JPMORGAN CHASE &amp; CO.</name>
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        <name>TRANE TECHNOLOGIES PLC</name>
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        <name>Vanguard Tax Managed Fund FTSE Developed Markets ETF</name>
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        <name>D.R. HORTON, INC.</name>
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        <name>THE PROGRESSIVE CORPORATION</name>
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        <name>ALPHABET INC.</name>
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        <name>SYSCO CORPORATION</name>
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        <name>BUILDERS FIRSTSOURCE, INC.</name>
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        <name>CARLISLE COMPANIES INCORPORATED</name>
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        <name>META PLATFORMS, INC.</name>
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        <name>VanEck Gold Miners ETF</name>
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        <title>VANECK GOLD MINERS ETF USA</title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <name>iShares 1-3 Year Treasury Bond ETF</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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    <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>
