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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <name>THE GOLDMAN SACHS GROUP, INC.</name>
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        <name>Invesco DB Commodity Index Tracking Fund</name>
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        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>APTIV PLC</name>
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        <title>APTIV HOLDINGS LTD</title>
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        <invCountry>JE</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Nu Holdings Ltd.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>ROYALTY PHARMA PLC</name>
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        <title>ROYALTY PHARMA PLC</title>
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        <invCountry>GB</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>TECHNIPFMC PLC</name>
        <lei>549300D5I93QWCJTCK36</lei>
        <title>TECHNIPFMC PLC</title>
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        <balance>7915.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>VERSIGENT PLC</name>
        <lei>254900V7AVDC2J9DHM24</lei>
        <title>VERSIGENT LTD</title>
        <cusip>G9600F104</cusip>
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          <isin value="JE00BWK75100"/>
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        <balance>2645.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>125373.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JE</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
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        <name>GOLDMAN SACHS FINANCIAL SQUARE GOVERNMENT FUND</name>
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        <title>GLDMN SCHS FIN SQ GV-FST</title>
        <cusip>38141W273</cusip>
        <identifiers>
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        <curCd>USD</curCd>
        <valUSD>3196798.75000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
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        <name>HSBC US GOVERNMENT MONEY MARKET FUND</name>
        <lei>N/A</lei>
        <title>HSBC US GOVT MMKT-I</title>
        <cusip>40428X107</cusip>
        <identifiers>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>INVESCO GOVERNMENT &amp; AGENCY PORTFOLIO</name>
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        <title>INVESCO GVT &amp; AGNCY-INST</title>
        <cusip>825252885</cusip>
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        <curCd>USD</curCd>
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        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>MILLICOM INTERNATIONAL CELLULAR S.A.</name>
        <lei>549300CTHC1CP86P2G96</lei>
        <title>MILLICOM INTERNATIONAL CELLULAR SA</title>
        <cusip>L6388F110</cusip>
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          <isin value="LU0038705702"/>
          <other otherDesc="Internal" value="L6388F110"/>
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        <balance>13896.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1302888.96000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>MSILF Government Portfolio</name>
        <lei>N/A</lei>
        <title>MSILF GOVERNMENT-INST</title>
        <cusip>61747C707</cusip>
        <identifiers>
          <isin value="US61747C7074"/>
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        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="3196798.75000000" isCashCollateral="Y"/>
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      </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"/>
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        <balance>11265.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1230701.25000000</valUSD>
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        <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>
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        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2026-09-30</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>
</edgarSubmission>
