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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>CHARLOTTE N C ARPT REV</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>DENVER COLO HEALTH &amp; HOSP AUTH HEALTHCARE REV</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>DESCHUTES CNTY ORE HOSP FACS AUTH HOSP REV</name>
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        <fairValLevel>2</fairValLevel>
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        <name>DEUTSCHE BK SPEARS/LIFERS TR VAR STS</name>
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        <fairValLevel>2</fairValLevel>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>DISTRICT COLUMBIA REV</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>DOUGLAS CNTY NEB HOSP AUTH NO 3 REV</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>DOWNRIVER UTIL WASTEWATER AUTH MICH SWR SYS REV</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>E 470 PUB HWY AUTH COLO REV</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>EL CAMINO CALIF CMNTY COLLEGE DIST</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>EL MONTE CALIF UN HIGH SCH DIST</name>
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        <name>EL PASO CNTY TEX HOSP DIST REV</name>
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        <name>ESCAMBIA CNTY FLA HEALTH FACS AUTH HEALTH FAC REV</name>
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        <name>ESCAMBIA CNTY FLA HEALTH FACS AUTH HEALTH FAC REV</name>
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        <fairValLevel>2</fairValLevel>
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        <name>GREATER TEX CULTURAL ED FACS FIN CORP TEX LEASE REV</name>
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        <name>HAWAII ST ARPTS SYS REV</name>
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        <name>HAZARD KY HEALTHCARE REV</name>
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        <fairValLevel>2</fairValLevel>
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        <name>INDIANA ST FIN AUTH REV</name>
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        <fairValLevel>2</fairValLevel>
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        <name>INDIANAPOLIS IND LOC PUB IMPT BD BK</name>
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        <fairValLevel>2</fairValLevel>
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        <name>INDIO CALIF REDEV AGY TAX ALLOC</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>IOWA FIN AUTH REV</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>IOWA HIGHER ED LN AUTH REV</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>JACKSON MICH PUB SCHS</name>
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        <fairValLevel>2</fairValLevel>
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        <name>JACKSONVILLE FLA AVIATION AUTH REV</name>
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        <name>JEFFERSON CNTY ALA SWR REV</name>
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        <name>JEFFERSON LA SALES TAX DIST SPL SALES TAX REV</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>KENTUCKY ECONOMIC DEV FIN AUTH HOSP FACS REV</name>
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        <fairValLevel>2</fairValLevel>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>KENTUCKY ECONOMIC DEV FIN AUTH LOUISVILLE ARENA PROJ</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>KENTUCKY ECONOMIC DEV FIN AUTH LOUISVILLE ARENA PROJ</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>KERRVILLE TEX HEALTH FACS DEV CORP HOSP REV</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>KING CNTY WASH PUB HOSP DIST NO 001</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>KING CNTY WASH PUB HOSP DIST NO 002</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>KNOX CNTY TENN HEALTH EDL &amp; HSG FAC BRD STUDENT HSG REV</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>LANCASTER PA INDL DEV AUTH HEALTH CTR REV</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>LANCASTER PA MUN AUTH HEALTHCARE FACS REV</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>LAREDO TEX WTRWKS SWR SYS REV</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>LAS VEGAS NEV CONVENTION &amp; VISITORS AUTH REV</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>LAWRENCE KANS HOSP REV</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <title>METROPOLITAN GOVERNMENT NASHVILLE DAVIDSON COUNT</title>
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        <curCd>USD</curCd>
        <valUSD>1359392.62000000</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>METROPOLITAN NASHVILLE ARPT AUTH TENN ARPT REV</name>
        <lei>N/A</lei>
        <title>METROPOLITAN NASHVILLE AIRPORT AUTHORITY THE</title>
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          <isin value="US592190SW32"/>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>METROPOLITAN PIER &amp; EXPOSITION AUTH ILL REV</name>
        <lei>N/A</lei>
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          <isin value="US592250DM38"/>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <securityLending>
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      <invstOrSec>
        <name>METROPOLITAN TRANSN AUTH N Y DEDICATED TAX FD</name>
        <lei>N/A</lei>
        <title>METROPOLITAN TRANSPORTATION AUTHORITY</title>
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          <isin value="US59259NS957"/>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <couponKind>None</couponKind>
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      <invstOrSec>
        <name>METROPOLITAN TRANSN AUTH N Y REV</name>
        <lei>N/A</lei>
        <title>MET TRANSPRTN AUTH NY</title>
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          <isin value="US59261AG682"/>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>MIAMI BEACH FLA HEALTH FACS AUTH HOSP REV</name>
        <lei>N/A</lei>
        <title>MIAMI BEACH HEALTH FACILITIES AUTHORITY</title>
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          <isin value="US593211FQ38"/>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <securityLending>
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      <invstOrSec>
        <name>MIAMI-DADE CNTY FLA AVIATION REV</name>
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        <title>COUNTY OF MIAMI DADE FL AVIATION REVENUE</title>
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          <isin value="US593340AB83"/>
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        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <maturityDt>2055-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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      <invstOrSec>
        <name>MIAMI-DADE CNTY FLA WTR &amp; SWR REV</name>
        <lei>N/A</lei>
        <title>COUNTY OF MIAMI DADE FL WATER SEWER SYSTEM REVEN</title>
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          <isin value="US59334DLT99"/>
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        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>MIAMI-DADE CNTY FLA EXPWY AUTH TOLL SYS REV</name>
        <lei>N/A</lei>
        <title>MIAMI DADE COUNTY EXPRESSWAY AUTHORITY</title>
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          <isin value="US59334KFW36"/>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>MIAMI-DADE CNTY FLA EXPWY AUTH TOLL SYS REV</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>MIAMI-DADE CNTY FLA HEALTH FACS AUTH HOSP REV</name>
        <lei>N/A</lei>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>MIAMI-DADE CNTY FLA SEAPORT REV</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>MIAMI-DADE CNTY FLA RICKENBACKER CSWY REV</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>MICHIGAN FIN AUTH LTD OBLIG REV</name>
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        <fairValLevel>2</fairValLevel>
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        <isRestrictedSec>N</isRestrictedSec>
        
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        <name>PUBLIC FIN AUTH WIS RETIREMENT CMNTYS REV</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>RAMPART RANGE MET DIST NO 1 COLO LTD TAX SUPPORTED &amp; SPL REV</name>
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        <fairValLevel>2</fairValLevel>
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        <name>RAPID CITY S D SALES TAX REV</name>
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        <fairValLevel>2</fairValLevel>
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        <name>READING PA SCH DIST</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>RED RIV ED FIN CORP TEX HIGHER ED REV</name>
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        <fairValLevel>2</fairValLevel>
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        <name>RENO-TAHOE ARPT AUTH NEV ARPT REV</name>
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        <name>RICHMOND IND HOSP AUTH REV</name>
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        <fairValLevel>2</fairValLevel>
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        <name>ROCK HILL S C UTIL SYS REV</name>
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        <fairValLevel>2</fairValLevel>
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        <name>ROSEMONT ILL</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>TAMPA FLA HSG AUTH MULTIFAMILY HSG REV</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>TARRANT CNTY TEX CULTURAL ED FACS FIN CORP RETIREMENT FAC REV</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>TEMPE ARIZ INDL DEV AUTH REV</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>TENNERGY CORP TENN GAS REV</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>TENNESSEE HSG DEV AGY RESIDENTIAL FIN PROG REV</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>TEXAS MUN GAS ACQUISTION &amp; SUPPLY CORP VI GAS SUPPLY REV</name>
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        <name>TEXAS ST TPK AUTH CENT TEX TPK SYS REV</name>
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        <name>TOBACCO SETTLEMENT AUTH IOWA TOB SETTLEMENT REV</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
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        <lei>N/A</lei>
        <title>WISCONSIN HEALTH EDUCATIONAL FACILITIES AUTHORIT</title>
        <cusip>97712JDS9</cusip>
        <identifiers>
          <isin value="US97712JDS96"/>
          <other otherDesc="Internal" value="97712JDS9"/>
        </identifiers>
        <balance>500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>335107.31000000</valUSD>
        <pctVal>0.021733130277</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</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>WISCONSIN ST HEALTH &amp; EDL FACS AUTH REV</name>
        <lei>N/A</lei>
        <title>WISCONSIN HEALTH EDUCATIONAL FACILITIES AUTHORIT</title>
        <cusip>97712JMU4</cusip>
        <identifiers>
          <isin value="US97712JMU42"/>
          <other otherDesc="Internal" value="97712JMU4"/>
        </identifiers>
        <balance>2000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1766893.31000000</valUSD>
        <pctVal>0.114590524727</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.37500000</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>WYANDOTTE CNTY KANS CITY KANS UNI GOVT UTIL SYS REV</name>
        <lei>N/A</lei>
        <title>WYANDOTTE COUNTY KANSAS CITY UNIFIED GOVERNMENT UT</title>
        <cusip>982674KZ5</cusip>
        <identifiers>
          <isin value="US982674KZ50"/>
          <other otherDesc="Internal" value="982674KZ5"/>
        </identifiers>
        <balance>2000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2002316.44000000</valUSD>
        <pctVal>0.129858713161</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-09-01</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>YAMHILL CNTY ORE HOSP AUTH REV</name>
        <lei>N/A</lei>
        <title>YAMHILL COUNTY HOSPITAL AUTHORITY</title>
        <cusip>98464UAQ9</cusip>
        <identifiers>
          <isin value="US98464UAQ94"/>
          <other otherDesc="Internal" value="98464UAQ9"/>
        </identifiers>
        <balance>1180000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>968772.06000000</valUSD>
        <pctVal>0.062828976751</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-11-15</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>YAVAPAI CNTY ARIZ INDL DEV AUTH HOSP FAC REV</name>
        <lei>N/A</lei>
        <title>INDUSTRIAL DEVELOPMENT AUTHORITY OF THE COUNTY OF</title>
        <cusip>985900ET2</cusip>
        <identifiers>
          <isin value="US985900ET22"/>
          <other otherDesc="Internal" value="985900ET2"/>
        </identifiers>
        <balance>1725000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1512619.38000000</valUSD>
        <pctVal>0.098099781965</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</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>YSLETA TEX INDPT SCH DIST</name>
        <lei>N/A</lei>
        <title>YSLETA TX INDEP SCH DIST</title>
        <cusip>98816PCU4</cusip>
        <identifiers>
          <isin value="US98816PCU49"/>
          <other otherDesc="Internal" value="98816PCU4"/>
        </identifiers>
        <balance>5000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4285330.58000000</valUSD>
        <pctVal>0.277921862634</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</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>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>
