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          <ccc>XXXXXXXX</ccc>
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      <regCik>0000908695</regCik>
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      <regStreet1>15935 La Cantera Pkwy Building Two</regStreet1>
      <regCity>San Antonio</regCity>
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      <regZipOrPostalCode>78256</regZipOrPostalCode>
      <regPhone>800-235-8396</regPhone>
      <seriesName>Victory Cornerstone Equity Fund</seriesName>
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      <seriesLei>549300XGC2RDFOHG8M84</seriesLei>
      <repPdEnd>2026-02-28</repPdEnd>
      <repPdDate>2026-02-28</repPdDate>
      <isFinalFiling>N</isFinalFiling>
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      <totLiabs>298639.79</totLiabs>
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      <assetsInvested>0.00000000</assetsInvested>
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      <amtPayOneYrCtrldComp>0.00000000</amtPayOneYrCtrldComp>
      <amtPayOneYrOthAffil>0.00000000</amtPayOneYrOthAffil>
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        <name>GOLDMAN SACHS FINANCIAL SQUARE GOVERNMENT FUND</name>
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        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="MUTUAL FUND"/>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Pioneer International Equity Fund; Class Y Shares</name>
        <lei>N/A</lei>
        <title>VICTORY PIONEER INTERNATIONAL EQUITY FUND</title>
        <cusip>92648C181</cusip>
        <identifiers>
          <isin value="US92648C1817"/>
          <other otherDesc="Internal" value="92648C181"/>
        </identifiers>
        <balance>724241.71400000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>27224246.03000000</valUSD>
        <pctVal>8.235058674086</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="MUTUAL FUND"/>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2026-03-30</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>