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        <name>ALLY AUTO RECEIVABLES TRUST</name>
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        <name>Synovus Bank</name>
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        <name>Bacardi-Martini B.V.</name>
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        <name>GLS AUTO RECEIVABLES TRUST</name>
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        <name>SIGNATURE BANK</name>
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        <name>CITIGROUP INC.</name>
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        <name>Enbridge Inc.</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>LAD AUTO RECEIVABLES TRUST</name>
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        <name>FORD CREDIT AUTO LEASE TRUST</name>
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        <name>T-MOBILE USA, INC.</name>
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        <name>BAYPORT POLYMERS LLC</name>
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        <name>AMUR EQUIPMENT FINANCE RECEIVABLES LLC</name>
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        <name>SAN ANTONIO TEX ED FACS CORP REV</name>
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        <name>EVERGREEN CREDIT CARD TRUST</name>
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        <name>AMUR EQUIPMENT FINANCE RECEIVABLES LLC</name>
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        <name>ESSEX PORTFOLIO, L.P.</name>
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        <name>LLOYDS BANKING GROUP PLC</name>
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        <name>CREDIT ACCEPTANCE AUTO LOAN TRUST</name>
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        <name>COTY INC.</name>
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        <name>Freddie Mac</name>
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        <name>SANTANDER BANK, N.A.</name>
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        <name>United Airlines Pass Through Trust</name>
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        <name>FLORIDA POWER &amp; LIGHT COMPANY</name>
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        <name>SOLVENTUM CORPORATION</name>
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        <name>TESLA AUTO LEASE TRUST</name>
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        <name>TESLA AUTO LEASE TRUST</name>
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        <name>GREENSTATE AUTO RECEIVABLES TRUST</name>
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        <name>CVS HEALTH CORPORATION</name>
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        <name>AMCOR GROUP FINANCE PLC</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>SYNOPSYS, INC.</name>
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        <name>DELL EQUIPMENT FINANCE TRUST</name>
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      <invstOrSec>
        <name>BRUNSWICK CORPORATION</name>
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        <name>GLS AUTO SELECT RECEIVABLES TRUST</name>
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      <invstOrSec>
        <name>WESTLAKE AUTOMOBILE RECEIVABLES TRUST</name>
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      <invstOrSec>
        <name>RACE POINT CLO LLC</name>
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        <name>Citizens Bank, National Association</name>
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        <name>NATIONAL FUEL GAS COMPANY</name>
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        <name>ROYAL CARIBBEAN CRUISES LTD.</name>
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        <name>Federal National Mortgage Association</name>
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        <name>CARVANA AUTO RECEIVABLES TRUST</name>
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        <title>CARVANA AUTO RECEIVABLES TRUST</title>
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        <name>SKYWORKS SOLUTIONS, INC.</name>
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        <name>Government National Mortgage Association</name>
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        <title>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION</title>
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        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>

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        <name>Element Fleet Management Corp.</name>
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        <name>ARI FLEET LEASE TRUST</name>
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        <name>CANADIAN NATURAL RESOURCES LIMITED</name>
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        <name>CANADIAN NATURAL RESOURCES LIMITED</name>
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        <name>PEAC SOLUTIONS RECEIVABLES</name>
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        <name>GMF FLOORPLAN OWNER REVOLVING TRUST</name>
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        <name>STEWART INFORMATION SERVICES CORPORATION</name>
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        <name>VERIDIAN AUTO RECEIVABLES TRUST</name>
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        <name>WINGSPIRE EQUIPMENT FINANCE LLC</name>
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        <name>LAD AUTO RECEIVABLES TRUST</name>
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        <name>Nationwide Building Society</name>
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        <name>BEAZLEY INSURANCE DESIGNATED ACTIVITY COMPANY</name>
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        <name>Enbridge Inc.</name>
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        <name>CYRUSONE DATA CENTER ISSUER LLC</name>
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        <name>BARCLAYS PLC</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>AVIS BUDGET RENTAL CAR FUNDING</name>
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        <identifiers>
          <isin value="US05377RET77"/>
          <other otherDesc="Internal" value="05377RET7"/>
        </identifiers>
        <balance>800000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>765900.59000000</valUSD>
        <pctVal>0.027123126145</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-02-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.35000000</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>2025-09-02</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>
