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        <name>UNITED RENTALS (NORTH AMERICA), INC.</name>
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        <name>BELRON UK FINANCE PLC</name>
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        <name>MONEYGRAM INTERNATIONAL, INC.</name>
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        <name>JETBLUE AIRWAYS CORPORATION</name>
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        <name>CENTURY COMMUNITIES, INC.</name>
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        <name>THE GEO GROUP, INC.</name>
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        <name>NOVA Chemicals Corporation</name>
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        <name>THE CHEMOURS COMPANY</name>
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        <name>NORTHRIVER MIDSTREAM FINANCE LP</name>
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        <name>VIRGIN MEDIA O2 VENDOR FINANCING NOTES VI DESIGNATED ACTIVITY COMPANY</name>
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        <name>AVENTURA MALL VENTURE</name>
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        <name>PETSMART LLC</name>
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        <name>State Street SPDR Portfolio High Yield Bond ETF</name>
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        <name>CHS Inc.</name>
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        <name>CSC HOLDINGS, LLC</name>
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        <name>HARVEST MIDSTREAM I, L.P.</name>
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        <name>UNIVISION COMMUNICATIONS INC.</name>
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        <name>NCR VOYIX CORPORATION</name>
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        <name>NOVA Chemicals Corporation</name>
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        <name>Perrigo Finance Unlimited Company</name>
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        <name>NCL CORPORATION LTD.</name>
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        <name>GESTION D'ASSURANCES JONES DESLAURIERS INC</name>
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        <name>La Compagnie de Telephone Bell du Canada ou Bell Canada</name>
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        <name>THE CHEMOURS COMPANY</name>
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        <name>Consolidated Energy Finance S.A.</name>
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        <name>SANTANDER BANK, N.A.</name>
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        <name>PARAMOUNT GLOBAL</name>
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        <name>FORD MOTOR CREDIT COMPANY LLC</name>
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        <name>ALTICE FRANCE SA</name>
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        <name>VERTICAL BRIDGE CC LLC</name>
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        <name>NEPTUNE BIDCO US INC.</name>
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        <name>LIGHT AND WONDER INTERNATIONAL, INC.</name>
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        <name>Carnival Corporation</name>
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        <name>CROWN CASTLE INC.</name>
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        <name>Mativ Holdings, Inc.</name>
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        <name>UNITI SERVICES LLC</name>
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        <name>IHO Verwaltungs GmbH</name>
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        <name>HUNT COMPANIES, INC.</name>
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        <name>STANDARD BUILDING SOLUTIONS INC.</name>
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        <name>STARWOOD PROPERTY TRUST, INC.</name>
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        <name>Performance Food Group, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>ATHENAHEALTH GROUP INC.</name>
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        <name>ORACLE CORPORATION</name>
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        <name>Lealand Finance Company B.V.</name>
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        <name>GESTION D'ASSURANCES JONES DESLAURIERS INC</name>
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        <name>United States of America</name>
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        <name>HILTON DOMESTIC OPERATING COMPANY INC.</name>
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        <name>1261229 B.C. LTD.</name>
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        <name>EMRLD BORROWER LP</name>
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        <name>ATRIUM HOTEL PORTFOLIO TRUST</name>
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        <name>CITGO PETROLEUM CORPORATION</name>
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        <name>POST ROAD EQUIPMENT FINANCE LLC</name>
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        <valUSD>3435553.20000000</valUSD>
        <pctVal>0.350746706925</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-02-14</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.62500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="2688256.40000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>UNICREDIT, SOCIETA PER AZIONI</name>
        <lei>549300TRUWO2CD2G5692</lei>
        <title>UNICREDIT SPA</title>
        <cusip>904678AF6</cusip>
        <identifiers>
          <isin value="US904678AF64"/>
          <other otherDesc="Internal" value="904678AF6"/>
        </identifiers>
        <balance>817000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>830508.93000000</valUSD>
        <pctVal>0.084789335315</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IT</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-06-19</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.86100000</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>MATTAMY GROUP CORPORATION</name>
        <lei>5493008TNY7A82WCXU31</lei>
        <title>MATTAMY GROUP CORP</title>
        <cusip>57701RAQ5</cusip>
        <identifiers>
          <isin value="US57701RAQ56"/>
          <other otherDesc="Internal" value="57701RAQ5"/>
        </identifiers>
        <balance>890000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>874871.20000000</valUSD>
        <pctVal>0.089318422542</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</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>SOTHEBYS ARTFI MASTER TRUST</name>
        <lei>N/A</lei>
        <title>SOTHEBY S ARTFI MASTER TRUST</title>
        <cusip>83589CAE8</cusip>
        <identifiers>
          <isin value="US83589CAE84"/>
          <other otherDesc="Internal" value="83589CAE8"/>
        </identifiers>
        <balance>2950000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2954086.34000000</valUSD>
        <pctVal>0.301592202306</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-12-22</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.91000000</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>QXO BUILDING PRODUCTS, INC.</name>
        <lei>549300HDXQWWCBOYXP31</lei>
        <title>QUEEN MERGERCO INC</title>
        <cusip>74825NAA5</cusip>
        <identifiers>
          <isin value="US74825NAA54"/>
          <other otherDesc="Internal" value="74825NAA5"/>
        </identifiers>
        <balance>2009000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2072057.59000000</valUSD>
        <pctVal>0.211543042399</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-04-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.75000000</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>2026-03-02</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>
