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        <name>KUBOTA CREDIT OWNER TRUST</name>
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        <name>Markel Group Inc.</name>
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        <name>AVENTURA MALL VENTURE</name>
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        <name>DONLEN FLEET LEASE FUNDING 2</name>
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        <name>EXETER AUTOMOBILE RECEIVABLES TRUST</name>
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        <name>AUXILIOR TERM FUNDING LLC</name>
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        <name>JBS USA Holding Lux S.a r.l.</name>
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        <name>SFS AUTO RECEIVABLES SECURITIZATION TRUST</name>
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        <name>CARVANA AUTO RECEIVABLES TRUST</name>
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        <name>CARMAX AUTO OWNER TRUST</name>
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        <name>Freddie Mac</name>
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        <name>CARMAX AUTO OWNER TRUST</name>
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        <name>MICHIGAN FIN AUTH REV</name>
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        <name>SANTANDER CONSUMER AUTO RECEIVABLES TRUST</name>
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        <name>SIGNATURE BANK</name>
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        <name>DEXT ABS LLC</name>
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        <name>Enbridge Inc.</name>
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        <name>LAD AUTO RECEIVABLES TRUST</name>
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        <name>Alcoa Nederland Holding B.V.</name>
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        <name>FORD CREDIT AUTO LEASE TRUST</name>
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        <name>ENDEAVOUR MINING PLC</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>GUADALUPE VALLEY ELECTRIC COOPERATIVE, INC.</name>
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        <name>SAN ANTONIO TEX ED FACS CORP REV</name>
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        <name>AMUR EQUIPMENT FINANCE RECEIVABLES LLC</name>
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        <name>NORTH HUDSON SEW AUTH N J GROSS REV LEASE CTFS</name>
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        <name>SYNCHRONY CARD ISSUANCE TRUST, SYNCHRONY</name>
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        <name>QVC, INC.</name>
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        <name>DLLAA LLC</name>
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        <name>SODEXO, INC.</name>
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        <name>AVOLON HOLDINGS FUNDING LIMITED</name>
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        <name>Duke University Health System, Inc</name>
        <lei>SYIJ9BNVFR17R33OPQ57</lei>
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        <name>Philip Morris International Inc.</name>
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        <name>SANTANDER BANK, N.A.</name>
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        <name>SCCU AUTO RECEIVABLES TRUST</name>
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        <name>ARES CAPITAL CORPORATION.</name>
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        <name>United States of America</name>
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        <name>ASHTEAD CAPITAL, INC.</name>
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        <name>ASSOCIATION OF AMERICAN MEDICAL COLLEGES</name>
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        <name>FORD MOTOR CREDIT COMPANY LLC</name>
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        <name>KILROY REALTY, L.P.</name>
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        <name>BOSTON PROPERTIES LIMITED PARTNERSHIP</name>
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        <name>CARS DB</name>
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        <name>CHASE AUTO CREDIT LINKED NOTES</name>
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        <title>JPMORGAN CHASE BANK NA CACLN</title>
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        <name>THE J. M. SMUCKER COMPANY</name>
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        <name>ALLY AUTO RECEIVABLES TRUST</name>
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        <name>SCE Recovery Funding LLC</name>
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        <name>CREDIT ACCEPTANCE AUTO LOAN TRUST</name>
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        <name>CHASE AUTO OWNER TRUST</name>
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        <name>ALLY FINANCIAL INC.</name>
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        <name>SREIT COMMERCIAL MORTGAGE TRUST</name>
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        <name>FORD CREDIT AUTO LEASE TRUST</name>
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        <name>LOBEL AUTOMOBILE RECEIVABLES TRUST</name>
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        <name>ARI FLEET LEASE TRUST</name>
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        <name>SOLVENTUM CORPORATION</name>
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        <name>Braskem Netherlands Finance B.V.</name>
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        <name>TTAN MHC</name>
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        <name>CITIZENS AUTO RECEIVABLES TRUST</name>
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        <name>MASTER CREDIT CARD TRUST II</name>
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        <name>PUBLIC FIN AUTH WIS HOSP REV</name>
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        <name>BARCLAYS PLC</name>
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        <name>VSTRONG AUTO RECEIVABLES TRUST</name>
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        <name>DRIVETIME AUTO OWNER TRUST</name>
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        <name>CARMAX AUTO OWNER TRUST</name>
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        <name>VANTAGE DATA CENTERS ISSUER LLC</name>
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        <name>APACHE CORPORATION</name>
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        <name>AMSR TRUST</name>
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        <name>BBVA Bancomer SA (Houston Branch)</name>
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        <name>GA GLOBAL FUNDING TRUST</name>
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        <name>CREDIT ACCEPTANCE AUTO LOAN TRUST</name>
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        <name>DELL EQUIPMENT FINANCE TRUST</name>
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        <name>FORD CREDIT AUTO OWNER TRUST</name>
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        <name>CARMAX AUTO OWNER TRUST</name>
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        <name>ENERGY TRANSFER LP</name>
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        <name>TEMPE ARIZ CTFS PARTN</name>
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        <name>CITIGROUP INC.</name>
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        <name>CHASE AUTO CREDIT LINKED NOTES</name>
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        <name>MVW OWNER TRUST</name>
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        <name>DEXT ABS LLC</name>
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        <name>KEURIG DR PEPPER INC.</name>
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        <name>PALMER SQUARE LOAN FUNDING LTD.</name>
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        <name>GECU AUTO RECEIVABLES TRUST</name>
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        <name>DLLMT LLC</name>
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        <name>HSB GROUP, INC.</name>
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        <name>DISCOVERY COMMUNICATIONS, LLC</name>
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        <name>CITIGROUP CAPITAL XIII</name>
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        <name>HARBOUR ENERGY PLC</name>
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        <name>HILLSBOROUGH CNTY FLA INDL DEV AUTH HOSP REV</name>
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        <name>FLAGSHIP CREDIT AUTO TRUST</name>
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        <name>DT AUTO OWNER TRUST</name>
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        <name>SCRANTON PA SCH DIST</name>
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        <name>KEMPER CORPORATION</name>
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        <name>FORD CREDIT AUTO OWNER TRUST</name>
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      <invstOrSec>
        <name>GMF FLOORPLAN OWNER REVOLVING TRUST</name>
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        <name>FLEX LTD.</name>
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        <name>Nationwide Building Society</name>
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        <name>Enbridge Inc.</name>
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        <name>FORD CREDIT AUTO OWNER TRUST</name>
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        <name>SANTANDER BANK, N.A.</name>
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        <name>PHINIA HOLDINGS JERSEY LTD</name>
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        <name>GMF FLOORPLAN OWNER REVOLVING TRUST</name>
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        <name>AVIS BUDGET RENTAL CAR FUNDING</name>
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        <name>FIRSTKEY HOMES TRUST</name>
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        <name>AVIS BUDGET RENTAL CAR FUNDING</name>
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        <name>TRILLIUM CREDIT CARD TRUST II</name>
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        <name>SITE CENTERS CORP.</name>
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        <name>POST ROAD EQUIPMENT FINANCE LLC</name>
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        <name>AVIS BUDGET RENTAL CAR FUNDING</name>
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        <name>RADIAN GROUP INC.</name>
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      <invstOrSec>
        <name>MMAF EQUIPMENT FINANCE LLC</name>
        <lei>N/A</lei>
        <title>MMAF EQUIPMENT FINANCE LLC 2022 A</title>
        <cusip>55317RAC6</cusip>
        <identifiers>
          <isin value="US55317RAC60"/>
        </identifiers>
        <balance>1900555.62000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1860530.13000000</valUSD>
        <pctVal>0.076232427015</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-01-13</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.20000000</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>FLAGSHIP CREDIT AUTO TRUST</name>
        <lei>N/A</lei>
        <title>FLAGSHIP CREDIT AUTO TRUST 2021 3</title>
        <cusip>33846QAC5</cusip>
        <identifiers>
          <isin value="US33846QAC50"/>
        </identifiers>
        <balance>3300000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3227831.31000000</valUSD>
        <pctVal>0.132255538778</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.95000000</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>KITE REALTY GROUP, L.P.</name>
        <lei>549300X6R2GYI8Y3OD81</lei>
        <title>KITE REALTY GROUP LP</title>
        <cusip>49803XAA1</cusip>
        <identifiers>
          <isin value="US49803XAA19"/>
        </identifiers>
        <balance>3894000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3697593.30000000</valUSD>
        <pctVal>0.151503330598</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-10-01</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>HERTZ VEHICLE FINANCING III LLC</name>
        <lei>N/A</lei>
        <title>HERTZ VEHICLE FINANCING III LLC</title>
        <cusip>42806MBT5</cusip>
        <identifiers>
          <isin value="US42806MBT53"/>
        </identifiers>
        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>993606.55000000</valUSD>
        <pctVal>0.040711535698</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-06-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.22000000</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>BLACKSTONE PRIVATE CREDIT FUND</name>
        <lei>549300ORP3TTCNXSYO43</lei>
        <title>BLACKSTONE PRIVATE CREDIT FUND</title>
        <cusip>09261HAT4</cusip>
        <identifiers>
          <isin value="US09261HAT41"/>
        </identifiers>
        <balance>2000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1973846.48000000</valUSD>
        <pctVal>0.080875394222</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-03-24</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.70000000</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>MARYLAND ST HEALTH &amp; HIGHER EDL FACS AUTH REV</name>
        <lei>N/A</lei>
        <title>MARYLAND HEALTH HIGHER EDUCATIONAL FACILITIES AU</title>
        <cusip>57421CDH4</cusip>
        <identifiers>
          <isin value="US57421CDH43"/>
        </identifiers>
        <balance>4135000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3812597.65000000</valUSD>
        <pctVal>0.156215461070</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.89200000</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>CITIZENS FINANCIAL GROUP, INC.</name>
        <lei>2138004JDDA4ZQUPFW65</lei>
        <title>CITIZENS FINANCIAL GROUP INC</title>
        <cusip>174610AU9</cusip>
        <identifiers>
          <isin value="US174610AU90"/>
        </identifiers>
        <balance>1850000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1809023.94000000</valUSD>
        <pctVal>0.074122038257</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2199-12-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.65000000</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>AVIS BUDGET RENTAL CAR FUNDING</name>
        <lei>N/A</lei>
        <title>AVIS BUDGET RENTAL CAR FUNDING AESOP LLC</title>
        <cusip>05377RET7</cusip>
        <identifiers>
          <isin value="US05377RET77"/>
        </identifiers>
        <balance>800000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>716345.09000000</valUSD>
        <pctVal>0.029351163902</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>2024-05-30</ncom:dateSigned>
      <ncom:nameOfApplicant>Victory Portfolios III</ncom:nameOfApplicant>
      <ncom:signature>Allan Shaer</ncom:signature>
      <ncom:signerName>Allan Shaer</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
