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        <name>ONE MANHATTAN WEST</name>
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        <name>Federal National Mortgage Association</name>
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        <name>ILPT COMMERCIAL MORTGAGE TRUST</name>
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        <name>Government National Mortgage Association 2</name>
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        <name>NAVISTAR FINANCIAL DEALER NOTE MASTER TRUST</name>
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        <name>UNITED AIRLINES, INC.</name>
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        <name>THE BANK OF NOVA SCOTIA</name>
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        <name>Federal National Mortgage Association</name>
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        <name>CONNECTICUT ST HSG FIN AUTH HSG MTG FIN PROG</name>
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        <name>SYNCHRONY CARD ISSUANCE TRUST, SYNCHRONY</name>
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        <name>RXO, INC.</name>
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        <name>DEXT ABS LLC</name>
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        <name>NEW YORK N Y CITY INDL DEV AGY REV</name>
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        <name>Truist Financial Corporation</name>
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        <name>THE BOEING COMPANY</name>
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        <name>METROPOLITAN GOVT NASHVILLE &amp; DAVIDSON CNTY TENN SPORTS AUTH REV</name>
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        <name>BP CAPITAL MARKETS P.L.C.</name>
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        <name>FIRSTKEY HOMES TRUST</name>
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        <name>THE CHEMOURS COMPANY</name>
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        <name>Federal National Mortgage Association</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>American Airlines 2017-2 Pass Through Trusts</name>
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        <name>THE DOW CHEMICAL COMPANY</name>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
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          <isin value="US912810SN90"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>TRICORBRAUN HOLDINGS, INC.</name>
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        <valUSD>450069.03000000</valUSD>
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        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>AMERICAN TOWER TRUST #1</name>
        <lei>N/A</lei>
        <title>AMERICAN TOWER TRUST</title>
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          <isin value="US03027WAM47"/>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-03-15</maturityDt>
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      <invstOrSec>
        <name>CLOUD CAPITAL DATA CENTERS</name>
        <lei>N/A</lei>
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          <isin value="US102104AA49"/>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2049-11-22</maturityDt>
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      <invstOrSec>
        <name>Government National Mortgage Association 2</name>
        <lei>N/A</lei>
        <title>GOVERNMENT NATIONAL MORTGAGE CORPORATION</title>
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          <isin value="US36179YAR53"/>
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        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2053-07-20</maturityDt>
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      <invstOrSec>
        <name>CHESAPEAKE FUNDING LLC</name>
        <lei>549300LG5AUFDML64706</lei>
        <title>CHESAPEAKE FUNDING II LLC</title>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>720 EAST CLO LTD</name>
        <lei>N/A</lei>
        <title>720 EAST CLO IV LTD</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2037-04-15</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>SBNA AUTO LEASE TRUST</name>
        <lei>N/A</lei>
        <title>SBNA AUTO LEASE 2024 B</title>
        <cusip>78437VAG5</cusip>
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          <isin value="US78437VAG59"/>
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        <balance>1875965.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-12-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.55000000</annualizedRt>
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      <invstOrSec>
        <name>VANTAGE DATA CENTERS ISSUER LLC</name>
        <lei>N/A</lei>
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        <valUSD>8374183.52000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>VERTICAL BRIDGE CC LLC</name>
        <lei>N/A</lei>
        <title>VB S1 ISSUER LLC VBTEL</title>
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        <isRestrictedSec>Y</isRestrictedSec>

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      <invstOrSec>
        <name>CALPINE CORPORATION</name>
        <lei>43R4VPJBXTU2O15HEF41</lei>
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      <invstOrSec>
        <name>DIAMOND INFRASTRUCTURE FUNDING</name>
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        <name>WEST VIRGINIA ST HSG DEV FD</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Government National Mortgage Association 2</name>
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        <title>GOVERNMENT NATIONAL MORTGAGE CORPORATION</title>
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      <invstOrSec>
        <name>DOLLAR TREE, INC.</name>
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        <title>DOLLAR TREE INC</title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>MACQUARIE AIRFINANCE HOLDINGS LIMITED</name>
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        <title>MACQUARIE AIRFINANCE HOLDINGS LTD</title>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Government National Mortgage Association 2</name>
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        <name>Government National Mortgage Association 2</name>
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      <invstOrSec>
        <name>Government National Mortgage Association 2</name>
        <lei>N/A</lei>
        <title>GOVERNMENT NATIONAL MORTGAGE CORPORATION</title>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2052-07-20</maturityDt>
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      <invstOrSec>
        <name>METROPOLITAN TRANSN AUTH N Y REV</name>
        <lei>N/A</lei>
        <title>METROPOLITAN TRANSPORTATION AUTHORITY</title>
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          <isin value="US59259YGE32"/>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-11-15</maturityDt>
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      <invstOrSec>
        <name>PILGRIM'S PRIDE CORPORATION</name>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-07-01</maturityDt>
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      <invstOrSec>
        <name>TRACTOR SUPPLY COMPANY</name>
        <lei>549300OJ9VZHZRO6I137</lei>
        <title>TRACTOR SUPPLY CO</title>
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          <isin value="US892356AA40"/>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-11-01</maturityDt>
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      </invstOrSec>
      <invstOrSec>
        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FEDERAL NATIONAL MORTGAGE ASSOCIATION</title>
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          <isin value="US3140XKKU38"/>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>JPMORGAN CHASE &amp; CO.</name>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-01-25</maturityDt>
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        <name>FORD CREDIT FLOORPLAN MASTER OWNER TRUST A</name>
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        <title>FORD CREDIT FLOORPLAN MASTER OWNER TRUST A</title>
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          <isin value="US34528QJR65"/>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-09-15</maturityDt>
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      <invstOrSec>
        <name>COMM MORTGAGE TRUST</name>
        <lei>N/A</lei>
        <title>COMM MORTGAGE TRUST</title>
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          <isin value="US12593GAJ13"/>
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        <balance>3399000.00000000</balance>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2050-07-10</maturityDt>
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          <annualizedRt>4.38984000</annualizedRt>
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      <invstOrSec>
        <name>HERTZ VEHICLE FINANCING III LLC</name>
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        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>GENM Capital Labuan Limited</name>
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        <invCountry>MY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>HSBC HOLDINGS PLC</name>
        <lei>MLU0ZO3ML4LN2LL2TL39</lei>
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        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Government National Mortgage Association 2</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>O'Reilly Automotive, Inc.</name>
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        <name>WELLS FARGO &amp; COMPANY</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>ACADIA HEALTHCARE COMPANY, INC.</name>
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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FEDERAL NATIONAL MORTGAGE ASSOCIATION</title>
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        <issuerCat>USGSE</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>HERTZ VEHICLE FINANCING III LLC</name>
        <lei>N/A</lei>
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        <valUSD>3326059.42000000</valUSD>
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        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>NATIONAL FIN AUTH N H REV</name>
        <lei>N/A</lei>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.35100000</annualizedRt>
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      <invstOrSec>
        <name>FORD CREDIT AUTO LEASE TRUST</name>
        <lei>N/A</lei>
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          <isin value="US34529NAG51"/>
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        <balance>2584000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2611680.26000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FEDERAL NATIONAL MORTGAGE ASSOCIATION</title>
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        <curCd>USD</curCd>
        <valUSD>1405249.95000000</valUSD>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2050-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Government National Mortgage Association 2</name>
        <lei>N/A</lei>
        <title>GOVERNMENT NATIONAL MORTGAGE CORPORATION</title>
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          <isin value="US36179YFK55"/>
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        <balance>4232883.95000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4167465.53000000</valUSD>
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        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-09-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Government National Mortgage Association 2</name>
        <lei>N/A</lei>
        <title>GOVERNMENT NATIONAL MORTGAGE CORPORATION</title>
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        <curCd>USD</curCd>
        <valUSD>8186194.63000000</valUSD>
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        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>UNITI FIBER ABS ISSUER LLC</name>
        <lei>N/A</lei>
        <title>UNITI FIBER ABS ISSUER LLC</title>
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          <isin value="US91326EAB11"/>
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        <balance>1642000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1672861.77000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-04-20</maturityDt>
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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FEDERAL NATIONAL MORTGAGE ASSOCIATION</title>
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          <isin value="US31418FFC68"/>
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        <balance>8429745.61000000</balance>
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        <curCd>USD</curCd>
        <valUSD>8419458.96000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>GLOBAL PAYMENTS INC.</name>
        <lei>549300NOMHGVQBX6S778</lei>
        <title>GLOBAL PAYMENTS INC</title>
        <cusip>37940XAC6</cusip>
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          <isin value="US37940XAC65"/>
          <other otherDesc="Internal" value="BJXV303"/>
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        <balance>2388000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1703092.63000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2049-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.15000000</annualizedRt>
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      <invstOrSec>
        <name>INDIANA ST FIN AUTH REV</name>
        <lei>N/A</lei>
        <title>MARIAN UNIVERSITY INC</title>
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        <balance>1130000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.07600000</annualizedRt>
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      <invstOrSec>
        <name>JEFFERIES FINANCE PLC</name>
        <lei>N/A</lei>
        <title>JEFFERIES FINANCE PLC</title>
        <cusip>BL4769248</cusip>
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        <balance>4389000.00000000</balance>
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        <valUSD>4383513.75000000</valUSD>
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        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>CHARTER COMMUNICATIONS OPERATING, LLC</name>
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        <name>HELMERICH &amp; PAYNE, INC.</name>
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        <invCountry>US</invCountry>

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        <name>FORD CREDIT AUTO OWNER TRUST</name>
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        <name>VB-S1 ISSUER, LLC</name>
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        <name>GREATAMERICA LEASING RECEIVABLES FUNDING, L.L.C.</name>
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        <isRestrictedSec>Y</isRestrictedSec>

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      <invstOrSec>
        <name>CAPITAL ONE FINANCIAL CORPORATION</name>
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        <name>Government National Mortgage Association 2</name>
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        <name>Federal National Mortgage Association</name>
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        <name>NMEF FUNDING LLC</name>
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        <name>HERTZ VEHICLE FINANCING III LLC</name>
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        <name>AIRCASTLE LIMITED</name>
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        <isRestrictedSec>Y</isRestrictedSec>

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        <name>ARTHUR J. GALLAGHER &amp; CO.</name>
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      <invstOrSec>
        <name>Freddie Mac</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>Nationwide Building Society</name>
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        <name>ALIGNED DATA CENTERS</name>
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        <name>TRIMBLE INC.</name>
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        <name>Government National Mortgage Association 2</name>
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        <issuerCat>USGA</issuerCat>
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        <name>HEICO CORPORATION</name>
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        <name>NEW JERSEY ST HSG &amp; MTG FIN AGY REV</name>
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        <name>AIR LEASE CORPORATION</name>
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        <name>United States of America</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Federal National Mortgage Association</name>
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        <name>FEDERAL FARM CREDIT BANKS FUNDING CORPORATION</name>
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        <name>SLM STUDENT LOAN TRUST</name>
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        <name>FEDERAL FARM CREDIT BANKS FUNDING CORPORATION</name>
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        <name>HSBC HOLDINGS PLC</name>
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        <name>BARCLAYS PLC</name>
        <lei>213800LBQA1Y9L22JB70</lei>
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        <name>Federal National Mortgage Association</name>
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        <name>Government National Mortgage Association 2</name>
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          <other otherDesc="Internal" value="BHT5Y02"/>
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        <balance>4286000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4109736.17000000</valUSD>
        <pctVal>0.078522212692</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-05-03</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.11300000</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>2025-05-30</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>
