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      <titleOfIssuer>UNITED STATES TREASURY BILL</titleOfIssuer>
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      <titleOfIssuer>UNITED STATES TREASURY BILL</titleOfIssuer>
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      <titleOfIssuer>UNITED STATES TREASURY BILL</titleOfIssuer>
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      <titleOfIssuer>FIXED INCOME CLEARING CO</titleOfIssuer>
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          <nameOfCollateralIssuer>USTR</nameOfCollateralIssuer>
          <LEIID>N/A</LEIID>
          <CUSIPMember>912810UK2</CUSIPMember>
          <maturityDate>
            <date>2055-05-15</date>
          </maturityDate>
          <coupon>4.75000000</coupon>
          <yield>N/A</yield>
          <principalAmountToTheNearestCent>156963600.00</principalAmountToTheNearestCent>
          <valueOfCollateralToTheNearestCent>153000110.60</valueOfCollateralToTheNearestCent>
          <ctgryInvestmentsRprsntsCollateral>U.S. Treasuries (including strips)</ctgryInvestmentsRprsntsCollateral>
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      </repurchaseAgreement>
      <securityEligibilityFlag>Y</securityEligibilityFlag>
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        <nameOfNRSRO>Moody's</nameOfNRSRO>
        <rating>NR</rating>
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      <assigningNRSRORating>
        <nameOfNRSRO>Standard and Poor's</nameOfNRSRO>
        <rating>NR</rating>
      </assigningNRSRORating>
      <assigningNRSRORating>
        <nameOfNRSRO>Fitch</nameOfNRSRO>
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      </assigningNRSRORating>
      <investmentMaturityDateWAM>2025-06-02</investmentMaturityDateWAM>
      <investmentMaturityDateWAL>2025-06-02</investmentMaturityDateWAL>
      <finalLegalInvestmentMaturityDate>2025-06-02</finalLegalInvestmentMaturityDate>
      <securityDemandFeatureFlag>N</securityDemandFeatureFlag>
      <securityGuaranteeFlag>N</securityGuaranteeFlag>
      <securityEnhancementsFlag>N</securityEnhancementsFlag>
      <yieldOfTheSecurityAsOfReportingDate>0.0431</yieldOfTheSecurityAsOfReportingDate>
      <includingValueOfAnySponsorSupport>150000000.00</includingValueOfAnySponsorSupport>
      <excludingValueOfAnySponsorSupport>150000000.00</excludingValueOfAnySponsorSupport>
      <percentageOfMoneyMarketFundNetAssets>0.1672</percentageOfMoneyMarketFundNetAssets>
      <securityCategorizedAtLevel3Flag>N</securityCategorizedAtLevel3Flag>
      <dailyLiquidAssetSecurityFlag>Y</dailyLiquidAssetSecurityFlag>
      <weeklyLiquidAssetSecurityFlag>Y</weeklyLiquidAssetSecurityFlag>
      <illiquidSecurityFlag>N</illiquidSecurityFlag>
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    <scheduleOfPortfolioSecuritiesInfo>
      <nameOfIssuer>U.S. TREASURY SECURITIES</nameOfIssuer>
      <titleOfIssuer>U S TREASURY BILL</titleOfIssuer>
      <coupon>0%</coupon>
      <CUSIPMember>912797PE1</CUSIPMember>
      <LEIID>254900HROIFWPRGM1V77</LEIID>
      <ISINId>US912797PE18</ISINId>
      <investmentCategory>U.S. Treasury Debt</investmentCategory>
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        <nameOfNRSRO>Moody's</nameOfNRSRO>
        <rating>Aa1</rating>
      </assigningNRSRORating>
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        <nameOfNRSRO>Standard and Poor's</nameOfNRSRO>
        <rating>AA+</rating>
      </assigningNRSRORating>
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        <nameOfNRSRO>Fitch</nameOfNRSRO>
        <rating>AA+</rating>
      </assigningNRSRORating>
      <investmentMaturityDateWAM>2025-07-17</investmentMaturityDateWAM>
      <investmentMaturityDateWAL>2025-07-17</investmentMaturityDateWAL>
      <finalLegalInvestmentMaturityDate>2025-07-17</finalLegalInvestmentMaturityDate>
      <securityDemandFeatureFlag>N</securityDemandFeatureFlag>
      <securityGuaranteeFlag>N</securityGuaranteeFlag>
      <securityEnhancementsFlag>N</securityEnhancementsFlag>
      <yieldOfTheSecurityAsOfReportingDate>0.0426</yieldOfTheSecurityAsOfReportingDate>
      <includingValueOfAnySponsorSupport>49736306.50</includingValueOfAnySponsorSupport>
      <excludingValueOfAnySponsorSupport>49736306.50</excludingValueOfAnySponsorSupport>
      <percentageOfMoneyMarketFundNetAssets>0.0554</percentageOfMoneyMarketFundNetAssets>
      <securityCategorizedAtLevel3Flag>N</securityCategorizedAtLevel3Flag>
      <dailyLiquidAssetSecurityFlag>Y</dailyLiquidAssetSecurityFlag>
      <weeklyLiquidAssetSecurityFlag>Y</weeklyLiquidAssetSecurityFlag>
      <illiquidSecurityFlag>N</illiquidSecurityFlag>
    </scheduleOfPortfolioSecuritiesInfo>
    <scheduleOfPortfolioSecuritiesInfo>
      <nameOfIssuer>U.S. TREASURY SECURITIES</nameOfIssuer>
      <titleOfIssuer>US TREASURY BILL</titleOfIssuer>
      <coupon>0%</coupon>
      <CUSIPMember>912797NA1</CUSIPMember>
      <LEIID>254900HROIFWPRGM1V77</LEIID>
      <ISINId>US912797NA14</ISINId>
      <investmentCategory>U.S. Treasury Debt</investmentCategory>
      <securityEligibilityFlag>Y</securityEligibilityFlag>
      <assigningNRSRORating>
        <nameOfNRSRO>Fitch</nameOfNRSRO>
        <rating>AA+</rating>
      </assigningNRSRORating>
      <assigningNRSRORating>
        <nameOfNRSRO>Moody's</nameOfNRSRO>
        <rating>Aa1</rating>
      </assigningNRSRORating>
      <assigningNRSRORating>
        <nameOfNRSRO>Standard and Poor's</nameOfNRSRO>
        <rating>AA+</rating>
      </assigningNRSRORating>
      <investmentMaturityDateWAM>2025-10-30</investmentMaturityDateWAM>
      <investmentMaturityDateWAL>2025-10-30</investmentMaturityDateWAL>
      <finalLegalInvestmentMaturityDate>2025-10-30</finalLegalInvestmentMaturityDate>
      <securityDemandFeatureFlag>N</securityDemandFeatureFlag>
      <securityGuaranteeFlag>N</securityGuaranteeFlag>
      <securityEnhancementsFlag>N</securityEnhancementsFlag>
      <yieldOfTheSecurityAsOfReportingDate>0.0410</yieldOfTheSecurityAsOfReportingDate>
      <includingValueOfAnySponsorSupport>49128646.00</includingValueOfAnySponsorSupport>
      <excludingValueOfAnySponsorSupport>49128646.00</excludingValueOfAnySponsorSupport>
      <percentageOfMoneyMarketFundNetAssets>0.0548</percentageOfMoneyMarketFundNetAssets>
      <securityCategorizedAtLevel3Flag>N</securityCategorizedAtLevel3Flag>
      <dailyLiquidAssetSecurityFlag>Y</dailyLiquidAssetSecurityFlag>
      <weeklyLiquidAssetSecurityFlag>Y</weeklyLiquidAssetSecurityFlag>
      <illiquidSecurityFlag>N</illiquidSecurityFlag>
    </scheduleOfPortfolioSecuritiesInfo>
    <scheduleOfPortfolioSecuritiesInfo>
      <nameOfIssuer>U.S. TREASURY SECURITIES</nameOfIssuer>
      <titleOfIssuer>UNITED STATES TREASURY BILL</titleOfIssuer>
      <coupon>0%</coupon>
      <CUSIPMember>912797MG9</CUSIPMember>
      <LEIID>254900HROIFWPRGM1V77</LEIID>
      <ISINId>US912797MG92</ISINId>
      <investmentCategory>U.S. Treasury Debt</investmentCategory>
      <securityEligibilityFlag>Y</securityEligibilityFlag>
      <assigningNRSRORating>
        <nameOfNRSRO>Moody's</nameOfNRSRO>
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      </assigningNRSRORating>
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        <nameOfNRSRO>Fitch</nameOfNRSRO>
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      <assigningNRSRORating>
        <nameOfNRSRO>Standard and Poor's</nameOfNRSRO>
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      <investmentMaturityDateWAM>2025-08-07</investmentMaturityDateWAM>
      <investmentMaturityDateWAL>2025-08-07</investmentMaturityDateWAL>
      <finalLegalInvestmentMaturityDate>2025-08-07</finalLegalInvestmentMaturityDate>
      <securityDemandFeatureFlag>N</securityDemandFeatureFlag>
      <securityGuaranteeFlag>N</securityGuaranteeFlag>
      <securityEnhancementsFlag>N</securityEnhancementsFlag>
      <yieldOfTheSecurityAsOfReportingDate>0.0428</yieldOfTheSecurityAsOfReportingDate>
      <includingValueOfAnySponsorSupport>49612268.50</includingValueOfAnySponsorSupport>
      <excludingValueOfAnySponsorSupport>49612268.50</excludingValueOfAnySponsorSupport>
      <percentageOfMoneyMarketFundNetAssets>0.0553</percentageOfMoneyMarketFundNetAssets>
      <securityCategorizedAtLevel3Flag>N</securityCategorizedAtLevel3Flag>
      <dailyLiquidAssetSecurityFlag>Y</dailyLiquidAssetSecurityFlag>
      <weeklyLiquidAssetSecurityFlag>Y</weeklyLiquidAssetSecurityFlag>
      <illiquidSecurityFlag>N</illiquidSecurityFlag>
    </scheduleOfPortfolioSecuritiesInfo>
    <scheduleOfPortfolioSecuritiesInfo>
      <nameOfIssuer>U.S. TREASURY SECURITIES</nameOfIssuer>
      <titleOfIssuer>UNITED STATES TREASURY BILL</titleOfIssuer>
      <coupon>0%</coupon>
      <CUSIPMember>912797MH7</CUSIPMember>
      <LEIID>254900HROIFWPRGM1V77</LEIID>
      <ISINId>US912797MH75</ISINId>
      <investmentCategory>U.S. Treasury Debt</investmentCategory>
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        <nameOfNRSRO>Standard and Poor's</nameOfNRSRO>
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      </assigningNRSRORating>
      <assigningNRSRORating>
        <nameOfNRSRO>Moody's</nameOfNRSRO>
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        <nameOfNRSRO>Fitch</nameOfNRSRO>
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      </assigningNRSRORating>
      <investmentMaturityDateWAM>2025-09-04</investmentMaturityDateWAM>
      <investmentMaturityDateWAL>2025-09-04</investmentMaturityDateWAL>
      <finalLegalInvestmentMaturityDate>2025-09-04</finalLegalInvestmentMaturityDate>
      <securityDemandFeatureFlag>N</securityDemandFeatureFlag>
      <securityGuaranteeFlag>N</securityGuaranteeFlag>
      <securityEnhancementsFlag>N</securityEnhancementsFlag>
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      <securityCategorizedAtLevel3Flag>N</securityCategorizedAtLevel3Flag>
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      <weeklyLiquidAssetSecurityFlag>Y</weeklyLiquidAssetSecurityFlag>
      <illiquidSecurityFlag>N</illiquidSecurityFlag>
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    <scheduleOfPortfolioSecuritiesInfo>
      <nameOfIssuer>BOFA SECURITIES INC</nameOfIssuer>
      <titleOfIssuer>BOFA SECURITIES INC</titleOfIssuer>
      <coupon>4.33%</coupon>
      <CUSIPMember>N/A</CUSIPMember>
      <LEIID>N/A</LEIID>
      <otherUniqueId>BOF125602</otherUniqueId>
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      <fundAcqstnUndrlyngSecurityFlag>Y</fundAcqstnUndrlyngSecurityFlag>
      <repurchaseAgreement>
        <repurchaseAgreementOpenFlag>N</repurchaseAgreementOpenFlag>
        <repurchaseAgreementClearedFlag>N</repurchaseAgreementClearedFlag>
        <repurchaseAgreementTripartyFlag>Y</repurchaseAgreementTripartyFlag>
        <collateralIssuers>
          <nameOfCollateralIssuer>USTR</nameOfCollateralIssuer>
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          <CUSIPMember>91282CCS8</CUSIPMember>
          <maturityDate>
            <dateRange>
              <ns3:from>2031-08-15</ns3:from>
              <ns3:to>2048-11-15</ns3:to>
            </dateRange>
          </maturityDate>
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          <yield>N/A</yield>
          <principalAmountToTheNearestCent>583194500.00</principalAmountToTheNearestCent>
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          <ctgryInvestmentsRprsntsCollateral>U.S. Treasuries (including strips)</ctgryInvestmentsRprsntsCollateral>
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      <securityEligibilityFlag>Y</securityEligibilityFlag>
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        <nameOfNRSRO>Fitch</nameOfNRSRO>
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      </assigningNRSRORating>
      <assigningNRSRORating>
        <nameOfNRSRO>Moody's</nameOfNRSRO>
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      <assigningNRSRORating>
        <nameOfNRSRO>Standard and Poor's</nameOfNRSRO>
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      <investmentMaturityDateWAM>2025-06-02</investmentMaturityDateWAM>
      <investmentMaturityDateWAL>2025-06-02</investmentMaturityDateWAL>
      <finalLegalInvestmentMaturityDate>2025-06-02</finalLegalInvestmentMaturityDate>
      <securityDemandFeatureFlag>N</securityDemandFeatureFlag>
      <securityGuaranteeFlag>N</securityGuaranteeFlag>
      <securityEnhancementsFlag>N</securityEnhancementsFlag>
      <yieldOfTheSecurityAsOfReportingDate>0.0433</yieldOfTheSecurityAsOfReportingDate>
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      <excludingValueOfAnySponsorSupport>200000000.00</excludingValueOfAnySponsorSupport>
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      <securityCategorizedAtLevel3Flag>N</securityCategorizedAtLevel3Flag>
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      <weeklyLiquidAssetSecurityFlag>Y</weeklyLiquidAssetSecurityFlag>
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      <nameOfIssuer>U.S. TREASURY SECURITIES</nameOfIssuer>
      <titleOfIssuer>UNITED STATES TREASURY BILL</titleOfIssuer>
      <coupon>0%</coupon>
      <CUSIPMember>912797NW3</CUSIPMember>
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      <ISINId>US912797NW34</ISINId>
      <investmentCategory>U.S. Treasury Debt</investmentCategory>
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        <nameOfNRSRO>Fitch</nameOfNRSRO>
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      <investmentMaturityDateWAL>2025-06-26</investmentMaturityDateWAL>
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      <securityDemandFeatureFlag>N</securityDemandFeatureFlag>
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      <securityEnhancementsFlag>N</securityEnhancementsFlag>
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    <scheduleOfPortfolioSecuritiesInfo>
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      <titleOfIssuer>UNITED STATES TREASURY BILL</titleOfIssuer>
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      <CUSIPMember>912797QE0</CUSIPMember>
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      <nameOfIssuer>U.S. TREASURY SECURITIES</nameOfIssuer>
      <titleOfIssuer>UNITED STATES TREASURY BILL</titleOfIssuer>
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      <ISINId>US912797QB69</ISINId>
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        <nameOfNRSRO>Moody's</nameOfNRSRO>
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      <investmentMaturityDateWAL>2025-07-22</investmentMaturityDateWAL>
      <finalLegalInvestmentMaturityDate>2025-07-22</finalLegalInvestmentMaturityDate>
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      <securityEnhancementsFlag>N</securityEnhancementsFlag>
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    </scheduleOfPortfolioSecuritiesInfo>
    <dispositionOfPortfolioSecurities/>
    <signature>
      <registrant>Victory Portfolios III</registrant>
      <signatureDate>2025-06-05</signatureDate>
      <signature>Carol Trevino</signature>
      <nameOfSigningOfficer>Carol Trevino</nameOfSigningOfficer>
      <titleOfSigningOfficer>Treasurer</titleOfSigningOfficer>
    </signature>
  </formData>
</edgarSubmission>
