# EDGAR Filing Document

**Accession Number:** 0000908695
**File Stem:** 0001004726-26-001435
**Filing Date:** 2026-3
**Character Count:** 24634
**Document Hash:** 6033d9af187952d7251f297e1654c11a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001004726-26-001435.hdr.sgml**: 20260305

**ACCESSION NUMBER**: 0001004726-26-001435

**CONFORMED SUBMISSION TYPE**: N-MFP3

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20260228

**FILED AS OF DATE**: 20260305

**DATE AS OF CHANGE**: 20260305

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** VICTORY PORTFOLIOS III
- **CENTRAL INDEX KEY:** 0000908695

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** N-MFP3
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07852
- **FILM NUMBER:** 26727571

**BUSINESS ADDRESS:**
- **STREET 1:** 15935 LA CANTERA PARKWAY
- **STREET 2:** BUILDING TWO
- **CITY:** SAN ANTONIO
- **STATE:** TX
- **ZIP:** 78256
- **BUSINESS PHONE:** 210-697-3625

**MAIL ADDRESS:**
- **STREET 1:** 15935 LA CANTERA PARKWAY
- **STREET 2:** BUILDING TWO
- **CITY:** SAN ANTONIO
- **STATE:** TX
- **ZIP:** 78256

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** USAA MUTUAL FUNDS TRUST
- **DATE OF NAME CHANGE:** 20060420

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** USAA STATE TAX FREE TRUST
- **DATE OF NAME CHANGE:** 19940325

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** USAA STATE TAX EXEMPT TRUST
- **DATE OF NAME CHANGE:** 19930707

## Series and Classes Contracts Data

### Victory Treasury Money Market Trust (Formerly USAA Treasury Money Market Trust) (Series ID: S000012919)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000034889 | Victory Treasury Money Market Trust | UATXX           |

# Form N-MFP3: Monthly Schedule of Portfolio Holdings

## N-MFP: Filer Information
**Submission Type:** N-MFP3
**CIK:** 0000908695

### General Information

**Report for (YYYY-MM-DD):** 2026-02-28

**Registrant Full Name:** Victory Portfolios III

**CIK Number of Registrant:** 0000908695

**LEI of Registrant:** 549300WIDR2J6W1Y9S11

**Name of Series:** Victory Treasury Money Market Trust

**LEI of Series:** 5493005W3JFWGTXFOA85

**EDGAR Series Identifier:** S000012919

**Total number of share classes in the series:** 1

**Is this the fund's final filing on Form N-MFP?:** No

**Has the fund acquired or merged with another fund?:** No

## Part A: Series-Level Information about the Fund

### Service Providers
| Role                          | Details                                                  | File/CIK Number   |
|:---|:---|:---|
| Investment Adviser            | Victory Capital Management, Inc.                         | 801-46878         |
| Independent Public Accountant | Cohen and Company, Ltd<br>City: Cleveland<br>State: OH   |  |
| Administrator                 | Victory Capital Management, Inc.                         |  |
| Transfer Agent                | Victory Capital Transfer Agency, Inc.<br>CIK: 0000737074 | 084-01197         |

### Fund Characteristics & Assets

- **Securities Act File Number:** 033-65572

- **Is this a Feeder Fund?:** No

- **Is this a Master Fund?:** No

- **Is this series for insurance company separate accounts?:** No

- **Money Market Fund Category:** Government

- **Is this a Retail Money Market Fund?:** Yes

- **Is this a Government Money Market Fund?:** Yes

- **WAM:** 36 days

- **WAL:** 36 days

- **Total Value of Portfolio Securities:** $1046412467.00

- **Amortized Cost of Portfolio Securities:** $1046374188.33

- **Cash:** $5938154.47

- **Total Other Assets:** $322716.74

- **Total Liabilities:** $3180912.78

- **Net Assets of Series:** $1049454146.76

- **Number of Shares Outstanding (Series):** 1049463164.8700

- **Does the fund seek to maintain a stable price per share?:** Yes

- **Stable Price Per Share:** $1.00

- **Is cash management vehicle an affiliated fund?:** No

- **Does the fund apply liquidity fees?:** No

### Daily & Weekly Liquid Assets
| Date       | Daily Liquid Assets ($)   | Weekly Liquid Assets ($)   | Daily Liquid Assets (%)   | Weekly Liquid Assets (%)   |
|:---|:---|:---|:---|:---|
| 2026-02-02 | $1067653743.28            | $1067653743.28             | 99.9700%                  | 99.9700%                   |
| 2026-02-03 | $1067105122.11            | $1067105122.11             | 99.9700%                  | 99.9700%                   |
| 2026-02-04 | $1067367833.08            | $1067367833.08             | 99.9700%                  | 99.9700%                   |
| 2026-02-05 | $1068141170.35            | $1068141170.35             | 99.9700%                  | 99.9700%                   |
| 2026-02-06 | $1116789895.40            | $1116789895.40             | 99.9700%                  | 99.9700%                   |
| 2026-02-09 | $1166762045.79            | $1166762045.79             | 99.9800%                  | 99.9800%                   |
| 2026-02-10 | $1097412224.25            | $1097412224.25             | 99.9700%                  | 99.9700%                   |
| 2026-02-11 | $1097072788.46            | $1097072788.46             | 99.9700%                  | 99.9700%                   |
| 2026-02-12 | $1097311955.57            | $1097311955.57             | 99.9700%                  | 99.9700%                   |
| 2026-02-13 | $1096999512.56            | $1096999512.56             | 99.9700%                  | 99.9700%                   |
| 2026-02-17 | $1097983234.58            | $1097983234.58             | 99.9700%                  | 99.9700%                   |
| 2026-02-18 | $1097188615.53            | $1097188615.53             | 99.9700%                  | 99.9700%                   |
| 2026-02-19 | $1096818899.04            | $1096818899.04             | 99.9700%                  | 99.9700%                   |
| 2026-02-20 | $1097323869.00            | $1097323869.00             | 99.9700%                  | 99.9700%                   |
| 2026-02-23 | $1097775836.71            | $1097775836.71             | 99.9700%                  | 99.9700%                   |
| 2026-02-24 | $1071568582.61            | $1071568582.61             | 99.9700%                  | 99.9700%                   |
| 2026-02-25 | $1071928059.67            | $1071928059.67             | 99.9700%                  | 99.9700%                   |
| 2026-02-26 | $1051675900.21            | $1051675900.21             | 99.9700%                  | 99.9700%                   |
| 2026-02-27 | $1052257303.78            | $1052257303.78             | 99.9700%                  | 99.9700%                   |

### 7-Day Gross Yield
| Date       | 7-Day Gross Yield   |
|:---|:---|
| 2026-02-02 | 3.6700%             |
| 2026-02-03 | 3.6700%             |
| 2026-02-04 | 3.6700%             |
| 2026-02-05 | 3.6700%             |
| 2026-02-06 | 3.6700%             |
| 2026-02-09 | 3.6500%             |
| 2026-02-10 | 3.6500%             |
| 2026-02-11 | 3.6500%             |
| 2026-02-12 | 3.6500%             |
| 2026-02-13 | 3.6500%             |
| 2026-02-17 | 3.6500%             |
| 2026-02-18 | 3.6600%             |
| 2026-02-19 | 3.6600%             |
| 2026-02-20 | 3.6600%             |
| 2026-02-23 | 3.6700%             |
| 2026-02-24 | 3.6600%             |
| 2026-02-25 | 3.6600%             |
| 2026-02-26 | 3.6600%             |
| 2026-02-27 | 3.6600%             |

### Daily Net Asset Value per Share (Series)
| Date       | Net Asset Value per Share   |
|:---|:---|
| 2026-02-02 | 1.0000                      |
|  |  |
| 2026-02-03 | 1.0000                      |
|  |  |
| 2026-02-04 | 1.0000                      |
|  |  |
| 2026-02-05 | 1.0000                      |
|  |  |
| 2026-02-06 | 1.0001                      |
|  |  |
| 2026-02-09 | 1.0000                      |
|  |  |
| 2026-02-10 | 1.0000                      |
|  |  |
| 2026-02-11 | 1.0000                      |
|  |  |
| 2026-02-12 | 1.0000                      |
|  |  |
| 2026-02-13 | 1.0001                      |
|  |  |
| 2026-02-17 | 1.0000                      |
|  |  |
| 2026-02-18 | 1.0000                      |
|  |  |
| 2026-02-19 | 1.0000                      |
|  |  |
| 2026-02-20 | 1.0001                      |
|  |  |
| 2026-02-23 | 1.0000                      |
|  |  |
| 2026-02-24 | 1.0000                      |
|  |  |
| 2026-02-25 | 1.0000                      |
|  |  |
| 2026-02-26 | 1.0000                      |
|  |  |
| 2026-02-27 | 1.0001                      |
|  |  |

## Part B: Class-Level Information about the Fund

### Class: VPIII TREASURY MMKT TRUST

- **Minimum Initial Investment:** $3000.00

- **Net Assets of Class:** $1049454146.76

- **Number of Shares Outstanding:** 1049463164.8700

- **Expense Reimbursement/Waiver:** 28.97

**Daily Net Asset Value per Share (Class)**
| Date       | NAV per Share   |
|:---|:---|
| 2026-02-02 | 1.0000          |
|  |  |
| 2026-02-03 | 1.0000          |
|  |  |
| 2026-02-04 | 1.0000          |
|  |  |
| 2026-02-05 | 1.0000          |
|  |  |
| 2026-02-06 | 1.0001          |
|  |  |
| 2026-02-09 | 1.0000          |
|  |  |
| 2026-02-10 | 1.0000          |
|  |  |
| 2026-02-11 | 1.0000          |
|  |  |
| 2026-02-12 | 1.0000          |
|  |  |
| 2026-02-13 | 1.0001          |
|  |  |
| 2026-02-17 | 1.0000          |
|  |  |
| 2026-02-18 | 1.0000          |
|  |  |
| 2026-02-19 | 1.0000          |
|  |  |
| 2026-02-20 | 1.0001          |
|  |  |
| 2026-02-23 | 1.0000          |
|  |  |
| 2026-02-24 | 1.0000          |
|  |  |
| 2026-02-25 | 1.0000          |
|  |  |
| 2026-02-26 | 1.0000          |
|  |  |
| 2026-02-27 | 1.0001          |
|  |  |

**Daily Shareholder Flows**
| Date       | Gross Subscriptions ($)   | Gross Redemptions ($)   |
|:---|:---|:---|
| 2026-02-02 | $3230232.86               | $345980.17              |
| 2026-02-03 | $405326.59                | $672977.64              |
| 2026-02-04 | $388885.90                | $233665.81              |
| 2026-02-05 | $904206.28                | $237623.82              |
| 2026-02-06 | $48637720.39              | $91076.49               |
| 2026-02-09 | $273389.21                | $45227.67               |
| 2026-02-10 | $406232.44                | $20457361.93            |
| 2026-02-11 | $161770.47                | $610371.70              |
| 2026-02-12 | $330284.40                | $199719.97              |
| 2026-02-13 | $21655.26                 | $441724.15              |
| 2026-02-17 | $637162.39                | $91634.03               |
| 2026-02-18 | $124636.93                | $1029731.67             |
| 2026-02-19 | $76072.04                 | $556874.31              |
| 2026-02-20 | $439292.08                | $42160.27               |
| 2026-02-23 | $234198.83                | $111448.22              |
| 2026-02-24 | $197995.03                | $26513702.59            |
| 2026-02-25 | $348581.36                | $96353.30               |
| 2026-02-26 | $11776.10                 | $20370772.83            |
| 2026-02-27 | $692687.64                | $214108.33              |

**Total Gross Subscriptions (Month):** $57522106.20

**Total Gross Redemptions (Month):** $72362514.90

**7-Day Net Yield (Class)**
| Date       | 7-Day Net Yield   |
|:---|:---|
| 2026-02-02 | 3.3200%           |
| 2026-02-03 | 3.3200%           |
| 2026-02-04 | 3.3200%           |
| 2026-02-05 | 3.3200%           |
| 2026-02-06 | 3.3200%           |
| 2026-02-09 | 3.3000%           |
| 2026-02-10 | 3.3000%           |
| 2026-02-11 | 3.3000%           |
| 2026-02-12 | 3.3000%           |
| 2026-02-13 | 3.3000%           |
| 2026-02-17 | 3.3000%           |
| 2026-02-18 | 3.3100%           |
| 2026-02-19 | 3.3100%           |
| 2026-02-20 | 3.3100%           |
| 2026-02-23 | 3.3200%           |
| 2026-02-24 | 3.3100%           |
| 2026-02-25 | 3.3100%           |
| 2026-02-26 | 3.3100%           |
| 2026-02-27 | 3.3100%           |

**Beneficial/Record Owner Categories**
| Category                                            | Other Category                                | Record Owner %   | Beneficial Owner %   |
|:---|:---|:---|:---|
| Depository institution or other banking institution |  | 55.9500%         | 0.0000%              |
| Other                                               | Diversified Global Investment Management Firm | 17.5600%         | 0.0000%              |

## Part C: Schedule of Portfolio Securities

### Security 1: U.S. TREASURY SECURITIES

- **C.1 - Title:** UNITED STATES TREASURY BILL
- **C.6 - Investment Category:** U.S. Treasury Debt
- **Identifiers:** C.3 - CUSIP: 912797SZ1, C.4 - ISIN: US912797SZ10, C.3 - LEI: 254900HROIFWPRGM1V77, C.5 - Other ID: N/A
- **C.18 - Value (incl. sponsor support):** $49924485.50
- **C.18.a - Value (excl. sponsor support):** $49924485.50
- **C.19 - Percentage of Net Assets:** 4.7600%
- **C.17 - Yield as of Reporting Date:** 3.8000%
- **C.11 - Maturity Date (WAM):** 2026-03-17
- **C.12 - Maturity Date (WAL):** 2026-03-17
- **C.13 - Final Legal Maturity Date:** 2026-03-17
- **C.10 - Ratings:** Standard and Poor's: AA+; Fitch: AA+; Moody's: Aa1
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? No, C.15 Has Guarantee? No, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? Yes, C.21 Is a Weekly Liquid Asset? Yes, C.23 Categorized at Level 3? No

### Security 2: U.S. TREASURY SECURITIES

- **C.1 - Title:** UNITED STATES TREASURY BILL
- **C.6 - Investment Category:** U.S. Treasury Debt
- **Identifiers:** C.3 - CUSIP: 912797SB4, C.4 - ISIN: US912797SB42, C.3 - LEI: 254900HROIFWPRGM1V77, C.5 - Other ID: N/A
- **C.18 - Value (incl. sponsor support):** $49949680.50
- **C.18.a - Value (excl. sponsor support):** $49949680.50
- **C.19 - Percentage of Net Assets:** 4.7600%
- **C.17 - Yield as of Reporting Date:** 3.6300%
- **C.11 - Maturity Date (WAM):** 2026-03-12
- **C.12 - Maturity Date (WAL):** 2026-03-12
- **C.13 - Final Legal Maturity Date:** 2026-03-12
- **C.10 - Ratings:** Moody's: Aa1; Fitch: AA+; Standard and Poor's: AA+
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? No, C.15 Has Guarantee? No, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? Yes, C.21 Is a Weekly Liquid Asset? Yes, C.23 Categorized at Level 3? No

### Security 3: U.S. TREASURY SECURITIES

- **C.1 - Title:** UNITED STATES TREASURY BILL
- **C.6 - Investment Category:** U.S. Treasury Debt
- **Identifiers:** C.3 - CUSIP: 912797TR8, C.4 - ISIN: US912797TR84, C.3 - LEI: 254900HROIFWPRGM1V77, C.5 - Other ID: N/A
- **C.18 - Value (incl. sponsor support):** $49646252.50
- **C.18.a - Value (excl. sponsor support):** $49646252.50
- **C.19 - Percentage of Net Assets:** 4.7300%
- **C.17 - Yield as of Reporting Date:** 3.5800%
- **C.11 - Maturity Date (WAM):** 2026-05-12
- **C.12 - Maturity Date (WAL):** 2026-05-12
- **C.13 - Final Legal Maturity Date:** 2026-05-12
- **C.10 - Ratings:** Fitch: AA+; Moody's: Aa1; Standard and Poor's: AA+
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? No, C.15 Has Guarantee? No, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? Yes, C.21 Is a Weekly Liquid Asset? Yes, C.23 Categorized at Level 3? No

### Security 4: U.S. TREASURY SECURITIES

- **C.1 - Title:** UNITED STATES TREASURY BILL
- **C.6 - Investment Category:** U.S. Treasury Debt
- **Identifiers:** C.3 - CUSIP: 912797TP2, C.4 - ISIN: US912797TP29, C.3 - LEI: 254900HROIFWPRGM1V77, C.5 - Other ID: N/A
- **C.18 - Value (incl. sponsor support):** $49298406.00
- **C.18.a - Value (excl. sponsor support):** $49298406.00
- **C.19 - Percentage of Net Assets:** 4.7000%
- **C.17 - Yield as of Reporting Date:** 3.5800%
- **C.11 - Maturity Date (WAM):** 2026-07-23
- **C.12 - Maturity Date (WAL):** 2026-07-23
- **C.13 - Final Legal Maturity Date:** 2026-07-23
- **C.10 - Ratings:** Fitch: AA+; Moody's: Aa1; Standard and Poor's: AA+
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? No, C.15 Has Guarantee? No, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? Yes, C.21 Is a Weekly Liquid Asset? Yes, C.23 Categorized at Level 3? No

### Security 5: U.S. TREASURY SECURITIES

- **C.1 - Title:** UNITED STATES TREASURY BILL
- **C.6 - Investment Category:** U.S. Treasury Debt
- **Identifiers:** C.3 - CUSIP: 912797QX8, C.4 - ISIN: US912797QX89, C.3 - LEI: 254900HROIFWPRGM1V77, C.5 - Other ID: N/A
- **C.18 - Value (incl. sponsor support):** $49500513.00
- **C.18.a - Value (excl. sponsor support):** $49500513.00
- **C.19 - Percentage of Net Assets:** 4.7200%
- **C.17 - Yield as of Reporting Date:** 3.6400%
- **C.11 - Maturity Date (WAM):** 2026-06-11
- **C.12 - Maturity Date (WAL):** 2026-06-11
- **C.13 - Final Legal Maturity Date:** 2026-06-11
- **C.10 - Ratings:** Fitch: AA+; Standard and Poor's: AA+; Moody's: Aa1
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? No, C.15 Has Guarantee? No, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? Yes, C.21 Is a Weekly Liquid Asset? Yes, C.23 Categorized at Level 3? No

### Security 6: U.S. TREASURY SECURITIES

- **C.1 - Title:** UNITED STATES TREASURY BILL
- **C.6 - Investment Category:** U.S. Treasury Debt
- **Identifiers:** C.3 - CUSIP: 912797RF6, C.4 - ISIN: US912797RF64, C.3 - LEI: 254900HROIFWPRGM1V77, C.5 - Other ID: N/A
- **C.18 - Value (incl. sponsor support):** $49362417.50
- **C.18.a - Value (excl. sponsor support):** $49362417.50
- **C.19 - Percentage of Net Assets:** 4.7000%
- **C.17 - Yield as of Reporting Date:** 3.5300%
- **C.11 - Maturity Date (WAM):** 2026-07-09
- **C.12 - Maturity Date (WAL):** 2026-07-09
- **C.13 - Final Legal Maturity Date:** 2026-07-09
- **C.10 - Ratings:** Fitch: AA+; Standard and Poor's: AA+; Moody's: Aa1
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? No, C.15 Has Guarantee? No, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? Yes, C.21 Is a Weekly Liquid Asset? Yes, C.23 Categorized at Level 3? No

### Security 7: U.S. TREASURY SECURITIES

- **C.1 - Title:** UNITED STATES TREASURY BILL
- **C.6 - Investment Category:** U.S. Treasury Debt
- **Identifiers:** C.3 - CUSIP: 912797TZ0, C.4 - ISIN: US912797TZ01, C.3 - LEI: 254900HROIFWPRGM1V77, C.5 - Other ID: N/A
- **C.18 - Value (incl. sponsor support):** $49507320.50
- **C.18.a - Value (excl. sponsor support):** $49507320.50
- **C.19 - Percentage of Net Assets:** 4.7200%
- **C.17 - Yield as of Reporting Date:** 3.6200%
- **C.11 - Maturity Date (WAM):** 2026-06-09
- **C.12 - Maturity Date (WAL):** 2026-06-09
- **C.13 - Final Legal Maturity Date:** 2026-06-09
- **C.10 - Ratings:** Moody's: Aa1; Standard and Poor's: AA+; Fitch: AA+
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? No, C.15 Has Guarantee? No, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? Yes, C.21 Is a Weekly Liquid Asset? Yes, C.23 Categorized at Level 3? No

### Security 8: U.S. TREASURY SECURITIES

- **C.1 - Title:** UNITED STATES TREASURY BILL
- **C.6 - Investment Category:** U.S. Treasury Debt
- **Identifiers:** C.3 - CUSIP: 912797TJ6, C.4 - ISIN: US912797TJ68, C.3 - LEI: 254900HROIFWPRGM1V77, C.5 - Other ID: N/A
- **C.18 - Value (incl. sponsor support):** $49748972.00
- **C.18.a - Value (excl. sponsor support):** $49748972.00
- **C.19 - Percentage of Net Assets:** 4.7400%
- **C.17 - Yield as of Reporting Date:** 3.5300%
- **C.11 - Maturity Date (WAM):** 2026-04-21
- **C.12 - Maturity Date (WAL):** 2026-04-21
- **C.13 - Final Legal Maturity Date:** 2026-04-21
- **C.10 - Ratings:** Moody's: Aa1; Standard and Poor's: AA+; Fitch: AA+
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? No, C.15 Has Guarantee? No, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? Yes, C.21 Is a Weekly Liquid Asset? Yes, C.23 Categorized at Level 3? No

### Security 9: FIXED INCOME CLEARING CORPORATION ("FICC") - STATE STREET BANK & TRUST CO.

- **C.1 - Title:** FIXED INCOME CLEARING CO
- **C.6 - Investment Category:** U.S. Treasury Repurchase Agreement, if collateralized only by U.S. Treasuries (including Strips) and cash
- **Identifiers:** C.3 - CUSIP: N/A, C.4 - ISIN: N/A, C.3 - LEI: 549300H47WTHXPU08X20, C.5 - Other ID: FIC126302
- **C.18 - Value (incl. sponsor support):** $500000000.00
- **C.18.a - Value (excl. sponsor support):** $500000000.00
- **C.19 - Percentage of Net Assets:** 47.6400%
- **C.17 - Yield as of Reporting Date:** 3.6400%
- **C.11 - Maturity Date (WAM):** 2026-03-02
- **C.12 - Maturity Date (WAL):** 2026-03-02
- **C.13 - Final Legal Maturity Date:** 2026-03-02
- **C.10 - Ratings:** Standard and Poor's: NR; Moody's: NR; Fitch: NR
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? No, C.15 Has Guarantee? No, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? Yes, C.21 Is a Weekly Liquid Asset? Yes, C.23 Categorized at Level 3? No

**C.8 - Repurchase Agreement Details:**

- **Is Open?:** No

- **Is Cleared?:** Yes

- **Name of CCP:** FIXED INCOME CLEARING CORPORATION ("FICC") - STATE STREET BANK & TRUST CO.

- **Is Tri-party?:** No

**Collateral:**
| Issuer Name   | Maturity Date   | Coupon                  | Yield   | Principal Amount   | Collateral Value   | Category                           |
|:---|:---|:---|:---|:---|:---|:---|
| USTR          |  | 3.00000000 - 4.75000000 | N/A     | $497982100.00      | $510000165.37      | U.S. Treasuries (including strips) |

### Security 10: U.S. TREASURY SECURITIES

- **C.1 - Title:** UNITED STATES TREASURY BILL
- **C.6 - Investment Category:** U.S. Treasury Debt
- **Identifiers:** C.3 - CUSIP: 912797SL2, C.4 - ISIN: US912797SL24, C.3 - LEI: 254900HROIFWPRGM1V77, C.5 - Other ID: N/A
- **C.18 - Value (incl. sponsor support):** $49808976.00
- **C.18.a - Value (excl. sponsor support):** $49808976.00
- **C.19 - Percentage of Net Assets:** 4.7500%
- **C.17 - Yield as of Reporting Date:** 3.7500%
- **C.11 - Maturity Date (WAM):** 2026-04-09
- **C.12 - Maturity Date (WAL):** 2026-04-09
- **C.13 - Final Legal Maturity Date:** 2026-04-09
- **C.10 - Ratings:** Moody's: Aa1; Standard and Poor's: AA+; Fitch: AA+
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? No, C.15 Has Guarantee? No, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? Yes, C.21 Is a Weekly Liquid Asset? Yes, C.23 Categorized at Level 3? No

### Security 11: U.S. TREASURY SECURITIES

- **C.1 - Title:** UNITED STATES TREASURY BILL
- **C.6 - Investment Category:** U.S. Treasury Debt
- **Identifiers:** C.3 - CUSIP: 912797SP3, C.4 - ISIN: US912797SP38, C.3 - LEI: 254900HROIFWPRGM1V77, C.5 - Other ID: N/A
- **C.18 - Value (incl. sponsor support):** $49670440.00
- **C.18.a - Value (excl. sponsor support):** $49670440.00
- **C.19 - Percentage of Net Assets:** 4.7300%
- **C.17 - Yield as of Reporting Date:** 3.7500%
- **C.11 - Maturity Date (WAM):** 2026-05-07
- **C.12 - Maturity Date (WAL):** 2026-05-07
- **C.13 - Final Legal Maturity Date:** 2026-05-07
- **C.10 - Ratings:** Fitch: AA+; Standard and Poor's: AA+; Moody's: Aa1
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? No, C.15 Has Guarantee? No, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? Yes, C.21 Is a Weekly Liquid Asset? Yes, C.23 Categorized at Level 3? No

### Security 12: U.S. TREASURY SECURITIES

- **C.1 - Title:** UNITED STATES TREASURY BILL
- **C.6 - Investment Category:** U.S. Treasury Debt
- **Identifiers:** C.3 - CUSIP: 912797ST5, C.4 - ISIN: US912797ST59, C.3 - LEI: 254900HROIFWPRGM1V77, C.5 - Other ID: N/A
- **C.18 - Value (incl. sponsor support):** $49995003.50
- **C.18.a - Value (excl. sponsor support):** $49995003.50
- **C.19 - Percentage of Net Assets:** 4.7600%
- **C.17 - Yield as of Reporting Date:** 3.7700%
- **C.11 - Maturity Date (WAM):** 2026-03-03
- **C.12 - Maturity Date (WAL):** 2026-03-03
- **C.13 - Final Legal Maturity Date:** 2026-03-03
- **C.10 - Ratings:** Fitch: AA+; Standard and Poor's: AA+; Moody's: Aa1
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? No, C.15 Has Guarantee? No, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? Yes, C.21 Is a Weekly Liquid Asset? Yes, C.23 Categorized at Level 3? No

## N-MFP: Signatures

**Registrant:** Victory Portfolios III

**Date:** 2026-03-05

**By:** Carol Trevino

**Name of Signing Officer:** Carol Trevino

**Title of Signing Officer:** Treasurer