# EDGAR Filing Document

**Accession Number:** 0000908695
**File Stem:** 0001752724-25-164872
**Filing Date:** 2025-7
**Character Count:** 56566
**Document Hash:** 2f70a74407af5244ffbff3a36cf5788a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-164872.hdr.sgml**: 20250707

**ACCESSION NUMBER**: 0001752724-25-164872

**CONFORMED SUBMISSION TYPE**: N-MFP3

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250707

**DATE AS OF CHANGE**: 20250707

**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:** 251107840

**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 Tax Exempt Money Market Fund (Formerly USAA Tax Exempt Money Market Fund) (Series ID: S000012917)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000034887 | Victory Tax Exempt Money Market Fund | USEXX           |

# 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):** 2025-06-30

**Registrant Full Name:** Victory Portfolios III

**CIK Number of Registrant:** 0000908695

**LEI of Registrant:** 549300WIDR2J6W1Y9S11

**Name of Series:** Victory Tax Exempt Money Market Fund

**LEI of Series:** 549300426M7YDEXNCW66

**EDGAR Series Identifier:** S000012917

**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:** Other Tax Exempt

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

- **WAM:** 6 days

- **WAL:** 6 days

- **Total Value of Portfolio Securities:** $425723000.00

- **Amortized Cost of Portfolio Securities:** $425723000.00

- **Cash:** $842446.21

- **Total Other Assets:** $1233601.23

- **Total Liabilities:** $1142144.22

- **Net Assets of Series:** $426656903.22

- **Number of Shares Outstanding (Series):** 426648220.5280

- **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 (%)   |
|:---|:---|:---|:---|:---|
| 2025-06-02 | $0.00                     | $429572448.73              | 0.0000%                   | 99.8800%                   |
| 2025-06-03 | $0.00                     | $447242724.11              | 0.0000%                   | 99.8800%                   |
| 2025-06-04 | $0.00                     | $429431719.39              | 0.0000%                   | 99.8900%                   |
| 2025-06-05 | $0.00                     | $429251265.74              | 0.0000%                   | 99.9000%                   |
| 2025-06-06 | $0.00                     | $429161789.42              | 0.0000%                   | 99.8900%                   |
| 2025-06-09 | $0.00                     | $429116569.63              | 0.0000%                   | 99.8700%                   |
| 2025-06-10 | $0.00                     | $429621466.61              | 0.0000%                   | 99.8700%                   |
| 2025-06-11 | $0.00                     | $429538872.73              | 0.0000%                   | 99.8600%                   |
| 2025-06-12 | $0.00                     | $429009904.42              | 0.0000%                   | 99.8500%                   |
| 2025-06-13 | $0.00                     | $428838789.20              | 0.0000%                   | 99.8400%                   |
| 2025-06-16 | $0.00                     | $428735458.19              | 0.0000%                   | 99.8100%                   |
| 2025-06-17 | $0.00                     | $428588299.22              | 0.0000%                   | 99.8000%                   |
| 2025-06-18 | $0.00                     | $428669391.18              | 0.0000%                   | 99.8000%                   |
| 2025-06-20 | $0.00                     | $428436533.32              | 0.0000%                   | 99.7800%                   |
| 2025-06-23 | $0.00                     | $428293236.85              | 0.0000%                   | 99.7600%                   |
| 2025-06-24 | $0.00                     | $427610157.40              | 0.0000%                   | 99.7500%                   |
| 2025-06-25 | $0.00                     | $427043121.39              | 0.0000%                   | 99.7400%                   |
| 2025-06-26 | $0.00                     | $426772411.65              | 0.0000%                   | 99.7400%                   |
| 2025-06-27 | $0.00                     | $426643867.37              | 0.0000%                   | 99.7300%                   |
| 2025-06-30 | $0.00                     | $426565446.21              | 0.0000%                   | 99.7100%                   |

### 7-Day Gross Yield
| Date       | 7-Day Gross Yield   |
|:---|:---|
| 2025-06-02 | 2.2100%             |
| 2025-06-03 | 2.1100%             |
| 2025-06-04 | 2.0000%             |
| 2025-06-05 | 1.9600%             |
| 2025-06-06 | 1.9300%             |
| 2025-06-09 | 1.8900%             |
| 2025-06-10 | 1.9100%             |
| 2025-06-11 | 2.0500%             |
| 2025-06-12 | 2.2800%             |
| 2025-06-13 | 2.4800%             |
| 2025-06-16 | 3.0900%             |
| 2025-06-17 | 3.2700%             |
| 2025-06-18 | 3.3400%             |
| 2025-06-20 | 3.1800%             |
| 2025-06-23 | 2.9500%             |
| 2025-06-24 | 2.8800%             |
| 2025-06-25 | 2.7900%             |
| 2025-06-26 | 2.6600%             |
| 2025-06-27 | 2.5800%             |
| 2025-06-30 | 2.3000%             |

### Daily Net Asset Value per Share (Series)
| Date       | Net Asset Value per Share   |
|:---|:---|
| 2025-06-02 | 1.0000                      |
|  |  |
| 2025-06-03 | 1.0000                      |
|  |  |
| 2025-06-04 | 1.0000                      |
|  |  |
| 2025-06-05 | 1.0000                      |
|  |  |
| 2025-06-06 | 1.0000                      |
|  |  |
| 2025-06-09 | 1.0000                      |
|  |  |
| 2025-06-10 | 1.0000                      |
|  |  |
| 2025-06-11 | 1.0000                      |
|  |  |
| 2025-06-12 | 1.0000                      |
|  |  |
| 2025-06-13 | 1.0000                      |
|  |  |
| 2025-06-16 | 1.0000                      |
|  |  |
| 2025-06-17 | 1.0000                      |
|  |  |
| 2025-06-18 | 1.0000                      |
|  |  |
| 2025-06-20 | 1.0000                      |
|  |  |
| 2025-06-23 | 1.0000                      |
|  |  |
| 2025-06-24 | 1.0000                      |
|  |  |
| 2025-06-25 | 1.0000                      |
|  |  |
| 2025-06-26 | 1.0000                      |
|  |  |
| 2025-06-27 | 1.0000                      |
|  |  |
| 2025-06-30 | 1.0000                      |
|  |  |

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

### Class: Victory Tax Exempt Money Market Fund

- **Minimum Initial Investment:** $3000.00

- **Net Assets of Class:** $426656903.22

- **Number of Shares Outstanding:** 426648220.5280

- **Expense Reimbursement/Waiver:** 10114.60

**Daily Net Asset Value per Share (Class)**
| Date       | NAV per Share   |
|:---|:---|
| 2025-06-02 | 1.0000          |
|  |  |
| 2025-06-03 | 1.0000          |
|  |  |
| 2025-06-04 | 1.0000          |
|  |  |
| 2025-06-05 | 1.0000          |
|  |  |
| 2025-06-06 | 1.0000          |
|  |  |
| 2025-06-09 | 1.0000          |
|  |  |
| 2025-06-10 | 1.0000          |
|  |  |
| 2025-06-11 | 1.0000          |
|  |  |
| 2025-06-12 | 1.0000          |
|  |  |
| 2025-06-13 | 1.0000          |
|  |  |
| 2025-06-16 | 1.0000          |
|  |  |
| 2025-06-17 | 1.0000          |
|  |  |
| 2025-06-18 | 1.0000          |
|  |  |
| 2025-06-20 | 1.0000          |
|  |  |
| 2025-06-23 | 1.0000          |
|  |  |
| 2025-06-24 | 1.0000          |
|  |  |
| 2025-06-25 | 1.0000          |
|  |  |
| 2025-06-26 | 1.0000          |
|  |  |
| 2025-06-27 | 1.0000          |
|  |  |
| 2025-06-30 | 1.0000          |
|  |  |

**Daily Shareholder Flows**
| Date       | Gross Subscriptions ($)   | Gross Redemptions ($)   |
|:---|:---|:---|
| 2025-06-02 | $897570.48                | $265558.37              |
| 2025-06-03 | $163120.54                | $296374.73              |
| 2025-06-04 | $247113.05                | $146361.08              |
| 2025-06-05 | $31916.59                 | $254344.62              |
| 2025-06-06 | $240764.69                | $326129.78              |
| 2025-06-09 | $103582.91                | $149445.64              |
| 2025-06-10 | $844190.52                | $340147.27              |
| 2025-06-11 | $411009.89                | $492236.13              |
| 2025-06-12 | $36779.76                 | $565722.66              |
| 2025-06-13 | $48310.14                 | $218520.72              |
| 2025-06-16 | $68921.91                 | $172249.02              |
| 2025-06-17 | $459951.26                | $607091.17              |
| 2025-06-18 | $187858.92                | $106722.04              |
| 2025-06-20 | $44503.70                 | $273321.39              |
| 2025-06-23 | $82819.17                 | $226089.42              |
| 2025-06-24 | $109199.99                | $791908.63              |
| 2025-06-25 | $271972.03                | $838429.06              |
| 2025-06-26 | $181476.16                | $451724.59              |
| 2025-06-27 | $13379.62                 | $136547.19              |
| 2025-06-30 | $84637.00                 | $163058.13              |

**Total Gross Subscriptions (Month):** $4529078.33

**Total Gross Redemptions (Month):** $6821981.64

**7-Day Net Yield (Class)**
| Date       | 7-Day Net Yield   |
|:---|:---|
| 2025-06-02 | 1.6500%           |
| 2025-06-03 | 1.5500%           |
| 2025-06-04 | 1.4400%           |
| 2025-06-05 | 1.4000%           |
| 2025-06-06 | 1.3700%           |
| 2025-06-09 | 1.3300%           |
| 2025-06-10 | 1.3500%           |
| 2025-06-11 | 1.4900%           |
| 2025-06-12 | 1.7200%           |
| 2025-06-13 | 1.9200%           |
| 2025-06-16 | 2.5300%           |
| 2025-06-17 | 2.7100%           |
| 2025-06-18 | 2.7800%           |
| 2025-06-20 | 2.6200%           |
| 2025-06-23 | 2.3900%           |
| 2025-06-24 | 2.3200%           |
| 2025-06-25 | 2.2300%           |
| 2025-06-26 | 2.1000%           |
| 2025-06-27 | 2.0200%           |
| 2025-06-30 | 1.7400%           |

## Part C: Schedule of Portfolio Securities

### Security 1: MORRIS HOSPITAL OBLIG GRP

- **C.1 - Title:** VILLAGE OF CHANNAHON IL
- **C.6 - Investment Category:** Variable Rate Demand Note
- **Identifiers:** C.3 - CUSIP: 159140AH5, C.4 - ISIN: US159140AH55, C.3 - LEI: N/A
- **C.18 - Value (incl. sponsor support):** $4895000.00
- **C.18.a - Value (excl. sponsor support):** $4895000.00
- **C.19 - Percentage of Net Assets:** 1.1500%
- **C.17 - Yield as of Reporting Date:** 1.7500%
- **C.11 - Maturity Date (WAM):** 2025-07-07
- **C.12 - Maturity Date (WAL):** 2025-07-07
- **C.13 - Final Legal Maturity Date:** 2034-12-01
- **C.10 - Ratings:** Standard and Poor's: AA-; Moody's: NR; Fitch: NR
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? Yes, C.15 Has Guarantee? No, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? No, C.21 Is a Weekly Liquid Asset? Yes, C.23 Categorized at Level 3? No

### Security 2: CITY OF BURLINGTON KS

- **C.1 - Title:** CITY OF BURLINGTON KS
- **C.6 - Investment Category:** Variable Rate Demand Note
- **Identifiers:** C.3 - CUSIP: 121822AY6, C.4 - ISIN: US121822AY67, C.3 - LEI: N/A
- **C.18 - Value (incl. sponsor support):** $7250000.00
- **C.18.a - Value (excl. sponsor support):** $7250000.00
- **C.19 - Percentage of Net Assets:** 1.7000%
- **C.17 - Yield as of Reporting Date:** 2.2000%
- **C.11 - Maturity Date (WAM):** 2025-07-07
- **C.12 - Maturity Date (WAL):** 2025-07-07
- **C.13 - Final Legal Maturity Date:** 2035-09-01
- **C.10 - Ratings:** Standard and Poor's: A-; Fitch: NR; Moody's: Baa1
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? Yes, C.15 Has Guarantee? No, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? No, C.21 Is a Weekly Liquid Asset? Yes, C.23 Categorized at Level 3? No

### Security 3: MISSISSIPPI BUSINESS FINANCE CORP

- **C.1 - Title:** MISSISSIPPI BUSINESS FINANCE CORP
- **C.6 - Investment Category:** Variable Rate Demand Note
- **Identifiers:** C.3 - CUSIP: 60528BAM4, C.4 - ISIN: US60528BAM46, C.3 - LEI: N/A
- **C.18 - Value (incl. sponsor support):** $2535000.00
- **C.18.a - Value (excl. sponsor support):** $2535000.00
- **C.19 - Percentage of Net Assets:** 0.5900%
- **C.17 - Yield as of Reporting Date:** 2.1000%
- **C.11 - Maturity Date (WAM):** 2025-07-07
- **C.12 - Maturity Date (WAL):** 2025-07-07
- **C.13 - Final Legal Maturity Date:** 2033-03-01
- **C.10 - Ratings:** Moody's: NR; Fitch: NR; Standard and Poor's: NR
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? Yes, C.15 Has Guarantee? No, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? No, C.21 Is a Weekly Liquid Asset? Yes, C.23 Categorized at Level 3? No

### Security 4: TOTAL PETROCHEMICALS

- **C.1 - Title:** PORT OF ARTHUR NAVIGATION DISTRICT INDUSTRIAL DEVE
- **C.6 - Investment Category:** Variable Rate Demand Note
- **Identifiers:** C.3 - CUSIP: 733508AF2, C.4 - ISIN: US733508AF22, C.3 - LEI: N/A
- **C.18 - Value (incl. sponsor support):** $16000000.00
- **C.18.a - Value (excl. sponsor support):** $16000000.00
- **C.19 - Percentage of Net Assets:** 3.7500%
- **C.17 - Yield as of Reporting Date:** 1.9400%
- **C.11 - Maturity Date (WAM):** 2025-07-07
- **C.12 - Maturity Date (WAL):** 2025-07-07
- **C.13 - Final Legal Maturity Date:** 2040-12-01
- **C.10 - Ratings:** Fitch: NR; Moody's: Aa3; Standard and Poor's: NR
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? Yes, C.15 Has Guarantee? No, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? No, C.21 Is a Weekly Liquid Asset? Yes, C.23 Categorized at Level 3? No

### Security 5: EDMOND ECONOMIC DEVELOPMENT AUTHORITY OK

- **C.1 - Title:** EDMOND ECONOMIC DEVELOPMENT AUTHORITY OK
- **C.6 - Investment Category:** Variable Rate Demand Note
- **Identifiers:** C.3 - CUSIP: 281120AP0, C.4 - ISIN: US281120AP02, C.3 - LEI: N/A
- **C.18 - Value (incl. sponsor support):** $3250000.00
- **C.18.a - Value (excl. sponsor support):** $3250000.00
- **C.19 - Percentage of Net Assets:** 0.7600%
- **C.17 - Yield as of Reporting Date:** 1.9600%
- **C.11 - Maturity Date (WAM):** 2025-07-07
- **C.12 - Maturity Date (WAL):** 2025-07-07
- **C.13 - Final Legal Maturity Date:** 2031-06-01
- **C.10 - Ratings:** Fitch: NR; Standard and Poor's: NR; Moody's: A2
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? Yes, C.15 Has Guarantee? No, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? No, C.21 Is a Weekly Liquid Asset? Yes, C.23 Categorized at Level 3? No

### Security 6: ST LAWRENCE COUNTY INDUSTRIAL DEVELOPMENT AGENCY

- **C.1 - Title:** ST LAWRENCE COUNTY INDUSTRIAL DEVELOPMENT AGENCY
- **C.6 - Investment Category:** Variable Rate Demand Note
- **Identifiers:** C.3 - CUSIP: 791097FF0, C.4 - ISIN: US791097FF06, C.3 - LEI: N/A
- **C.18 - Value (incl. sponsor support):** $1560000.00
- **C.18.a - Value (excl. sponsor support):** $1560000.00
- **C.19 - Percentage of Net Assets:** 0.3700%
- **C.17 - Yield as of Reporting Date:** 2.0700%
- **C.11 - Maturity Date (WAM):** 2025-07-07
- **C.12 - Maturity Date (WAL):** 2025-07-07
- **C.13 - Final Legal Maturity Date:** 2037-07-01
- **C.10 - Ratings:** Fitch: NR; Standard and Poor's: NR; Moody's: A2
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? Yes, C.15 Has Guarantee? No, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? No, C.21 Is a Weekly Liquid Asset? Yes, C.23 Categorized at Level 3? No

### Security 7: RHODE ISLAND HEALTH EDUCATIONAL BUILDING CORP

- **C.1 - Title:** RHODE ISLAND HEALTH EDUCATIONAL BUILDING CORP
- **C.6 - Investment Category:** Variable Rate Demand Note
- **Identifiers:** C.3 - CUSIP: 762243LT8, C.4 - ISIN: US762243LT89, C.3 - LEI: N/A
- **C.18 - Value (incl. sponsor support):** $1075000.00
- **C.18.a - Value (excl. sponsor support):** $1075000.00
- **C.19 - Percentage of Net Assets:** 0.2500%
- **C.17 - Yield as of Reporting Date:** 4.0000%
- **C.11 - Maturity Date (WAM):** 2025-07-01
- **C.12 - Maturity Date (WAL):** 2025-07-01
- **C.13 - Final Legal Maturity Date:** 2035-06-01
- **C.10 - Ratings:** Fitch: NR; Moody's: A2; Standard and Poor's: NR
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? Yes, C.15 Has Guarantee? No, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? No, C.21 Is a Weekly Liquid Asset? Yes, C.23 Categorized at Level 3? No

### Security 8: CHRISTUS HEALTH OBL GROUP

- **C.1 - Title:** TARRANT COUNTY CULTURAL EDUCATION FACILITIES FINAN
- **C.6 - Investment Category:** Variable Rate Demand Note
- **Identifiers:** C.3 - CUSIP: 87638TDC4, C.4 - ISIN: US87638TDC45, C.3 - LEI: N/A
- **C.18 - Value (incl. sponsor support):** $18000000.00
- **C.18.a - Value (excl. sponsor support):** $18000000.00
- **C.19 - Percentage of Net Assets:** 4.2200%
- **C.17 - Yield as of Reporting Date:** 1.7500%
- **C.11 - Maturity Date (WAM):** 2025-07-07
- **C.12 - Maturity Date (WAL):** 2025-07-07
- **C.13 - Final Legal Maturity Date:** 2047-07-01
- **C.10 - Ratings:** Moody's: Aa2; Standard and Poor's: AA; Fitch: NR
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? Yes, C.15 Has Guarantee? No, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? No, C.21 Is a Weekly Liquid Asset? Yes, C.23 Categorized at Level 3? No

### Security 9: NEW YORK CITY CAPITAL RESOURCES CORP

- **C.1 - Title:** NEW YORK CITY CAPITAL RESOURCES CORP
- **C.6 - Investment Category:** Variable Rate Demand Note
- **Identifiers:** C.3 - CUSIP: 649437AL4, C.4 - ISIN: US649437AL44, C.3 - LEI: N/A
- **C.18 - Value (incl. sponsor support):** $7500000.00
- **C.18.a - Value (excl. sponsor support):** $7500000.00
- **C.19 - Percentage of Net Assets:** 1.7600%
- **C.17 - Yield as of Reporting Date:** 2.1400%
- **C.11 - Maturity Date (WAM):** 2025-07-07
- **C.12 - Maturity Date (WAL):** 2025-07-07
- **C.13 - Final Legal Maturity Date:** 2040-12-01
- **C.10 - Ratings:** Fitch: NR; Standard and Poor's: NR; Moody's: A2
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? Yes, C.15 Has Guarantee? No, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? No, C.21 Is a Weekly Liquid Asset? Yes, C.23 Categorized at Level 3? No

### Security 10: IOWA FINANCE AUTHORITY

- **C.1 - Title:** IOWA FINANCE AUTHORITY
- **C.6 - Investment Category:** Variable Rate Demand Note
- **Identifiers:** C.3 - CUSIP: 46246XAC8, C.4 - ISIN: US46246XAC83, C.3 - LEI: N/A
- **C.18 - Value (incl. sponsor support):** $12600000.00
- **C.18.a - Value (excl. sponsor support):** $12600000.00
- **C.19 - Percentage of Net Assets:** 2.9500%
- **C.17 - Yield as of Reporting Date:** 1.9500%
- **C.11 - Maturity Date (WAM):** 2025-07-07
- **C.12 - Maturity Date (WAL):** 2025-07-07
- **C.13 - Final Legal Maturity Date:** 2039-06-01
- **C.10 - Ratings:** Standard and Poor's: A; Moody's: NR; Fitch: NR
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? Yes, C.15 Has Guarantee? No, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? No, C.21 Is a Weekly Liquid Asset? Yes, C.23 Categorized at Level 3? No

### Security 11: ONONDAGA COUNTY INDUSTRIAL DEVELOPMENT AGENCY

- **C.1 - Title:** ONONDAGA COUNTY INDUSTRIAL DEVELOPMENT AGENCY
- **C.6 - Investment Category:** Variable Rate Demand Note
- **Identifiers:** C.3 - CUSIP: 682747GM6, C.4 - ISIN: US682747GM68, C.3 - LEI: N/A
- **C.18 - Value (incl. sponsor support):** $3415000.00
- **C.18.a - Value (excl. sponsor support):** $3415000.00
- **C.19 - Percentage of Net Assets:** 0.8000%
- **C.17 - Yield as of Reporting Date:** 2.1200%
- **C.11 - Maturity Date (WAM):** 2025-07-07
- **C.12 - Maturity Date (WAL):** 2025-07-07
- **C.13 - Final Legal Maturity Date:** 2031-12-01
- **C.10 - Ratings:** Standard and Poor's: A-; Fitch: NR; Moody's: NR
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? Yes, C.15 Has Guarantee? No, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? No, C.21 Is a Weekly Liquid Asset? Yes, C.23 Categorized at Level 3? No

### Security 12: NEW MEXICO HOSPITAL EQUIPMENT LOAN COUNCIL

- **C.1 - Title:** NEW MEXICO HOSPITAL EQUIPMENT LOAN COUNCIL
- **C.6 - Investment Category:** Variable Rate Demand Note
- **Identifiers:** C.3 - CUSIP: 647374AR8, C.4 - ISIN: US647374AR88, C.3 - LEI: N/A
- **C.18 - Value (incl. sponsor support):** $5000000.00
- **C.18.a - Value (excl. sponsor support):** $5000000.00
- **C.19 - Percentage of Net Assets:** 1.1700%
- **C.17 - Yield as of Reporting Date:** 2.1200%
- **C.11 - Maturity Date (WAM):** 2025-07-01
- **C.12 - Maturity Date (WAL):** 2025-07-01
- **C.13 - Final Legal Maturity Date:** 2025-07-01
- **C.10 - Ratings:** Standard and Poor's: NR; Fitch: NR; Moody's: A2
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? Yes, C.15 Has Guarantee? No, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? No, C.21 Is a Weekly Liquid Asset? Yes, C.23 Categorized at Level 3? No

### Security 13: INDIANA FINANCE AUTHORITY

- **C.1 - Title:** INDIANA FINANCE AUTHORITY
- **C.6 - Investment Category:** Variable Rate Demand Note
- **Identifiers:** C.3 - CUSIP: 455057TF6, C.4 - ISIN: US455057TF67, C.3 - LEI: N/A
- **C.18 - Value (incl. sponsor support):** $4140000.00
- **C.18.a - Value (excl. sponsor support):** $4140000.00
- **C.19 - Percentage of Net Assets:** 0.9700%
- **C.17 - Yield as of Reporting Date:** 2.0200%
- **C.11 - Maturity Date (WAM):** 2025-07-07
- **C.12 - Maturity Date (WAL):** 2025-07-07
- **C.13 - Final Legal Maturity Date:** 2029-07-01
- **C.10 - Ratings:** Standard and Poor's: AA+; Moody's: NR; Fitch: NR
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? Yes, C.15 Has Guarantee? No, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? No, C.21 Is a Weekly Liquid Asset? Yes, C.23 Categorized at Level 3? No

### Security 14: GUILDERLAND INDUSTRIAL DEVELOPMENT AGENCY

- **C.1 - Title:** GUILDERLAND INDUSTRIAL DEVELOPMENT AGENCY
- **C.6 - Investment Category:** Variable Rate Demand Note
- **Identifiers:** C.3 - CUSIP: 401758AB3, C.4 - ISIN: US401758AB35, C.3 - LEI: N/A
- **C.18 - Value (incl. sponsor support):** $2050000.00
- **C.18.a - Value (excl. sponsor support):** $2050000.00
- **C.19 - Percentage of Net Assets:** 0.4800%
- **C.17 - Yield as of Reporting Date:** 2.2000%
- **C.11 - Maturity Date (WAM):** 2025-07-07
- **C.12 - Maturity Date (WAL):** 2025-07-07
- **C.13 - Final Legal Maturity Date:** 2032-07-01
- **C.10 - Ratings:** Fitch: NR; Moody's: NR; Standard and Poor's: NR
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? Yes, C.15 Has Guarantee? No, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? No, C.21 Is a Weekly Liquid Asset? Yes, C.23 Categorized at Level 3? No

### Security 15: OKLAHOMA GAS & ELEC CO

- **C.1 - Title:** GARFIELD COUNTY INDUSTRIAL AUTHORITY
- **C.6 - Investment Category:** Variable Rate Demand Note
- **Identifiers:** C.3 - CUSIP: 365753AW2, C.4 - ISIN: US365753AW24, C.3 - LEI: N/A
- **C.18 - Value (incl. sponsor support):** $19000000.00
- **C.18.a - Value (excl. sponsor support):** $19000000.00
- **C.19 - Percentage of Net Assets:** 4.4500%
- **C.17 - Yield as of Reporting Date:** 1.9500%
- **C.11 - Maturity Date (WAM):** 2025-07-07
- **C.12 - Maturity Date (WAL):** 2025-07-07
- **C.13 - Final Legal Maturity Date:** 2039-10-01
- **C.10 - Ratings:** Standard and Poor's: A-; Fitch: A-2; Moody's: A3
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? Yes, C.15 Has Guarantee? No, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? No, C.21 Is a Weekly Liquid Asset? Yes, C.23 Categorized at Level 3? No

### Security 16: CITY OF ROCHESTER

- **C.1 - Title:** CITY OF ROCHESTER MN
- **C.6 - Investment Category:** Variable Rate Demand Note
- **Identifiers:** C.3 - CUSIP: 771594AX6, C.4 - ISIN: US771594AX66, C.3 - LEI: N/A
- **C.18 - Value (incl. sponsor support):** $13940000.00
- **C.18.a - Value (excl. sponsor support):** $13940000.00
- **C.19 - Percentage of Net Assets:** 3.2700%
- **C.17 - Yield as of Reporting Date:** 1.9500%
- **C.11 - Maturity Date (WAM):** 2025-07-07
- **C.12 - Maturity Date (WAL):** 2025-07-07
- **C.13 - Final Legal Maturity Date:** 2061-05-01
- **C.10 - Ratings:** Standard and Poor's: AA+; Moody's: NR; Fitch: NR
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? Yes, C.15 Has Guarantee? No, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? No, C.21 Is a Weekly Liquid Asset? Yes, C.23 Categorized at Level 3? No

### Security 17: PORT OF PORT ARTHUR NAVIGATION DISTRICT

- **C.1 - Title:** PORT OF PORT ARTHUR NAVIGATION DISTRICT
- **C.6 - Investment Category:** Variable Rate Demand Note
- **Identifiers:** C.3 - CUSIP: 735220AW5, C.4 - ISIN: US735220AW56, C.3 - LEI: N/A
- **C.18 - Value (incl. sponsor support):** $4000000.00
- **C.18.a - Value (excl. sponsor support):** $4000000.00
- **C.19 - Percentage of Net Assets:** 0.9400%
- **C.17 - Yield as of Reporting Date:** 2.0500%
- **C.11 - Maturity Date (WAM):** 2025-07-07
- **C.12 - Maturity Date (WAL):** 2025-07-07
- **C.13 - Final Legal Maturity Date:** 2040-11-01
- **C.10 - Ratings:** Fitch: A-2; Standard and Poor's: BBB+; Moody's: Baa1
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? Yes, C.15 Has Guarantee? No, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? No, C.21 Is a Weekly Liquid Asset? Yes, C.23 Categorized at Level 3? No

### Security 18: CITY OF ST MARYS KS

- **C.1 - Title:** CITY OF ST MARYS KS
- **C.6 - Investment Category:** Variable Rate Demand Note
- **Identifiers:** C.3 - CUSIP: 792609AG4, C.4 - ISIN: US792609AG41, C.3 - LEI: N/A
- **C.18 - Value (incl. sponsor support):** $7600000.00
- **C.18.a - Value (excl. sponsor support):** $7600000.00
- **C.19 - Percentage of Net Assets:** 1.7800%
- **C.17 - Yield as of Reporting Date:** 2.3000%
- **C.11 - Maturity Date (WAM):** 2025-07-07
- **C.12 - Maturity Date (WAL):** 2025-07-07
- **C.13 - Final Legal Maturity Date:** 2032-04-15
- **C.10 - Ratings:** Standard and Poor's: A; Moody's: A2; Fitch: A-2
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? Yes, C.15 Has Guarantee? No, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? No, C.21 Is a Weekly Liquid Asset? Yes, C.23 Categorized at Level 3? No

### Security 19: MARYLAND HEALTH HIGHER EDUCATIONAL FACILITIES

- **C.1 - Title:** MARYLAND HEALTH HIGHER EDUCATIONAL FACILITIES AU
- **C.6 - Investment Category:** Variable Rate Demand Note
- **Identifiers:** C.3 - CUSIP: 57421CGC2, C.4 - ISIN: US57421CGC29, C.3 - LEI: N/A
- **C.18 - Value (incl. sponsor support):** $5000000.00
- **C.18.a - Value (excl. sponsor support):** $5000000.00
- **C.19 - Percentage of Net Assets:** 1.1700%
- **C.17 - Yield as of Reporting Date:** 3.9000%
- **C.11 - Maturity Date (WAM):** 2025-07-01
- **C.12 - Maturity Date (WAL):** 2025-07-01
- **C.13 - Final Legal Maturity Date:** 2046-06-01
- **C.10 - Ratings:** Moody's: Aa1; Standard and Poor's: AA+; Fitch: NR
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? Yes, C.15 Has Guarantee? No, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? No, C.21 Is a Weekly Liquid Asset? Yes, C.23 Categorized at Level 3? No

### Security 20: METROPOLITAN TRANS AUTH NY REVENUE

- **C.1 - Title:** METROPOLITAN TRANSPORTATION AUTHORITY
- **C.6 - Investment Category:** Variable Rate Demand Note
- **Identifiers:** C.3 - CUSIP: 59261AM38, C.4 - ISIN: US59261AM383, C.3 - LEI: N/A
- **C.18 - Value (incl. sponsor support):** $19000000.00
- **C.18.a - Value (excl. sponsor support):** $19000000.00
- **C.19 - Percentage of Net Assets:** 4.4500%
- **C.17 - Yield as of Reporting Date:** 1.7500%
- **C.11 - Maturity Date (WAM):** 2025-07-07
- **C.12 - Maturity Date (WAL):** 2025-07-07
- **C.13 - Final Legal Maturity Date:** 2035-11-01
- **C.10 - Ratings:** Fitch: AAA; Standard and Poor's: AA; Moody's: Aa2
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? Yes, C.15 Has Guarantee? No, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? No, C.21 Is a Weekly Liquid Asset? Yes, C.23 Categorized at Level 3? No

### Security 21: FEDERATION OF PROTESTANT WELFARE AGENCY

- **C.1 - Title:** BUILD NYC RESOURCE CORP
- **C.6 - Investment Category:** Variable Rate Demand Note
- **Identifiers:** C.3 - CUSIP: 12008EEN2, C.4 - ISIN: US12008EEN22, C.3 - LEI: N/A
- **C.18 - Value (incl. sponsor support):** $7150000.00
- **C.18.a - Value (excl. sponsor support):** $7150000.00
- **C.19 - Percentage of Net Assets:** 1.6800%
- **C.17 - Yield as of Reporting Date:** 2.1200%
- **C.11 - Maturity Date (WAM):** 2025-07-07
- **C.12 - Maturity Date (WAL):** 2025-07-07
- **C.13 - Final Legal Maturity Date:** 2045-12-01
- **C.10 - Ratings:** Moody's: A1; Fitch: NR; Standard and Poor's: NR
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? Yes, C.15 Has Guarantee? No, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? No, C.21 Is a Weekly Liquid Asset? Yes, C.23 Categorized at Level 3? No

### Security 22: ST TAMMANY CORP

- **C.1 - Title:** ST TAMMANY CORP
- **C.6 - Investment Category:** Variable Rate Demand Note
- **Identifiers:** C.3 - CUSIP: 793509AL4, C.4 - ISIN: US793509AL43, C.3 - LEI: N/A
- **C.18 - Value (incl. sponsor support):** $3590000.00
- **C.18.a - Value (excl. sponsor support):** $3590000.00
- **C.19 - Percentage of Net Assets:** 0.8400%
- **C.17 - Yield as of Reporting Date:** 2.1000%
- **C.11 - Maturity Date (WAM):** 2025-07-07
- **C.12 - Maturity Date (WAL):** 2025-07-07
- **C.13 - Final Legal Maturity Date:** 2033-03-01
- **C.10 - Ratings:** Standard and Poor's: AA+; Fitch: NR; Moody's: NR
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? Yes, C.15 Has Guarantee? No, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? No, C.21 Is a Weekly Liquid Asset? Yes, C.23 Categorized at Level 3? No

### Security 23: WV UNITED HLTH SYS OBLIG

- **C.1 - Title:** WEST VIRGINIA HOSPITAL FINANCE AUTHORITY
- **C.6 - Investment Category:** Variable Rate Demand Note
- **Identifiers:** C.3 - CUSIP: 956622P65, C.4 - ISIN: US956622P653, C.3 - LEI: N/A
- **C.18 - Value (incl. sponsor support):** $10410000.00
- **C.18.a - Value (excl. sponsor support):** $10410000.00
- **C.19 - Percentage of Net Assets:** 2.4400%
- **C.17 - Yield as of Reporting Date:** 1.8000%
- **C.11 - Maturity Date (WAM):** 2025-07-07
- **C.12 - Maturity Date (WAL):** 2025-07-07
- **C.13 - Final Legal Maturity Date:** 2041-06-01
- **C.10 - Ratings:** Fitch: NR; Moody's: NR; Standard and Poor's: AA
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? Yes, C.15 Has Guarantee? No, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? No, C.21 Is a Weekly Liquid Asset? Yes, C.23 Categorized at Level 3? No

### Security 24: IOWA FINANCE AUTHORITY

- **C.1 - Title:** IOWA FINANCE AUTHORITY
- **C.6 - Investment Category:** Variable Rate Demand Note
- **Identifiers:** C.3 - CUSIP: 46246WAD8, C.4 - ISIN: US46246WAD83, C.3 - LEI: N/A
- **C.18 - Value (incl. sponsor support):** $8000000.00
- **C.18.a - Value (excl. sponsor support):** $8000000.00
- **C.19 - Percentage of Net Assets:** 1.8800%
- **C.17 - Yield as of Reporting Date:** 1.9500%
- **C.11 - Maturity Date (WAM):** 2025-07-07
- **C.12 - Maturity Date (WAL):** 2025-07-07
- **C.13 - Final Legal Maturity Date:** 2036-09-01
- **C.10 - Ratings:** Standard and Poor's: A-; Moody's: A1; Fitch: NR
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? Yes, C.15 Has Guarantee? No, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? No, C.21 Is a Weekly Liquid Asset? Yes, C.23 Categorized at Level 3? No

### Security 25: IOWA FINANCE AUTHORITY

- **C.1 - Title:** IOWA FINANCE AUTHORITY
- **C.6 - Investment Category:** Variable Rate Demand Note
- **Identifiers:** C.3 - CUSIP: 46246MDZ8, C.4 - ISIN: US46246MDZ86, C.3 - LEI: N/A
- **C.18 - Value (incl. sponsor support):** $6763000.00
- **C.18.a - Value (excl. sponsor support):** $6763000.00
- **C.19 - Percentage of Net Assets:** 1.5900%
- **C.17 - Yield as of Reporting Date:** 1.9500%
- **C.11 - Maturity Date (WAM):** 2025-07-07
- **C.12 - Maturity Date (WAL):** 2025-07-07
- **C.13 - Final Legal Maturity Date:** 2036-09-01
- **C.10 - Ratings:** Standard and Poor's: A; Fitch: NR; Moody's: NR
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? Yes, C.15 Has Guarantee? No, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? No, C.21 Is a Weekly Liquid Asset? Yes, C.23 Categorized at Level 3? No

### Security 26: NORTON HEALTHCARE OBLIG

- **C.1 - Title:** LOUISVILLE JEFFERSON COUNTY METROPOLITAN GOVERNMEN
- **C.6 - Investment Category:** Variable Rate Demand Note
- **Identifiers:** C.3 - CUSIP: 54659LAW4, C.4 - ISIN: US54659LAW46, C.3 - LEI: N/A
- **C.18 - Value (incl. sponsor support):** $15105000.00
- **C.18.a - Value (excl. sponsor support):** $15105000.00
- **C.19 - Percentage of Net Assets:** 3.5400%
- **C.17 - Yield as of Reporting Date:** 1.8000%
- **C.11 - Maturity Date (WAM):** 2025-07-07
- **C.12 - Maturity Date (WAL):** 2025-07-07
- **C.13 - Final Legal Maturity Date:** 2043-10-01
- **C.10 - Ratings:** Fitch: A+; Standard and Poor's: AA; Moody's: NR
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? Yes, C.15 Has Guarantee? No, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? No, C.21 Is a Weekly Liquid Asset? Yes, C.23 Categorized at Level 3? No

### Security 27: PORT OF PORT ARTHUR NAVIGATION DISTRICT

- **C.1 - Title:** PORT OF PORT ARTHUR NAVIGATION DISTRICT
- **C.6 - Investment Category:** Variable Rate Demand Note
- **Identifiers:** C.3 - CUSIP: 735220AU9, C.4 - ISIN: US735220AU90, C.3 - LEI: N/A
- **C.18 - Value (incl. sponsor support):** $9000000.00
- **C.18.a - Value (excl. sponsor support):** $9000000.00
- **C.19 - Percentage of Net Assets:** 2.1100%
- **C.17 - Yield as of Reporting Date:** 4.0000%
- **C.11 - Maturity Date (WAM):** 2025-07-01
- **C.12 - Maturity Date (WAL):** 2025-07-01
- **C.13 - Final Legal Maturity Date:** 2040-04-01
- **C.10 - Ratings:** Fitch: A-2; Moody's: Baa1; Standard and Poor's: BBB+
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? Yes, C.15 Has Guarantee? No, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? No, C.21 Is a Weekly Liquid Asset? Yes, C.23 Categorized at Level 3? No

### Security 28: KENTUCKY ECONOMIC DEVELOPMENT FINANCE AUTHORITY

- **C.1 - Title:** KENTUCKY ECONOMIC DEVELOPMENT FINANCE AUTHORITY
- **C.6 - Investment Category:** Variable Rate Demand Note
- **Identifiers:** C.3 - CUSIP: 49126PCJ7, C.4 - ISIN: US49126PCJ75, C.3 - LEI: N/A
- **C.18 - Value (incl. sponsor support):** $7200000.00
- **C.18.a - Value (excl. sponsor support):** $7200000.00
- **C.19 - Percentage of Net Assets:** 1.6900%
- **C.17 - Yield as of Reporting Date:** 1.9700%
- **C.11 - Maturity Date (WAM):** 2025-07-07
- **C.12 - Maturity Date (WAL):** 2025-07-07
- **C.13 - Final Legal Maturity Date:** 2034-05-01
- **C.10 - Ratings:** Moody's: A3; Standard and Poor's: A-; Fitch: A-2
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? Yes, C.15 Has Guarantee? No, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? No, C.21 Is a Weekly Liquid Asset? Yes, C.23 Categorized at Level 3? No

### Security 29: NEW HAMPSHIRE BUSINESS FINANCE AUTHORITY

- **C.1 - Title:** NEW HAMPSHIRE BUSINESS FINANCE AUTHORITY
- **C.6 - Investment Category:** Variable Rate Demand Note
- **Identifiers:** C.3 - CUSIP: 64468KBZ8, C.4 - ISIN: US64468KBZ84, C.3 - LEI: N/A
- **C.18 - Value (incl. sponsor support):** $19990000.00
- **C.18.a - Value (excl. sponsor support):** $19990000.00
- **C.19 - Percentage of Net Assets:** 4.6900%
- **C.17 - Yield as of Reporting Date:** 1.9500%
- **C.11 - Maturity Date (WAM):** 2025-07-07
- **C.12 - Maturity Date (WAL):** 2025-07-07
- **C.13 - Final Legal Maturity Date:** 2030-09-01
- **C.10 - Ratings:** Fitch: NR; Standard and Poor's: NR; Moody's: Aa2
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? Yes, C.15 Has Guarantee? No, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? No, C.21 Is a Weekly Liquid Asset? Yes, C.23 Categorized at Level 3? No

### Security 30: CHATTANOOGA HEALTH EDUCATIONAL HOUSING FACILITY

- **C.1 - Title:** CHATTANOOGA HEALTH EDUCATIONAL HOUSING FACILITY
- **C.6 - Investment Category:** Variable Rate Demand Note
- **Identifiers:** C.3 - CUSIP: 162410CB8, C.4 - ISIN: US162410CB80, C.3 - LEI: N/A
- **C.18 - Value (incl. sponsor support):** $12000000.00
- **C.18.a - Value (excl. sponsor support):** $12000000.00
- **C.19 - Percentage of Net Assets:** 2.8100%
- **C.17 - Yield as of Reporting Date:** 2.2300%
- **C.11 - Maturity Date (WAM):** 2025-07-07
- **C.12 - Maturity Date (WAL):** 2025-07-07
- **C.13 - Final Legal Maturity Date:** 2039-05-01
- **C.10 - Ratings:** Moody's: A3; Fitch: A-2; Standard and Poor's: A-
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? Yes, C.15 Has Guarantee? No, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? No, C.21 Is a Weekly Liquid Asset? Yes, C.23 Categorized at Level 3? No

### Security 31: CITY OF HOUSTON TX COMBINED UTILITY SYSTEM REVENUE

- **C.1 - Title:** CITY OF HOUSTON TX COMBINED UTILITY SYSTEM REVENUE
- **C.6 - Investment Category:** Variable Rate Demand Note
- **Identifiers:** C.3 - CUSIP: 44244CN94, C.4 - ISIN: US44244CN944, C.3 - LEI: N/A
- **C.18 - Value (incl. sponsor support):** $19000000.00
- **C.18.a - Value (excl. sponsor support):** $19000000.00
- **C.19 - Percentage of Net Assets:** 4.4500%
- **C.17 - Yield as of Reporting Date:** 2.3500%
- **C.11 - Maturity Date (WAM):** 2025-07-07
- **C.12 - Maturity Date (WAL):** 2025-07-07
- **C.13 - Final Legal Maturity Date:** 2034-05-15
- **C.10 - Ratings:** Moody's: Aa1; Fitch: NR; Standard and Poor's: NR
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? Yes, C.15 Has Guarantee? No, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? No, C.21 Is a Weekly Liquid Asset? Yes, C.23 Categorized at Level 3? No

### Security 32: LOUDOUN COUNTY ECONOMIC DEVELOPMENT AUTHORITY

- **C.1 - Title:** LOUDOUN COUNTY ECONOMIC DEVELOPMENT AUTHORITY
- **C.6 - Investment Category:** Variable Rate Demand Note
- **Identifiers:** C.3 - CUSIP: 545910AL5, C.4 - ISIN: US545910AL57, C.3 - LEI: N/A
- **C.18 - Value (incl. sponsor support):** $9000000.00
- **C.18.a - Value (excl. sponsor support):** $9000000.00
- **C.19 - Percentage of Net Assets:** 2.1100%
- **C.17 - Yield as of Reporting Date:** 2.4000%
- **C.11 - Maturity Date (WAM):** 2025-07-07
- **C.12 - Maturity Date (WAL):** 2025-07-07
- **C.13 - Final Legal Maturity Date:** 2038-02-15
- **C.10 - Ratings:** Fitch: NR; Standard and Poor's: AAA; Moody's: Aaa
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? Yes, C.15 Has Guarantee? No, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? No, C.21 Is a Weekly Liquid Asset? Yes, C.23 Categorized at Level 3? No

### Security 33: GEORGIA POWER COMPANY

- **C.1 - Title:** BURKE COUNTY DEVELOPMENT AUTHORITY
- **C.6 - Investment Category:** Variable Rate Demand Note
- **Identifiers:** C.3 - CUSIP: 121342MW6, C.4 - ISIN: US121342MW66, C.3 - LEI: N/A
- **C.18 - Value (incl. sponsor support):** $13225000.00
- **C.18.a - Value (excl. sponsor support):** $13225000.00
- **C.19 - Percentage of Net Assets:** 3.1000%
- **C.17 - Yield as of Reporting Date:** 3.9500%
- **C.11 - Maturity Date (WAM):** 2025-07-01
- **C.12 - Maturity Date (WAL):** 2025-07-01
- **C.13 - Final Legal Maturity Date:** 2049-07-01
- **C.10 - Ratings:** Standard and Poor's: A; Moody's: A3; Fitch: A
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? Yes, C.15 Has Guarantee? No, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? No, C.21 Is a Weekly Liquid Asset? Yes, C.23 Categorized at Level 3? No

### Security 34: MOBILE COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY

- **C.1 - Title:** MOBILE COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY
- **C.6 - Investment Category:** Variable Rate Demand Note
- **Identifiers:** C.3 - CUSIP: 60733RAA6, C.4 - ISIN: US60733RAA68, C.3 - LEI: N/A
- **C.18 - Value (incl. sponsor support):** $15000000.00
- **C.18.a - Value (excl. sponsor support):** $15000000.00
- **C.19 - Percentage of Net Assets:** 3.5200%
- **C.17 - Yield as of Reporting Date:** 2.0300%
- **C.11 - Maturity Date (WAM):** 2025-07-07
- **C.12 - Maturity Date (WAL):** 2025-07-07
- **C.13 - Final Legal Maturity Date:** 2040-07-01
- **C.10 - Ratings:** Moody's: NR; Standard and Poor's: A+; Fitch: NR
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? Yes, C.15 Has Guarantee? No, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? No, C.21 Is a Weekly Liquid Asset? Yes, C.23 Categorized at Level 3? No

### Security 35: PORT ROYAL I LLC

- **C.1 - Title:** SOUTH CAROLINA JOBS ECONOMIC DEVELOPMENT AUTHORITY
- **C.6 - Investment Category:** Variable Rate Demand Note
- **Identifiers:** C.3 - CUSIP: 837031ZW6, C.4 - ISIN: US837031ZW68, C.3 - LEI: N/A
- **C.18 - Value (incl. sponsor support):** $17400000.00
- **C.18.a - Value (excl. sponsor support):** $17400000.00
- **C.19 - Percentage of Net Assets:** 4.0800%
- **C.17 - Yield as of Reporting Date:** 1.9200%
- **C.11 - Maturity Date (WAM):** 2025-07-07
- **C.12 - Maturity Date (WAL):** 2025-07-07
- **C.13 - Final Legal Maturity Date:** 2061-05-01
- **C.10 - Ratings:** Moody's: NR; Standard and Poor's: AA+; Fitch: NR
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? Yes, C.15 Has Guarantee? No, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? No, C.21 Is a Weekly Liquid Asset? Yes, C.23 Categorized at Level 3? No

### Security 36: PORT OF PORT ARTHUR NAVIGATION DISTRICT

- **C.1 - Title:** PORT OF PORT ARTHUR NAVIGATION DISTRICT
- **C.6 - Investment Category:** Variable Rate Demand Note
- **Identifiers:** C.3 - CUSIP: 735220AT2, C.4 - ISIN: US735220AT28, C.3 - LEI: N/A
- **C.18 - Value (incl. sponsor support):** $7000000.00
- **C.18.a - Value (excl. sponsor support):** $7000000.00
- **C.19 - Percentage of Net Assets:** 1.6400%
- **C.17 - Yield as of Reporting Date:** 4.0000%
- **C.11 - Maturity Date (WAM):** 2025-07-01
- **C.12 - Maturity Date (WAL):** 2025-07-01
- **C.13 - Final Legal Maturity Date:** 2040-04-01
- **C.10 - Ratings:** Fitch: NR; Standard and Poor's: BBB+; Moody's: Baa1
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? Yes, C.15 Has Guarantee? No, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? No, C.21 Is a Weekly Liquid Asset? Yes, C.23 Categorized at Level 3? No

### Security 37: LEXINGTON-FAYETTE URBAN COUNTY GOVERNMENT

- **C.1 - Title:** LEXINGTON FAYETTE URBAN COUNTY GOVERNMENT
- **C.6 - Investment Category:** Variable Rate Demand Note
- **Identifiers:** C.3 - CUSIP: 528908AZ9, C.4 - ISIN: US528908AZ93, C.3 - LEI: N/A
- **C.18 - Value (incl. sponsor support):** $905000.00
- **C.18.a - Value (excl. sponsor support):** $905000.00
- **C.19 - Percentage of Net Assets:** 0.2100%
- **C.17 - Yield as of Reporting Date:** 3.8800%
- **C.11 - Maturity Date (WAM):** 2025-07-07
- **C.12 - Maturity Date (WAL):** 2025-07-07
- **C.13 - Final Legal Maturity Date:** 2027-12-01
- **C.10 - Ratings:** Moody's: NR; Fitch: NR; Standard and Poor's: NR
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? Yes, C.15 Has Guarantee? No, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? No, C.21 Is a Weekly Liquid Asset? Yes, C.23 Categorized at Level 3? No

### Security 38: PARISH OF ST JAMES LA

- **C.1 - Title:** PARISH OF ST JAMES LA
- **C.6 - Investment Category:** Variable Rate Demand Note
- **Identifiers:** C.3 - CUSIP: 790103AH8, C.4 - ISIN: US790103AH86, C.3 - LEI: N/A
- **C.18 - Value (incl. sponsor support):** $19000000.00
- **C.18.a - Value (excl. sponsor support):** $19000000.00
- **C.19 - Percentage of Net Assets:** 4.4500%
- **C.17 - Yield as of Reporting Date:** 2.3000%
- **C.11 - Maturity Date (WAM):** 2025-07-07
- **C.12 - Maturity Date (WAL):** 2025-07-07
- **C.13 - Final Legal Maturity Date:** 2040-11-01
- **C.10 - Ratings:** Standard and Poor's: A-; Moody's: Baa1; Fitch: NR
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? Yes, C.15 Has Guarantee? No, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? No, C.21 Is a Weekly Liquid Asset? Yes, C.23 Categorized at Level 3? No

### Security 39: MISSISSIPPI BUSINESS FINANCE CORP

- **C.1 - Title:** MISSISSIPPI BUSINESS FINANCE CORP
- **C.6 - Investment Category:** Variable Rate Demand Note
- **Identifiers:** C.3 - CUSIP: 60528ACB8, C.4 - ISIN: US60528ACB89, C.3 - LEI: N/A
- **C.18 - Value (incl. sponsor support):** $4515000.00
- **C.18.a - Value (excl. sponsor support):** $4515000.00
- **C.19 - Percentage of Net Assets:** 1.0600%
- **C.17 - Yield as of Reporting Date:** 3.9000%
- **C.11 - Maturity Date (WAM):** 2025-07-01
- **C.12 - Maturity Date (WAL):** 2025-07-01
- **C.13 - Final Legal Maturity Date:** 2035-11-01
- **C.10 - Ratings:** Fitch: NR; Moody's: Aa2; Standard and Poor's: AA-
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? Yes, C.15 Has Guarantee? No, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? No, C.21 Is a Weekly Liquid Asset? Yes, C.23 Categorized at Level 3? No

### Security 40: FENWICK HIGH SCHOOL INC

- **C.1 - Title:** ILLINOIS FINANCE AUTHORITY
- **C.6 - Investment Category:** Variable Rate Demand Note
- **Identifiers:** C.3 - CUSIP: 45200B3K2, C.4 - ISIN: US45200B3K21, C.3 - LEI: N/A
- **C.18 - Value (incl. sponsor support):** $15000000.00
- **C.18.a - Value (excl. sponsor support):** $15000000.00
- **C.19 - Percentage of Net Assets:** 3.5200%
- **C.17 - Yield as of Reporting Date:** 1.8000%
- **C.11 - Maturity Date (WAM):** 2025-07-07
- **C.12 - Maturity Date (WAL):** 2025-07-07
- **C.13 - Final Legal Maturity Date:** 2037-04-01
- **C.10 - Ratings:** Standard and Poor's: NR; Fitch: NR; Moody's: NR
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? Yes, C.15 Has Guarantee? No, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? No, C.21 Is a Weekly Liquid Asset? Yes, C.23 Categorized at Level 3? No

### Security 41: CONSOLIDATED EDISON CO

- **C.1 - Title:** NEW YORK STATE ENERGY RESEARCH DEVELOPMENT AUTHO
- **C.6 - Investment Category:** Variable Rate Demand Note
- **Identifiers:** C.3 - CUSIP: 64984EDH5, C.4 - ISIN: US64984EDH53, C.3 - LEI: N/A
- **C.18 - Value (incl. sponsor support):** $13200000.00
- **C.18.a - Value (excl. sponsor support):** $13200000.00
- **C.19 - Percentage of Net Assets:** 3.0900%
- **C.17 - Yield as of Reporting Date:** 1.7500%
- **C.11 - Maturity Date (WAM):** 2025-07-07
- **C.12 - Maturity Date (WAL):** 2025-07-07
- **C.13 - Final Legal Maturity Date:** 2039-05-01
- **C.10 - Ratings:** Standard and Poor's: AA; Fitch: A; Moody's: Aa2
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? Yes, C.15 Has Guarantee? No, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? No, C.21 Is a Weekly Liquid Asset? Yes, C.23 Categorized at Level 3? No

### Security 42: CITY OF BERNE IN

- **C.1 - Title:** CITY OF BERNE IN
- **C.6 - Investment Category:** Variable Rate Demand Note
- **Identifiers:** C.3 - CUSIP: 085423AT8, C.4 - ISIN: US085423AT80, C.3 - LEI: N/A
- **C.18 - Value (incl. sponsor support):** $3380000.00
- **C.18.a - Value (excl. sponsor support):** $3380000.00
- **C.19 - Percentage of Net Assets:** 0.7900%
- **C.17 - Yield as of Reporting Date:** 2.0200%
- **C.11 - Maturity Date (WAM):** 2025-07-07
- **C.12 - Maturity Date (WAL):** 2025-07-07
- **C.13 - Final Legal Maturity Date:** 2033-10-01
- **C.10 - Ratings:** Standard and Poor's: AA+; Fitch: NR; Moody's: NR
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? Yes, C.15 Has Guarantee? No, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? No, C.21 Is a Weekly Liquid Asset? Yes, C.23 Categorized at Level 3? No

### Security 43: LOUDOUN COUNTY ECONOMIC DEVELOPMENT AUTHORITY

- **C.1 - Title:** LOUDOUN COUNTY ECONOMIC DEVELOPMENT AUTHORITY
- **C.6 - Investment Category:** Variable Rate Demand Note
- **Identifiers:** C.3 - CUSIP: 545910AM3, C.4 - ISIN: US545910AM31, C.3 - LEI: N/A
- **C.18 - Value (incl. sponsor support):** $10000000.00
- **C.18.a - Value (excl. sponsor support):** $10000000.00
- **C.19 - Percentage of Net Assets:** 2.3400%
- **C.17 - Yield as of Reporting Date:** 2.4000%
- **C.11 - Maturity Date (WAM):** 2025-07-07
- **C.12 - Maturity Date (WAL):** 2025-07-07
- **C.13 - Final Legal Maturity Date:** 2038-02-15
- **C.10 - Ratings:** Fitch: NR; Standard and Poor's: AAA; Moody's: Aaa
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? Yes, C.15 Has Guarantee? No, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? No, C.21 Is a Weekly Liquid Asset? Yes, C.23 Categorized at Level 3? No

### Security 44: CITY OF BURLINGTON KS

- **C.1 - Title:** CITY OF BURLINGTON KS
- **C.6 - Investment Category:** Variable Rate Demand Note
- **Identifiers:** C.3 - CUSIP: 121822AZ3, C.4 - ISIN: US121822AZ33, C.3 - LEI: N/A
- **C.18 - Value (incl. sponsor support):** $4200000.00
- **C.18.a - Value (excl. sponsor support):** $4200000.00
- **C.19 - Percentage of Net Assets:** 0.9800%
- **C.17 - Yield as of Reporting Date:** 2.2000%
- **C.11 - Maturity Date (WAM):** 2025-07-07
- **C.12 - Maturity Date (WAL):** 2025-07-07
- **C.13 - Final Legal Maturity Date:** 2035-09-01
- **C.10 - Ratings:** Moody's: Baa1; Fitch: NR; Standard and Poor's: A-
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? Yes, C.15 Has Guarantee? No, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? No, C.21 Is a Weekly Liquid Asset? Yes, C.23 Categorized at Level 3? No

### Security 45: GEORGIA POWER CO.

- **C.1 - Title:** APPLING COUNTY DEVELOPMENT AUTHORITY
- **C.6 - Investment Category:** Variable Rate Demand Note
- **Identifiers:** C.3 - CUSIP: 038315EF0, C.4 - ISIN: US038315EF09, C.3 - LEI: N/A
- **C.18 - Value (incl. sponsor support):** $6000000.00
- **C.18.a - Value (excl. sponsor support):** $6000000.00
- **C.19 - Percentage of Net Assets:** 1.4100%
- **C.17 - Yield as of Reporting Date:** 4.0500%
- **C.11 - Maturity Date (WAM):** 2025-07-01
- **C.12 - Maturity Date (WAL):** 2025-07-01
- **C.13 - Final Legal Maturity Date:** 2029-09-01
- **C.10 - Ratings:** Fitch: A; Moody's: A3; Standard and Poor's: A
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? Yes, C.15 Has Guarantee? No, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? No, C.21 Is a Weekly Liquid Asset? Yes, C.23 Categorized at Level 3? No

### Security 46: CONSOLIDATED EDISON CO

- **C.1 - Title:** NEW YORK STATE ENERGY RESEARCH DEVELOPMENT AUTHO
- **C.6 - Investment Category:** Variable Rate Demand Note
- **Identifiers:** C.3 - CUSIP: 64984EDG7, C.4 - ISIN: US64984EDG70, C.3 - LEI: N/A
- **C.18 - Value (incl. sponsor support):** $3500000.00
- **C.18.a - Value (excl. sponsor support):** $3500000.00
- **C.19 - Percentage of Net Assets:** 0.8200%
- **C.17 - Yield as of Reporting Date:** 1.7000%
- **C.11 - Maturity Date (WAM):** 2025-07-07
- **C.12 - Maturity Date (WAL):** 2025-07-07
- **C.13 - Final Legal Maturity Date:** 2039-05-01
- **C.10 - Ratings:** Moody's: Aa2; Fitch: A; Standard and Poor's: AA
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? Yes, C.15 Has Guarantee? No, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? No, C.21 Is a Weekly Liquid Asset? Yes, C.23 Categorized at Level 3? No

### Security 47: ILLINOIS EDUCATIONAL FACILITIES AUTHORITY

- **C.1 - Title:** ILLINOIS EDUCATIONAL FACILITIES AUTHORITY
- **C.6 - Investment Category:** Variable Rate Demand Note
- **Identifiers:** C.3 - CUSIP: 4520014D9, C.4 - ISIN: US4520014D91, C.3 - LEI: N/A
- **C.18 - Value (incl. sponsor support):** $8380000.00
- **C.18.a - Value (excl. sponsor support):** $8380000.00
- **C.19 - Percentage of Net Assets:** 1.9600%
- **C.17 - Yield as of Reporting Date:** 1.9900%
- **C.11 - Maturity Date (WAM):** 2025-07-07
- **C.12 - Maturity Date (WAL):** 2025-07-07
- **C.13 - Final Legal Maturity Date:** 2032-10-01
- **C.10 - Ratings:** Moody's: NR; Standard and Poor's: A-; Fitch: NR
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? Yes, C.15 Has Guarantee? No, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? No, C.21 Is a Weekly Liquid Asset? Yes, C.23 Categorized at Level 3? No

## N-MFP: Signatures

**Registrant:** Victory Portfolios III

**Date:** 2025-07-07

**By:** Carol Trevino

**Name of Signing Officer:** Carol Trevino

**Title of Signing Officer:** Treasurer