# EDGAR Filing Document

**Accession Number:** 0000908695
**File Stem:** 0001752724-25-132073
**Filing Date:** 2025-6
**Character Count:** 26511
**Document Hash:** 25501a787864453206f50a44c07e94ee
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-132073.hdr.sgml**: 20250605

**ACCESSION NUMBER**: 0001752724-25-132073

**CONFORMED SUBMISSION TYPE**: N-MFP3

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250605

**DATE AS OF CHANGE**: 20250605

**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:** 251026631

**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):** 2025-05-31

**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:** 44 days

- **WAL:** 44 days

- **Total Value of Portfolio Securities:** $895547888.50

- **Amortized Cost of Portfolio Securities:** $895574674.99

- **Cash:** $4782562.35

- **Total Other Assets:** $326662.39

- **Total Liabilities:** $3571462.60

- **Net Assets of Series:** $897112437.13

- **Number of Shares Outstanding (Series):** 897113781.8650

- **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 (%)   |
|:---|:---|:---|:---|:---|
| 2025-05-01 | $961684931.55             | $961684931.55              | 99.9700%                  | 99.9700%                   |
| 2025-05-02 | $912569306.34             | $912569306.34              | 99.9700%                  | 99.9700%                   |
| 2025-05-05 | $912798287.78             | $912798287.78              | 99.9700%                  | 99.9700%                   |
| 2025-05-06 | $1061638581.64            | $1061638581.64             | 99.9700%                  | 99.9700%                   |
| 2025-05-07 | $1012522999.57            | $1012522999.57             | 99.9700%                  | 99.9700%                   |
| 2025-05-08 | $963234271.02             | $963234271.02              | 99.9700%                  | 99.9700%                   |
| 2025-05-09 | $963118630.40             | $963118630.40              | 99.9700%                  | 99.9700%                   |
| 2025-05-12 | $963316958.40             | $963316958.40              | 99.9700%                  | 99.9700%                   |
| 2025-05-13 | $963148616.73             | $963148616.73              | 99.9700%                  | 99.9700%                   |
| 2025-05-14 | $974914424.83             | $974914424.83              | 99.9700%                  | 99.9700%                   |
| 2025-05-15 | $925400905.77             | $925400905.77              | 99.9700%                  | 99.9700%                   |
| 2025-05-16 | $925693197.62             | $925693197.62              | 99.9700%                  | 99.9700%                   |
| 2025-05-19 | $926274950.19             | $926274950.19              | 99.9700%                  | 99.9700%                   |
| 2025-05-20 | $926252701.46             | $926252701.46              | 99.9700%                  | 99.9700%                   |
| 2025-05-21 | $926186171.01             | $926186171.01              | 99.9700%                  | 99.9700%                   |
| 2025-05-22 | $900201196.80             | $900201196.80              | 99.9700%                  | 99.9700%                   |
| 2025-05-23 | $900448250.67             | $900448250.67              | 99.9700%                  | 99.9700%                   |
| 2025-05-27 | $900931674.61             | $900931674.61              | 99.9700%                  | 99.9700%                   |
| 2025-05-28 | $900420915.74             | $900420915.74              | 99.9700%                  | 99.9700%                   |
| 2025-05-29 | $900209034.02             | $900209034.02              | 99.9700%                  | 99.9700%                   |
| 2025-05-30 | $900293740.41             | $900293740.41              | 99.9700%                  | 99.9700%                   |

### 7-Day Gross Yield
| Date       | 7-Day Gross Yield   |
|:---|:---|
| 2025-05-01 | 4.3200%             |
| 2025-05-02 | 4.3100%             |
| 2025-05-05 | 4.3000%             |
| 2025-05-06 | 4.2900%             |
| 2025-05-07 | 4.2800%             |
| 2025-05-08 | 4.2800%             |
| 2025-05-09 | 4.2700%             |
| 2025-05-12 | 4.2600%             |
| 2025-05-13 | 4.2600%             |
| 2025-05-14 | 4.2600%             |
| 2025-05-15 | 4.2600%             |
| 2025-05-16 | 4.2700%             |
| 2025-05-19 | 4.2700%             |
| 2025-05-20 | 4.2700%             |
| 2025-05-21 | 4.2600%             |
| 2025-05-22 | 4.2600%             |
| 2025-05-23 | 4.2600%             |
| 2025-05-27 | 4.2600%             |
| 2025-05-28 | 4.2600%             |
| 2025-05-29 | 4.2700%             |
| 2025-05-30 | 4.2700%             |

### Daily Net Asset Value per Share (Series)
| Date       | Net Asset Value per Share   |
|:---|:---|
| 2025-05-01 | 1.0000                      |
|  |  |
| 2025-05-02 | 1.0001                      |
|  |  |
| 2025-05-05 | 0.9999                      |
|  |  |
| 2025-05-06 | 0.9999                      |
|  |  |
| 2025-05-07 | 0.9999                      |
|  |  |
| 2025-05-08 | 0.9999                      |
|  |  |
| 2025-05-09 | 1.0001                      |
|  |  |
| 2025-05-12 | 0.9999                      |
|  |  |
| 2025-05-13 | 0.9999                      |
|  |  |
| 2025-05-14 | 0.9999                      |
|  |  |
| 2025-05-15 | 0.9999                      |
|  |  |
| 2025-05-16 | 1.0000                      |
|  |  |
| 2025-05-19 | 0.9999                      |
|  |  |
| 2025-05-20 | 0.9999                      |
|  |  |
| 2025-05-21 | 0.9999                      |
|  |  |
| 2025-05-22 | 0.9999                      |
|  |  |
| 2025-05-23 | 1.0001                      |
|  |  |
| 2025-05-27 | 0.9999                      |
|  |  |
| 2025-05-28 | 0.9999                      |
|  |  |
| 2025-05-29 | 0.9999                      |
|  |  |
| 2025-05-30 | 1.0000                      |
|  |  |

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

### Class: Victory Treasury Money Market Trust

- **Minimum Initial Investment:** $3000.00

- **Net Assets of Class:** $897112437.13

- **Number of Shares Outstanding:** 897113781.8650

- **Expense Reimbursement/Waiver:** 4261.39

**Daily Net Asset Value per Share (Class)**
| Date       | NAV per Share   |
|:---|:---|
| 2025-05-01 | 1.0000          |
|  |  |
| 2025-05-02 | 1.0001          |
|  |  |
| 2025-05-05 | 0.9999          |
|  |  |
| 2025-05-06 | 0.9999          |
|  |  |
| 2025-05-07 | 0.9999          |
|  |  |
| 2025-05-08 | 0.9999          |
|  |  |
| 2025-05-09 | 1.0001          |
|  |  |
| 2025-05-12 | 0.9999          |
|  |  |
| 2025-05-13 | 0.9999          |
|  |  |
| 2025-05-14 | 0.9999          |
|  |  |
| 2025-05-15 | 0.9999          |
|  |  |
| 2025-05-16 | 1.0000          |
|  |  |
| 2025-05-19 | 0.9999          |
|  |  |
| 2025-05-20 | 0.9999          |
|  |  |
| 2025-05-21 | 0.9999          |
|  |  |
| 2025-05-22 | 0.9999          |
|  |  |
| 2025-05-23 | 1.0001          |
|  |  |
| 2025-05-27 | 0.9999          |
|  |  |
| 2025-05-28 | 0.9999          |
|  |  |
| 2025-05-29 | 0.9999          |
|  |  |
| 2025-05-30 | 1.0000          |
|  |  |

**Daily Shareholder Flows**
| Date       | Gross Subscriptions ($)   | Gross Redemptions ($)   |
|:---|:---|:---|
| 2025-05-01 | $3136502.02               | $179659.17              |
| 2025-05-02 | $173152.46                | $157539.37              |
| 2025-05-05 | $516166.12                | $608663.94              |
| 2025-05-06 | $50167073.81              | $593973.60              |
| 2025-05-07 | $687892.67                | $79467.30               |
| 2025-05-08 | $82296.79                 | $167843.37              |
| 2025-05-09 | $11502.90                 | $189455.86              |
| 2025-05-12 | $160173.93                | $297972.60              |
| 2025-05-13 | $304067.45                | $583927.86              |
| 2025-05-14 | $387960.70                | $38487127.76            |
| 2025-05-15 | $478940.04                | $346750.85              |
| 2025-05-16 | $274368.91                | $88527.68               |
| 2025-05-19 | $380789.54                | $122239.70              |
| 2025-05-20 | $231908.33                | $361824.26              |
| 2025-05-21 | $272884.92                | $445784.81              |
| 2025-05-22 | $11107.87                 | $26103703.07            |
| 2025-05-23 | $145547.32                | $2936.22                |
| 2025-05-27 | $190189.52                | $125509.90              |
| 2025-05-28 | $108719.33                | $723164.68              |
| 2025-05-29 | $199555.00                | $515721.80              |
| 2025-05-30 | $121005.21                | $137643.52              |

**Total Gross Subscriptions (Month):** $58041804.84

**Total Gross Redemptions (Month):** $70319437.32

**7-Day Net Yield (Class)**
| Date       | 7-Day Net Yield   |
|:---|:---|
| 2025-05-01 | 3.9700%           |
| 2025-05-02 | 3.9600%           |
| 2025-05-05 | 3.9500%           |
| 2025-05-06 | 3.9400%           |
| 2025-05-07 | 3.9300%           |
| 2025-05-08 | 3.9300%           |
| 2025-05-09 | 3.9200%           |
| 2025-05-12 | 3.9100%           |
| 2025-05-13 | 3.9100%           |
| 2025-05-14 | 3.9100%           |
| 2025-05-15 | 3.9100%           |
| 2025-05-16 | 3.9200%           |
| 2025-05-19 | 3.9200%           |
| 2025-05-20 | 3.9200%           |
| 2025-05-21 | 3.9100%           |
| 2025-05-22 | 3.9100%           |
| 2025-05-23 | 3.9100%           |
| 2025-05-27 | 3.9100%           |
| 2025-05-28 | 3.9100%           |
| 2025-05-29 | 3.9200%           |
| 2025-05-30 | 3.9200%           |

**Beneficial/Record Owner Categories**
| Category                                            | Other Category                                | Record Owner %   | Beneficial Owner %   |
|:---|:---|:---|:---|
| Depository institution or other banking institution |  | 60.9000%         | 0.0000%              |
| Other                                               | Diversified Global Investment Management Firm | 10.9700%         | 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: 912797PP6, C.4 - ISIN: US912797PP64, C.3 - LEI: 254900HROIFWPRGM1V77
- **C.18 - Value (incl. sponsor support):** $49529533.50
- **C.18.a - Value (excl. sponsor support):** $49529533.50
- **C.19 - Percentage of Net Assets:** 5.5200%
- **C.17 - Yield as of Reporting Date:** 4.3100%
- **C.11 - Maturity Date (WAM):** 2025-08-21
- **C.12 - Maturity Date (WAL):** 2025-08-21
- **C.13 - Final Legal Maturity Date:** 2025-08-21
- **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: 912797NX1, C.4 - ISIN: US912797NX17, C.3 - LEI: 254900HROIFWPRGM1V77
- **C.18 - Value (incl. sponsor support):** $49818542.50
- **C.18.a - Value (excl. sponsor support):** $49818542.50
- **C.19 - Percentage of Net Assets:** 5.5500%
- **C.17 - Yield as of Reporting Date:** 4.2000%
- **C.11 - Maturity Date (WAM):** 2025-07-03
- **C.12 - Maturity Date (WAL):** 2025-07-03
- **C.13 - Final Legal Maturity Date:** 2025-07-03
- **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 3: U.S. TREASURY SECURITIES

- **C.1 - Title:** UNITED STATES TREASURY BILL
- **C.6 - Investment Category:** U.S. Treasury Debt
- **Identifiers:** C.3 - CUSIP: 912797QM2, C.4 - ISIN: US912797QM25, C.3 - LEI: 254900HROIFWPRGM1V77
- **C.18 - Value (incl. sponsor support):** $49460318.00
- **C.18.a - Value (excl. sponsor support):** $49460318.00
- **C.19 - Percentage of Net Assets:** 5.5100%
- **C.17 - Yield as of Reporting Date:** 4.2500%
- **C.11 - Maturity Date (WAM):** 2025-09-02
- **C.12 - Maturity Date (WAL):** 2025-09-02
- **C.13 - Final Legal Maturity Date:** 2025-09-02
- **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 4: U.S. TREASURY SECURITIES

- **C.1 - Title:** UNITED STATES TREASURY BILL
- **C.6 - Investment Category:** U.S. Treasury Debt
- **Identifiers:** C.3 - CUSIP: 912797PL5, C.4 - ISIN: US912797PL50, C.3 - LEI: 254900HROIFWPRGM1V77
- **C.18 - Value (incl. sponsor support):** $49994135.00
- **C.18.a - Value (excl. sponsor support):** $49994135.00
- **C.19 - Percentage of Net Assets:** 5.5700%
- **C.17 - Yield as of Reporting Date:** 4.2400%
- **C.11 - Maturity Date (WAM):** 2025-06-03
- **C.12 - Maturity Date (WAL):** 2025-06-03
- **C.13 - Final Legal Maturity Date:** 2025-06-03
- **C.10 - Ratings:** Standard and Poor's: AA+; Moody's: Aa1; 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 5: 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.3 - LEI: N/A, C.5 - Other ID: FIC125602
- **C.18 - Value (incl. sponsor support):** $150000000.00
- **C.18.a - Value (excl. sponsor support):** $150000000.00
- **C.19 - Percentage of Net Assets:** 16.7200%
- **C.17 - Yield as of Reporting Date:** 4.3100%
- **C.11 - Maturity Date (WAM):** 2025-06-02
- **C.12 - Maturity Date (WAL):** 2025-06-02
- **C.13 - Final Legal Maturity Date:** 2025-06-02
- **C.10 - Ratings:** Moody's: NR; Standard and Poor'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          | 2055-05-15      | 4.7500%  | N/A     | $156963600.00      | $153000110.60      | U.S. Treasuries (including strips) |

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

- **C.1 - Title:** U S TREASURY BILL
- **C.6 - Investment Category:** U.S. Treasury Debt
- **Identifiers:** C.3 - CUSIP: 912797PE1, C.4 - ISIN: US912797PE18, C.3 - LEI: 254900HROIFWPRGM1V77
- **C.18 - Value (incl. sponsor support):** $49736306.50
- **C.18.a - Value (excl. sponsor support):** $49736306.50
- **C.19 - Percentage of Net Assets:** 5.5400%
- **C.17 - Yield as of Reporting Date:** 4.2600%
- **C.11 - Maturity Date (WAM):** 2025-07-17
- **C.12 - Maturity Date (WAL):** 2025-07-17
- **C.13 - Final Legal Maturity Date:** 2025-07-17
- **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 7: U.S. TREASURY SECURITIES

- **C.1 - Title:** US TREASURY BILL
- **C.6 - Investment Category:** U.S. Treasury Debt
- **Identifiers:** C.3 - CUSIP: 912797NA1, C.4 - ISIN: US912797NA14, C.3 - LEI: 254900HROIFWPRGM1V77
- **C.18 - Value (incl. sponsor support):** $49128646.00
- **C.18.a - Value (excl. sponsor support):** $49128646.00
- **C.19 - Percentage of Net Assets:** 5.4800%
- **C.17 - Yield as of Reporting Date:** 4.1000%
- **C.11 - Maturity Date (WAM):** 2025-10-30
- **C.12 - Maturity Date (WAL):** 2025-10-30
- **C.13 - Final Legal Maturity Date:** 2025-10-30
- **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 8: U.S. TREASURY SECURITIES

- **C.1 - Title:** UNITED STATES TREASURY BILL
- **C.6 - Investment Category:** U.S. Treasury Debt
- **Identifiers:** C.3 - CUSIP: 912797MG9, C.4 - ISIN: US912797MG92, C.3 - LEI: 254900HROIFWPRGM1V77
- **C.18 - Value (incl. sponsor support):** $49612268.50
- **C.18.a - Value (excl. sponsor support):** $49612268.50
- **C.19 - Percentage of Net Assets:** 5.5300%
- **C.17 - Yield as of Reporting Date:** 4.2800%
- **C.11 - Maturity Date (WAM):** 2025-08-07
- **C.12 - Maturity Date (WAL):** 2025-08-07
- **C.13 - Final Legal Maturity Date:** 2025-08-07
- **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 9: U.S. TREASURY SECURITIES

- **C.1 - Title:** UNITED STATES TREASURY BILL
- **C.6 - Investment Category:** U.S. Treasury Debt
- **Identifiers:** C.3 - CUSIP: 912797MH7, C.4 - ISIN: US912797MH75, C.3 - LEI: 254900HROIFWPRGM1V77
- **C.18 - Value (incl. sponsor support):** $49449512.50
- **C.18.a - Value (excl. sponsor support):** $49449512.50
- **C.19 - Percentage of Net Assets:** 5.5100%
- **C.17 - Yield as of Reporting Date:** 4.1700%
- **C.11 - Maturity Date (WAM):** 2025-09-04
- **C.12 - Maturity Date (WAL):** 2025-09-04
- **C.13 - Final Legal Maturity Date:** 2025-09-04
- **C.10 - Ratings:** Standard and Poor's: AA+; Moody's: Aa1; 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 10: BOFA SECURITIES INC

- **C.1 - Title:** BOFA SECURITIES INC
- **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.3 - LEI: N/A, C.5 - Other ID: BOF125602
- **C.18 - Value (incl. sponsor support):** $200000000.00
- **C.18.a - Value (excl. sponsor support):** $200000000.00
- **C.19 - Percentage of Net Assets:** 22.2900%
- **C.17 - Yield as of Reporting Date:** 4.3300%
- **C.11 - Maturity Date (WAM):** 2025-06-02
- **C.12 - Maturity Date (WAL):** 2025-06-02
- **C.13 - Final Legal Maturity Date:** 2025-06-02
- **C.10 - Ratings:** Fitch: NR; Moody's: NR; Standard and Poor's: 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?:** No

- **Is Tri-party?:** Yes

**Collateral:**
| Issuer Name   | Maturity Date   | Coupon                  | Yield   | Principal Amount   | Collateral Value   | Category                           |
|:---|:---|:---|:---|:---|:---|:---|
| USTR          |  | 0.00000000 - 1.25000000 | N/A     | $583194500.00      | $204000020.30      | U.S. Treasuries (including strips) |

### 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: 912797NW3, C.4 - ISIN: US912797NW34, C.3 - LEI: 254900HROIFWPRGM1V77
- **C.18 - Value (incl. sponsor support):** $49859470.00
- **C.18.a - Value (excl. sponsor support):** $49859470.00
- **C.19 - Percentage of Net Assets:** 5.5600%
- **C.17 - Yield as of Reporting Date:** 4.2600%
- **C.11 - Maturity Date (WAM):** 2025-06-26
- **C.12 - Maturity Date (WAL):** 2025-06-26
- **C.13 - Final Legal Maturity Date:** 2025-06-26
- **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 12: U.S. TREASURY SECURITIES

- **C.1 - Title:** UNITED STATES TREASURY BILL
- **C.6 - Investment Category:** U.S. Treasury Debt
- **Identifiers:** C.3 - CUSIP: 912797QE0, C.4 - ISIN: US912797QE09, C.3 - LEI: 254900HROIFWPRGM1V77
- **C.18 - Value (incl. sponsor support):** $49251871.50
- **C.18.a - Value (excl. sponsor support):** $49251871.50
- **C.19 - Percentage of Net Assets:** 5.4900%
- **C.17 - Yield as of Reporting Date:** 4.1300%
- **C.11 - Maturity Date (WAM):** 2025-10-09
- **C.12 - Maturity Date (WAL):** 2025-10-09
- **C.13 - Final Legal Maturity Date:** 2025-10-09
- **C.10 - Ratings:** Standard and Poor's: AA+; Moody's: Aa1; 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 13: U.S. TREASURY SECURITIES

- **C.1 - Title:** UNITED STATES TREASURY BILL
- **C.6 - Investment Category:** U.S. Treasury Debt
- **Identifiers:** C.3 - CUSIP: 912797QB6, C.4 - ISIN: US912797QB69, C.3 - LEI: 254900HROIFWPRGM1V77
- **C.18 - Value (incl. sponsor support):** $49707284.50
- **C.18.a - Value (excl. sponsor support):** $49707284.50
- **C.19 - Percentage of Net Assets:** 5.5400%
- **C.17 - Yield as of Reporting Date:** 4.2500%
- **C.11 - Maturity Date (WAM):** 2025-07-22
- **C.12 - Maturity Date (WAL):** 2025-07-22
- **C.13 - Final Legal Maturity Date:** 2025-07-22
- **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:** 2025-06-05

**By:** Carol Trevino

**Name of Signing Officer:** Carol Trevino

**Title of Signing Officer:** Treasurer