# EDGAR Filing Document

**Accession Number:** 0000908695
**File Stem:** 0001004726-25-002608
**Filing Date:** 2025-12
**Character Count:** 24835
**Document Hash:** 380a76f0897c0f36e83c1307df8fdbfe
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001004726-25-002608.hdr.sgml**: 20251205

**ACCESSION NUMBER**: 0001004726-25-002608

**CONFORMED SUBMISSION TYPE**: N-MFP3

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251130

**FILED AS OF DATE**: 20251205

**DATE AS OF CHANGE**: 20251204

**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:** 251550818

**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):** 2025-11-30

**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:** 34 days

- **WAL:** 34 days

- **Total Value of Portfolio Securities:** $1024490671.50

- **Amortized Cost of Portfolio Securities:** $1024436598.48

- **Cash:** $3572605.16

- **Total Other Assets:** $405836.83

- **Total Liabilities:** $3433071.34

- **Net Assets of Series:** $1024981969.13

- **Number of Shares Outstanding (Series):** 1024988991.1370

- **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 (%)   |
|:---|:---|:---|:---|:---|
| 2025-11-03 | $1004255442.52            | $1004255442.52             | 99.9700%                  | 99.9700%                   |
| 2025-11-04 | $1004000597.54            | $1004000597.54             | 99.9700%                  | 99.9700%                   |
| 2025-11-05 | $1003185858.01            | $1003185858.01             | 99.9700%                  | 99.9700%                   |
| 2025-11-06 | $1062520615.79            | $1062520615.79             | 99.9700%                  | 99.9700%                   |
| 2025-11-07 | $1062721479.85            | $1062721479.85             | 99.9700%                  | 99.9700%                   |
| 2025-11-10 | $1066685235.63            | $1066685235.63             | 99.9700%                  | 99.9700%                   |
| 2025-11-11 | $1066227283.17            | $1066227283.17             | 99.9600%                  | 99.9600%                   |
| 2025-11-12 | $1164452177.10            | $1164452177.10             | 99.9700%                  | 99.9700%                   |
| 2025-11-13 | $1065829977.37            | $1065829977.37             | 99.9700%                  | 99.9700%                   |
| 2025-11-14 | $1066149510.14            | $1066149510.14             | 99.9700%                  | 99.9700%                   |
| 2025-11-17 | $1067226437.89            | $1067226437.89             | 99.9700%                  | 99.9700%                   |
| 2025-11-18 | $1027278077.28            | $1027278077.28             | 99.9700%                  | 99.9700%                   |
| 2025-11-19 | $1077454705.32            | $1077454705.32             | 99.9700%                  | 99.9700%                   |
| 2025-11-20 | $1028641553.10            | $1028641553.10             | 99.9700%                  | 99.9700%                   |
| 2025-11-21 | $1028878865.10            | $1028878865.10             | 99.9700%                  | 99.9700%                   |
| 2025-11-24 | $1029298646.51            | $1029298646.51             | 99.9700%                  | 99.9700%                   |
| 2025-11-25 | $1029043282.79            | $1029043282.79             | 99.9700%                  | 99.9700%                   |
| 2025-11-26 | $1028250405.43            | $1028250405.43             | 99.9700%                  | 99.9700%                   |
| 2025-11-28 | $1027901421.55            | $1027901421.55             | 99.9700%                  | 99.9700%                   |

### 7-Day Gross Yield
| Date       | 7-Day Gross Yield   |
|:---|:---|
| 2025-11-03 | 4.1300%             |
| 2025-11-04 | 4.1100%             |
| 2025-11-05 | 4.0800%             |
| 2025-11-06 | 4.0800%             |
| 2025-11-07 | 4.0600%             |
| 2025-11-10 | 4.0000%             |
| 2025-11-11 | 4.0000%             |
| 2025-11-12 | 4.0000%             |
| 2025-11-13 | 4.0000%             |
| 2025-11-14 | 4.0000%             |
| 2025-11-17 | 4.0000%             |
| 2025-11-18 | 3.9900%             |
| 2025-11-19 | 3.9700%             |
| 2025-11-20 | 3.9700%             |
| 2025-11-21 | 3.9600%             |
| 2025-11-24 | 3.9500%             |
| 2025-11-25 | 3.9600%             |
| 2025-11-26 | 3.9700%             |
| 2025-11-28 | 3.9900%             |

### Daily Net Asset Value per Share (Series)
| Date       | Net Asset Value per Share   |
|:---|:---|
| 2025-11-03 | 1.0001                      |
|  |  |
| 2025-11-04 | 1.0001                      |
|  |  |
| 2025-11-05 | 1.0001                      |
|  |  |
| 2025-11-06 | 1.0001                      |
|  |  |
| 2025-11-07 | 1.0002                      |
|  |  |
| 2025-11-10 | 1.0001                      |
|  |  |
| 2025-11-11 | 1.0001                      |
|  |  |
| 2025-11-12 | 1.0001                      |
|  |  |
| 2025-11-13 | 1.0000                      |
|  |  |
| 2025-11-14 | 1.0001                      |
|  |  |
| 2025-11-17 | 1.0000                      |
|  |  |
| 2025-11-18 | 1.0000                      |
|  |  |
| 2025-11-19 | 1.0000                      |
|  |  |
| 2025-11-20 | 1.0000                      |
|  |  |
| 2025-11-21 | 1.0002                      |
|  |  |
| 2025-11-24 | 1.0000                      |
|  |  |
| 2025-11-25 | 1.0000                      |
|  |  |
| 2025-11-26 | 1.0001                      |
|  |  |
| 2025-11-28 | 1.0002                      |
|  |  |

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

### Class: Victory Treasury Money Market Trust

- **Minimum Initial Investment:** $3000.00

- **Net Assets of Class:** $1024981969.13

- **Number of Shares Outstanding:** 1024988991.1370

- **Expense Reimbursement/Waiver:** 219.34

**Daily Net Asset Value per Share (Class)**
| Date       | NAV per Share   |
|:---|:---|
| 2025-11-03 | 1.0001          |
|  |  |
| 2025-11-04 | 1.0001          |
|  |  |
| 2025-11-05 | 1.0001          |
|  |  |
| 2025-11-06 | 1.0001          |
|  |  |
| 2025-11-07 | 1.0002          |
|  |  |
| 2025-11-10 | 1.0001          |
|  |  |
| 2025-11-11 | 1.0001          |
|  |  |
| 2025-11-12 | 1.0001          |
|  |  |
| 2025-11-13 | 1.0000          |
|  |  |
| 2025-11-14 | 1.0001          |
|  |  |
| 2025-11-17 | 1.0000          |
|  |  |
| 2025-11-18 | 1.0000          |
|  |  |
| 2025-11-19 | 1.0000          |
|  |  |
| 2025-11-20 | 1.0000          |
|  |  |
| 2025-11-21 | 1.0002          |
|  |  |
| 2025-11-24 | 1.0000          |
|  |  |
| 2025-11-25 | 1.0000          |
|  |  |
| 2025-11-26 | 1.0001          |
|  |  |
| 2025-11-28 | 1.0002          |
|  |  |

**Daily Shareholder Flows**
| Date       | Gross Subscriptions ($)   | Gross Redemptions ($)   |
|:---|:---|:---|
| 2025-11-03 | $3586460.92               | $53592.88               |
| 2025-11-04 | $465566.08                | $559904.17              |
| 2025-11-05 | $85624.26                 | $1013113.97             |
| 2025-11-06 | $59816202.75              | $591086.58              |
| 2025-11-07 | $158602.89                | $71099.32               |
| 2025-11-10 | $4187879.21               | $572130.65              |
| 2025-11-11 | $115950.39                | $981755.52              |
| 2025-11-12 | $109198.04                | $238007.49              |
| 2025-11-13 | $84619.20                 | $298474.70              |
| 2025-11-14 | $489427.30                | $281520.13              |
| 2025-11-17 | $881130.94                | $151885.77              |
| 2025-11-18 | $1233456.11               | $41298384.29            |
| 2025-11-19 | $737494.07                | $62663.25               |
| 2025-11-20 | $640817.32                | $171835.51              |
| 2025-11-21 | $719297.36                | $592453.40              |
| 2025-11-24 | $163172.67                | $76597.65               |
| 2025-11-25 | $826145.59                | $1192416.83             |
| 2025-11-26 | $219602.75                | $1123363.28             |
| 2025-11-28 | $189987.81                | $755570.22              |

**Total Gross Subscriptions (Month):** $74710635.66

**Total Gross Redemptions (Month):** $50085855.61

**7-Day Net Yield (Class)**
| Date       | 7-Day Net Yield   |
|:---|:---|
| 2025-11-03 | 3.7800%           |
| 2025-11-04 | 3.7600%           |
| 2025-11-05 | 3.7300%           |
| 2025-11-06 | 3.7300%           |
| 2025-11-07 | 3.7100%           |
| 2025-11-10 | 3.6500%           |
| 2025-11-11 | 3.6500%           |
| 2025-11-12 | 3.6500%           |
| 2025-11-13 | 3.6500%           |
| 2025-11-14 | 3.6500%           |
| 2025-11-17 | 3.6500%           |
| 2025-11-18 | 3.6400%           |
| 2025-11-19 | 3.6200%           |
| 2025-11-20 | 3.6200%           |
| 2025-11-21 | 3.6100%           |
| 2025-11-24 | 3.6000%           |
| 2025-11-25 | 3.6100%           |
| 2025-11-26 | 3.6200%           |
| 2025-11-28 | 3.6400%           |

**Beneficial/Record Owner Categories**
| Category                                            | Other Category                                | Record Owner %   | Beneficial Owner %   |
|:---|:---|:---|:---|
| Depository institution or other banking institution |  | 56.8800%         | 0.0000%              |
| Other                                               | Diversified Global Investment Management Firm | 16.0700%         | 0.0000%              |

## Part C: Schedule of Portfolio Securities

### Security 1: 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: BOF125C01
- **C.18 - Value (incl. sponsor support):** $200000000.00
- **C.18.a - Value (excl. sponsor support):** $200000000.00
- **C.19 - Percentage of Net Assets:** 19.5100%
- **C.17 - Yield as of Reporting Date:** 4.0700%
- **C.11 - Maturity Date (WAM):** 2025-12-01
- **C.12 - Maturity Date (WAL):** 2025-12-01
- **C.13 - Final Legal Maturity Date:** 2025-12-01
- **C.10 - Ratings:** Fitch: NR; Moody's: NR; Standard and Poor's: NR
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? 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 - 0.87500000 | N/A     | $456408840.58      | $204000001.02      | U.S. Treasuries (including strips) |

### Security 2: 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: FIC125C01
- **C.18 - Value (incl. sponsor support):** $328000000.00
- **C.18.a - Value (excl. sponsor support):** $328000000.00
- **C.19 - Percentage of Net Assets:** 32.0000%
- **C.17 - Yield as of Reporting Date:** 4.0600%
- **C.11 - Maturity Date (WAM):** 2025-12-01
- **C.12 - Maturity Date (WAL):** 2025-12-01
- **C.13 - Final Legal Maturity Date:** 2025-12-01
- **C.10 - Ratings:** Fitch: NR; Moody's: NR; Standard and Poor's: NR
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? 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          |  | 4.25000000 - 4.62500000 | N/A     | $339644100.00      | $334560112.52      | U.S. Treasuries (including strips) |

### 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: 912797SZ1, C.4 - ISIN: US912797SZ10, C.3 - LEI: N/A
- **C.18 - Value (incl. sponsor support):** $49452333.50
- **C.18.a - Value (excl. sponsor support):** $49452333.50
- **C.19 - Percentage of Net Assets:** 4.8200%
- **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:** 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: 912797SP3, C.4 - ISIN: US912797SP38, C.3 - LEI: N/A
- **C.18 - Value (incl. sponsor support):** $49202134.50
- **C.18.a - Value (excl. sponsor support):** $49202134.50
- **C.19 - Percentage of Net Assets:** 4.8000%
- **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+; 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: 912797RR0, C.4 - ISIN: US912797RR03, C.3 - LEI: 254900HROIFWPRGM1V77
- **C.18 - Value (incl. sponsor support):** $49994599.50
- **C.18.a - Value (excl. sponsor support):** $49994599.50
- **C.19 - Percentage of Net Assets:** 4.8800%
- **C.17 - Yield as of Reporting Date:** 4.1800%
- **C.11 - Maturity Date (WAM):** 2025-12-02
- **C.12 - Maturity Date (WAL):** 2025-12-02
- **C.13 - Final Legal Maturity Date:** 2025-12-02
- **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 6: U.S. TREASURY SECURITIES

- **C.1 - Title:** UNITED STATES TREASURY BILL
- **C.6 - Investment Category:** U.S. Treasury Debt
- **Identifiers:** C.3 - CUSIP: 912797QY6, C.4 - ISIN: US912797QY62, C.3 - LEI: 254900HROIFWPRGM1V77
- **C.18 - Value (incl. sponsor support):** $49945709.50
- **C.18.a - Value (excl. sponsor support):** $49945709.50
- **C.19 - Percentage of Net Assets:** 4.8700%
- **C.17 - Yield as of Reporting Date:** 4.2200%
- **C.11 - Maturity Date (WAM):** 2025-12-11
- **C.12 - Maturity Date (WAL):** 2025-12-11
- **C.13 - Final Legal Maturity Date:** 2025-12-11
- **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 7: U.S. TREASURY SECURITIES

- **C.1 - Title:** UNITED STATES TREASURY BILL
- **C.6 - Investment Category:** U.S. Treasury Debt
- **Identifiers:** C.3 - CUSIP: 912797RA7, C.4 - ISIN: US912797RA77, C.3 - LEI: 254900HROIFWPRGM1V77
- **C.18 - Value (incl. sponsor support):** $49831084.50
- **C.18.a - Value (excl. sponsor support):** $49831084.50
- **C.19 - Percentage of Net Assets:** 4.8600%
- **C.17 - Yield as of Reporting Date:** 4.0000%
- **C.11 - Maturity Date (WAM):** 2026-01-02
- **C.12 - Maturity Date (WAL):** 2026-01-02
- **C.13 - Final Legal Maturity Date:** 2026-01-02
- **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: 912797RJ8, C.4 - ISIN: US912797RJ86, C.3 - LEI: 254900HROIFWPRGM1V77
- **C.18 - Value (incl. sponsor support):** $49761900.00
- **C.18.a - Value (excl. sponsor support):** $49761900.00
- **C.19 - Percentage of Net Assets:** 4.8500%
- **C.17 - Yield as of Reporting Date:** 4.2100%
- **C.11 - Maturity Date (WAM):** 2026-01-15
- **C.12 - Maturity Date (WAL):** 2026-01-15
- **C.13 - Final Legal Maturity Date:** 2026-01-15
- **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 9: 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: N/A
- **C.18 - Value (incl. sponsor support):** $49525944.50
- **C.18.a - Value (excl. sponsor support):** $49525944.50
- **C.19 - Percentage of Net Assets:** 4.8300%
- **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+; 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 10: U.S. TREASURY SECURITIES

- **C.1 - Title:** UNITED STATES TREASURY BILL
- **C.6 - Investment Category:** U.S. Treasury Debt
- **Identifiers:** C.3 - CUSIP: 912797RH2, C.4 - ISIN: US912797RH21, C.3 - LEI: 254900HROIFWPRGM1V77
- **C.18 - Value (incl. sponsor support):** $49799471.00
- **C.18.a - Value (excl. sponsor support):** $49799471.00
- **C.19 - Percentage of Net Assets:** 4.8600%
- **C.17 - Yield as of Reporting Date:** 3.8800%
- **C.11 - Maturity Date (WAM):** 2026-01-08
- **C.12 - Maturity Date (WAL):** 2026-01-08
- **C.13 - Final Legal Maturity Date:** 2026-01-08
- **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 11: 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.18 - Value (incl. sponsor support):** $49342207.50
- **C.18.a - Value (excl. sponsor support):** $49342207.50
- **C.19 - Percentage of Net Assets:** 4.8100%
- **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:** 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 12: U.S. TREASURY SECURITIES

- **C.1 - Title:** UNITED STATES TREASURY BILL
- **C.6 - Investment Category:** U.S. Treasury Debt
- **Identifiers:** C.3 - CUSIP: 912797SQ1, C.4 - ISIN: US912797SQ11, C.3 - LEI: 254900HROIFWPRGM1V77
- **C.18 - Value (incl. sponsor support):** $49635287.00
- **C.18.a - Value (excl. sponsor support):** $49635287.00
- **C.19 - Percentage of Net Assets:** 4.8400%
- **C.17 - Yield as of Reporting Date:** 3.8300%
- **C.11 - Maturity Date (WAM):** 2026-02-10
- **C.12 - Maturity Date (WAL):** 2026-02-10
- **C.13 - Final Legal Maturity Date:** 2026-02-10
- **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

## N-MFP: Signatures

**Registrant:** Victory Portfolios III

**Date:** 2025-12-04

**By:** Carol Trevino

**Name of Signing Officer:** Carol Trevino

**Title of Signing Officer:** Treasurer