# EDGAR Filing Document

**Accession Number:** 0000802716
**File Stem:** 0001004726-25-002234
**Filing Date:** 2025-11
**Character Count:** 27376
**Document Hash:** 863238f03b8a8a8e02d0d3b730dbd3ef
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001004726-25-002234.hdr.sgml**: 20251125

**ACCESSION NUMBER**: 0001004726-25-002234

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251125

**DATE AS OF CHANGE**: 20251125

**PERIOD START**: 20251231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** VICTORY PORTFOLIOS
- **CENTRAL INDEX KEY:** 0000802716

**ORGANIZATION NAME:**
- **EIN:** 316364605
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04852
- **FILM NUMBER:** 251520318

**BUSINESS ADDRESS:**
- **STREET 1:** 4900 TIEDEMAN ROAD
- **CITY:** BROOKLYN
- **STATE:** OH
- **ZIP:** 44144
- **BUSINESS PHONE:** 6144708000

**MAIL ADDRESS:**
- **STREET 1:** 4900 TIEDEMAN ROAD
- **CITY:** BROOKLYN
- **STATE:** OH
- **ZIP:** 44144

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SOCIETY FUNDS
- **DATE OF NAME CHANGE:** 19940906

## Series and Classes Contracts Data

### Victory Tax-Exempt Fund (Series ID: S000053573)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000168378 | Class A      | GUTEX           |
| C000168379 | Class C      | RETCX           |
| C000168380 | Class Y      | RSTYX           |

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Victory Portfolios

- **b. Investment Company Act file number:** 811-04852

- **c. CIK number of Registrant:** 0000802716

- **d. LEI of Registrant:** 549300V07N3HJP1EW330

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 15935 La Cantera Parkway Building Two

  - **City:** San Antonio

  - **State:** TX

  - **Foreign country:** US

  - **Zip / Postal Code:** 78256

  - **Telephone number:** 800-539-3863

**Item A.2. Information about the Series.**

- **a. Name of Series:** Victory Tax-Exempt Fund

- **b. EDGAR series identifier (if any):** S000053573

- **c. LEI of Series:** 549300YS0Y03XX1L0013

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-12-31

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $32740518.92

**Total Liabilities:** $154363.83

**Net Assets:** $32586155.09

**Cash Not Reported:** $131445.18

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** -28.65294804 | **1-Year:** -798.65693707 | **5-Year:** -2866.25754496 | **10-Year:** -10538.92666106 | **30-Year:** -7383.95539156

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** -0.33501722 | **1-Year:** -8.54701174 | **5-Year:** -57.33213802 | **10-Year:** -90.84039398 | **30-Year:** -11.91410764

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000168380 | -1.27%               | 0.49%                | 3.64%                |
| Class ID C000168379 | -1.35%               | 0.41%                | 3.57%                |
| Class ID C000168378 | -1.16%               | 0.48%                | 3.50%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $16445.44                | $-531738.05                                |
| Month 2  | $-881.15                 | $37856.48                                  |
| Month 3  | $0.00                    | $1013423.77                                |

### Schedule of Portfolio Investments

| Name                                                      | Title                                              | Identifiers                  | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| PHOENIX ARIZ CIVIC IMPT CORP ARPT REV                     | CITY OF PHOENIX CIVIC IMPROVEMENT CORP             | CUSIP: 71883MPY4<br>LEI: N/A | Long             | DBT              | MUN               | US        |    540000 | PA      | $543139.01    | 1.67%             | 2044-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MOBILE CNTY ALA INDL DEV AUTH SOLID WASTE DISP REV        | MOBILE COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY     | CUSIP: 60733UAA9<br>LEI: N/A | Long             | DBT              | MUN               | US        |    250000 | PA      | $239213.52    | 0.73%             | 2054-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HARDIN CNTY OHIO ECONOMIC DEV FACS REV                    | HARDIN CNTY OH ECON DEV FACILITIES REVENUE         | CUSIP: 412003AB1<br>LEI: N/A | Long             | DBT              | MUN               | US        |    350000 | PA      | $347665.69    | 1.07%             | 2030-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PRIVATE COLLEGES & UNIVS AUTH GA REV                      | PRIVATE COLLEGES UNIVERSITIES AUTHORITY            | CUSIP: 74265L2K3<br>LEI: N/A | Long             | DBT              | MUN               | US        |    500000 | PA      | $513082.96    | 1.57%             | 2051-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| DETROIT MICH                                              | CITY OF DETROIT MI                                 | CUSIP: 2510936E5<br>LEI: N/A | Long             | DBT              | MUN               | US        |    250000 | PA      | $272938.19    | 0.84%             | 2043-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| COLORADO HEALTH FACS AUTH REV                             | COLORADO ST HLTH FACS AUTH HOSP REVENUE            | CUSIP: 19648FRW6<br>LEI: N/A | Long             | DBT              | MUN               | US        |    750000 | PA      | $606583.90    | 1.86%             | 2050-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| UNIVERSITY CENT ARK                                       | UNIV OF CENTRAL ARKANSAS AR REVENUE                | CUSIP: 914115T34<br>LEI: N/A | Long             | DBT              | MUN               | US        |    265000 | PA      | $186575.59    | 0.57%             | 2049-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| GAITHERSBURG MD ECONOMIC DEV REV                          | CITY OF GAITHERSBURG MD                            | CUSIP: 363128CY3<br>LEI: N/A | Long             | DBT              | MUN               | US        |    250000 | PA      | $249674.53    | 0.77%             | 2042-01-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| POMPANO BEACH FLA REV                                     | POMPANO BEACH FL REVENUE                           | CUSIP: 732203BE3<br>LEI: N/A | Long             | DBT              | MUN               | US        |    500000 | PA      | $394583.89    | 1.21%             | 2050-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| METROPOLITAN TRANSN AUTH N Y DEDICATED TAX FD             | METROPOLITAN TRANSPORTATION AUTHORITY OF NY        | CUSIP: 59259N3N1<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1545000 | PA      | $1546977.34   | 4.75%             | 2056-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LEE CNTY FLA ARPT REV                                     | COUNTY OF LEE FL AIRPORT REVENUE                   | CUSIP: 523470HY1<br>LEI: N/A | Long             | DBT              | MUN               | US        |    500000 | PA      | $511892.43    | 1.57%             | 2054-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ARLINGTON TEX HIGHER ED FIN CORP ED REV                   | ARLINGTON HIGHER EDUCATION FINANCE CORP            | CUSIP: 041807LR7<br>LEI: N/A | Long             | DBT              | MUN               | US        |    500000 | PA      | $431321.53    | 1.32%             | 2054-08-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                               | STATE OF ILLINOIS                                  | CUSIP: 452153FM6<br>LEI: N/A | Long             | DBT              | MUN               | US        |    500000 | PA      | $466883.09    | 1.43%             | 2048-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| BROWARD CNTY FLA PORT FACS REV                            | COUNTY OF BROWARD FL PORT FACILITIES REVENUE       | CUSIP: 11506KFK2<br>LEI: N/A | Long             | DBT              | MUN               | US        |    500000 | PA      | $433257.75    | 1.33%             | 2049-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN FIN AUTH REV                                     | MICHIGAN FINANCE AUTHORITY                         | CUSIP: 59447TVE0<br>LEI: N/A | Long             | DBT              | MUN               | US        |    500000 | PA      | $433193.66    | 1.33%             | 2050-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| UTAH INFRASTRUCTURE AGY TELECOMMUNICATION REV             | UTAH INFRASTRUCTURE AGY TELECOMUNICATION REVENUE   | CUSIP: 917467AJ1<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $956626.05    | 2.94%             | 2040-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| N Y CNTYS TOB TR II                                       | NY CNTYS TOB TR II                                 | CUSIP: 62947VAP2<br>LEI: N/A | Long             | DBT              | MUN               | US        |    170000 | PA      | $170337.35    | 0.52%             | 2043-06-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| FRANKLIN CNTY OHIO HEALTH CARE FACS REV                   | FRANKLIN CNTY OH HLTH CARE FACS REVENUE            | CUSIP: 353180KV3<br>LEI: N/A | Long             | DBT              | MUN               | US        |    500000 | PA      | $469662.28    | 1.44%             | 2045-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ECONOMIC DEV FING AUTH UPMC REV              | PENNSYLVANIA ECONOMIC DEVELOPMENT FINANCING AUTHOR | CUSIP: 70870JFN3<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $851791.38    | 2.61%             | 2053-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SCHENECTADY CNTY N Y CAP RESOURCE CORP REV                | SCHENECTADY COUNTY CAPITAL RESOURCE CORP           | CUSIP: 806418BF5<br>LEI: N/A | Long             | DBT              | MUN               | US        |    200000 | PA      | $208061.80    | 0.64%             | 2052-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MISSOURI ST HEALTH & EDL FACS AUTH EDL FACS REV           | MISSOURI ST HLTH EDUCTNL FACS AUTH EDUCTNL FACS    | CUSIP: 60636APU1<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1035900.63   | 3.18%             | 2042-12-01      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| IOWA FIN AUTH REV                                         | IOWA ST FIN AUTH REVENUE                           | CUSIP: 46246K6Y3<br>LEI: N/A | Long             | DBT              | MUN               | US        |    500000 | PA      | $381612.32    | 1.17%             | 2055-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA MED CARE COMMN HEALTH CARE FACS REV        | NORTH CAROLINA MEDICAL CARE COMMISSION             | CUSIP: 65821DXT3<br>LEI: N/A | Long             | DBT              | MUN               | US        |    350000 | PA      | $297628.65    | 0.91%             | 2050-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| METROPOLITAN TRANSN AUTH N Y REV                          | MET TRANSPRTN AUTH NY REVENUE                      | CUSIP: 59261AH83<br>LEI: N/A | Long             | DBT              | MUN               | US        |    500000 | PA      | $436906.62    | 1.34%             | 2049-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BUCKEYE OHIO TOB SETTLEMENT FING AUTH                     | BUCKEYE OH TOBACCO SETTLEMENT FING AUTH            | CUSIP: 118217CZ9<br>LEI: N/A | Long             | DBT              | MUN               | US        |    900000 | PA      | $765921.82    | 2.35%             | 2055-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOGAN ELM OHIO LOC SCH DIST                               | LOGAN ELM OH LOCAL SCH DIST                        | CUSIP: 540890CC2<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1313415.76   | 4.03%             | 2055-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN FIN AUTH LTD OBLIG REV                           | MICHIGAN FINANCE AUTHORITY                         | CUSIP: 594479HL4<br>LEI: N/A | Long             | DBT              | MUN               | US        |    445000 | PA      | $268446.97    | 0.82%             | 2051-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TSASC INC N Y                                             | TSASC INC NY REF SER A                             | CUSIP: 898526FF0<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $994789.81    | 3.05%             | 2041-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA DEV FIN CORP EDL FACS REV                         | FLORIDA DEVELOPMENT FINANCE CORP                   | CUSIP: 34061UFY9<br>LEI: N/A | Long             | DBT              | MUN               | US        |    500000 | PA      | $467384.64    | 1.43%             | 2055-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BUILD NYC RESOURCE CORP N Y REV                           | BUILD NYC RESOURCE CORP                            | CUSIP: 12008EUH7<br>LEI: N/A | Long             | DBT              | MUN               | US        |    350000 | PA      | $321167.59    | 0.99%             | 2053-06-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| ST JOHNS CNTY FLA INDL DEV AUTH REV                       | SAINT JOHNS CNTY FL INDL DEV AUTH REVENUE          | CUSIP: 790417AR0<br>LEI: N/A | Long             | DBT              | MUN               | US        |    500000 | PA      | $398932.34    | 1.22%             | 2055-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS DIST ALA GAS PROJ REV               | BLACK BELT ENERGY GAS DISTRICT                     | CUSIP: 09182TEV5<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1038615.72   | 3.19%             | 2056-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ST HEALTH & EDL FACS AUTH REV                   | WISCONSIN HEALTH EDUCATIONAL FACILITIES AUTHORIT   | CUSIP: 97712JED1<br>LEI: N/A | Long             | DBT              | MUN               | US        |    500000 | PA      | $408570.37    | 1.25%             | 2047-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| UTAH ST CHARTER SCH FIN AUTH CHARTER SCH REV              | UTAH CHARTER SCHOOL FINANCE AUTHORITY              | CUSIP: 91754TS61<br>LEI: N/A | Long             | DBT              | MUN               | US        |    250000 | PA      | $250480.56    | 0.77%             | 2042-06-15      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| NATIONAL FIN AUTH N H REV                                 | NEW HAMPSHIRE BUSINESS FINANCE AUTHORITY           | CUSIP: 63607YBJ8<br>LEI: N/A | Long             | DBT              | MUN               | US        |    500000 | PA      | $499506.65    | 1.53%             | 2048-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CLIFTON TEX HIGHER ED FIN CORP ED REV                     | CLIFTON HIGHER EDUCATION FINANCE CORP              | CUSIP: 187145SB4<br>LEI: N/A | Long             | DBT              | MUN               | US        |    750000 | PA      | $681393.99    | 2.09%             | 2053-04-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| OHIO ST HIGHER EDL FAC COMMN  REV                         | OHIO HIGHER EDUCATIONAL FACILITY COMMISSION        | CUSIP: 67756DJ80<br>LEI: N/A | Long             | DBT              | MUN               | US        |    250000 | PA      | $256837.04    | 0.79%             | 2047-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| HILLSBOROUGH CNTY FLA INDL DEV AUTH HOSP REV              | HILLSBOROUGH CNTY FL INDL DEVAUTH HOSP REVENUE     | CUSIP: 43233AFD3<br>LEI: N/A | Long             | DBT              | MUN               | US        |    500000 | PA      | $438937.26    | 1.35%             | 2050-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| INDIANA FIN AUTH EDL FACS REV                             | INDIANA FINANCE AUTHORITY                          | CUSIP: 45470ECT0<br>LEI: N/A | Long             | DBT              | MUN               | US        |    500000 | PA      | $504858.02    | 1.55%             | 2052-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CALIF CITY & CNTY ARPTS COMMN INTL ARPT REV | SAN FRANCISCO CITY COUNTY AIRPORT COMM SAN FRANC   | CUSIP: 79766DUG2<br>LEI: N/A | Long             | DBT              | MUN               | US        |    500000 | PA      | $435198.97    | 1.34%             | 2052-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA MED CARE COMMN RETIREMENT FACS REV         | NORTH CAROLINA ST MED CARE COMMISSION RETMNT FACS  | CUSIP: 65820YSD9<br>LEI: N/A | Long             | DBT              | MUN               | US        |    500000 | PA      | $393316.42    | 1.21%             | 2050-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| COLORADO EDL & CULTURAL FACS AUTH REV                     | COLORADO EDUCATIONAL CULTURAL FACILITIES AUTHORI   | CUSIP: 19645UPV0<br>LEI: N/A | Long             | DBT              | MUN               | US        |    500000 | PA      | $447704.89    | 1.37%             | 2053-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| GOLD HILL MESA MET DIST NO 2 COLO LTD TAX & SPL REV       | GOLD HILL MESA METROPOLITAN DISTRICT NO 2          | CUSIP: 38060PAN1<br>LEI: N/A | Long             | DBT              | MUN               | US        |    585000 | PA      | $602701.84    | 1.85%             | 2047-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CHICAGO ILL BRD ED DEDICATED CAP IMPT                     | CHICAGO IL BRD OF EDU DEDICATED CAPITAL IMPT       | CUSIP: 167510AA4<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1275000 | PA      | $1293853.99   | 3.97%             | 2046-04-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FLA SEAPORT REV                           | COUNTY OF MIAMI DADE SEAPORT DEPARTMENT            | CUSIP: 59335KDL8<br>LEI: N/A | Long             | DBT              | MUN               | US        |    500000 | PA      | $436674.77    | 1.34%             | 2050-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSN TR FD AUTH                           | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH            | CUSIP: 6461365P2<br>LEI: N/A | Long             | DBT              | MUN               | US        |    200000 | PA      | $163982.04    | 0.50%             | 2046-06-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| MILITARY INSTALLATION DEV AUTH UTAH TAX ALLOCATION REV    | MILITARY INSTALLATION DEVELOPMENT AUTHORITY        | CUSIP: 599772AB6<br>LEI: N/A | Long             | DBT              | MUN               | US        |    250000 | PA      | $219848.84    | 0.67%             | 2041-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SALES TAX SECURITIZATION CORP ILL                         | SALES TAX SECURITIZATION CORP IL                   | CUSIP: 79467BCH6<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1516624.49   | 4.65%             | 2043-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CAPITAL TR AGY FLA EDL FACS REV                           | CAPITAL TRUST AGENCY INC                           | CUSIP: 14054CDF3<br>LEI: N/A | Long             | DBT              | MUN               | US        |    400000 | PA      | $380720.00    | 1.17%             | 2055-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARKANSAS DEV FIN AUTH HEALTH CARE REV                     | BAPTIST HEALTH OBLIG GRP                           | CUSIP: 04084RBH3<br>LEI: N/A | Long             | DBT              | MUN               | US        |    750000 | PA      | $548578.26    | 1.68%             | 2049-12-01      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH REVS NON ST SUPPORTED DEBT          | NEW YORK STATE DORMITORY AUTHORITY                 | CUSIP: 64990G3K6<br>LEI: N/A | Long             | DBT              | MUN               | US        |    130000 | PA      | $115106.69    | 0.35%             | 2040-07-01      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| CHICAGO ILL WASTEWATER TRANSMISSION REV                   | CHICAGO IL WSTWTR TRANSMISSION REVENUE             | CUSIP: 167727YK6<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1002825.55   | 3.08%             | 2047-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNIVERSITY MASS BLDG AUTH PROJ REV                        | UNIVERSITY OF MASSACHUSETTS BUILDING AUTHORITY     | CUSIP: 914440TJ1<br>LEI: N/A | Long             | DBT              | MUN               | US        |    410000 | PA      | $410474.62    | 1.26%             | 2039-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHARLESTON CNTY S C ARPT DIST ARPT SYS REV                | CHARLESTON COUNTY AIRPORT DISTRICT                 | CUSIP: 160070EK0<br>LEI: N/A | Long             | DBT              | MUN               | US        |    500000 | PA      | $515733.60    | 1.58%             | 2054-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| GUAM PORT AUTH PORT REV                                   | GUAM PORT AUTH PORT                                | CUSIP: 400652AA1<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $986081.31    | 3.03%             | 2048-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORT PORT ARTHUR TEX NAV DIST ENVIRONMENTAL FACS REV      | PORT OF PORT ARTHUR NAVIGATION DISTRICT            | CUSIP: 735220AV7<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1100000.00   | 3.38%             | 2040-04-01      | Variable      | 4.05%                 | No            |                  2 | On Loan: No      |
| BROWARD CNTY FLA ARPT SYS REV                             | COUNTY OF BROWARD FL AIRPORT SYSTEM REVENUE        | CUSIP: 114894YT9<br>LEI: N/A | Long             | DBT              | MUN               | US        |    500000 | PA      | $424704.74    | 1.30%             | 2049-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PORT PORT ARTHUR TEX NAV DIST ENVIRONMENTAL FACS REV      | PORT OF PORT ARTHUR NAVIGATION DISTRICT            | CUSIP: 735220AU9<br>LEI: N/A | Long             | DBT              | MUN               | US        |    100000 | PA      | $100000.00    | 0.31%             | 2040-04-01      | Variable      | 3.85%                 | No            |                  2 | On Loan: No      |
| ARLINGTON TEX TAX INCREMENT REV                           | CITY OF ARLINGTON TX                               | CUSIP: 04184HAP7<br>LEI: N/A | Long             | DBT              | MUN               | US        |    500000 | PA      | $392443.31    | 1.20%             | 2050-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-10-30

**Name of Applicant:** Victory Portfolios

**Signature:** Carol Trevino

**Name of Signer:** Carol Trevino

**Title:** Treasurer