# EDGAR Filing Document

**Accession Number:** 0002042316
**File Stem:** 0000940400-26-002409
**Filing Date:** 2026-1
**Character Count:** 142639
**Document Hash:** c27e773fc0df637b6807a054d5df2ee2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-26-002409.hdr.sgml**: 20260126

**ACCESSION NUMBER**: 0000940400-26-002409

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251128

**FILED AS OF DATE**: 20260126

**DATE AS OF CHANGE**: 20260126

**PERIOD START**: 20260831

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Victory Portfolios IV
- **CENTRAL INDEX KEY:** 0002042316

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-24019
- **FILM NUMBER:** 26559722

**BUSINESS ADDRESS:**
- **STREET 1:** 15935 LA CANTERA PARKWAY
- **CITY:** SAN ANTONIO
- **STATE:** TX
- **ZIP:** 78256
- **BUSINESS PHONE:** (210) 697-3624

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

## Series and Classes Contracts Data

### Victory High Income Municipal Fund (Series ID: S000089772)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000256545 | Class Y      | HIMYX           |
| C000256546 | Class A      | PIMAX           |
| C000256547 | Class C      | HICMX           |

## Nport-Ex

## Victory Pioneer High<br> Income Municipal Fund
Schedule of Investments \| November 30, 2025

------

### Schedule of Investments \| 11/30/25
(unaudited)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**UNAFFILIATED ISSUERS — 96.7%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Asset Backed Securities — 0.9% of Net<br> Assets** |  |
| 8,470,392(a)(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Detroit, Series 2006-B, Class B2, 0.993% (3 Month USD LIBOR + 34 bps), 6/15/34 | $8078637 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Asset Backed Securities<br> (Cost $7,234,354)** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **8078637** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Municipal Bonds — 95.5% of Net Assets(c)** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Alabama — 2.7%** |  |
| 4525000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hoover Industrial Development Board, 5.75%, 10/1/49 | $4618351 |
| 7375000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mobile County Industrial Development Authority, Calvert LLC Project, Series A, 5.00%, 6/1/54 | &nbsp;&nbsp; 7157069 |
| 12370000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mobile County Industrial Development Authority, Calvert LLC Project, Series B, 4.75%, 12/1/54 | &nbsp;&nbsp; 11535025 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Alabama** | &nbsp;&nbsp; **$23310445** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Arizona — 1.4%** |  |
| 1040000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arizona Industrial Development Authority, Doral Academy Of Northern Nevada Project, Series A, 4.00%, 7/15/56 (144A) | $749570 |
| 12360000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrial Development Authority of the City of Phoenix, 3rd & Indian School Assisted Living Project, 5.40%, 10/1/36 | &nbsp;&nbsp; 10112210 |
| 1110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tempe Industrial Development Authority, Series A, 6.125%, 10/1/47 (144A) | &nbsp;&nbsp; 750782 |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tempe Industrial Development Authority, Series A, 6.125%, 10/1/52 (144A) | &nbsp;&nbsp; 614520 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Arizona** | &nbsp;&nbsp; **$12227082** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Arkansas — 1.4%** |  |
| 7000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arkansas Development Finance Authority, Green Bond, 5.45%, 9/1/52 | $7024010 |
| 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arkansas Development Finance Authority, Hybar Steel Project, Series A, 6.875%, 7/1/48 (144A) | &nbsp;&nbsp; 5364800 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Arkansas** | &nbsp;&nbsp; **$12388810** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**California — 9.6%** |  |
| 17,000,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Infrastructure & Economic Development Bank, Brightline West Passenger Rail Project, Series A, 9.50%, 1/1/65 (144A) | $14540100 |
| 6115000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Municipal Finance Authority, Series B, 5.25%, 12/1/36 (144A) | &nbsp;&nbsp; 5668727 |
| 4530000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Municipal Finance Authority, Series B, 5.50%, 12/1/39 (144A) | &nbsp;&nbsp; 4168733 |

---

1Victory Pioneer High Income Municipal Fund \| 11/30/25

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**California — (continued)** |  |
| 2310000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Municipal Finance Authority, Ascent 613 Project, Series A, 5.50%, 1/1/60 (144A) | $2297826 |
| 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Municipal Finance Authority, Baptist University, Series A, 5.00%, 11/1/46 (144A) | &nbsp;&nbsp; 1937820 |
| 1600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Municipal Finance Authority, Westside Neighborhood School Project, 6.20%, 6/15/54 (144A) | &nbsp;&nbsp; 1672832 |
| 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California School Finance Authority, Brightline West Passenger Rail Project, Series A, 5.125%, 6/1/59 (144A) | &nbsp;&nbsp; 1365570 |
| 850000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California School Finance Authority, Fortune School Of Education Obligated Group, Series A, 5.125%, 6/1/64 (144A) | &nbsp;&nbsp; 764465 |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California School Finance Authority, Stem Preparatory Schools, Series A, 5.375%, 5/1/63 (144A) | &nbsp;&nbsp; 980260 |
| 21000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Golden State Tobacco Securitization Corp., Series A-1, 4.214%, 6/1/50 | &nbsp;&nbsp; 15597120 |
| 165,000,000(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Golden State Tobacco Securitization Corp., Series B-2, 6/1/66 | &nbsp;&nbsp; 17760600 |
| 20,000,000(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inland Empire Tobacco Securitization Corp., Series C-1, 6/1/36 | &nbsp;&nbsp; 10065000 |
| 3100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M-S-R Energy Authority, Series B, 6.50%, 11/1/39 | &nbsp;&nbsp; 3802088 |
| 10,000,000(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tobacco Securitization Authority of Southern California, 6/1/46 | &nbsp;&nbsp; 2774500 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total California** | &nbsp;&nbsp; **$83395641** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Colorado — 6.8%** |  |
| 577,000(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 Holly Metropolitan District, Series B, 7.50%, 12/15/50 | $595337 |
| 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aerotropolis Regional Transportation Authority, 4.375%, 12/1/52 | &nbsp;&nbsp; 4193950 |
| 6500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aerotropolis Regional Transportation Authority, 5.75%, 12/1/54 (144A) | &nbsp;&nbsp; 6548360 |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Colorado Educational & Cultural Facilities Authority, Ascent Classical Academy Charter Schools, Inc Project, 5.75%, 4/1/59 (144A) | &nbsp;&nbsp; 1002870 |
| 2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Colorado Educational & Cultural Facilities Authority, Ascent Classical Academy Charter Schools, Inc Project, 5.80%, 4/1/54 (144A) | &nbsp;&nbsp; 2538325 |
| 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Colorado Educational & Cultural Facilities Authority, The Stanley Project, Series 1, 6.875%, 2/1/59 (144A) | &nbsp;&nbsp; 5286450 |
| 4950000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dominion Water & Sanitation District, 5.875%, 12/1/52 | &nbsp;&nbsp; 5063652 |
| 5,100,000(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Green Valley Ranch East Metropolitan District No. 6, Series A, 5.875%, 12/1/50 | &nbsp;&nbsp; 5161455 |

---

Victory Pioneer High Income Municipal Fund \| 11/30/252

------

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Colorado — (continued)** |  |
| 4,000,000(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Larkridge Metropolitan District No. 2, 5.25%, 12/1/48 | $3958440 |
| 1,000,000(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mineral Business Improvement District, City Of Littleton, Arapahoe County, Series A, 5.75%, 12/1/54 (144A) | &nbsp;&nbsp; 1010620 |
| 2,000,000(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Olde Town Metropolitan District, Douglas County, 6.00%, 12/1/53 (144A) | &nbsp;&nbsp; 1917820 |
| 2,000,000(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Parterre Metropolitan District No 5, Series A, 6.125%, 12/1/55 | &nbsp;&nbsp; 2046340 |
| 1465000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pinery Commercial Metropolitan District No 2, Douglas County, 5.75%, 12/1/54 | &nbsp;&nbsp; 1470933 |
| 2,125,000(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prairie Center Metropolitan District No 3, Series A, 5.875%, 12/15/46 | &nbsp;&nbsp; 2223812 |
| 750,000(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Riverpark Metropolitan District/Arapahoe County, 6.00%, 12/1/42 | &nbsp;&nbsp; 751718 |
| 1,400,000(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Riverpark Metropolitan District/Arapahoe County, 6.375%, 12/1/54 | &nbsp;&nbsp; 1430576 |
| 13150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vail Home Partners Corp., 6.00%, 10/1/64 (144A) | &nbsp;&nbsp; 13423520 |
| 755,000(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Willow Bend Metropolitan District, Series B, 7.625%, 12/15/49 | &nbsp;&nbsp; 760625 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Colorado** | &nbsp;&nbsp; **$59384803** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Connecticut — 0.4%** |  |
| 1100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stamford Housing Authority, Mozaic Concierge Living Project, Series A, 6.25%, 10/1/60 | $1111836 |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stamford Housing Authority, Mozaic Concierge Living Project, Series A, 6.375%, 10/1/45 | &nbsp;&nbsp; 1045800 |
| 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stamford Housing Authority, Mozaic Concierge Living Project, Series A, 6.50%, 10/1/55 | &nbsp;&nbsp; 1570965 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Connecticut** | &nbsp;&nbsp;&nbsp;&nbsp; **$3728601** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Delaware — 1.4%** |  |
| 2250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware State Economic Development Authority, Aspira of Delaware Charter, 4.00%, 6/1/52 | $1792530 |
| 1380000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware State Economic Development Authority, Aspira of Delaware Charter, 4.00%, 6/1/57 | &nbsp;&nbsp; 1051974 |
| 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Delaware Economic Development Authority, Academia Antonia Alonso Charter School Project, Series A, 6.00%, 7/1/65 (144A) | &nbsp;&nbsp; 5105600 |
| 1535000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Town of Bridgeville, Heritage Shores Special Development District, 5.625%, 7/1/53 (144A) | &nbsp;&nbsp; 1566974 |

---

3Victory Pioneer High Income Municipal Fund \| 11/30/25

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Delaware — (continued)** |  |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Town of Milton, Granary At Draper Farm Special Development District, 5.70%, 9/1/44 (144A) | $1016610 |
| 1750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Town of Milton, Granary At Draper Farm Special Development District, 5.95%, 9/1/53 (144A) | &nbsp;&nbsp; 1776425 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Delaware** | &nbsp;&nbsp; **$12310113** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**District of Columbia — 0.7%** |  |
| 25,000,000(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;District of Columbia Tobacco Settlement Financing Corp., Capital Appreciation, Asset-Backed, Series A, 6/15/46 | $6142250 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total District of Columbia** | &nbsp;&nbsp;&nbsp;&nbsp; **$6142250** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Florida — 5.0%** |  |
| 275000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Projects Finance Authority, Kissimmee Charter Academy Project, 6.50%, 6/15/54 (144A) | $287930 |
| 445000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Projects Finance Authority, Kissimmee Charter Academy Project, 6.625%, 6/15/59 (144A) | &nbsp;&nbsp; 466992 |
| 6000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Trust Agency, Inc., University Bridge, LLC Student Housing Project, Series A, 5.25%, 12/1/58 (144A) | &nbsp;&nbsp; 5841600 |
| 2,140,000+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Trust Authority, Imagine School At West Pasco Project, Series A, 6.25%, 12/15/43 (144A) | &nbsp;&nbsp; 1897037 |
| 2,100,000+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Trust Authority, Imagine School At West Pasco Project, Series A, 6.50%, 12/15/58 (144A) | &nbsp;&nbsp; 1808392 |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Trust Authority, Madrone - Florida Tech Student Housing I, LLC - Florida Institute Of Technology Project, Series A, 5.25%, 7/1/55 (144A) | &nbsp;&nbsp; 498725 |
| 1850000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Trust Authority, Madrone - Florida Tech Student Housing I, LLC - Florida Institute Of Technology Project, Series A, 5.375%, 7/1/65 (144A) | &nbsp;&nbsp; 1823212 |
| 3300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Trust Authority, Mason Classical Academy Project, Series A, 5.00%, 6/1/54 (144A) | &nbsp;&nbsp; 2948484 |
| 1525000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of Lake, Imagine South Lake, Charter School Project, 5.00%, 1/15/49 (144A) | &nbsp;&nbsp; 1306605 |
| 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of Palm Beach, Palm Beach Atlantic University Project, Series A, 5.75%, 10/1/65 (144A) | &nbsp;&nbsp; 2052600 |
| 3,000,000(a)(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Florida Development Finance Corp., Brightline Florida Passenger Rail Project, 7/15/32 (144A) | &nbsp;&nbsp; 932580 |
| 10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Florida Development Finance Corp., Brightline Florida Passenger Rail Project, 5.50%, 7/1/53 | &nbsp;&nbsp; 8218200 |
| 300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Florida Development Finance Corp., Glenridge On Palmer Ranch Project, 5.00%, 6/1/31 (144A) | &nbsp;&nbsp; 308133 |
| 225000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Florida Development Finance Corp., Glenridge On Palmer Ranch Project, 5.00%, 6/1/35 (144A) | &nbsp;&nbsp; 230281 |

---

Victory Pioneer High Income Municipal Fund \| 11/30/254

------

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Florida — (continued)** |  |
| 9000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Florida Development Finance Corp., Glenridge On Palmer Ranch Project, 5.00%, 6/1/51 (144A) | $8383950 |
| 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Florida Local Government Finance Commission, Fleet Landing At Nocatee Project, Series A, 6.875%, 11/15/64 (144A) | &nbsp;&nbsp; 3114990 |
| 4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Miami Beach Health Facilities Authority, Mount Sinai Medical Center Of Florida, 3.00%, 11/15/51 | &nbsp;&nbsp; 2884720 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Florida** | &nbsp;&nbsp; **$43004431** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Georgia — 0.7%** |  |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Development Authority of Cobb County, Mt. Bethel Christian Academy Project, 6.25%, 6/1/55 (144A) | $1030900 |
| 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Development Authority of Cobb County, Mt. Bethel Christian Academy Project, 6.25%, 6/1/64 (144A) | &nbsp;&nbsp; 2050300 |
| 3775000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gainesville & Hall County Hospital Authority, Northeast Georgia Health System, Inc. Project, 3.00%, 2/15/47 | &nbsp;&nbsp; 2859298 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Georgia** | &nbsp;&nbsp;&nbsp;&nbsp; **$5940498** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Guam — 0.1%** |  |
| 1100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guam Economic Development & Commerce Authority, Asset-Backed, 5.625%, 6/1/47 | $1080948 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Guam** | &nbsp;&nbsp;&nbsp;&nbsp; **$1080948** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Idaho — 0.1%** |  |
| 1370000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Idaho Health Facilities Authority, 3.00%, 3/1/51 | $945095 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Idaho** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$945095** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Illinois — 1.6%** |  |
| 11785000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southwestern Illinois Development Authority, 5.00%, 6/1/53 | $11419665 |
| 1225000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southwestern Illinois Development Authority, 8.00%, 6/1/53 | &nbsp;&nbsp; 1172925 |
| 1220000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Village of Matteson, 6.50%, 12/1/35 | &nbsp;&nbsp; 1242826 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Illinois** | &nbsp;&nbsp; **$13835416** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Indiana — 6.6%** |  |
| 8175000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Anderson, 5.375%, 1/1/40 (144A) | $6931991 |
| 24990000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Hammond, Custodial Receipts Cabelas Project, 7.50%, 2/1/29 (144A) | &nbsp;&nbsp; 24994248 |
| 900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Lafayette, Glasswater Creek Lafayette Project, 5.60%, 1/1/33 | &nbsp;&nbsp; 904014 |
| 6000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Lafayette, Glasswater Creek Lafayette Project, 5.80%, 1/1/37 | &nbsp;&nbsp; 6015600 |

---

5Victory Pioneer High Income Municipal Fund \| 11/30/25

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Indiana — (continued)** |  |
| 2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indiana Finance Authority, Multipurpose Educational Facilities, Avondale Meadows Academy Project, 5.375%, 7/1/47 | $2170225 |
| 8615000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indiana Housing & Community Development Authority, Series A, 5.00%, 1/1/39 (144A) | &nbsp;&nbsp; 8170724 |
| 8175000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indiana Housing & Community Development Authority, Evergreen Village Bloomington Project, 5.50%, 1/1/37 | &nbsp;&nbsp; 8175818 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Indiana** | &nbsp;&nbsp; **$57362620** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Kansas — 1.6%** |  |
| 400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kansas Development Finance Authority, Series A, 5.25%, 11/15/33 | $371412 |
| 15405000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kansas Development Finance Authority, Series A, 5.25%, 11/15/53 | &nbsp;&nbsp; 11111472 |
| 2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kansas Development Finance Authority, Series A, 5.50%, 11/15/38 | &nbsp;&nbsp; 2203075 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Kansas** | &nbsp;&nbsp; **$13685959** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Louisiana — 1.3%** |  |
| 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Louisiana Public Facilities Authority, Acadiana Renaissance Charter Academy Project, 6.00%, 6/15/59 (144A) | $3037320 |
| 8000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Louisiana Public Facilities Authority, I-10 Calcasieu River Bridge Public-Private Partnership Project, 5.50%, 9/1/59 | &nbsp;&nbsp; 8166320 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Louisiana** | &nbsp;&nbsp; **$11203640** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Massachusetts — 0.7%** |  |
| 3260000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Massachusetts Development Finance Agency, Gingercare Living Issue, Series A, 5.50%, 12/1/44 (144A) | $3034832 |
| 2830000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Massachusetts Development Finance Agency, Gingercare Living Issue, Series A, 5.875%, 12/1/60 (144A) | &nbsp;&nbsp; 2619759 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Massachusetts** | &nbsp;&nbsp;&nbsp;&nbsp; **$5654591** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Michigan — 3.2%** |  |
| 8,125,000+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;David Ellis Academy-West, 5.25%, 6/1/45 | $5858509 |
| 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Flint International Academy, 5.75%, 10/1/37 | &nbsp;&nbsp; 3001200 |
| 5720000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Michigan Finance Authority, Dr. Joseph F. Pollack Academic Center of Excellence Project, 5.75%, 4/1/40 | &nbsp;&nbsp; 5967848 |
| 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Michigan Finance Authority, Trinity Health Credit Group, Series A, 3.00%, 12/1/49 | &nbsp;&nbsp; 3578150 |

---

Victory Pioneer High Income Municipal Fund \| 11/30/256

------

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Michigan — (continued)** |  |
| 4,000,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Michigan Strategic Fund, Series B, 7.50%, 11/1/41 | $3510240 |
| 7,075,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Michigan Strategic Fund, Michigan Department Offices Lease, Series B, 7.75%, 3/1/40 | &nbsp;&nbsp; 6167490 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Michigan** | &nbsp;&nbsp; **$28083437** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Minnesota — 1.9%** |  |
| 1310000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Bethel, 6.00%, 7/1/57 | $1224785 |
| 4210000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Bethel, Series A, 5.00%, 7/1/48 | &nbsp;&nbsp; 3428708 |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Bethel, Series A, 5.00%, 7/1/53 | &nbsp;&nbsp; 774840 |
| 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Deephaven, Eagle Ridge Academy Project, Series A, 5.50%, 7/1/50 | &nbsp;&nbsp; 1500330 |
| 1,500,000+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Rochester, Rochester Math & Science Academy, Series A, 5.125%, 9/1/38 | &nbsp;&nbsp; 1174615 |
| 3,145,000+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Rochester, Rochester Math & Science Academy, Series A, 5.25%, 9/1/43 | &nbsp;&nbsp; 2348322 |
| 6,080,000+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Rochester, Rochester Math & Science Academy, Series A, 5.375%, 9/1/50 | &nbsp;&nbsp; 4377017 |
| 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Housing & Redevelopment Authority of The City of St. Paul Minnesota, Great River School Project, Series A, 5.50%, 7/1/52 (144A) | &nbsp;&nbsp; 1985860 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Minnesota** | &nbsp;&nbsp; **$16814477** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**New Jersey — 0.8%** |  |
| 2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Jersey Economic Development Authority, Charter Hatikvah International Academy, Series A, 5.375%, 7/1/47 (144A) | $2373775 |
| 4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Jersey Economic Development Authority, Repauno Port & Rail Terminal Project, 6.625%, 1/1/45 (144A) | &nbsp;&nbsp; 4132080 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total New Jersey** | &nbsp;&nbsp;&nbsp;&nbsp; **$6505855** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**New Mexico — 1.0%** |  |
| 9,430,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of Otero, Otero County Jail Project, Certificate Participation, 9.00%, 4/1/28 | $8859391 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total New Mexico** | &nbsp;&nbsp;&nbsp;&nbsp; **$8859391** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**New York — 11.5%** |  |
| 212,975(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Buffalo & Erie County Industrial Land Development Corp., 5.00%, 10/1/28 (144A) | $2875 |
| 2,356,917(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Buffalo & Erie County Industrial Land Development Corp., 5.00%, 10/1/38 (144A) | &nbsp;&nbsp; 31818 |
| 19015000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nassau County Tobacco Settlement Corp., Asset-Backed, Series A-3, 5.00%, 6/1/35 | &nbsp;&nbsp; 16360886 |
| 6245000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nassau County Tobacco Settlement Corp., Asset-Backed, Series A-3, 5.125%, 6/1/46 | &nbsp;&nbsp; 4743015 |

---

7Victory Pioneer High Income Municipal Fund \| 11/30/25

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**New York — (continued)** |  |
| 3625000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York City Housing Development Corp., 8 Spruce Street, Series RE, 5.25%, 12/15/43 | $3733424 |
| 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York Counties Tobacco Trust IV, Series A, 6.25%, 6/1/41 (144A) | &nbsp;&nbsp; 1500405 |
| 9700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York Counties Tobacco Trust IV, Settlement Pass-Through, Series A, 5.00%, 6/1/42 | &nbsp;&nbsp; 8571793 |
| 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York Counties Tobacco Trust IV, Settlement Pass-Through, Series A, 5.00%, 6/1/45 | &nbsp;&nbsp; 3937250 |
| 51,600,000(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York Counties Tobacco Trust V, Capital Appreciation Pass Through, Series 4A, 6/1/60 (144A) | &nbsp;&nbsp; 3400440 |
| 7440000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York Counties Tobacco Trust VI, Series 2B, 5.00%, 6/1/45 | &nbsp;&nbsp; 6468782 |
| 7665000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York Counties Tobacco Trust VI, Settlement pass through, Series 2B, 5.00%, 6/1/51 | &nbsp;&nbsp; 6930387 |
| 11110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York Transportation Development Corp., JFK Airport Terminal 6 Redevelopment Project, Series A, 5.50%, 12/31/60 | &nbsp;&nbsp; 11267984 |
| 7345000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York Transportation Development Corp., John F. Kennedy International Airport New Terminal One Project, 5.50%, 6/30/60 | &nbsp;&nbsp; 7444525 |
| 7500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York Transportation Development Corp., John F. Kennedy International Airport New Terminal One Project, 6.00%, 6/30/59 | &nbsp;&nbsp; 7985700 |
| 5100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Suffolk Regional Off-Track Betting Corp., 6.00%, 12/1/53 | &nbsp;&nbsp; 5177367 |
| 9000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Westchester County Local Development Corp., Purchase Senior Learning Community, Inc. Project, 4.50%, 7/1/56 (144A) | &nbsp;&nbsp; 7421220 |
| 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Westchester County Local Development Corp., Purchase Senior Learning Community, Inc. Project, 5.00%, 7/1/36 (144A) | &nbsp;&nbsp; 5041900 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total New York** | **$100019771** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**North Carolina — 0.9%** |  |
| 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;North Carolina Medical Care Commission, Novant Health Obligated Group, 3.125%, 11/1/49 | $3860850 |
| 4180000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;North Carolina Medical Care Commission, Penick Village Project, Series A, 5.50%, 9/1/54 | &nbsp;&nbsp; 4173312 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total North Carolina** | &nbsp;&nbsp;&nbsp;&nbsp; **$8034162** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ohio — 3.7%** |  |
| 206,000,000(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Buckeye Tobacco Settlement Financing Authority, Series B-3, 6/1/57 | $18043540 |

---

Victory Pioneer High Income Municipal Fund \| 11/30/258

------

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ohio — (continued)** |  |
| 11450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Buckeye Tobacco Settlement Financing Authority, Senior Class 2, Series B-2, 5.00%, 6/1/55 | $9629450 |
| 4900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Port of Greater Cincinnati Development Authority, Cooperative Township Public Parking Project, 5.00%, 11/1/51 | &nbsp;&nbsp; 4756920 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Ohio** | &nbsp;&nbsp; **$32429910** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Oklahoma — 0.8%** |  |
| 3300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tulsa Municipal Airport Trust Trustees, American Airlines, Inc. Project, 6.25%, 12/1/35 | $3810609 |
| 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tulsa Municipal Airport Trust Trustees, American Airlines, Inc. Project, 6.25%, 12/1/40 | &nbsp;&nbsp; 3390000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Oklahoma** | &nbsp;&nbsp;&nbsp;&nbsp; **$7200609** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Pennsylvania — 7.1%** |  |
| 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allentown Neighborhood Improvement Zone Development Authority, City Center Project, 6.00%, 5/1/42 (144A) | $1610010 |
| 3900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allentown Neighborhood Improvement Zone Development Authority, Waterfront - 30 E. Allen Street Project, Series B, 6.00%, 5/1/42 (144A) | &nbsp;&nbsp; 3943914 |
| 8465000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware County Industrial Development Authority, Chester Charter School Arts Project, Series A, 5.125%, 6/1/46 (144A) | &nbsp;&nbsp; 8389069 |
| 1850000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Montgomery County Industrial Development Authority, Ursinus College Project, 5.25%, 11/1/54 | &nbsp;&nbsp; 1847669 |
| 5500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pennsylvania Economic Development Financing Authority, Noble Environmental, Inc. Project, 6.00%, 6/30/61 | &nbsp;&nbsp; 5784185 |
| 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pennsylvania Economic Development Financing Authority, The Penndot Major Bridges Package One Project, 6.875%, 9/1/47 (144A) | &nbsp;&nbsp; 2073580 |
| 6,045,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Philadelphia Authority for Industrial Development, 5.125%, 12/15/44 (144A) | &nbsp;&nbsp; 5861837 |
| 3500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Philadelphia Authority for Industrial Development, 5.25%, 6/1/48 (144A) | &nbsp;&nbsp; 3423875 |
| 4370000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Philadelphia Authority for Industrial Development, 5.375%, 6/1/53 (144A) | &nbsp;&nbsp; 4326956 |
| 9,435,000+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Philadelphia Authority for Industrial Development, 5.50%, 6/1/49 (144A) | &nbsp;&nbsp; 7737046 |
| 725,000+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Philadelphia Authority for Industrial Development, Series A, 5.00%, 11/15/31 | &nbsp;&nbsp; 622300 |
| 4055000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Philadelphia Authority for Industrial Development, 2800 American Street Co. Project, Series A, 5.625%, 7/1/48 (144A) | &nbsp;&nbsp; 4050945 |

---

9Victory Pioneer High Income Municipal Fund \| 11/30/25

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Pennsylvania — (continued)** |  |
| 8,295,000+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Philadelphia Authority for Industrial Development, Global Leadership Academy Charter School Project, Series A, 5.00%, 11/15/50 | $5513264 |
| 2200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Philadelphia Authority for Industrial Development, Greater Philadelphia Health Action, Inc. Project, Series A, 6.50%, 6/1/45 | &nbsp;&nbsp; 2203256 |
| 2940000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Philadelphia Authority for Industrial Development, Greater Philadelphia Health Action, Inc., Project, Series A, 6.625%, 6/1/50 | &nbsp;&nbsp; 2944498 |
| 1750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Philadelphia Authority for Industrial Development, Tacony Academy Charter school Project, 5.50%, 6/15/43 (144A) | &nbsp;&nbsp; 1772855 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Pennsylvania** | &nbsp;&nbsp; **$62105259** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Puerto Rico — 7.7%** |  |
| 5,361,224(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commonwealth of Puerto Rico, 11/1/43 | $3420461 |
| 10,018,860(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commonwealth of Puerto Rico, 11/1/51 | &nbsp;&nbsp; 5835986 |
| 10,000,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commonwealth of Puerto Rico, 11/1/51 | &nbsp;&nbsp; 3350000 |
| 25,000,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commonwealth of Puerto Rico, 11/1/51 | &nbsp;&nbsp; 6812500 |
| 13,204,996(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commonwealth of Puerto Rico, Restructured Series A-1, 4.00%, 7/1/46 | &nbsp;&nbsp; 11592402 |
| 5,900,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Puerto Rico Industrial Development Co., 7.00%, 1/1/54 | &nbsp;&nbsp; 5650961 |
| 40,435,000(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Puerto Rico Sales Tax Financing Corp., Series A-1, 7/1/46 | &nbsp;&nbsp; 13710296 |
| 36,282,000(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Puerto Rico Sales Tax Financing Corp., Series A-1, 7/1/51 | &nbsp;&nbsp; 9040023 |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Puerto Rico Sales Tax Financing Corp., Series A-1, 4.75%, 7/1/53 | &nbsp;&nbsp; 945580 |
| 6500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Puerto Rico Sales Tax Financing Corp., Series A-1, 5.00%, 7/1/58 | &nbsp;&nbsp; 6296550 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Puerto Rico** | &nbsp;&nbsp; **$66654759** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Rhode Island — 0.1%** |  |
| 2,065,000(a)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Central Falls Detention Facility Corp., 7.25%, 7/15/35 | $724815 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Rhode Island** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$724815** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Texas — 5.8%** |  |
| 16,545,000+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arlington Higher Education Finance Corp., LTTS Charter School, Universal Academy, 5.45%, 3/1/49 (144A) | $12886050 |
| 435,000+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arlington Higher Education Finance Corp., Universal Academy, Series A, 6.625%, 3/1/29 | &nbsp;&nbsp; 391767 |

---

Victory Pioneer High Income Municipal Fund \| 11/30/2510

------

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Texas — (continued)** |  |
| 375,000+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arlington Higher Education Finance Corp., Universal Academy, Series A, 7.00%, 3/1/34 | $337766 |
| 7,030,000+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arlington Higher Education Finance Corp., Universal Academy, Series A, 7.125%, 3/1/44 | &nbsp;&nbsp; 6326204 |
| 3665000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Board of Regents of the University of Texas System, Series A, 5.00%, 8/15/50 | &nbsp;&nbsp; 4099889 |
| 575000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clifton Higher Education Finance Corp., Valor Education, Series A, 5.75%, 6/15/44 (144A) | &nbsp;&nbsp; 577271 |
| 800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clifton Higher Education Finance Corp., Valor Education, Series A, 6.00%, 6/15/54 (144A) | &nbsp;&nbsp; 780432 |
| 16,755,000(a)(d)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Greater Texas Cultural Education Facilities Finance Corp., 9.00%, 2/1/50 (144A) | &nbsp;&nbsp; 9198495 |
| 3,335,000(a)(d)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Greater Texas Cultural Education Facilities Finance Corp., Series B, 9.00%, 2/1/33 (144A) | &nbsp;&nbsp; 1830915 |
| 4500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Hope Cultural Education Facilities Finance Corp., Sanctuary LTC Project, Series A-1, 5.50%, 1/1/57 | &nbsp;&nbsp; 4034520 |
| 5875019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tarrant County Cultural Education Facilities Finance Corp., The Stayton At Museum Way 2024, Series A, 5.75%, 12/1/54 | &nbsp;&nbsp; 5198275 |
| 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texas Private Activity Bond Surface Transportation Corp., NTE Mobility Partners Segment 3 LLC Project, 5.00%, 6/30/58 | &nbsp;&nbsp; 4839750 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Texas** | &nbsp;&nbsp; **$50501334** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Utah — 0.7%** |  |
| 3,300,000(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grapevine Wash Local District, Series A-1, 6.00%, 3/1/55 (144A) | $3106488 |
| 2,365,000(d)(f)(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MIDA Cormont Public Infrastructure District, Series A-2, 6/1/55 (144A) | &nbsp;&nbsp; 2068098 |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Point Phase 1 Public Infrastructure District No 1, Series A-1, 6.125%, 3/1/55 | &nbsp;&nbsp; 1041090 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Utah** | &nbsp;&nbsp;&nbsp;&nbsp; **$6215676** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Virgin Islands — 0.3%** |  |
| 2400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Virgin Islands Public Finance Authority, Frenchman'S Reef Hotel Development Project, Series A, 6.00%, 4/1/53 (144A) | $2463096 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Virgin Islands** | &nbsp;&nbsp;&nbsp;&nbsp; **$2463096** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Virginia — 1.5%** |  |
| 5475000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lynchburg Economic Development Authority, Centra Health Obligated Group, 3.00%, 1/1/51 | $3836332 |

---

11Victory Pioneer High Income Municipal Fund \| 11/30/25

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Virginia — (continued)** |  |
| 8865000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tobacco Settlement Financing Corp., Series A-1, 6.706%, 6/1/46 | $6693873 |
| 14,000,000(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tobacco Settlement Financing Corp., Series D, 6/1/47 | &nbsp;&nbsp; 2850260 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Virginia** | &nbsp;&nbsp; **$13380465** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Washington — 0.8%** |  |
| 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Washington State Housing Finance Commission, Blakeley And Laurel Villages Portfolio, Series A, 5.50%, 7/1/50 (144A) | $2016080 |
| 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Washington State Housing Finance Commission, Blakeley And Laurel Villages Portfolio, Series A, 5.75%, 7/1/60 (144A) | &nbsp;&nbsp; 5086550 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Washington** | &nbsp;&nbsp;&nbsp;&nbsp; **$7102630** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Wisconsin — 5.6%** |  |
| 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Finance Authority, Series A, 5.75%, 7/1/49 | $5203900 |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Finance Authority, Cincinnati Classical Academy, Series A, 6.00%, 6/15/64 (144A) | &nbsp;&nbsp; 1008530 |
| 280000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Finance Authority, Coral Academy Science Reno, 5.00%, 6/1/29 (144A) | &nbsp;&nbsp; 279913 |
| 1710000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Finance Authority, Coral Academy Science Reno, 5.00%, 6/1/39 (144A) | &nbsp;&nbsp; 1590385 |
| 1150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Finance Authority, Coral Academy Science Reno, Series A, 4.00%, 6/1/61 (144A) | &nbsp;&nbsp; 847400 |
| 335000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Finance Authority, Coral Academy Science Reno, Series A, 5.375%, 6/1/37 (144A) | &nbsp;&nbsp; 345847 |
| 900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Finance Authority, Coral Academy Science Reno, Series A, 5.875%, 6/1/52 (144A) | &nbsp;&nbsp; 901305 |
| 1565000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Finance Authority, Coral Academy Science Reno, Series A, 6.00%, 6/1/62 (144A) | &nbsp;&nbsp; 1586503 |
| 14000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Finance Authority, Georgia SR 400 Express Lanes Project, 5.75%, 6/30/60 | &nbsp;&nbsp; 14532140 |
| 6500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Finance Authority, Georgia SR 400 Express Lanes Project, 5.75%, 12/31/65 | &nbsp;&nbsp; 6747065 |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Finance Authority, Georgia SR 400 Express Lanes Project, 6.50%, 6/30/60 | &nbsp;&nbsp; 1105860 |
| 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Finance Authority, Georgia SR 400 Express Lanes Project, 6.50%, 12/31/65 | &nbsp;&nbsp; 5529000 |
| 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Finance Authority, Lead Academy Project, Series A, 4.25%, 8/1/26 (144A) | &nbsp;&nbsp; 74377 |
| 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Finance Authority, Lead Academy Project, Series A, 5.00%, 8/1/36 (144A) | &nbsp;&nbsp; 1889360 |
| 2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Finance Authority, Lead Academy Project, Series A, 5.125%, 8/1/46 (144A) | &nbsp;&nbsp; 2179775 |

---

Victory Pioneer High Income Municipal Fund \| 11/30/2512

------

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal<br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Wisconsin — (continued)** |  |
| 230000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Finance Authority, Quality Education Academy Project, Series A, 5.25%, 7/15/33 (144A) | $240293 |
| 230000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Finance Authority, Quality Education Academy Project, Series A, 6.00%, 7/15/43 (144A) | &nbsp;&nbsp; 239582 |
| 640000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Finance Authority, Quality Education Academy Project, Series A, 6.25%, 7/15/53 (144A) | &nbsp;&nbsp; 656640 |
| 1175000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Finance Authority, Quality Education Academy Project, Series A, 6.50%, 7/15/63 (144A) | &nbsp;&nbsp; 1209040 |
| 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Finance Authority, SearStone CCRC Project, 4.00%, 6/1/41 (144A) | &nbsp;&nbsp; 1699880 |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Finance Authority, SearStone CCRC Project, Series A, 5.00%, 6/1/37 (144A) | &nbsp;&nbsp; 508660 |
| 10,640,000(a)(e)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Finance Authority, Springshire Pre-Development Project, 12/1/20 (144A) | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Wisconsin** | &nbsp;&nbsp; **$48375455** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Municipal Bonds<br> (Cost $884,927,667)** | **$831072044** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Debtors in Possession Financing — 0.3%<br> of Net Assets#** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Retirement Housing — 0.3%** |  |
| 9,000,000(a)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Springshire Retirement LLC - Promissory Note, 9.00%, 12/31/25 | $2970000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Retirement Housing** | &nbsp;&nbsp;&nbsp;&nbsp; **$2970000** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL DEBTORS IN POSSESSION FINANCING<br> (Cost $8,720,000)** | &nbsp;&nbsp;&nbsp;&nbsp; **$2970000** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS IN UNAFFILIATED ISSUERS — 96.7%<br> (Cost $900,882,021)** | **$842120681** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**OTHER ASSETS AND LIABILITIES — 3.3%** | &nbsp;&nbsp; $28327035 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**net assets — 100.0%** | **$870447716** |

---

13Victory Pioneer High Income Municipal Fund \| 11/30/25

------

---

| | |
|:---|:---|
| bps | &nbsp;&nbsp;Basis Points. |
| LIBOR | &nbsp;&nbsp;London Interbank Offered Rate. |
| (144A) | &nbsp;&nbsp;The resale of such security is exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be resold normally to qualified institutional buyers. At November 30, 2025, the value of these securities amounted to $290,192,589, or 33.3% of net assets. |

---

---

| | |
|:---|:---|
| (a) | &nbsp;&nbsp;Security is in default. |
| (b) | &nbsp;&nbsp;Floating rate note. Coupon rate, reference index and spread shown at November 30, 2025. |
| (c) | &nbsp;&nbsp;Consists of Revenue Bonds unless otherwise indicated. |
| (d) | &nbsp;&nbsp;The interest rate is subject to change periodically. The interest rate and/or reference index and spread shown at November 30, 2025. |
| (e) | &nbsp;&nbsp;Security issued with a zero coupon. Income is recognized through accretion of discount. |
| (f) | &nbsp;&nbsp;Represents a General Obligation Bond. |
| (g) | &nbsp;&nbsp;Debt obligation initially issued at one coupon which converts to a higher coupon at a speciﬁc date. The rate shown is the rate at November 30, 2025. |
| + | &nbsp;&nbsp;Security is valued using significant unobservable inputs (Level 3). |
| # | &nbsp;&nbsp;Securities are restricted as to resale. |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Restricted Securities** | **Acquisition date** | &nbsp;&nbsp;&nbsp;&nbsp;**Cost** | &nbsp;&nbsp;&nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;Springshire Retirement LLC - Promissory Note | 12/1/2021 | &nbsp;&nbsp;&nbsp;&nbsp;$8720000 | &nbsp;&nbsp;&nbsp;&nbsp;$2970000 |
| &nbsp;&nbsp;**% of Net assets** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.3% |

---

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels below.

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 1 – unadjusted quoted prices in active markets for identical securities. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.). |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 3 – significant unobservable inputs (including the Adviser's own assumptions in determining fair value of investments). |

---

The following is a summary of the inputs used as of November 30, 2025 in valuing the Fund's investments:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | &nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;**Total** |
| Asset Backed Securities | $— | &nbsp;&nbsp;&nbsp;$8078637 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$8078637 |
| Municipal Bonds | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;768039530 | &nbsp;&nbsp;&nbsp;63032514 | &nbsp;&nbsp;&nbsp;831072044 |
| Debtors in Possession Financing | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2970000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2970000 |
| **Total Investments in Securities** | **$—** | &nbsp;&nbsp;**$776118167** | &nbsp;&nbsp;**$66002514** | &nbsp;&nbsp;**$842120681** |

---

Victory Pioneer High Income Municipal Fund \| 11/30/2514

------

(unaudited) (continued)

The following is a reconciliation of assets valued using significant unobservable inputs (Level 3):

---

| | | | |
|:---|:---|:---|:---|
|  | **Municipal<br> Bonds** | &nbsp;&nbsp;**Debtors in<br> Possession<br> Financing** | &nbsp;&nbsp;**Total** |
| Balance as of 8/31/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$—\* | &nbsp;&nbsp;$2970000 | &nbsp;&nbsp;$2970000 |
| Realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Changed in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;(9495020) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(9495020) |
| Return of capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Purchases | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Sales | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Transfers in to Level 3\*\* | &nbsp;&nbsp;72527534 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;72527534 |
| Transfers out of Level 3\*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Balance as of 11/30/25** | **$63032514** | &nbsp;&nbsp;**$2970000** | &nbsp;&nbsp;**$66002514** |

---

---

| | | |
|:---|:---|:---|
| \* | &nbsp;&nbsp;Securities valued at $0. |  |
| \*\* | &nbsp;&nbsp;Transfers are calculated on the beginning of period values. During the period ended November 30, 2025, securities valued at $72,527,534 were transferred from Level 2 to Level 3, due to valuing the securities using significant unobservable inputs. There were no other transfers between Levels 1, 2 and 3. | &nbsp;&nbsp;Transfers are calculated on the beginning of period values. During the period ended November 30, 2025, securities valued at $72,527,534 were transferred from Level 2 to Level 3, due to valuing the securities using significant unobservable inputs. There were no other transfers between Levels 1, 2 and 3. |
| Net change in unrealized appreciation (depreciation) of Level 3 investments still held and considered Level 3 at November 30, 2025: | Net change in unrealized appreciation (depreciation) of Level 3 investments still held and considered Level 3 at November 30, 2025: | &nbsp;&nbsp;$(9495020) |

---

15Victory Pioneer High Income Municipal Fund \| 11/30/25

## 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 IV

- **b. Investment Company Act file number:** 811-24019

- **c. CIK number of Registrant:** 0002042316

- **d. LEI of Registrant:** 25490054DPU07WNNLY79

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

  - **Street Address 1:** 15935 LA CANTERA PARKWAY

  - **City:** SAN ANTONIO

  - **State:** TX

  - **Foreign country:** US

  - **Zip / Postal Code:** 78256

  - **Telephone number:** 210-697-3624

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

- **a. Name of Series:** Victory Pioneer High Income Municipal Fund

- **b. EDGAR series identifier (if any):** S000089772

- **c. LEI of Series:** DFRKKS65Q9UGO1PRYT83

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

- **a. Date of fiscal year-end:** 2026-08-31

- **b. Date as of which information is reported:** 2025-11-28

**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:** $887152477.30

**Total Liabilities:** $31075743.49

**Net Assets:** $856076733.81

**Cash Not Reported:** $26592078.12

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** -13577.00000000 | **10-Year:** -65361.00000000 | **30-Year:** -83235.00000000

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

- **3-Month:** -218.00000000 | **1-Year:** -210.00000000 | **5-Year:** -53720.00000000 | **10-Year:** -69325.00000000 | **30-Year:** -391903.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000256545 | 3.94%                | 0.80%                | -1.28%               |
| Class ID C000256546 | 3.88%                | 0.77%                | -1.24%               |
| Class ID C000256547 | 3.81%                | 0.70%                | -1.47%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-1666429.70             | $32710858.39                               |
| Month 2  | $-7409697.12             | $10612757.52                               |
| Month 3  | $705335.40               | $-15988834.05                              |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| BUFFALO & ERIE CNTY NY INDL LA                             | Buffalo & Erie County Industrial Land Development Corp              | CUSIP: 11943KDF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    212974 | PA      | $2875.16      | 0.00%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BUFFALO & ERIE CNTY NY INDL LA                             | Buffalo & Erie County Industrial Land Development Corp              | CUSIP: 11943KDG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2356917 | PA      | $31818.38     | 0.00%             | 2038-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MOBILE CNTY AL INDL DEV AUTH S                             | Mobile County Industrial Development Authority                      | CUSIP: 60733UAB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  12370000 | PA      | $11535025.00  | 1.35%             | 2054-12-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH ED                             | California Municipal Finance Authority                              | CUSIP: 130497AX8<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1672832.00   | 0.20%             | 2054-06-15      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| NEW YORK CNTYS NY TOBACCO TRUS                             | New York Counties Tobacco Trust V                                   | CUSIP: 649441AD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  51600000 | PA      | $3400440.00   | 0.40%             | 2060-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CHRT SCH RE                             | Public Finance Authority                                            | CUSIP: 744396FE7<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    280000 | PA      | $279913.20    | 0.03%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WESTCHESTER CNTY NY LOCAL DEV                              | Westchester County Local Development Corp                           | CUSIP: 95737TEV4<br>LEI: 549300KOSU8OC75V9238 | Long             | DBT              | MUN               | US        |   9000000 | PA      | $7421220.00   | 0.87%             | 2056-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST SCH FIN AUTH CHR                             | California School Finance Authority                                 | CUSIP: 13058TRX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $980260.00    | 0.11%             | 2063-05-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| SAINT PAUL MN HSG & REDEV AUTH                             | Housing & Redevelopment Authority of The City of St Paul Minnesota  | CUSIP: 852297CK4<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1985860.00   | 0.23%             | 2052-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ROCHESTER MN                                               | City of Rochester MN                                                | CUSIP: 77158CAB7<br>LEI: 549300006EX3INSHXA95 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1174614.75   | 0.14%             | 2038-09-01      | Fixed         | 5.12%                 | No            |                  3 | On Loan: No      |
| PUBLIC FIN AUTH WI EDUCTNL FAC                             | Public Finance Authority                                            | CUSIP: 74443DLE9<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1008530.00   | 0.12%             | 2064-06-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| 2000 HOLLY MET DIST CO                                     | 2000 Holly Metropolitan District                                    | CUSIP: 90214UAB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    577000 | PA      | $595337.06    | 0.07%             | 2050-12-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| NEW YORK CNTYS NY TOBACCO TRUS                             | New York Counties Tobacco Trust VI                                  | CUSIP: 64945JAF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7665000 | PA      | $6930386.40   | 0.81%             | 2051-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BETHEL MN CHRT SCH LEASE REVEN                             | City of Bethel MN                                                   | CUSIP: 086759AX5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1310000 | PA      | $1224784.50   | 0.14%             | 2057-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH                                         | Commonwealth of Puerto Rico                                         | CUSIP: 74514L3T2<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |   5361224 | PA      | $3420460.90   | 0.40%             | 2043-11-01      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| GREATER TEXAS CULTURAL EDU FAC                             | Greater Texas Cultural Education Facilities Finance Corp            | CUSIP: 39237QBJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3335000 | PA      | $1830915.00   | 0.21%             | 2033-02-01      | Variable      | 9.00%                 | No            |                  3 | On Loan: No      |
| MOBILE CNTY AL INDL DEV AUTH S                             | Mobile County Industrial Development Authority                      | CUSIP: 60733UAA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7375000 | PA      | $7157068.75   | 0.84%             | 2054-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI TOLL REVENU                             | Public Finance Authority                                            | CUSIP: 74448UAD0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   6500000 | PA      | $6747065.00   | 0.79%             | 2065-12-31      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CHRT SCH RE                             | Public Finance Authority                                            | CUSIP: 744396HY1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    230000 | PA      | $240292.50    | 0.03%             | 2033-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY R                             | Massachusetts Development Finance Agency                            | CUSIP: 57585BCW6<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   3260000 | PA      | $3034831.80   | 0.35%             | 2044-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY R                             | Massachusetts Development Finance Agency                            | CUSIP: 57585BCX4<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   2830000 | PA      | $2619759.30   | 0.31%             | 2060-12-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| OLDE TOWNE CO MET DIST                                     | Olde Towne Metropolitan District                                    | CUSIP: 68042GAC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1917820.00   | 0.22%             | 2053-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP                             | New York Transportation Development Corp                            | CUSIP: 650116JQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7500000 | PA      | $7985700.00   | 0.93%             | 2059-06-30      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA ST MED CARE COM                             | North Carolina Medical Care Commission                              | CUSIP: 65821DWL1<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $3860850.00   | 0.45%             | 2049-11-01      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| NEW YORK CNTYS NY TOBACCO TRUS                             | New York Counties Tobacco Trust IV                                  | CUSIP: 62947YAL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1500405.00   | 0.18%             | 2041-06-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH                                         | Commonwealth of Puerto Rico                                         | CUSIP: 74514L4E4<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |  25000000 | PA      | $6812500.00   | 0.80%             | 2051-11-01      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST DEV FIN CORP                                    | Florida Development Finance Corp                                    | CUSIP: 340618DT1<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $8218200.00   | 0.96%             | 2053-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MIAMI BEACH FL HLTH FACS AUTH                              | Miami Beach Health Facilities Authority                             | CUSIP: 593211FP5<br>LEI: 549300MFT7I1HF5VL403 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $2884720.00   | 0.34%             | 2051-11-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| ROCHESTER MN                                               | City of Rochester MN                                                | CUSIP: 77158CAC5<br>LEI: 549300006EX3INSHXA95 | Long             | DBT              | MUN               | US        |   3145000 | PA      | $2348322.34   | 0.27%             | 2043-09-01      | Fixed         | 5.25%                 | No            |                  3 | On Loan: No      |
| CAPITAL TRUST AUTH FL EDUCTNL                              | Capital Trust Authority                                             | CUSIP: 14054WAB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2140000 | PA      | $1897037.00   | 0.22%             | 2043-12-15      | Fixed         | 6.25%                 | No            |                  3 | On Loan: No      |
| CAPITAL PROJS FIN AUTH FL EDUC                             | Capital Projects Finance Authority/FL                               | CUSIP: 14043FAH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $287930.50    | 0.03%             | 2054-06-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| COLORADO EDUCTNL & CULTURAL AU                             | Colorado Educational & Cultural Facilities Authority                | CUSIP: 19645UTS3<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5286450.00   | 0.62%             | 2059-02-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| BUCKEYE OH TOBACCO SETTLEMENT                              | Buckeye Tobacco Settlement Financing Authority                      | CUSIP: 118217DA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        | 206000000 | PA      | $18043540.00  | 2.11%             | 2057-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI TOLL REVENU                             | Public Finance Authority                                            | CUSIP: 74448UAC2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5529000.00   | 0.65%             | 2065-12-31      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| AEROTROPOLIS REGL TRANPRTN AUT                             | Aerotropolis Regional Transportation Authority                      | CUSIP: 008051AE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6500000 | PA      | $6548360.00   | 0.76%             | 2054-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| GREATER TEXAS CULTURAL EDU FAC                             | Greater Texas Cultural Education Facilities Finance Corp            | CUSIP: 39237QBH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  16755000 | PA      | $9198495.00   | 1.07%             | 2050-02-01      | Variable      | 9.00%                 | No            |                  3 | On Loan: No      |
| DOMINION WTR & SANTN DIST CO R                             | Dominion Water & Sanitation District                                | CUSIP: 25755AAE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4950000 | PA      | $5063652.00   | 0.59%             | 2052-12-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| PORT OF GTR CINCINNATI DEV AUT                             | Port of Greater Cincinnati Development Authority                    | CUSIP: 73500HAG9<br>LEI: 549300IK2RCZBY62ST97 | Long             | DBT              | MUN               | US        |   4900000 | PA      | $4756920.00   | 0.56%             | 2051-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LAFAYETTE IN MF HSG REVENUE                                | City of Lafayette IN                                                | CUSIP: 506309AB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6015600.00   | 0.70%             | 2037-01-01      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| DIST OF COLUMBIA TOBACCO SETTL                             | District of Columbia Tobacco Settlement Financing Corp              | CUSIP: 254842BB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  25000000 | PA      | $6142250.00   | 0.72%             | 2046-06-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST SCH FIN AUTH CHR                             | California School Finance Authority                                 | CUSIP: 13058TUL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1365570.00   | 0.16%             | 2059-06-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| STAMFORD CT HSG AUTH                                       | Stamford Housing Authority                                          | CUSIP: 852640AK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1570965.00   | 0.18%             | 2055-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| PRAIRIE CENTER CO MET DIST #3                              | Prairie Center Metropolitan District No 3                           | CUSIP: 739476AG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2125000 | PA      | $2223812.50   | 0.26%             | 2046-12-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH DO                             | New Jersey Economic Development Authority                           | CUSIP: 64578TAB0<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4132080.00   | 0.48%             | 2045-01-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA AUTH FOR INDL                              | Philadelphia Authority for Industrial Development                   | CUSIP: 71781XFJ7<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3423875.00   | 0.40%             | 2048-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| LAKE CNTY FL EDUCTNL FACS REVE                             | County of Lake FL                                                   | CUSIP: 50825CAC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1525000 | PA      | $1306604.75   | 0.15%             | 2049-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NASSAU CNTY NY TOBACCO SETTLEM                             | Nassau County Tobacco Settlement Corp                               | CUSIP: 63166MCA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  19015000 | PA      | $16360886.30  | 1.91%             | 2035-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARLINGTON TX HGR EDU FIN CORP                              | Arlington Higher Education Finance Corp                             | CUSIP: 041806AN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7030000 | PA      | $6326204.06   | 0.74%             | 2044-03-01      | Fixed         | 7.12%                 | No            |                  3 | On Loan: No      |
| KANSAS ST DEV FIN AUTH REVENUE                             | Kansas Development Finance Authority                                | CUSIP: 48542RCB8<br>LEI: 549300WTL7BL8KBDPR87 | Long             | DBT              | MUN               | US        |  15405000 | PA      | $11111472.45  | 1.30%             | 2053-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| SUFFOLK REGL OFF-TRACK BETTING                             | Suffolk Regional Off-Track Betting Corp                             | CUSIP: 86480TAC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5100000 | PA      | $5177367.00   | 0.60%             | 2053-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| LAFAYETTE IN MF HSG REVENUE                                | City of Lafayette IN                                                | CUSIP: 506309AA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $904014.00    | 0.11%             | 2033-01-01      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| TOBACCO SETTLEMENT FING CORP V                             | Tobacco Settlement Financing Corp/VA                                | CUSIP: 88880NAT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8865000 | PA      | $6693872.85   | 0.78%             | 2046-06-01      | Fixed         | 6.71%                 | No            |                  2 | On Loan: No      |
| STAMFORD CT HSG AUTH                                       | Stamford Housing Authority                                          | CUSIP: 852640AJ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1045800.00   | 0.12%             | 2045-10-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH                                         | Commonwealth of Puerto Rico                                         | CUSIP: 74514L4G9<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |  10018861 | PA      | $5835986.31   | 0.68%             | 2051-11-01      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| PHOENIX AZ INDL DEV AUTH MF HS                             | Industrial Development Authority of the City of Phoenix Arizona/The | CUSIP: 718903RP4<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |  12360000 | PA      | $10112210.40  | 1.18%             | 2036-10-01      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST SCH FIN AUTH CHR                             | California School Finance Authority                                 | CUSIP: 13058TUM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    850000 | PA      | $764464.50    | 0.09%             | 2064-06-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| COLORADO EDUCTNL & CULTURAL AU                             | Colorado Educational & Cultural Facilities Authority                | CUSIP: 19645URG1<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2538325.00   | 0.30%             | 2054-04-01      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST DEV FIN CORP SENIOR                             | Florida Development Finance Corp                                    | CUSIP: 34061WAW4<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    300000 | PA      | $308133.00    | 0.04%             | 2031-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CAPITAL PROJS FIN AUTH FL EDUC                             | Capital Projects Finance Authority/FL                               | CUSIP: 14043FAJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    445000 | PA      | $466991.90    | 0.05%             | 2059-06-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST STRATEGIC FUND LTD                             | Michigan Strategic Fund                                             | CUSIP: 594714AE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7075000 | PA      | $6167489.75   | 0.72%             | 2040-03-01      | Variable      | 7.75%                 | No            |                  2 | On Loan: No      |
| POINT PHASE 1 PUB INFRASTRUCTU                             | Point Phase 1 Public Infrastructure District No 1                   | CUSIP: 73058EAC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1041090.00   | 0.12%             | 2055-03-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| LYNCHBURG VA ECON DEV AUTH HOS                             | Lynchburg Economic Development Authority                            | CUSIP: 55123TBR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5475000 | PA      | $3836332.50   | 0.45%             | 2051-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| INDIANA ST HSG & CMNTY DEV AUT                             | Indiana Housing & Community Development Authority                   | CUSIP: 45506CAY3<br>LEI: 549300QRKDYVNHT1OE86 | Long             | DBT              | MUN               | US        |   8615000 | PA      | $8170724.45   | 0.95%             | 2039-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARLINGTON TX HGR EDU FIN CORP                              | Arlington Higher Education Finance Corp                             | CUSIP: 041806AM2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $337766.05    | 0.04%             | 2034-03-01      | Fixed         | 7.00%                 | No            |                  3 | On Loan: No      |
| DELAWARE ST ECON DEV AUTH CHRT                             | Delaware State Economic Development Authority                       | CUSIP: 246372BD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1380000 | PA      | $1051974.00   | 0.12%             | 2057-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| RIVERPARK MET DIST CO LIMITED                              | Riverpark Metropolitan District/Arapahoe County                     | CUSIP: 76883BAA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $751717.50    | 0.09%             | 2042-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GOLDEN ST TOBACCO SECURITIZATI                             | Golden State Tobacco Securitization Corp                            | CUSIP: 38122ND66<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  21000000 | PA      | $15597120.00  | 1.82%             | 2050-06-01      | Fixed         | 4.21%                 | No            |                  2 | On Loan: No      |
| GUAM ECON DEV & COMMERCE AUTH                              | Guam Economic Development & Commerce Authority                      | CUSIP: 40064LAB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1080948.00   | 0.13%             | 2047-06-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| VIRGIN ISLANDS PUBLIC FIN AUTH                             | Virgin Islands Public Finance Authority                             | CUSIP: 927677AA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2400000 | PA      | $2463096.00   | 0.29%             | 2053-04-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| UNIV OF TEXAS TX UNIV REVENUES                             | Board of Regents of the University of Texas System                  | CUSIP: 91514AJZ9<br>LEI: TEHUYFNKZR6XVWLGEU86 | Long             | DBT              | MUN               | US        |   3665000 | PA      | $4099888.90   | 0.48%             | 2050-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BETHEL MN CHRT SCH LEASE REVEN                             | City of Bethel MN                                                   | CUSIP: 086759AT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $774840.00    | 0.09%             | 2053-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA AUTH FOR INDL                              | Philadelphia Authority for Industrial Development                   | CUSIP: 71780CAC4<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |   9435000 | PA      | $7737046.36   | 0.90%             | 2049-06-01      | Fixed         | 5.50%                 | No            |                  3 | On Loan: No      |
| WESTCHESTER CNTY NY LOCAL DEV                              | Westchester County Local Development Corp                           | CUSIP: 95737TER3<br>LEI: 549300KOSU8OC75V9238 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5041900.00   | 0.59%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA AUTH FOR INDL                              | Philadelphia Authority for Industrial Development                   | CUSIP: 71780CBV1<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1772855.00   | 0.21%             | 2043-06-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH                                         | Commonwealth of Puerto Rico                                         | CUSIP: 74514L3P0<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |  13204996 | PA      | $11592401.89  | 1.35%             | 2046-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CAPITAL TRUST AGY FL STUDENT H                             | Capital Trust Agency Inc                                            | CUSIP: 140536AD5<br>LEI: 549300F49UWS7X0OGQ59 | Long             | DBT              | MUN               | US        |   6000000 | PA      | $5841600.00   | 0.68%             | 2058-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH RE                             | California Municipal Finance Authority                              | CUSIP: 13048VVF2<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   4530000 | PA      | $4168732.50   | 0.49%             | 2039-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI REVENUE                                 | Public Finance Authority                                            | CUSIP: 74442PTK1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1699880.00   | 0.20%             | 2041-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CNTYS NY TOBACCO TRUS                             | New York Counties Tobacco Trust IV                                  | CUSIP: 62947YAD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9700000 | PA      | $8571793.00   | 1.00%             | 2042-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST ECON DEV FING                              | Pennsylvania Economic Development Financing Authority               | CUSIP: 70868YAY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5500000 | PA      | $5784185.00   | 0.68%             | 2061-06-30      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GREEN VALLEY RANCH EAST MET DI                             | Green Valley Ranch East Metropolitan District No 6                  | CUSIP: 39356MAA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5100000 | PA      | $5161455.00   | 0.60%             | 2050-12-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| RIVERPARK MET DIST CO LIMITED                              | Riverpark Metropolitan District/Arapahoe County                     | CUSIP: 76883BAB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1430576.00   | 0.17%             | 2054-12-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| M-S-R CA ENERGY AUTH GAS REVEN                             | M-S-R Energy Authority                                              | CUSIP: 55374SAF7<br>LEI: 549300UEMSS1JTK5YB98 | Long             | DBT              | MUN               | US        |   3100000 | PA      | $3802088.00   | 0.44%             | 2039-11-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST ECON DEV FING                              | Pennsylvania Economic Development Financing Authority               | CUSIP: 708692CD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2073580.00   | 0.24%             | 2047-09-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| ALLENTOWN PA NEIGHBORHOOD IMPT                             | Allentown Neighborhood Improvement Zone Development Authority       | CUSIP: 018444CH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1610010.00   | 0.19%             | 2042-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GRAPEVINE WASH LOCAL DIST UT                               | Grapevine Wash Local District                                       | CUSIP: 38860EAA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3300000 | PA      | $3106488.00   | 0.36%             | 2055-03-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH RE                             | California Municipal Finance Authority                              | CUSIP: 13048VVE5<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   6115000 | PA      | $5668727.30   | 0.66%             | 2036-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| OTERO CNTY NM COPS                                         | County of Otero NM                                                  | CUSIP: 688824AK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9430000 | PA      | $8859390.70   | 1.03%             | 2028-04-01      | Variable      | 9.00%                 | No            |                  2 | On Loan: No      |
| MIDA CORMONT PUBLIC INFRASTRUC                             | Mida Cormont Public Infrastructure District                         | CUSIP: 59561JAB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2365000 | PA      | $2068097.90   | 0.24%             | 2055-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| DEEPHAVEN MN CHARTER SCH LEASE                             | City of Deephaven MN                                                | CUSIP: 24380HAS1<br>LEI: 5493005IOLNBTFT2MD86 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1500330.00   | 0.18%             | 2050-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MINERAL BUSINESS IMP DIST CO L                             | Mineral Business Improvement District                               | CUSIP: 60284AAA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1010620.00   | 0.12%             | 2054-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| S WSTRN IL DEV AUTH SPL FAC RE                             | Southwestern Illinois Development Authority                         | CUSIP: 84552MBQ9<br>LEI: 549300B1KLLJ8NU5XK71 | Long             | DBT              | MUN               | US        |   1225000 | PA      | $1172925.25   | 0.14%             | 2053-06-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| CAPITAL TRUST AUTH FL EDUCTNL                              | Capital Trust Authority                                             | CUSIP: 14054WBX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1850000 | PA      | $1823212.00   | 0.21%             | 2065-07-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| MATTESON IL TAX INCR REVENUE                               | Village of Matteson IL                                              | CUSIP: 577117AQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1220000 | PA      | $1242826.20   | 0.15%             | 2035-12-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| DAVID ELLIS ACADEMY WEST MI                                | David Ellis Academy-West                                            | CUSIP: 238560AA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8125000 | PA      | $5858509.56   | 0.68%             | 2045-06-01      | Fixed         | 5.25%                 | No            |                  3 | On Loan: No      |
| PUERTO RICO CMWLTH                                         | Commonwealth of Puerto Rico                                         | CUSIP: 74514L4D6<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $3350000.00   | 0.39%             | 2051-11-01      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| PALM BEACH CNTY FL REVENUE                                 | County of Palm Beach FL                                             | CUSIP: 696547HX9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2052600.00   | 0.24%             | 2065-10-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| INLAND EMPIRE CA TOBACCO SECUR                             | Inland Empire Tobacco Securitization Corp                           | CUSIP: 45734TAD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  20000000 | PA      | $10065000.00  | 1.18%             | 2036-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| WILLOW BEND MET DIST CO                                    | Willow Bend Metropolitan District                                   | CUSIP: 97111VAC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    755000 | PA      | $760624.75    | 0.09%             | 2049-12-15      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| MILTON DE SPL OBLIG                                        | Town of Milton DE                                                   | CUSIP: 601792AB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1016610.00   | 0.12%             | 2044-09-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA MUN FIN AUTH STUDEN                             | California Municipal Finance Authority                              | CUSIP: 13051EAK6<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   2310000 | PA      | $2297826.30   | 0.27%             | 2060-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FLORIDA LOC GOVT FIN COMMISSIO                             | Florida Local Government Finance Commission                         | CUSIP: 34077UAJ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3114990.00   | 0.36%             | 2064-11-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| IDAHO ST HLTH FACS AUTH REVENU                             | Idaho Health Facilities Authority                                   | CUSIP: 451295D22<br>LEI: 549300X43KY1C2WW0J97 | Long             | DBT              | MUN               | US        |   1370000 | PA      | $945094.50    | 0.11%             | 2051-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CAPITAL TRUST AUTH FL EDUCTNL                              | Capital Trust Authority                                             | CUSIP: 14054WBW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $498725.00    | 0.06%             | 2055-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CHRT SCH RE                             | Public Finance Authority                                            | CUSIP: 744396FF4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1710000 | PA      | $1590385.50   | 0.19%             | 2039-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HAMMOND IN ECON DEV REVENUE                                | City of Hammond IN                                                  | CUSIP: 408386BL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  24990000 | PA      | $24994248.30  | 2.92%             | 2029-02-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| SPRINGSHIRE RETIREMENT LLC - Promissory Note 9% 12/01/2022 | SPRINGSHIRE RETIREMENT LLC - Promissory Note 9% 12/01/2022          | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   9000000 | PA      | $2970000.00   | 0.35%             | 2025-12-31      | Fixed         | 9.00%                 | No            |                  3 | On Loan: No      |
| ALLENTOWN PA NEIGHBORHOOD IMPT                             | Allentown Neighborhood Improvement Zone Development Authority       | CUSIP: 018444CF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3900000 | PA      | $3943914.00   | 0.46%             | 2042-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| LOUISIANA PUB FACS AUTH REVENU                             | Louisiana Public Facilities Authority                               | CUSIP: 546399SY3<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |   8000000 | PA      | $8166320.00   | 0.95%             | 2059-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| DELAWARE ST ECON DEV AUTH CHRT                             | Delaware State Economic Development Authority                       | CUSIP: 246372BC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2250000 | PA      | $1792530.00   | 0.21%             | 2052-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA AUTH FOR INDL                              | Philadelphia Authority for Industrial Development                   | CUSIP: 71780CAF7<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |   6045000 | PA      | $5861836.50   | 0.68%             | 2044-12-15      | Floating      | 5.12%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH SC                             | New Jersey Economic Development Authority                           | CUSIP: 645912DY9<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2373775.00   | 0.28%             | 2047-07-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| MILTON DE SPL OBLIG                                        | Town of Milton DE                                                   | CUSIP: 601792AA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1776425.00   | 0.21%             | 2053-09-01      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CHRT SCH RE                             | Public Finance Authority                                            | CUSIP: 744396HZ8<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    230000 | PA      | $239581.80    | 0.03%             | 2043-07-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH EDU R                             | Arizona Industrial Development Authority                            | CUSIP: 04052BPT5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1040000 | PA      | $749569.60    | 0.09%             | 2056-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| S WSTRN IL DEV AUTH SPL FAC RE                             | Southwestern Illinois Development Authority                         | CUSIP: 84552MBP1<br>LEI: 549300B1KLLJ8NU5XK71 | Long             | DBT              | MUN               | US        |  11785000 | PA      | $11419665.00  | 1.33%             | 2053-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CAPITAL TRUST AUTH FL EDUCTNL                              | Capital Trust Authority                                             | CUSIP: 14054WAD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2100000 | PA      | $1808392.45   | 0.21%             | 2058-12-15      | Fixed         | 6.50%                 | No            |                  3 | On Loan: No      |
| MICHIGAN ST FIN AUTH REVENUE                               | Michigan Finance Authority                                          | CUSIP: 59447TXJ7<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $3578150.00   | 0.42%             | 2049-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CNTYS NY TOBACCO TRUS                             | New York Counties Tobacco Trust VI                                  | CUSIP: 64945JAE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7440000 | PA      | $6468782.40   | 0.76%             | 2045-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TEMPE AZ INDL DEV AUTH REVENUE                             | Tempe Industrial Development Authority                              | CUSIP: 87972MAX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1110000 | PA      | $750781.80    | 0.09%             | 2047-10-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| CLIFTON TX HGR EDU FIN CORP ED                             | Clifton Higher Education Finance Corp                               | CUSIP: 187145UQ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    575000 | PA      | $577271.25    | 0.07%             | 2044-06-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| BRIDGEVILLE DE SPL OBLIG                                   | Town of Bridgeville DE                                              | CUSIP: 108588AP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1535000 | PA      | $1566974.05   | 0.18%             | 2053-07-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST DEV FIN CORP                                    | Florida Development Finance Corp                                    | CUSIP: 340618DK0<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $932580.00    | 0.11%             | 2032-07-15      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| COLORADO EDUCTNL & CULTURAL AU                             | Colorado Educational & Cultural Facilities Authority                | CUSIP: 19645URH9<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1002870.00   | 0.12%             | 2059-04-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| ARLINGTON TX HGR EDU FIN CORP                              | Arlington Higher Education Finance Corp                             | CUSIP: 041806XD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  16545000 | PA      | $12886049.59  | 1.51%             | 2049-03-01      | Fixed         | 5.45%                 | No            |                  3 | On Loan: No      |
| BUCKEYE OH TOBACCO SETTLEMENT                              | Buckeye Tobacco Settlement Financing Authority                      | CUSIP: 118217CZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  11450000 | PA      | $9629450.00   | 1.12%             | 2055-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA AUTH FOR INDL                              | Philadelphia Authority for Industrial Development                   | CUSIP: 71781PBP4<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |   2200000 | PA      | $2203256.00   | 0.26%             | 2045-06-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| MONTGOMERY CNTY PA INDL DEV AU                             | Montgomery County Industrial Development Authority/PA               | CUSIP: 613609N44<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1850000 | PA      | $1847669.00   | 0.22%             | 2054-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW YORK CNTYS NY TOBACCO TRUS                             | New York Counties Tobacco Trust IV                                  | CUSIP: 62947YAE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $3937250.00   | 0.46%             | 2045-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KANSAS ST DEV FIN AUTH REVENUE                             | Kansas Development Finance Authority                                | CUSIP: 48542RBZ6<br>LEI: 549300WTL7BL8KBDPR87 | Long             | DBT              | MUN               | US        |    400000 | PA      | $371412.00    | 0.04%             | 2033-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CHRT SCH RE                             | Public Finance Authority                                            | CUSIP: 744396JB9<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1175000 | PA      | $1209039.75   | 0.14%             | 2063-07-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| COBB CNTY GA DEV AUTH EDUCTNL                              | Development Authority of Cobb County/The                            | CUSIP: 190782AS1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2050300.00   | 0.24%             | 2064-06-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| TULSA OK MUNI ARPT TRUST TRUST                             | Tulsa Municipal Airport Trust Trustees/OK                           | CUSIP: 899661EM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3300000 | PA      | $3810609.00   | 0.45%             | 2035-12-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| CAPITAL TRUST AUTH FL CHRTR SC                             | Capital Trust Authority                                             | CUSIP: 14054YAC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3300000 | PA      | $2948484.00   | 0.34%             | 2054-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH RE                             | California Municipal Finance Authority                              | CUSIP: 13048TG23<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1937820.00   | 0.23%             | 2046-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TULSA OK MUNI ARPT TRUST TRUST                             | Tulsa Municipal Airport Trust Trustees/OK                           | CUSIP: 899661EN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3390000.00   | 0.40%             | 2040-12-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST HSG FIN COMMISSI                             | Washington State Housing Finance Commission                         | CUSIP: 93978LJM9<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2016080.00   | 0.24%             | 2050-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA AUTH FOR INDL                              | Philadelphia Authority for Industrial Development                   | CUSIP: 71781XFP3<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |   4055000 | PA      | $4050945.00   | 0.47%             | 2048-07-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP                             | New York Transportation Development Corp                            | CUSIP: 650116HW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  11110000 | PA      | $11267984.20  | 1.32%             | 2060-12-31      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| TARRANT CNTY TX CULTURAL EDU F                             | Tarrant County Cultural Education Facilities Finance Corp           | CUSIP: 87638RKM8<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |   5875019 | PA      | $5198275.32   | 0.61%             | 2054-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| LOUISIANA PUB FACS AUTH REVENU                             | Louisiana Public Facilities Authority                               | CUSIP: 546399UY0<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3037320.00   | 0.35%             | 2059-06-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| BETHEL MN CHRT SCH LEASE REVEN                             | City of Bethel MN                                                   | CUSIP: 086759AS6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4210000 | PA      | $3428708.20   | 0.40%             | 2048-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GOLDEN ST TOBACCO SECURITIZATI                             | Golden State Tobacco Securitization Corp                            | CUSIP: 38122NB84<br>LEI: N/A                  | Long             | DBT              | MUN               | US        | 165000000 | PA      | $17760600.00  | 2.07%             | 2066-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| TOBACCO SECURITIZATION AUTH ST                             | Tobacco Securitization Authority of Southern California             | CUSIP: 888804AZ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $2774500.00   | 0.32%             | 2046-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| COBB CNTY GA DEV AUTH EDUCTNL                              | Development Authority of Cobb County/The                            | CUSIP: 190782AR3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1030900.00   | 0.12%             | 2055-06-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CHRT SCH RE                             | Public Finance Authority                                            | CUSIP: 744396JA1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    640000 | PA      | $656640.00    | 0.08%             | 2053-07-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| DELAWARE CNTY PA INDL DEV AUTH                             | Delaware County Industrial Development Authority/PA                 | CUSIP: 246018GA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8465000 | PA      | $8389068.95   | 0.98%             | 2046-06-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH INDL DEV CO                             | Puerto Rico Industrial Development Co                               | CUSIP: 745211LM2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5900000 | PA      | $5650961.00   | 0.66%             | 2054-01-01      | Variable      | 7.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST HSG FIN COMMISSI                             | Washington State Housing Finance Commission                         | CUSIP: 93978LJP2<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5086550.00   | 0.59%             | 2060-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA AUTH FOR INDL                              | Philadelphia Authority for Industrial Development                   | CUSIP: 71781PBL3<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |   2940000 | PA      | $2944498.20   | 0.34%             | 2050-06-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| NEW HOPE CULTURAL EDU FACS FIN                             | New Hope Cultural Education Facilities Finance Corp                 | CUSIP: 64542PGC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4500000 | PA      | $4034520.00   | 0.47%             | 2057-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NASSAU CNTY NY TOBACCO SETTLEM                             | Nassau County Tobacco Settlement Corp                               | CUSIP: 63166MCB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6245000 | PA      | $4743015.05   | 0.55%             | 2046-06-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| ARKANSAS ST DEV FIN AUTH INDL                              | Arkansas Development Finance Authority                              | CUSIP: 04108WCE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5364800.00   | 0.63%             | 2048-07-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST DEV FIN CORP SENIOR                             | Florida Development Finance Corp                                    | CUSIP: 34061WAX2<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    225000 | PA      | $230280.75    | 0.03%             | 2035-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INDIANA ST HSG & CMNTY DEV AUT                             | Indiana Housing & Community Development Authority                   | CUSIP: 45506CAQ0<br>LEI: 549300QRKDYVNHT1OE86 | Long             | DBT              | MUN               | US        |   8175000 | PA      | $8175817.50   | 0.96%             | 2037-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI EDUCTNL FAC                             | Public Finance Authority                                            | CUSIP: 74443DAT8<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |     75000 | PA      | $74376.75     | 0.01%             | 2026-08-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| GAINESVILLE & HALL CNTY GA HOS                             | Gainesville & Hall County Hospital Authority                        | CUSIP: 362762PT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3775000 | PA      | $2859298.25   | 0.33%             | 2047-02-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA AUTH FOR INDL                              | Philadelphia Authority for Industrial Development                   | CUSIP: 71780CAL4<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |    725000 | PA      | $622300.02    | 0.07%             | 2031-11-15      | Fixed         | 5.00%                 | No            |                  3 | On Loan: No      |
| CALIFORNIA ST INFRASTRUCTURE &                             | California Infrastructure & Economic Development Bank               | CUSIP: 13034A6B1<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |  17000000 | PA      | $14540100.00  | 1.70%             | 2065-01-01      | Variable      | 9.50%                 | No            |                  2 | On Loan: No      |
| Detroit Retirement Systems Fun                             | City of Detroit MI                                                  | CUSIP: 251228AC6<br>LEI: 549300BQRJP7MKKHOY28 | Long             | ABS-O            | CORP              | US        |   8470392 | PA      | $8078636.37   | 0.94%             | 2034-06-15      | Floating      | 0.99%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA ST MED CARE COM                             | North Carolina Medical Care Commission                              | CUSIP: 65820YTP1<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   4180000 | PA      | $4173312.00   | 0.49%             | 2054-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| KANSAS ST DEV FIN AUTH REVENUE                             | Kansas Development Finance Authority                                | CUSIP: 48542RCA0<br>LEI: 549300WTL7BL8KBDPR87 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2203075.00   | 0.26%             | 2038-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CHRT SCH RE                             | Public Finance Authority                                            | CUSIP: 744396HD7<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1150000 | PA      | $847400.50    | 0.10%             | 2061-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ARKANSAS DEV FIN AUTH ENVIRONM                             | Arkansas Development Finance Authority                              | CUSIP: 04110FAA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7000000 | PA      | $7024010.00   | 0.82%             | 2052-09-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR                             | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue              | CUSIP: 74529JQH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  36282000 | PA      | $9040023.12   | 1.06%             | 2051-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST DEV FIN CORP SENIOR                             | Florida Development Finance Corp                                    | CUSIP: 34061WAY0<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   9000000 | PA      | $8383950.00   | 0.98%             | 2051-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR                             | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue              | CUSIP: 74529JQG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  40435000 | PA      | $13710295.45  | 1.60%             | 2046-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA AUTH FOR INDL                              | Philadelphia Authority for Industrial Development                   | CUSIP: 71781XFK4<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |   4370000 | PA      | $4326955.50   | 0.51%             | 2053-06-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP                             | New York Transportation Development Corp                            | CUSIP: 650116HQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7345000 | PA      | $7444524.75   | 0.87%             | 2060-06-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| STAMFORD CT HSG AUTH                                       | Stamford Housing Authority                                          | CUSIP: 852640AL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1111836.00   | 0.13%             | 2060-10-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| CLIFTON TX HGR EDU FIN CORP ED                             | Clifton Higher Education Finance Corp                               | CUSIP: 187145UR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $780432.00    | 0.09%             | 2054-06-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| ANDERSON IN MF REVENUE                                     | City of Anderson IN                                                 | CUSIP: 033889AJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8175000 | PA      | $6931991.25   | 0.81%             | 2040-01-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA AUTH FOR INDL                              | Philadelphia Authority for Industrial Development                   | CUSIP: 71780CAM2<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |   8295000 | PA      | $5513264.28   | 0.64%             | 2050-11-15      | Fixed         | 5.00%                 | No            |                  3 | On Loan: No      |
| PUBLIC FIN AUTH WI CHRT SCH RE                             | Public Finance Authority                                            | CUSIP: 744396HT2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1565000 | PA      | $1586503.10   | 0.19%             | 2062-06-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST FIN AUTH LTD OBLIG                             | Michigan Finance Authority                                          | CUSIP: 594479EQ6<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   5720000 | PA      | $5967847.60   | 0.70%             | 2040-04-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST STRATEGIC FUND LTD                             | Michigan Strategic Fund                                             | CUSIP: 594714AG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3510240.00   | 0.41%             | 2041-11-01      | Variable      | 7.50%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI REVENUE                                 | Public Finance Authority                                            | CUSIP: 74442PF67<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5203900.00   | 0.61%             | 2049-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| CENTRL FALLS RI DETENTION FAC                              | Central Falls Detention Facility Corp                               | CUSIP: 153457AX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2065000 | PA      | $724815.00    | 0.08%             | 2035-07-15      | Fixed         | 7.25%                 | No            |                  3 | On Loan: No      |
| DELAWARE ST ECON DEV AUTH CHRT                             | Delaware State Economic Development Authority                       | CUSIP: 246372BJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5105600.00   | 0.60%             | 2065-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH REVENUE                                | Indiana Finance Authority                                           | CUSIP: 45506DF91<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2170225.00   | 0.25%             | 2047-07-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CHRT SCH RE                             | Public Finance Authority                                            | CUSIP: 744396HS4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    900000 | PA      | $901305.00    | 0.11%             | 2052-06-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| AEROTROPOLIS REGL TRANPRTN AUT                             | Aerotropolis Regional Transportation Authority                      | CUSIP: 008051AC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4193950.00   | 0.49%             | 2052-12-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| ROCHESTER MN                                               | City of Rochester MN                                                | CUSIP: 77158CAD3<br>LEI: 549300006EX3INSHXA95 | Long             | DBT              | MUN               | US        |   6080000 | PA      | $4377017.23   | 0.51%             | 2050-09-01      | Fixed         | 5.38%                 | No            |                  3 | On Loan: No      |
| PUBLIC FIN AUTH WI RETMNT FAC                              | Public Finance Authority                                            | CUSIP: 74444VAA8<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |  10640000 | PA      | $0.00         | 0.00%             | 2020-12-01      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| PUBLIC FIN AUTH WI EDUCTNL FAC                             | Public Finance Authority                                            | CUSIP: 74443DAR2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1889360.00   | 0.22%             | 2036-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI REVENUE                                 | Public Finance Authority                                            | CUSIP: 74442PTP0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    500000 | PA      | $508660.00    | 0.06%             | 2037-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TEMPE AZ INDL DEV AUTH REVENUE                             | Tempe Industrial Development Authority                              | CUSIP: 87972MAY8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $614520.00    | 0.07%             | 2052-10-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI TOLL REVENU                             | Public Finance Authority                                            | CUSIP: 74448UAB4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |  14000000 | PA      | $14532140.00  | 1.70%             | 2060-06-30      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR                             | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue              | CUSIP: 74529JPX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6500000 | PA      | $6296550.00   | 0.74%             | 2058-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FLINT INTERNATIONAL ACADEMY MI                             | Flint International Academy                                         | CUSIP: 339526AN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3001200.00   | 0.35%             | 2037-10-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| VAIL HOME PARTNERS CORP CO HSG                             | Vail Home Partners Corp                                             | CUSIP: 91879VAC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  13150000 | PA      | $13423520.00  | 1.57%             | 2064-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CHRT SCH RE                             | Public Finance Authority                                            | CUSIP: 744396HR6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    335000 | PA      | $345847.30    | 0.04%             | 2037-06-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| PARTERRE MET DIST #5 CO                                    | Parterre Metropolitan District No 5                                 | CUSIP: 70211AAC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2046340.00   | 0.24%             | 2055-12-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| TEXAS ST PRIV ACTIVITY BOND SU                             | Texas Private Activity Bond Surface Transportation Corp             | CUSIP: 882667AN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4839750.00   | 0.57%             | 2058-06-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TOBACCO SETTLEMENT FING CORP V                             | Tobacco Settlement Financing Corp/VA                                | CUSIP: 88880NAX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  14000000 | PA      | $2850260.00   | 0.33%             | 2047-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| LARKRIDGE CO MET DIST #2                                   | Larkridge Metropolitan District No 2                                | CUSIP: 51724SAA4<br>LEI: 549300WGG345EZVXJV26 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3958440.00   | 0.46%             | 2048-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI EDUCTNL FAC                             | Public Finance Authority                                            | CUSIP: 74443DAS0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2179775.00   | 0.25%             | 2046-08-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| HOOVER AL INDL DEV BRD ENVNMNT                             | Hoover Industrial Development Board                                 | CUSIP: 439241AA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4525000 | PA      | $4618350.75   | 0.54%             | 2049-10-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI TOLL REVENU                             | Public Finance Authority                                            | CUSIP: 74448UAA6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1105860.00   | 0.13%             | 2060-06-30      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR                             | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue              | CUSIP: 74529JPW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $945580.00    | 0.11%             | 2053-07-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY HSG DEV CORP                              | New York City Housing Development Corp                              | CUSIP: 64966TGX6<br>LEI: 549300SQWVHKBRF8D702 | Long             | ABS-MBS          | MUN               | US        |   3625000 | PA      | $3733423.75   | 0.44%             | 2043-12-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PINERY CO COML MET DIST #2 SPL                             | Pinery Commercial Metropolitan District No 2                        | CUSIP: 72330FAA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1465000 | PA      | $1470933.25   | 0.17%             | 2054-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| ARLINGTON TX HGR EDU FIN CORP                              | Arlington Higher Education Finance Corp                             | CUSIP: 041806AQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    435000 | PA      | $391766.42    | 0.05%             | 2029-03-01      | Fixed         | 6.62%                 | No            |                  3 | On Loan: No      |

### Signature

**Date Signed:** 2026-01-23

**Name of Applicant:** Victory Portfolios IV

**Signature:** Carol Trevino

**Name of Signer:** Carol Trevino

**Title:** Treasurer