# EDGAR Filing Document

**Accession Number:** 0000802716
**File Stem:** 0001752724-23-041252
**Filing Date:** 2023-2
**Character Count:** 36240
**Document Hash:** c0d17bc76782cd81f7a412297d7f770b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-041252.hdr.sgml**: 20230227

**ACCESSION NUMBER**: 0001752724-23-041252

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230227

**DATE AS OF CHANGE**: 20230227

**PERIOD START**: 20221231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** VICTORY PORTFOLIOS
- **CENTRAL INDEX KEY:** 0000802716
- **IRS NUMBER:** 316364605
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04852
- **FILM NUMBER:** 23671051

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

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

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

## Series and Classes Contracts Data

### Victory High Income Municipal Bond Fund (Series ID: S000053574)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000168381 | Class A      | RSHMX           |
| C000168382 | Class C      | RSHCX           |
| C000168383 | Class Y      | RHMYX           |
| C000219867 | Member Class | RHMMX           |

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

  - **Street Address 1:** 4900 Tiedeman Road 4th Floor

  - **City:** Brooklyn

  - **State:** OH

  - **Foreign country:** US

  - **Zip / Postal Code:** 44144

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

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

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

- **b. EDGAR series identifier (if any):** S000053574

- **c. LEI of Series:** 549300SL091JXBJH0623

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

- **a. Date of fiscal year-end:** 2022-12-31

- **b. Date as of which information is reported:** 2022-12-31

**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:** $39284615.77

**Total Liabilities:** $210726.39

**Net Assets:** $39073889.38

**Cash Not Reported:** $890612.28

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -7.13156195 | **1-Year:** -154.40930841 | **5-Year:** -716.83638911 | **10-Year:** -3337.70212994 | **30-Year:** -2547.70699394

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

- **3-Month:** -7.31838462 | **1-Year:** -255.74646768 | **5-Year:** -1074.70733299 | **10-Year:** -2863.52233300 | **30-Year:** -2135.94143874

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000168383 | -2.27%               | 5.58%                | -0.16%               |
| Class ID C000168382 | -2.36%               | 5.49%                | -0.25%               |
| Class ID C000219867 | -2.28%               | 5.57%                | -0.17%               |
| Class ID C000168381 | -2.29%               | 5.56%                | -0.17%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-45982.84               | $-1056677.57                               |
| Month 2  | $0.00                    | $2083199.73                                |
| Month 3  | $-333277.65              | $137947.07                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| MILITARY INSTALLATION DEV AUTH UTAH TAX ALLOCATION REV                | MILITARY INSTALLATION DEVELOPMENT AUTHORITY        | CUSIP: 599772AB6<br>LEI: N/A | Long             | DBT              | MUN               | US        |    250000 | PA      | $197211.25    | 0.50%             | 2041-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WIS RETIREMENT FAC REV                                | PUBLIC FIN AUTH WI RETMNT FAC REVENUE              | CUSIP: 74444VAW0<br>LEI: N/A | Long             | DBT              | MUN               | US        |    500000 | PA      | $435116.00    | 1.11%             | 2055-03-01      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| VERMONT ECONOMIC DEV AUTH MTG REV                                     | VERMONT ECONOMIC DEVELOPMENT AUTHORITY             | CUSIP: 92415TCB6<br>LEI: N/A | Long             | DBT              | MUN               | US        |    500000 | PA      | $381262.50    | 0.98%             | 2045-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY REV                                      | MASSACHUSETTS DEVELOPMENT FINANCE AGENCY           | CUSIP: 57584X4K4<br>LEI: N/A | Long             | DBT              | MUN               | US        |    300000 | PA      | $303011.40    | 0.78%             | 2032-10-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| WINROCK TOWN CTR TAX INCREMENTDEV DIST 1 N MEX GROSS RCPTS TAX INCREM | WINROCK TOWN CENTER TAX INCREMENT DEVELOPMENT DIST | CUSIP: 97535RAG5<br>LEI: N/A | Long             | DBT              | MUN               | US        |    500000 | PA      | $413241.00    | 1.06%             | 2040-05-01      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| LA PAZ CNTY ARIZ INDL DEV AUTH ED FAC LEASE REV                       | LA PAZ CNTY AZ INDL DEV AUTH EDU FAC LEASE REVENUE | CUSIP: 50376FBS5<br>LEI: N/A | Long             | DBT              | MUN               | US        |    280000 | PA      | $214310.32    | 0.55%             | 2051-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NATIONAL FIN AUTH N H SR LIVING REV                                   | NEW HAMPSHIRE BUSINESS FINANCE AUTHORITY           | CUSIP: 63608SAM4<br>LEI: N/A | Long             | DBT              | MUN               | US        |    500000 | PA      | $388308.50    | 0.99%             | 2051-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST ECONOMIC DEV CORP STUDENT HSG REV                         | MARYLAND ST ECON DEV CORP STUDENT HSG REVENUE      | CUSIP: 57420VRN5<br>LEI: N/A | Long             | DBT              | MUN               | US        |    200000 | PA      | $167619.40    | 0.43%             | 2050-07-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| BUILD NYC RESOURCE CORP N Y REV                                       | BUILD NYC RESOURCE CORP                            | CUSIP: 12008ERS7<br>LEI: N/A | Long             | DBT              | MUN               | US        |    500000 | PA      | $376775.00    | 0.96%             | 2051-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PIMA CNTY ARIZ INDL DEV AUTH ED REV                                   | INDUSTRIAL DEVELOPMENT AUTHORITY OF THE COUNTY OF  | CUSIP: 72177MUQ8<br>LEI: N/A | Long             | DBT              | MUN               | US        |    500000 | PA      | $366846.50    | 0.94%             | 2051-06-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| CLACKAMAS CNTY ORE HOSP FAC AUTH REV                                  | CLACKAMAS CNTY OR HOSP FAC AUTH REVENUE            | CUSIP: 179027YN1<br>LEI: N/A | Long             | DBT              | MUN               | US        |    100000 | PA      | $90159.20     | 0.23%             | 2055-11-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WIS CHARTER SCH REV                                   | PUBLIC FIN AUTH WI CHRT SCH REVENUE                | CUSIP: 744396FT4<br>LEI: N/A | Long             | DBT              | MUN               | US        |    500000 | PA      | $429273.50    | 1.10%             | 2055-07-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| MONONGALIA CNTY WEST VA COMMN SPL DIST EXCISE TAX REV                 | MONONGALIA CNTY WV COMMISSION SPL DIST EXCISE TAX  | CUSIP: 61022CAC3<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1023212.00   | 2.62%             | 2043-06-01      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| CHICAGO ILL BRD ED DEDICATED CAP IMPT                                 | CHICAGO IL BRD OF EDU DEDICATED CAPITAL IMPT       | CUSIP: 167510AA4<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1536942.00   | 3.93%             | 2046-04-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| WESTERN REGL OFF-TRACK BETTING CORP N Y REV                           | WESTERN REGIONAL OFF TRACK BETTING CORP            | CUSIP: 959321AB6<br>LEI: N/A | Long             | DBT              | MUN               | US        |    500000 | PA      | $363550.50    | 0.93%             | 2041-12-01      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| DELAWARE ST ECONOMIC DEV AUTH CHARTER SCH REV                         | DELAWARE STATE ECONOMIC DEVELOPMENT AUTHORITY      | CUSIP: 246372BC9<br>LEI: N/A | Long             | DBT              | MUN               | US        |    500000 | PA      | $370411.50    | 0.95%             | 2052-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BUILD NYC RESOURCE CORP N Y REV                                       | BUILD NYC RESOURCE CORP                            | CUSIP: 12008ERW8<br>LEI: N/A | Long             | DBT              | MUN               | US        |    100000 | PA      | $91494.90     | 0.23%             | 2051-06-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WIS STUDENT HSG REV                                   | PUBLIC FINANCE AUTHORITY                           | CUSIP: 74439YDW8<br>LEI: N/A | Long             | DBT              | MUN               | US        |    500000 | PA      | $372764.00    | 0.95%             | 2051-07-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| NEW MEXICO ST HOSP EQUIP LN COUNCIL FIRST MTG REV                     | NEW MEXICO HOSPITAL EQUIPMENT LOAN COUNCIL         | CUSIP: 647377AN0<br>LEI: N/A | Long             | DBT              | MUN               | US        |    500000 | PA      | $400486.50    | 1.02%             | 2049-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA INDL DEV AUTH ED REV                                          | ARIZONA INDUSTRIAL DEVELOPMENT AUTHORITY           | CUSIP: 04052BPS7<br>LEI: N/A | Long             | DBT              | MUN               | US        |    500000 | PA      | $364534.00    | 0.93%             | 2051-07-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| NORTHEAST OHIO MED UNIV GEN RCPTS                                     | N E OHIO MED UNIV GEN RECPTS                       | CUSIP: 66433RBE7<br>LEI: N/A | Long             | DBT              | MUN               | US        |    225000 | PA      | $198546.75    | 0.51%             | 2045-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WIS REV                                               | PUBLIC FINANCE AUTHORITY                           | CUSIP: 74442PVV4<br>LEI: N/A | Long             | DBT              | MUN               | US        |    500000 | PA      | $369271.50    | 0.95%             | 2052-04-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| HARDIN CNTY OHIO ECONOMIC DEV FACS REV                                | HARDIN CNTY OH ECON DEV FACILITIES REVENUE         | CUSIP: 412003AD7<br>LEI: N/A | Long             | DBT              | MUN               | US        |    500000 | PA      | $445620.50    | 1.14%             | 2050-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ECONOMIC DEV FING AUTH SOLID WASTE DISP REV              | PENNSYLVANIA ST ECON DEV FINGAUTH SOLID WASTE DIS  | CUSIP: 708692BS6<br>LEI: N/A | Long             | DBT              | MUN               | US        |    500000 | PA      | $567900.50    | 1.45%             | 2051-04-01      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| HOUSTON TEX ARPT SYS REV                                              | HOUSTON TX ARPT SYS REVENUE                        | CUSIP: 442349GA8<br>LEI: N/A | Long             | DBT              | MUN               | US        |    750000 | PA      | $638046.75    | 1.63%             | 2041-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| IOWA FIN AUTH REV                                                     | IOWA ST FIN AUTH REVENUE                           | CUSIP: 46246K4T6<br>LEI: N/A | Long             | DBT              | MUN               | US        |    500000 | PA      | $416891.00    | 1.07%             | 2048-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ESCAMBIA CNTY FLA HEALTH FACS AUTH HEALTH FAC REV                     | ESCAMBIA CNTY FL HLTH FACS AUTH                    | CUSIP: 296110GE3<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $694308.00    | 1.78%             | 2050-08-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH REVS NON ST SUPPORTED DEBT                      | NEW YORK ST DORM AUTH REVENUES NON ST SUPPORTED DE | CUSIP: 64990G4X7<br>LEI: N/A | Long             | DBT              | MUN               | US        |    200000 | PA      | $175357.60    | 0.45%             | 2040-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO ILL                                                           | CITY OF CHICAGO IL                                 | CUSIP: 167486E39<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1021362.00   | 2.61%             | 2049-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ARIZONA INDL DEV AUTH ED REV                                          | ARIZONA ST INDL DEV AUTH EDU REVENUE               | CUSIP: 04052BMT8<br>LEI: N/A | Long             | DBT              | MUN               | US        |    700000 | PA      | $547320.90    | 1.40%             | 2051-12-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| METROPOLITAN TRANSN AUTH N Y REV                                      | MET TRANSPRTN AUTH NY REVENUE                      | CUSIP: 59261AH83<br>LEI: N/A | Long             | DBT              | MUN               | US        |    500000 | PA      | $400740.00    | 1.03%             | 2049-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LANCASTER CNTY S C ASSMT REV                                          | LANCASTER ASSMT A REF                              | CUSIP: 514088AN3<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1675000 | PA      | $1681592.80   | 4.30%             | 2037-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OHIO ST HIGHER EDL FAC COMMN  REV                                     | OHIO HIGHER EDUCATIONAL FACILITY COMMISSION        | CUSIP: 67756DJ80<br>LEI: N/A | Long             | DBT              | MUN               | US        |    250000 | PA      | $262626.75    | 0.67%             | 2047-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CLACKAMAS CNTY ORE HOSP FAC AUTH REV                                  | CLACKAMAS CNTY OR HOSP FAC AUTH REVENUE            | CUSIP: 179027WR4<br>LEI: N/A | Long             | DBT              | MUN               | US        |    500000 | PA      | $465301.00    | 1.19%             | 2052-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HUNTINGTON N Y LOC DEV CORP REV                                       | HUNTINGTON NY LOCAL DEV CORP REVENUE               | CUSIP: 446490AT1<br>LEI: N/A | Long             | DBT              | MUN               | US        |    340000 | PA      | $325533.00    | 0.83%             | 2025-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MILITARY INSTALLATION DEV AUTH UTAH TAX ALLOCATION REV                | MILITARY INSTALLATION DEVELOPMENT AUTHORITY        | CUSIP: 599772AC4<br>LEI: N/A | Long             | DBT              | MUN               | US        |    250000 | PA      | $176930.00    | 0.45%             | 2052-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BUILD NYC RESOURCE CORP N Y REV                                       | BUILD NYC RESOURCE CORP                            | CUSIP: 12008ETK2<br>LEI: N/A | Long             | DBT              | MUN               | US        |    250000 | PA      | $246987.75    | 0.63%             | 2052-06-01      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| FLORIDA DEV FIN CORP EDL FACS REV                                     | FLORIDA DEVELOPMENT FINANCE CORP                   | CUSIP: 34061ULP1<br>LEI: N/A | Long             | DBT              | MUN               | US        |    500000 | PA      | $457569.00    | 1.17%             | 2056-10-01      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| TEXAS PRIVATE ACTIVITY BD SURFACE TRANSN CORP REV                     | TX PRIVATE ACT AMT                                 | CUSIP: 882667AG3<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1017557.00   | 2.60%             | 2038-12-31      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| RICHLAND CNTY SOUTH CAROLINA ASSMT REV                                | COUNTY OF RICHLAND SC                              | CUSIP: 76363RAC5<br>LEI: N/A | Long             | DBT              | MUN               | US        |    290000 | PA      | $234485.59    | 0.60%             | 2031-11-01      | Fixed         | 3.62%                 | Yes           |                  2 | On Loan: No      |
| NEW YORK TRANSN DEV CORP SPL FAC REV                                  | NEW YORK ST TRANSPRTN DEV CORPSPL FAC REVENUE      | CUSIP: 650116CZ7<br>LEI: N/A | Long             | DBT              | MUN               | US        |    750000 | PA      | $721467.75    | 1.85%             | 2040-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VERMONT EDL & HEALTH BLDGS FING AGY REV                               | VERMONT ST EDU HLTH BLDGS FING                     | CUSIP: 924166JX0<br>LEI: N/A | Long             | DBT              | MUN               | US        |    750000 | PA      | $717217.50    | 1.84%             | 2046-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSN TR FD AUTH                                       | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH            | CUSIP: 6461365P2<br>LEI: N/A | Long             | DBT              | MUN               | US        |    500000 | PA      | $397565.00    | 1.02%             | 2046-06-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| YAMHILL CNTY ORE HOSP AUTH REV                                        | YAMHILL COUNTY HOSPITAL AUTHORITY                  | CUSIP: 98464UAX4<br>LEI: N/A | Long             | DBT              | MUN               | US        |    250000 | PA      | $194500.50    | 0.50%             | 2051-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WYANDOTTE CNTY KANS CITY KANS UNI GOVT SPL OBLIG REV                  | WYANDOTTE COUNTY KANSAS CITY UNIFIED GOVERNMENT    | CUSIP: 98267VDL4<br>LEI: N/A | Long             | DBT              | MUN               | US        |    200000 | PA      | $190885.80    | 0.49%             | 2041-03-01      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH REV                                               | INDIANA ST FIN AUTH REVENUE                        | CUSIP: 45506EAC7<br>LEI: N/A | Long             | DBT              | MUN               | US        |    500000 | PA      | $440551.50    | 1.13%             | 2055-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UTAH ST CHARTER SCH FIN AUTH CHARTER SCH REV                          | UTAH CHARTER SCHOOL FINANCE AUTHORITY              | CUSIP: 91754TZG1<br>LEI: N/A | Long             | DBT              | MUN               | US        |    525000 | PA      | $326337.90    | 0.84%             | 2050-04-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| JORDANELLE SPL SVC DIST UTAH SPL ASSMT                                | JORDANELLE UT SPL SVC DIST SPL ASSMNT              | CUSIP: 480797AP4<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1155348 | PA      | $1157723.40   | 2.96%             | 2030-08-01      | Fixed         | 12.00%                | Yes           |                  2 | On Loan: No      |
| GRAND FORKS N D SR HSG & NURSING FAC REV                              | GRAND FORKS ND SENIOR HSG NUR FAC REVENUE          | CUSIP: 38549PBG6<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $923477.00    | 2.36%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MISSOURI ST HEALTH & EDL FACS AUTH EDL FACS REV                       | MISSOURI ST HLTH EDUCTNL FACS AUTH EDUCTNL FACS    | CUSIP: 60636APU1<br>LEI: N/A | Long             | DBT              | MUN               | US        |    500000 | PA      | $457168.50    | 1.17%             | 2042-12-01      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| LOUISVILLE & JEFFERSON CNTY KY METRO GOVT HOSP REV                    | LOUISVILLE JEFFERSON COUNTY METROPOLITAN GOVERNMEN | CUSIP: 54660DAC3<br>LEI: N/A | Long             | DBT              | MUN               | US        |    500000 | PA      | $493487.00    | 1.26%             | 2052-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WIS CHARTER SCH REV                                   | PUBLIC FINANCE AUTHORITY                           | CUSIP: 744396HS4<br>LEI: N/A | Long             | DBT              | MUN               | US        |    250000 | PA      | $237953.75    | 0.61%             | 2052-06-01      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH ENVIRONMENTAL REV                                 | INDIANA ST FIN AUTH ENVRNMNTL REVENUE              | CUSIP: 455054BE5<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $979748.00    | 2.51%             | 2026-12-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ST HEALTH & EDL FACS AUTH REV                               | WISCONSIN HEALTH EDUCATIONAL FACILITIES AUTHORIT   | CUSIP: 97712JDS9<br>LEI: N/A | Long             | DBT              | MUN               | US        |    500000 | PA      | $348752.50    | 0.89%             | 2051-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ST HEALTH & EDL FACS AUTH REV                               | WISCONSIN HEALTH EDUCATIONAL FACILITIES AUTHORIT   | CUSIP: 97712JED1<br>LEI: N/A | Long             | DBT              | MUN               | US        |    500000 | PA      | $373027.00    | 0.95%             | 2047-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CHESTER CNTY PA INDL DEV AUTH REV                                     | CHESTER COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY    | CUSIP: 165588FN9<br>LEI: N/A | Long             | DBT              | MUN               | US        |    500000 | PA      | $491208.00    | 1.26%             | 2052-10-15      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSN TR FD AUTH                                       | NEW JERSEY TRANSPORTATION TRUST FUND AUTHORITY     | CUSIP: 646136WK3<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1500000 | PA      | $686419.50    | 1.76%             | 2038-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| PINELLAS CNTY FLA EDL FACS AUTH LEASE REV                             | PINELLAS COUNTY EDUCATIONAL FACILITIES AUTHORITY   | CUSIP: 72316AAB1<br>LEI: N/A | Long             | DBT              | MUN               | US        |    500000 | PA      | $401406.50    | 1.03%             | 2046-06-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| NORTH CAROLINA MED CARE COMMN RETIREMENT FACS REV                     | NORTH CAROLINA ST MED CARE COMMISSION RETMNT FACS  | CUSIP: 65820YRS7<br>LEI: N/A | Long             | DBT              | MUN               | US        |    250000 | PA      | $219283.00    | 0.56%             | 2050-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UTAH ST CHARTER SCH FIN AUTH CHARTER SCH REV                          | UTAH CHARTER SCHOOL FINANCE AUTHORITY              | CUSIP: 91754TS61<br>LEI: N/A | Long             | DBT              | MUN               | US        |    250000 | PA      | $250385.00    | 0.64%             | 2042-06-15      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| PHOENIX ARIZ INDL DEV AUTH HOTEL REV                                  | INDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY OF PH | CUSIP: 71885JAB5<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $722306.00    | 1.85%             | 2051-12-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| BUCKS CNTY PA INDL DEV AUTH HOSP REV                                  | BUCKS CNTY PA INDL DEV AUTH HOSP REVENUE           | CUSIP: 11861MBN5<br>LEI: N/A | Long             | DBT              | MUN               | US        |    500000 | PA      | $423630.50    | 1.08%             | 2054-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ONONDAGA N Y CIVIC DEV CORP REV                                       | ONONDAGA CIVIC DEVELOPMENT CORP                    | CUSIP: 682832DU1<br>LEI: N/A | Long             | DBT              | MUN               | US        |    250000 | PA      | $231802.75    | 0.59%             | 2040-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WOODBURY MINN CHARTER SCH LEASE REV                                   | CITY OF WOODBURY MN                                | CUSIP: 979134AU7<br>LEI: N/A | Long             | DBT              | MUN               | US        |    400000 | PA      | $290288.00    | 0.74%             | 2051-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ECONOMIC DEV AUTH MTR VEH SURCHARGES REV                   | NEW JERSEY ECON DEV AUTH MTR VEHCL SURCH REV       | CUSIP: 64578JBH8<br>LEI: N/A | Long             | DBT              | MUN               | US        |    500000 | PA      | $519478.00    | 1.33%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VILLAGE CMNTY DEV DIST NO 10 FLA SPL ASSMT REV                        | VLG CDD 10                                         | CUSIP: 92707CAE6<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1145000 | PA      | $1150763.93   | 2.95%             | 2031-05-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| FLORIDA DEV FIN CORP EDL FACS REV                                     | FLORIDA DEVELOPMENT FINANCE CORP                   | CUSIP: 34061UGS1<br>LEI: N/A | Long             | DBT              | MUN               | US        |    500000 | PA      | $375979.00    | 0.96%             | 2055-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH REVS NON ST SUPPORTED DEBT                      | NEW YORK STATE DORMITORY AUTHORITY                 | CUSIP: 64990G3K6<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $845240.00    | 2.16%             | 2040-07-01      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| UTAH INFRASTRUCTURE AGY TELECOMMUNICATION REV                         | UTAH INFRASTRUCTURE AGY TELE                       | CUSIP: 917467AU6<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1187717.70   | 3.04%             | 2040-10-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| SEMINOLE CNTY FLA INDL DEV AUTH EDL FACS REV                          | SEMINOLE CNTY FL INDL DEV AUTH EDUCTNL FACS REVENU | CUSIP: 816686AM1<br>LEI: N/A | Long             | DBT              | MUN               | US        |    705000 | PA      | $516450.57    | 1.32%             | 2056-06-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WIS REV                                               | PUBLIC FINANCE AUTHORITY                           | CUSIP: 74442PWN1<br>LEI: N/A | Long             | DBT              | MUN               | US        |    500000 | PA      | $399670.00    | 1.02%             | 2051-12-01      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| BUILD NYC RESOURCE CORP N Y REV                                       | BUILD NYC RESOURCE CORP                            | CUSIP: 12008ETL0<br>LEI: N/A | Long             | DBT              | MUN               | US        |    250000 | PA      | $241803.25    | 0.62%             | 2062-06-01      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| IOWA FIN AUTH REV                                                     | IOWA ST FIN AUTH REVENUE                           | CUSIP: 46246K6Y3<br>LEI: N/A | Long             | DBT              | MUN               | US        |    500000 | PA      | $327487.50    | 0.84%             | 2055-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PIMA CNTY ARIZ INDL DEV AUTH SR LIVING REV                            | INDUSTRIAL DEVELOPMENT AUTHORITY OF THE COUNTY OF  | CUSIP: 72178AAH5<br>LEI: N/A | Long             | DBT              | MUN               | US        |    250000 | PA      | $255860.00    | 0.65%             | 2052-11-15      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| CALIFORNIA CNTY CALIF TOB SECURITIZATION AGY TOB SETTLEMENT REV       | CALIFORNIA CNTY CA TOBACCO SECURITIZATION          | CUSIP: 13016NFB5<br>LEI: N/A | Long             | DBT              | MUN               | US        |    195000 | PA      | $195172.77    | 0.50%             | 2049-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARICOPA CNTY ARIZ INDL DEV AUTH EXEMPT FACS REV                      | MARICOPA COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY   | CUSIP: 56678TAA7<br>LEI: N/A | Long             | DBT              | MUN               | US        |    500000 | PA      | $410018.50    | 1.05%             | 2047-10-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| CHICAGO ILL O HARE INTL ARPT REV                                      | CHICAGO O HARE INTERNATIONAL AIRPORT               | CUSIP: 167593X80<br>LEI: N/A | Long             | DBT              | MUN               | US        |    500000 | PA      | $474940.50    | 1.22%             | 2053-01-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| METROPOLITAN TRANSN AUTH N Y REV                                      | MET TRANSPRTN AUTH NY                              | CUSIP: 59261AG68<br>LEI: N/A | Long             | DBT              | MUN               | US        |    365000 | PA      | $387733.66    | 0.99%             | 2045-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DISTRICT COLUMBIA TOB SETTLEMENT FING CORP                            | DC TOB ASSET BKD BDS                               | CUSIP: 254842AJ6<br>LEI: N/A | Long             | DBT              | MUN               | US        |    195000 | PA      | $197059.98    | 0.50%             | 2033-05-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2023-01-30

**Name of Applicant:** Victory Portfolios

**Signature:** Allan Shaer

**Name of Signer:** Allan Shaer

**Title:** Treasurer